Devon Energy Corporation
 (DVN)

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  • Yesterday, 2:44 PM
    • More dividend cuts and equity raises are coming for oil and gas stocks such as Apache (APA -4.3%), Devon Energy (DVN -5.1%), Encana (ECA -5.7%), Anadarko Petroleum (APC -6.2%) and Marathon Oil (MRO -5.1%), as management teams have become more willing to take stronger steps to strength balance sheets, Barclays believes.
    • The firm views 4x debt to pre-interest cash flow as a warning sign that companies may have leverage concerns, at which roughly half of its energy coverage universe remains overlevered.
    • Barclays thinks Canadian Natural Resource (CNQ -4.4%) likely will maintain its dividend, while Occidental Petroleum (OXY -0.8%) has the financial strength to maintain or even increase the dividend.
    • The firm sees leveraged companies such as DVN, ECA and Range Resources (RRC -3%), and companies with large deficits including DVN and APC as most likely to consider raising equity; it also thinks MRO, WPX Energy (WPX -7.8%), Southwestern Energy (SWN -7.7%), Continental Resources (CLR +0.2%), Noble Energy (NBL -2%) and Newfield Exploration (NFX -1.2%) could issue equity; APA, CNQ, OXY, EOG Resources (EOG -0.9%) and Pioneer Natural Resources (PXD -0.3%) are considered unlikely to issue equity this year.
    | Yesterday, 2:44 PM | 5 Comments
  • Wed, Feb. 10, 12:23 PM
    • Devon Energy (DVN -2.3%) has hired Jefferies to sell non-core oil assets across four major shale basins in an attempt to raise $2B-$3B and slash debt, Reuters reports.
    • DVN says it will offer the assets in the Permian Basin of Texas, the Granite Wash formation, East Texas and the Mississippian play as regional packages, and consider multiple packages together as a block.
    • While small in size and value compared with Shell's $70B move for BG Group, bankers say DVN's block of assets is one of the biggest marketed for sale by a producer since the start of the oil market downturn.
    | Wed, Feb. 10, 12:23 PM | 5 Comments
  • Tue, Jan. 26, 12:21 PM
    • Devon Energy (DVN +6.3%) is resumed with a Buy rating and $45 price target at Citigroup, which says DVN is poised for increased production levels, and recent acquisitions are likely to boost its inventory of future drilling locations.
    • The firm expects DVN to keep its total capital spending within the level of its cash flows and proceeds from the monetization of the Access pipeline, EnLink distributions and net of dividends.
    • Citi says the $2.5B acquisitions of STACK and PRB are likely to significantly boost DVN’s inventory of future drilling locations, and the planned acceleration of activity in the STACK play in 2016 is likely to come at the expense of Eagle Ford and Delaware Basin.
    | Tue, Jan. 26, 12:21 PM | 4 Comments
  • Tue, Jan. 19, 2:56 PM
    • Oil and gas companies such as Devon Energy (DVN -6.5%), Chesapeake Energy (CHK -15.2%) and Continental Resources (CLR -15.1%) will be “in a delevering phase for years," Guggenheim analysts say.
    • Guggenheim says CLR CFO John Hart recently revealed a post-recovery spending plan that still appears within cash flows, confirming its bias that the E&P sector will be in a delevering phase for years, so activity levels will be slow to ramp and will remain subdued.
    • For levered growth to return, the firm says the sector should first have resized land, equipment and personnel completely; while CHK believes it is sized to run 40 rigs instead of the 12 now active, the firm says it is a good sign the company hopes to delever first.
    | Tue, Jan. 19, 2:56 PM | 26 Comments
  • Thu, Jan. 7, 11:58 AM
    • Devon Energy (DVN -1.6%) is reiterated with an Overweight rating, although with a lowered their target of $42 from $46, at J.P. Morgan, which cites balance sheet strength and leverage to the low end of the U.S. oil cost curve.
    • The firm says the high-grading of DVN’s asset base through the $1.9B Felix transaction in the STACK and planned divestiture program leaves the company with core positions in the Delaware Basin, Eagle Ford, STACK and oil sands.
