Devon Energy (DVN) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Wed, May 6, 2026 astatine 11:51 AM CDT 42 min read

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DATE

Wednesday, May 6, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• President and Chief Executive Officer — Clay Gaspar

• Executive Vice President and Chief Financial Officer — Jeffrey Ritenour

• Executive Vice President and Chief Operating Officer — Trey Lowe

• Executive Vice President, Exploration and Production — John Raines

• Senior Vice President, Investor Relations — Christopher Carr

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Full Conference Call Transcript

Clay Gaspar: Today, we volition absorption connected Devon Energy Corporation's beardown archetypal 4th 2026 results, which erstwhile again show the operational excellence and fiscal subject that specify this organization. After walking done our Q1 results, I volition crook to a speedy update connected our transformative merger with Cotera Energy. Now fto america crook to descent 3 for a deeper look astatine our archetypal 4th results, which bespeak beardown execution crossed the business. As you tin spot connected the slide, beating connected accumulation and superior erstwhile again resulted successful awesome escaped currency travel for the quarter. Our accumulation optimization efforts drove lipid to 387 1000 barrels per day, reaching the apical extremity of our guidance range.

Capital spending came successful 6% beneath the midpoint of our guidance, arsenic we proceed to seizure drilling and completion efficiencies done precocious exertion and focused execution crossed the program. Combined, these efforts translated to $816 cardinal of escaped currency travel successful the quarter, demonstrating the superior ratio of our programme and positioning america to instrumentality important worth to shareholders. I privation to stress that these results are not isolated wins. That benignant of consistency does not hap by accident. It is the nonstop result of the exceptional endowment and committedness of our teams crossed each basin. Turning to descent four, what makes this communicative adjacent much breathtaking is wherever we are headed.

On a stand-alone basis, Devon Energy Corporation is entering the 2nd 4th with important upside torque to escaped currency flow. Production is expected to measurement up, our outgo operation remains good controlled, and the commodity backdrop is meaningfully stronger than what anyone underwrote coming into this year. You tin spot the sensitivity of this concern to commodity prices connected the close broadside of the slide. This is simply a precise compelling output illustration successful immoderate environment, and it reflects some the operational gains we person delivered and the earthy leverage of a high-margin portfolio. We are moving the programme we laid out, capturing the operational gains we committed to, and letting escaped currency travel accrue to our shareholders.