Transcripts
Devon Energy Corporation's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q1 2026 Earnings Conference Call — Q1 2026
The last stand-alone Devon call before the Coterra close: the new capital-return framework, the synergy plan, and an open-ended review of every asset in the combined portfolio. · Open the full transcript →
The post-merger capital-return framework: dividend up 30%+, buybacks resuming above legacy pace after a deal-driven pause.
Clay Gaspar (President and CEO): Our go-forward shareholder return framework will be thoughtfully designed and competitive with our highest-quality peers. It will be balanced between dividends, share repurchases, and debt repayment. Subject to formal board approval, our dividend will increase by over 30% on a pershare basis starting in the second quarter. Additionally, both companies paused their share repurchase programs between deal announcement and close, building cash during a period of unexpectedly strong commodity prices. With the repurchase program immediately resuming post close, we are positioned to increase repurchase activity beyond our legacy level and capitalize on any discount to our intrinsic and relative value.
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Sets the test every asset in the combined portfolio must pass, and opens the door to divestitures without pre-committing.
Clay Gaspar (President and CEO): Devon Energy Corporation has a 55-year history of buying and selling assets, and we are always seeking opportunities to enhance near- and long-term shareholder value. Every asset in the combined portfolio has to compete for its capital and earn its seat at the table. We have initiated a complete review of all assets against our strategic and financial criteria. While we do not have any preconceptions about future actions, we are excited to thoroughly review the portfolio with the soon-to-be combined board and remain open to all alternatives that enhance long-term value. We will be thoughtful, disciplined, and move with speed. Every option will be measured against one test: does it leave Devon Energy Corporation a stronger, more focused company on the other side?
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How Devon manages negative Permian gas basis: curtail the gassiest wells, underwrite new pipe, cap residual Waha exposure.
Neal Dingmann (William Blair); Clay Gaspar (CEO); Jeffrey Ritenour (CFO): as we continue to see negative Waha prices, how much does this impact your future Permian decisions based on what you are seeing there, and how much exposure you have to Waha? […] Inevitably, what we are doing in those environments is looking to the highest gas-oil ratios—the gassiest of our assets—and pulling back on that production during that time. We saw a little bit of that in the first quarter. We can manage that wit the nominal amount of exposure we have by pulling back on some of that activity. We will continue to fight the good fight. […] When Blackcomb comes online later this year, that will further limit our exposure to Waha. We will be, call it, 10% to 15% exposure to Waha at that point going forward.
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The concrete version of the AI story: closed-loop gas-lift optimization, piloted at 2–3% uplift, now scaling past 850 wells.
John Raines (SVP, Asset Management): Extremely proud of the Smart Gas Lift program. We are using AI models to develop a physics based calculation to optimize gas-lift injection rates on a closed-loop system that goes directly to the wells. We piloted this back in 2025, and we saw about a 2% to 3% uplift. We have now moved into full implementation in the Delaware Basin. We are over 850 wells at this point, and we have seen uplift in excess of what we saw in the pilot phase. We are on our way to 1.5 thousand wells across the portfolio. I do not want to give a specific number on uplift yet—just that it is better than what we saw in the pilot because it is early.
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The hardest question: how credible is a synergy number set before the teams could legally look at each other's books.
Doug Leggate (Wolfe Research); Clay Gaspar (CEO): Have you been able to get under the hood on the combined company and Cotera’s portfolio and assets, given the merger has not closed yet? How should we think about the veracity of the $1 billion target versus the number of opportunities you mentioned in your prepared remarks? […] We have moved aggressively. For a combined 70 billion company to do a sign-to-close in three months is moving with incredible speed. At the same time, we have been incredibly disciplined on what we can and cannot do—there are very strict rules around what we could and could not share. There is an ability to use something called a clean room, where we can exchange certain data with third parties, and we have done some things like that. We have been able to exchange a certain amount to now, but had to work a lot of this independently. Of course, even to get to the merger agreement and get the deal signed, both teams needed to work this independently and understand the why for their shareholders. Between sign and close, we have been able to share some data and get closer by leveraging third parties and staying well […] I am not raising the $1 billion number or accelerating the timeline. What I want to give investors confidence in is when we say $1 billion by the end of next year, we feel confident, and we will be able to deliver, much like we delivered on our last business optimization goal.
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Q4 and Full-Year 2025 Earnings Conference Call — Q4 FY2025
The first call after the Coterra announcement: merger logic and synergy accounting, the 2025 capital-return record, and unusually specific detail on Delaware base performance and program mix. · Open the full transcript →
The merger case in management's own words, and the accounting rule for what does and does not count as synergy.
Clay Gaspar (CEO): The merger unites complementary portfolios with substantial and overlapping positions across the best U.S. shale basins. At the heart of this combined portfolio is a world-class position in the Delaware Basin, which will generate more than half of our total production and cash flow, backed by a decade-plus of top-tier inventory. […] In total, we expect to deliver $1 billion in annual pretax run rate synergies by year-end 2027. These synergy targets are incremental to our business optimization program and reflect true operational and efficiency gains. Importantly, if there are any net reductions in activity levels, these capital savings will be incremental to our announced $1 billion target.
