Devon Energy Corp. (NYSE: DVN) detailed its financial results for the first-quarter 2014 on May 7. The quarter ended March 31, the company said.
The company said that upstream revenues increased 42% from first-quarter 2013. Oil, natural gas and NGL generated $2.6 billion in the first-quarter, and this was due to growth in high-margin oil production and improved price realizations for all products, Devon Energy noted. Out of the total amount, oil sales comprised 50% of the revenues, the company added.
The higher-margin oil production, improved price realizations and a low cost structure improved the company’s cash flow, Devon Energy said. The operating cash flow stood at $1.4 billion, a 41% increase from first-quarter 2013, the company added.
Net earnings for the time period were $324 million, compared to first-quarter 2013’s net loss of $1.3 billion, the company said.
Devon Energy’s balance sheet was strong over the quarter, with a $2 billion cash balance and investment-grade credit ratings. Net debt totaled $13.5 billion on March 31, and the company noted that $1.5 billion of this was due to the EnLink Midstream consolidation.
The company drew $2 billion on its senior term loans in first-quarter 2014, and the proceeds, alongside a portion of cash, funded its Eagle Ford acquisition, Devon Energy said.
Regarding the upcoming second-quarter, the company noted that proceeds from its ongoing asset divestiture program will be used to reduce debt.
Oklahoma City-based Devon Energy Corp. produces onshore oil and natural gas in North America.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.