    • DVN has dropped 25% since the acquisition announcement on skepticism of its $2B-$3B divestiture program, but JPM says all signs point to a deleveraging catalyst in early 2016 with the monetization of the Access Pipeline, which could fetch up to $1B or more.
    | Thu, Jan. 7, 11:58 AM
  • Dec. 30, 2015, 12:46 PM
    • Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
    • After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
    • The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
    • Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Dec. 30, 2015, 12:46 PM | 68 Comments
  • Dec. 28, 2015, 11:45 AM
    • WTI crude is down 3.2% to $36.90/barrel, and Brent crude down 2.5% to $36.95/barrel, leaving prices close to 11-year lows. Energy industry firms are among the biggest decliners on a day the S&P is down 0.6%.
    • Fears about excess supply appear to be weighing once more. OPEC figures point to a global oil supply glut of more than 2M barrels (over 2% of global demand); a smaller glut is expected next year. Meanwhile, Japanese government data indicates the country's oil product sales fell to a 46-year low in November, and European data suggests the continent's oil product demand growth turned negative in October.
    • The biggest casualties include Whiting Petroleum (WLL -9.9%), Oasis Petroleum (OAS -8.2%), Vanguard Natural Resources (VNR -12.5%), Denbury Resources (DNR -8%), SandRidge Energy (SD -8.1%), SandRidge Permian Trust (PER -10.9%), SandRidge Mississippian Trust (SDT -7.5%), U.S. Silica (SLCA -6.2%), Marathon Oil (MRO -6.7%), C&J Energy Services (CJES -8.1%), MV Oil Trust (MVO -9.2%), Bonanza Creek (BCEI -6.4%), Parker Drilling (PKD -7.9%), and Continental Resources (CLR -5.9%).
    • Other notable decliners include Kinder Morgan (KMI -5%), Williams Partners (WPZ -4.4%), EOG Resources (EOG -3.4%), Cheniere Energy (CQP -3.6%), SeaDrill (SDRL -3.5%), Encana (ECA -2.8%), Devon Energy (DVN -2.7%), Ensco (ESV -3.8%), Hercules Offshore (HERO -4.7%), Atwood Oceanics (ATW -4.9%), Helmerich & Payne (HP -3.8%), and Pioneer Natural (PXD -2.6%).
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Dec. 28, 2015, 11:45 AM | 109 Comments
  • Dec. 22, 2015, 2:38 PM
    • "Quality" oil stocks will perform well during H1 2016 but it will be time to buy “beta” names in H2 as global oil market conditions fundamentally improve over the course of the year, RBC analysts say, adding that a sustainable oil price recovery appears more on the cards in 2017.
    • RBC thinks stocks with lower leverage, good asset quality and cheap valuation are likely to perform best and earlier, citing 12 names: Apache (APA +1.1%), Devon Energy (DVN +3.4%), Continental Resources (CLR +8.3%), ConocoPhillips (COP +2.9%), Carrizo Oil & Gas (CRZO +1.9%), EP Energy (EPE +14.6%), Gulfport Energy (GPOR -0.9%), Newfield Exploration (NFX +0.5%), Oasis Petroleum (OAS +6.3%), Rice Energy (RICE -0.6%), SM Energy (SM -0.1%) and Whiting Petroleum (WLL +6.9%).
    | Dec. 22, 2015, 2:38 PM | 34 Comments
  • Dec. 18, 2015, 11:36 AM
    • BP (BP +0.1%) moves to significantly expand its U.S. shale operations by agreeing to acquire all of Devon Energy’s (DVN +2.1%) assets in the San Juan basin in New Mexico and Colorado.
    • BP does not disclose the purchase price, but says its expansion includes 480 wells on more than 33K gross acres.
    • BP says it owns 550K net acres in the San Juan Basin and produces ~100K boe/day there; all told, the company produces ~290K boe/day in U.S. shale plays.
    | Dec. 18, 2015, 11:36 AM | 14 Comments
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Dec. 7, 2015, 9:19 AM
    | Dec. 7, 2015, 9:19 AM | 215 Comments
  • Dec. 4, 2015, 3:25 PM
    • U.S. crude oil settled 2.7% lower at $39.97 and Brent fell 1.9% to $43 after OPEC decided to roll over its policy of maintaining crude production in order to retain market share - a not unexpected outcome but one that offers no relief in sight for the oil industry's pain.
