-=Devon Energy (DVN) reported earnings on Tue 19 Feb 2019 (a/h)

Devon Energy misses by $0.23; to pursue separation of Canadian and Barnett Shale assets, adds to repurchase authorization, boosts dividend

• Reports Q4 (Dec) earnings of $0.10 per share, excluding non-recurring items, $0.23 worse than the S&P Capital IQ Consensus of $0.33.
• Overall, Devon's reported net production averaged 532,000 Boe per day during the fourth quarter of 2018, exceeding midpoint guidance by 3,000 Boe per day. Of this total, oil production accounted for the largest component of the product mix at 47 percent of total volumes.
• Devon announced that its board of directors has authorized the company to pursue the separation of its Canadian and Barnett Shale assets to complete the transformation to a high-return U.S. oil growth business. The company will evaluate multiple methods of separating the assets, including a potential sale or spin-off. The separation will allow Devon to focus on its top-tier, high-return U.S. oil assets and is aligned with the company's previously announced long-term strategic plan.
• Devon also announced today that its board of directors authorized a $1 billion increase to the company's previously announced $4 billion share-repurchase program, bringing the total repurchase program to $5 billion.
• Additionally, the company's board of directors approved a 13 percent increase in its quarterly common stock dividend beginning in the second quarter of 2019. The new quarterly dividend rate will be $0.09 per share, compared to the prior quarterly dividend of $0.08 per share.

Earnings this week : Feb. 18 - 22, 2019 (wk 8)

Earnings confirmed to report this week:

Monday (Feb 18) 

• (Holiday) U.S. Market Closed

Tuesday (Feb 19)

• Morning: AAP ALLE WTR AAWW CLR CTB CEQP ECL FELE FDP GDI GPC HLX HIMX HEP HOLI JELD LDOS DOOR MDT NEO NBL SAGE SCI SITE TTS TSEM RIG USAC WMT
• Afternoon: ACC AWK CDNS CRMT CXW DVN  FIVN HLF HST HSTM HVT INST KAR KRG LC LMAT LNTH LZB NTB NVTA RARE SSTI TILE TVTY TXRH VRSK WIRE

Wednesday (Feb 20)

• Morning: ADI AROC BHC BDC CNDT CVS ETR FMS GCI GRMN GEL GVA HSIC HFC IPHS I LAMR NI OMI OC QUAD SAH SO TRGP VNTR VPG WIX WWW
• Afternoon: A ALB ATR AXTI CAI CAKE CAR  CBLK CDE CECO CHE CLI CONE CUTR CYH FLS FTI GDDY GDOT GHDX IAG ICLR INOV IVR JACK KALU LASR LOPE MANT MMI NDSN NE NTES NUVA O OR PAAS PEGA PI QEP RGR ROG RPT SAM SEDG TMST TRN TSLX TYL UFPI VIPS VMI WK WPG WPX WRI XEC Y

Thursday (Feb 21)

• Morning:  BRC DIN DLPH DPZ FND GIL GOGO HL HRL ITGR NCLH NEM PLAB PWR RGEN ROCK RS SFM SGMs STOR TFX VG WEN
• Afternoon:  AAOI ACIA ADSW AL AMH ANIK APPN ATUS BEAT BIDU BJRI BMRN BOOM BYD CASA CATM CBPX CENX CHSP COLD CUBE CWST CZR DBX DXCM EBS ECOL ED EGO  ENV EVRG EXAS FIX FLR FSLR GMED HALO HCC HPE HTGC INFN INT INTU IQ KEYS KHC LNT LPSN MATX MDRX NCMI NVRO OLED PAGS PBA PE PRA RMAX ROKU SBAC SEM SSRM STMP SWM TGH TTD TXMD UCTT VERI VLRS XOG

Friday (Feb 22)

• Morning: AN ASIX B CNK COG COT ERF ETM HMSY ITT MGA MNTA PNW RCM RUTH RY TDS TVPT USM W WPC

-=Devon Energy (DVN) reported earnings on Tue 20 Feb 2018 (a/h)

HOUSTON, Feb 20 (Reuters) - Oil and gas producer Devon Energy Corp on Tuesday reported quarterly results that fell short of analyst profit estimates on weaker-than-expected production.

The Oklahoma City-based company reported profit of $183 million, or 35 cents a share, in the quarter ended Dec. 31, compared with $207 million, or 41 cents a share, a year earlier. The profit was below analysts' forecasts for 60 cents a share, according to Thomson Reuters data.

Devon shares shed $1.65, or nearly 5 percent, to $33 apiece in late trading.

Dave Hager, Devon's chief executive, said in a statement the company will continue on a track to reduce debt in its upstream business by $1.5 billion and plans to use excess cash to pursue share buybacks and dividend expansion.

Devon said its oil production missed its own forecasts by about 14,000 barrels per day during the period, citing delayed well tie-ins in the United States and temporary steam-plant problems in its Canadian operations. It reported output totaled 548,000 barrels of oil equivalent (boepd) in the quarter.

The company forecast production in the current quarter of between 530,000 and 554,000 boepd.

Devon forecast full-year production would rise to between 552,000 and 576,000 boepd with U.S. oil production increasing about 14 percent this year over 2017.

=Long trade : DVN +11% (10/17)

• Oct. 26:  #1, 3, 5, 9, 15, 52, 72, 75;   vol. 5.2 M  +11%
• Oct.27:   #37, 59; vol. 4.5 M    +8%