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Devon Energy Corporation (DVN)

  • Apr. 10, 2014, 10:46 AM
    • Oklahoma is experiencing a noticeable increase in earthquakes near drilling sites, according to the Oklahoma Geological Survey, suggesting a potential link between fracking and seismic activity.
    • The state already has experienced as many earthquakes YTD than all of last year combined: 109 earthquakes with a magnitude 3 or higher through April 6, the same number of earthquakes as in all of 2013.
    • The incidents pose a conundrum for regulators in a state that has fully embraced oil and gas drilling.
    • Among drillers with a significant Oklahoma presence: CHK, CLR, APA, DVN, SD, EOG, MRO, OKE, OKS, GPOR, WPX, WMB, WPZ, LPI, CWEI, NFX, NGL, COG, WLL, NBL, MPO, PQ, XEC
  • Mar. 7, 2014, 2:57 PM
    • Crosstex Energy (XTXI -5.9%) shares have plunged in the past half-hour, apparently on rumors that the company will be removed from the Russell 2000 index.
    • XTEX +1.1%.
  • Mar. 5, 2014, 4:39 PM
    • Devon Energy Corporation (DVN) declares $0.24/share quarterly dividend, 9.1% increase from prior dividend of $0.22.
    • Forward yield 1.49%
    • Payable June 30; for shareholders of record June 13; ex-div June 11.
    | Comment!
  • Mar. 5, 2014, 10:56 AM
    • Crosstex Energy LP (XTEX -1.7%) is downgraded to Hold from Buy with a $33 target price at Wunderlich, as it believes near-term yield compression from synergies and growth development may be limited.
    • For investors with higher risk tolerance, the firm prefers to play the story through general partner Crosstex Energy Inc. (XTXI -1.2%), which offers sector-leading dividend growth estimated at 53% in 2014 and 43% in 2015.
    • The legacy businesses remain challenged, which could be a risk to 2014 guidance and 2015-16 double-digit distribution growth, the firm adds.
  • Feb. 24, 2014, 5:48 PM
    • Encana (ECA) is working with Royal Bank of Canada to find a buyer for its Bighorn properties in Alberta, Bloomberg reports.
    • Bighorn may attract bids of C$2B-C$2.5B if offers are in line with the ~C$30K per flowing barrel that Canadian Natural Resources (CNQ) agreed to spend on Devon Energy’s (DVN) conventional assets in Canada last week, Cormark analyst Todd Kepler says, adding that Exxon Mobil (XOM) may be “a natural” buyer after its purchase of Celtic Exploration last year.
    • The properties up for sale are said to produce ~61.5K boe/day, of which 79% is gas.
    | Comment!
  • Feb. 19, 2014, 8:04 AM
    • Devon Energy Corporation (DVN): Q4 EPS of $1.10 beats by $0.03.
    • Revenue of $2.62B (+1.6% Y/Y) misses by $70M.
    • Press Release
    | Comment!
  • Feb. 19, 2014, 6:58 AM
    • Devon Energy (DVN) has agreed to sell some of its liquids-rich natural-gas assets in Canada and six natural-gas plants for $3.13B to Canadian Natural Resources (CNQ).
    • Before royalties, the properties produced the equivalent of 383M cubic feet of natural gas per day, 10,800 bpd of light crude oil and 12,000 bpd of natural gas liquids.
    • The transaction doesn't include Devon's Horn River interests in northern British Columbia and heavy oil assets in Alberta.
    • The deal comes after Devon said in November that it planned to sell all of its Canadian gas assets following years of low prices. (PR)
    | Comment!
  • Feb. 19, 2014, 12:05 AM
  • Feb. 18, 2014, 5:30 PM
  • Jan. 24, 2014, 2:45 PM
    • As the U.S. freezes and stocks plunge, benchmark U.S. natural gas futures topped $5/mmBtu for the first time since Aug. 2010 on expectations that continued cold weather would keep demand high for the heating fuel.