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Reserve replacement and F&D cost — the cleanest single read on whether a shale program is replacing what it produces.
Clay Gaspar (CEO): I also want to highlight our impressive reserve performance for 2025. Our capital program achieved a reserve replacement rate of 193% of production at an F&D cost of just over $6 per BOE. While a single year of reserves booking should never be viewed as a sole measure of success, this result provides compelling evidence of the quality and sustainability of our advantaged multi-basin portfolio.
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The full capital-return stack for 2025 and the step-up planned at close: fixed dividend, buyback authorization, leverage.
Jeffrey Ritenour (CFO): In 2025, we generated $3.1 billion in free cash flow, demonstrating the strength of our asset base and the effectiveness of our operational execution. This robust free cash flow enabled us to return $2.2 billion to shareholders through dividends, share buybacks, and debt retirement. We remain committed to growing our fixed dividend through the cycle. In 2025, we increased our quarterly dividend by 9% to $0.24 per share. Following the expected close of the Devon and Coterra merger and pending Board approval, we plan to raise our fixed quarterly dividend by another 31%, reflecting our strong confidence in the combined company's ability to capture synergies and to deliver an enhanced cash return profile to shareholders. We're also focused on opportunistically reducing our share count and returning value through buybacks. Over the past year, we've reduced our shares outstanding by approximately 5% through disciplined repurchases. Following the merger close and with Board approval, we anticipate a new share repurchase authorization of more than $5 billion, providing significant capacity to deliver strong per share growth over the next several years.
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Splits a production beat into new-well timing versus base management, and sizes what base optimization is worth.
John Raines (SVP, Asset Management): I mean, really, the story is twofold. We did have some help from timing on the wedge. We had three incredible programs come on in the fourth quarter. The timing helped, but also the wells all outperformed our internal expectations there. The well mix for us changes quarter to quarter, but we had a pretty balanced well mix. These three programs, in particular, had a good balance of Wolfcamp B, Bone Spring, but also Wolfcamp A. All of those things were contributing factors. But Clay is right, we would be remiss not to talk about the base. Throughout the course of 2025, we saw a lot of production optimization through various projects on the base. All in all, for the full year, the base outperformed by about 5,000 barrels of oil a day. So when you think about that type of contribution on the base, it's almost 2% of the base. That's just a huge part of our business and an exceptional result and exceptional value to the company.
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Base decline is still mid-30%; the gain came from cutting downtime from ~7% to under 5%, not from bending the decline curve.
Clay Gaspar (CEO), answering Paul Cheng (Analyst): Paul, if you were asking about decline rates, right now, yes, our base decline rates are in the mid-30% range. […] I'd say we've had some tailwinds on the base. The decline rate itself hasn't changed dramatically year-over-year. Now granted, we're about a year into a lot of these production optimization projects. What I would tell you is our downtime is significantly lower. […] Historically, that was in the 7% range. As we go into this year, we're looking at something inside of 5%. So that's really where you're seeing a lot of the base wins show up.
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How the Delaware program is actually built — geography and zone mix — and why that makes productivity predictable.
Clay Gaspar (CEO), answering Kevin MacCurdy (Analyst): So just top line 2025 well productivity. 2026 is going to look very similar to that. We moved more wholesomely into the multi-zone co-development in 2025. We're firmly into that development methodology. So you'll see very consistent well productivity in 2026. When I think about the mix, the one thing I would ask folks to consider is I'm going to talk about the full year, but these things can vary pretty significantly quarter to quarter. But as I think about the program, about 90% of our activity is going to be weighted to New Mexico. When I break that down a little bit further kind of by area, we'll see a little bit of an uptick in Tod this year in the Delaware; it's about 30%. Cotton Draw is about 25%, Stateline is about 15%. And then the balance of that activity is really spread out across the remainder of the Delaware Basin. Zone mix is another thing. We've got a lot of diversity in the zones for 2026, just like we did in 2025. But just to break it down at a high level, we're about 40% Wolfcamp, about 45% Bone Spring, and about 15% Avalon. So all those things are very similar to 2025. Because of that, we're expecting pretty consistent year-over-year well productivity.
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Q1 2025 Earnings Conference Call — Q1 2025
The call that laid out the $1 billion business optimization plan line by line, and set explicit rules for when a price crash would change the capital program. · Open the full transcript →
The breakeven anchor and the launch of the $1 billion free-cash-flow target that framed the next four quarters.
