devon energy corporation (DVN) Key Developments
Devon Energy Announces Management Promotions
Jun 10 13
Devon Energy Corporation announced the promotion of two corporate officers. David A. Hager has been appointed to the position of chief operating officer. He will be responsible for all operating areas and related corporate functions. Hager, 56, has served as executive vice president, exploration and production since 2009 after serving on Devon's board of directors beginning in 2007. In addition, he served as chief operating officer of Kerr-McGee Corporation prior to its 2006 merger with Anadarko Petroleum Corp. Hager has over 30 years of oil and gas exploration and production experience. He holds a Bachelor of Science degree in Geophysics from Purdue University and a Masters in Business Administration from Southern Methodist University.
Tony Vaughn has been promoted to the position of executive vice president, exploration and production. Vaughn will report to Hager and will be responsible for all of Devon's oil and natural gas exploration, drilling and production operations. Vaughn, 55, previously served as Devon's senior vice president, exploration and strategic services. Prior to joining Devon in 1999, Vaughn spent 12 years with Kerr-McGee Corporation, most recently as manager of the Rocky Mountains district. Before joining Kerr-McGee, Vaughn worked as an operations engineer for Amoco Production Company.
Devon Energy Corporation to Form Midstream Master Limited Partnership
Jun 6 13
Devon Energy Corporation announced that its board of directors has approved a plan to form a publicly traded midstream master limited partnership (MLP). The MLP is expected to initially own a minority interest in Devon's U.S. midstream business. This business includes natural gas gathering and processing assets located in Texas, Oklahoma, and Wyoming. Devon expects the MLP to file a registration statement with the Securities and Exchange Commission (SEC) in the third quarter of 2013. Subject to market conditions, an offering of partnership units in the MLP would follow registration with the SEC. Devon will own the general partner of the MLP, all of its incentive distribution rights, and a majority of its common units following completion of the initial public offering. Devon expects to utilize proceeds from the sale of MLP common units to fund its continuing operations.
Devon Energy Corporation Announces Third Quarter Cash Dividend, Payable on September 30, 2013
Jun 5 13
Devon Energy Corporation announced that its board of directors declared a quarterly cash dividend on the company's common stock for the third quarter of 2013. The dividend is payable on September 30, 2013 at a rate of $0.22 per share based on a record date of September 13, 2013.
Devon Energy Corporation Presents at UBS Global Oil and Gas Conference, May-21-2013 10:00 AM
May 6 13
Devon Energy Corporation Presents at UBS Global Oil and Gas Conference, May-21-2013 10:00 AM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: David A. Hager, Executive Vice President of Exploration & Production.
Devon Energy Corporation Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Production Results for the First Quarter Ended March 31, 2013; Reports Asset Impairment Charges; Provides Earnings and Production Guidance for the Full Year of 2013
May 1 13
Devon Energy Corporation reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $1,972 million compared to $2,497 million a year ago. Loss from continuing operations before income taxes was $1,962 million compared to earnings from continuing operations before income taxes of $611 million a year ago. Loss from continuing operations was $1,339 million or $3.34 per basic and diluted share compared to earnings from continuing operations of $414 million or $1.03 per basic and diluted share a year ago. Net loss was $1,339 million or $3.34 per basic and diluted share compared to net earnings of $393 million or $0.97 per basic and diluted share a year ago. Net cash from operating activities was $1,002 million compared to $1,026 million a year ago. Capital expenditures were $1,926 million compared to $2,088 million a year ago. On non GAPP basis, adjusted earnings were $270 million or $0.66 per diluted share. Net debt was $5,651 million compared to $3,729 million a year ago. Non-GAAP cash flow for the quarter was $2.85 per share on a diluted basis.
For the quarter, the company reported total period production of natural gas of 218.2 Bcf compared to 239.2 Bcf a year ago. Total period production of Oil /Bitumen was 14.6 MMBbls compared to 12.9 MMBbls a year ago. Average daily production of Natural Gas was 2,424.0 MMcf compared to 2,628.2 MMcf a year ago. Average daily production of Oil /Bitumen was 162.3 MBbls compared to 142.0 MBbls a year ago.
For the quarter, the company reported asset impairment charges was $1,913 million.
The company provided earnings and production guidance for the full year of 2013. Shifting to the Barnett Shale in North Texas, the company expects to generate nearly $600 million of free cash flow in the Barnett in 2013. With a more favorable gas price outlook for the rest of the year, the company is well positioned to achieve its full year forecast of $425 million to $475 million of midstream operating profit.
The company’s full year production guidance assumes a 4% year-over-year decline for the Barnett, but it continues to be impressed with the performance of its base production.