    • Natl gas has moved well into overbought territory during the last few days as consumers have pumped up their thermostats, and the spike may last a while longer given that the cold snap is set to continue all of next week.
    • Despite the run-up in prices for Jan. and Feb., longer-dated prices for the spring and summer remain below $4.50/mmBtu, providing little incentive for the likes of Chesapeake (CHK -0.1%), Devon (DVN -0.8%) and EOG (EOG -2%) to switch from oil to gas drilling.
    • The shift to backwardation is a big boost to United States Natural Gas Fund (UNG +8.2%) and even bigger to the leveraged VelocityShares 3X Long Natural Gas ETN (UGAZ +24.4%).
  • Jan. 16, 2014, 6:35 PM
    • Devon Energy (DVN) names Thomas Mitchell as its new CFO, joining the E&P company from rival Midstates Petroleum (MPO).
    • Mitchell is a 30-year veteran of the oil and gas industry, having served with Noble Corp. and Apache as well as MPO.
    • Mitchell succeeds Jeff Agosta, who is leaving DVN to pursue other interests; the company says his departure is not related to any issues regarding financial disclosures, accounting matters or other business issues.
  • Jan. 15, 2014, 7:22 PM
    • Exploration and production companies tend to track crude oil prices, J.P. Morgan's Joseph Allman says, so look no further than the current state of the oil futures market for a reason to be bearish on the sector.
    • WTI oil futures, which decline every quarter in 2014 and beyond, suggest an off year for the E&P group, Allman writes, noting that the set-up could be similar to 2012, when WTI was down 7% for the year and the S&P was up 13%.
    • That doesn’t mean that some oil stocks can’t outperform: Allman likes EOG Resources (EOG) and Noble Energy (NBL) among large caps for their “resource expansion and improved operations.”
    • His least favorite stocks in the sector include Anadarko Petroleum (APC), Devon Energy (DVN) and Chesapeake (CHK).
  • Dec. 23, 2013, 5:35 PM
    • Top gainers, as of 5:15 p.m.: SUPN +8.8%. COV +3.1%. NBL +1.5%. DNR +1.5%. DVN +1.4%.
    • Top losers, as of 5:15 p.m.: CAMP -6.1%. MTOR -3.5%. FXCM -2.7%. GME -2.3%. MAS -2.1%.
    | Comment!
  • Dec. 6, 2013, 9:08 AM
    • Devon Energy (DVN) is throwing in the towel on its Canadian business and will put most of its Canadian natural gas production up for sale, Financial Post reports.
    • When the assets are sold at a price estimated to fetch at least $3B, DVN hopes to emerge as a heavy oil company with interests in Alberta oil sands and cold-flow heavy oil, two growing areas.
    • "When we look out a few years, we don't see any major catalyst to move the price of natural gas substantially," Devon Canada president Christopher Seasons says.
  • Dec. 4, 2013, 10:21 AM
    • Devon Energy Corporation (DVN) declares $0.22/share quarterly dividend, in line with previous.
    • Forward yield 1.43%
    • Payable March 31; for shareholders of record March 14; ex-div March 12.
    | Comment!
  • Dec. 3, 2013, 8:58 AM
    • Devon Energy (DVN) is upgraded to Buy from Hold with a $70 price target at Argus, citing  DVN's planned acquisition of Eagle Ford acreage from GeoSouthern Energy which will accelerate the shift in the production mix toward higher-margin oil production and away from lower-margin natural gas.
    • The firm also views the Crosstex merger as a positive development that will unlock shareholder value and provide DVN with capital that may be invested in upstream assets.
    • Shares appear attractively valued at 14.1x the firm's 2013 EPS estimate and at 10.8x its 2014 EPS estimate, vs. a five-year historical average of 10.7x-13x.
    • DVN +0.6% premarket.
    | 1 Comment
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Company Description
Devon Energy Corporation is an independent energy company engaged in the exploration, development and production of oil, natural gas and NGLs.