    • "OPEC not cutting is going to put more pressure on oil prices," and the pressure on companies’ spending will feed through into their investment in increasing their production, says Jefferies equity analyst Jason Gammel. “It’s not as though they’ll shut down existing production, but over time their output will decrease."
    • Don’t expect prices to stabilize until low prices force curtailments of pumping in the U.S., which will not happen until the end of next year, Goldman Sachs analyst Damien Courvalin.
    • Energy stocks (-0.7%) are the only S&P industry sector to decline, as the rest of the market has rebounded from yesterday's drop; some of the big oils - XOM +0.3%, CVX +0.6% - have inched higher, and refiners are mostly higher, but it's another down day for most: DVN -1.2%, CLR -5.9%, MRO -2.3%, HES -1%, COP -0.8%, EOG -0.7%, APC -2.4%, ETE -9.3%, ETP -3.5%, EPD -2.4%, WMB -6.9%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 4, 2015, 3:25 PM | 150 Comments
  • Dec. 2, 2015, 3:21 PM
    | Dec. 2, 2015, 3:21 PM | 84 Comments
  • Nov. 3, 2015, 5:59 PM
    • Devon Energy (NYSE:DVN) +2.8% AH after Q3 earnings, excluding $5.9B in adjustments for writedowns and other one-time items that resulted in a $3.51B loss, beat expectations.
    • DVN says it delivered record oil production of 282K bbl/day, up 31% Y/Y, marking the fifth consecutive quarter the company has exceeded oil production expectations, and raises its full-year 2015 oil production guidance by 2% to a mid-point of 276K bbl/day, which would represent 31% Y/Y growth.
    • Q3 revenue fell 33% Y/Y to $3.6B, as the increased production was offset by lower average selling prices.
    • DVN again lowers its 2015 capital spending estimate, this time by $100M to $3.8B-$4B, and says it plans to aggressively pursue cost reductions and maintain the flexibility of capital programs.
    | Nov. 3, 2015, 5:59 PM | 8 Comments
  • Oct. 23, 2015, 12:37 PM
    • Southwestern Energy's (SWN -6.6%) $2.8B impairment and Freeport McMoRan's (FCX -0.5%) $3.7B charge are just the beginning, as Barclays estimates at least $20B in charges are coming during Q3 for just six companies, as reported by Bloomberg.
    • SWN’s $2.8B writedown was double Barclays’ forecast, which also predicts ceiling-test impairments for Apache (APA -0.1%), Chesapeake Energy (CHK -2.3%), Devon Energy (DVN -0.1%), Encana (ECA -2%) and Newfield Exploration (NFX +0.1%).
    • "Many companies will have writedowns as the price of oil is about half of where it once was and gas is also down,” says T. Rowe Price's Timothy Parker, but "it won’t generally hurt the companies because very few have debt covenants that are linked to book value, which the writedowns affect."
    | Oct. 23, 2015, 12:37 PM | 19 Comments
  • Oct. 8, 2015, 1:57 PM
    • Oppenheimer energy analysts expect just one of the 15 pure-play E&P companies it covers to report positive EPS in Q3, just two to post positive EPS in Q4, and only two to finish in the green for 2016.
    • Devon Energy (DVN +1.5%) is the only large E&P Oppenheimer expects to post a profit in Q3 and one of only two, along with Range Resources (RRC +1.5%), seen recording a profit in Q4.
    • The firm sees Anadarko Petroleum (APC +2.4%), Hess (HES +4.1%) and Murphy Oil (MUR +3.5%) as the hardest hit stocks in Q3, forecasting respective EPS losses of $0.76, $0.91 and $1.13.
    • Oppenheimer projects only ConocoPhillips (COP +1.2%) and Occidental Petroleum (OXY +1.9%) coming through with a profit for full-year 2016.
    | Oct. 8, 2015, 1:57 PM | 2 Comments
Company Description
Devon Energy Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and NGLs.