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Devon Energy (NYSE: DVN) delivered a solid performance in Q4 2024, capping off a year of record production and strong financial results. The company reported impressive oil and total volume growth, generated substantial free cash flow, and executed strategic acquisitions to strengthen its portfolio. Looking ahead, Devon has outlined an ambitious 2025 strategy that prioritizes capital efficiency, operational improvements, and shareholder returns.
Devon continued to execute its operating plan effectively, achieving record oil production of 398,000 barrels per day, surpassing its guidance. The company generated $738 million in free cash flow, reinforcing its commitment to disciplined capital allocation. Shareholder returns remained a priority, with $444 million in cash distributed during the quarter through dividends and share repurchases.
Operationally, Devon maintained efficient capital spending, spending $872 million—3% below its guidance. The successful integration of the Grayson Mill acquisition in the Rockies has also exceeded expectations, contributing to production growth and operational synergies.
One of the key developments in Q4 was Devon’s decision to dissolve its Eagle Ford partnership with BPX, securing operatorship of 46,000 net acres in the Blackhawk field. This move grants the company greater development flexibility and is expected to result in significant drilling and completion (D&C) savings, enhancing the asset’s net present value (NPV) and overall returns.
For 2025, Devon projects production growth of 10% year-over-year, with total volumes expected to range between 805,000 and 825,000 barrels of oil equivalent per day (BOE/d). The company anticipates generating $3.0 billion in free cash flow at $70 WTI, while total capital expenditures are expected to be between $3.8 billion and $4.0 billion, slightly lower than previous guidance.
Key asset focus areas for 2025 include:
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