Devon Energy Corporation reported total revenues of $4,024 million for the third quarter of 2024, an increase from $3,836 million in the same quarter of 2023. For the nine months ending September 30, 2024, revenues reached $11,537 million, compared to $11,113 million for the same period in 2023. However, net earnings for Q3 2024 were $825 million, a decrease from $920 million in Q3 2023. Year-to-date net earnings for 2024 were $2,289 million, down from $2,621 million in 2023. Basic net earnings per share for Q3 2024 were $1.31, compared to $1.43 in Q3 2023.
The company’s cash flow from operating activities for Q3 2024 was $1,663 million, slightly lower than $1,725 million in Q3 2023. Total assets increased significantly to $30,263 million as of September 30, 2024, from $24,490 million at the end of 2023, primarily due to the acquisition of Grayson Mill's Williston Basin business for approximately $5.0 billion, which included $3.5 billion in cash and 37.3 million shares of common stock. This acquisition is expected to enhance production volumes by approximately 100 MBoe/d in 2025.
Devon’s long-term debt rose to $8,884 million as of September 30, 2024, up from $5,672 million at the end of 2023. The company issued $3.25 billion in debt to partially fund the Grayson Mill acquisition and retired $472 million of debt in Q3 2024. The net impact of this debt activity is anticipated to increase annual net financing costs by approximately $180 million.
In terms of production, Devon reported oil production of 335 MBbls/d for Q3 2024, consistent with Q2 2024. Gas production increased to 1,194 MMcf/d, up from 1,137 MMcf/d in Q2 2024. The realized price for WTI crude oil in Q3 2024 was $75.20 per barrel, down from $80.62 in Q2 2024, contributing to a decrease in earnings due to lower commodity prices.
Devon also expanded its share repurchase program from $3.0 billion to $5.0 billion in July 2024, with approximately 60% of the program executed by the end of Q3 2024. The company raised its fixed dividend by 10% to $0.22 per share in Q1 2024, with total dividends for the first nine months of 2024 amounting to $794 million, down from $1.37 billion in the same period of 2023.
About DEVON ENERGY CORP/DE
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