Clay Gaspar (President and CEO): In a market characterized by dynamic headwinds, Devon stays focused first on what we can control. Leveraging Devon's fifty-year history and an experienced leadership team prepared to handle the uncertainty of commodity price cycles, we remain confident in our value creation strategy. We're committed to our capital return framework, underpinned by our high-quality portfolio and our robust financial strength. With an investment-grade balance sheet and a $45 corporate breakeven, we are wellpositioned to generate value even in a low-price environment. With the recent changes in leadership across our organization and the resulting fresh perspectives, we believe that this is an opportune time for us to accelerate our business optimization efforts and deliver an additional $1 billion in annual free cash flow by year-end '26.
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Efficiency gains banked as fewer rigs rather than more barrels — the clearest statement of Devon's growth philosophy.
Clay Gaspar (President and CEO): As a reminder, we started the year expecting to run 14 rigs acros the Delaware position, but now expect to reduce activity to 11 rigs in the second half of the year. Along with this reduction in rigs in the Delaware, we expect to build in some frac gaps both in Delaware and the Williston, given the improvement to our completion efficiency. Importantly, despite the reduction in rigs and frac activity, we're able to maintain our productive capacity and confidence in our production outlook. This plan highlights our commitment to capturing these improvements through capital discipline rather than growing production in a saturated oil market.
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The $1 billion target broken into its four buckets, with the per-share value management attached to delivering it.
Jeffrey Ritenour (CFO): At our current valuation multiples, capitalizing on the after-tax impact of the targeted $1 billion of incremental free cash flow could translate to an estimated $10 per share in value, highlighting the significance of this work. […] Beginning at the top with capital efficiency, we are targeting $300 million of improvement by year-end 2026. These capital enhancements are structural and assume steady service and supply costs. Said another way, we have not assumed the benefit of any deflation from current price levels. Moving clockwise on the chart to production optimization, we expect to achieve $250 million of improvements by reducing downtime, flattening production declines and optimizing our operating cost structure. For commercial opportunities, our marketing team's contracting strategies are expected to deliver $300 million in total improvements by increasing realizations and lowering GP&T costs. And finally, corporate cost reductions are expected to be $150 million derived from lower interest expense, corporate capital, and G&A.
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Midstream contract renegotiation explained: where the leverage came from and why fees on legacy NGL contracts halved.
Jeff Ritenour (CFO), answering Neil Mehta (Goldman Sachs): Frankly, that's where we have the absolute highest confidence because we already have those contracts executed. They are in place and they'll take effect at the end of this year and really into 2026, you'll get the full run rate benefit of that. Just to give you a little bit of color on what we've done there, so not a surprise to you, we have multiple midstream partners in the Delaware, in addition to the midstream infrastructure that we already own through our catalyst JV and our Cotton Draw midstream partnership. So that provides us a lot of leverage and opportunity and optionality, frankly to work with all of our partners and attempt to maximize margins. So, we had the benefit of a couple of contracts running their course as far as term over the next couple of years and we took advantage of the leverage that we have with our partners to really go in and look at how we could renegotiate those contracts and drive lower costs. So, it's a combination of lower fees, higher recoveries. The bulk of that is related to NGLs, our NGL business in the Delaware. But bottom line, we've reduced our fees. In some cases, we had legacy contracts that were 2x of what we expect to move forward with going forward. So, we've managed to reduce our fees on the gathering processing, transportation, and fractionation. And again, all that will take effect at the beginning of 2026. So, feel really confident in our ability to deliver on those outcomes.
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Pressed to lean into a cheap stock, the CFO holds the framework fixed — steady buyback, fixed dividend, cash to the balance sheet.
Scott Hanold (RBC); Jeff Ritenour (CFO): Would it be wise to consider increasing buybacks in the short term and make use of some of that free cash flow strategically? […] At this point, we feel very committed to not changing our game plan. So, you're going to continue to see us execute on the $200 million to $300 million range of share repo each quarter. Obviously, the fixed dividend is in place, we expect to grow that annually. And then any incremental free cash flow that comes back to the balance sheet, we're going to use that to bolster our liquidity and then ultimately pay down our debt over time. So, no change to our financial framework at this point in time.
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Which basins would actually flex if prices fell — the PRB as the marginal investment, the Delaware as the return anchor.
Clay Gaspar (President and CEO), answering Betty Jiang (Barclays): To give you an example, in the Powder River Basin, the economics are quite challenging as it's still in the early stages of development. We're focused on reducing costs and enhancing productivity and consistency, and we're seeing significant progress. This operational momentum has been achieved with just one rig. Although this area presents the toughest single well rate of return, it also has significant upside potential for value creation through continued investment and leveraging our strong position there. However, we are cautious and will reevaluate as prices approach the low $50s, ensuring that our actions align with the organization's best interests. […] In contrast, the Delaware Basin has the highest return rates. We have the flexibility to adjust operations, includin reducing rig counts and pacing our fracking schedules, which allows us to maintain high productivity and extend our inventory.
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Q3 2024 Earnings Conference Call — Q3 2024
Where Devon set aside the variable dividend that had defined its shareholder-return model, and defended both its inventory depth and the price it paid for Grayson Mill. · Open the full transcript →
The variable dividend is shelved and the payout framework restated: up to 70% of free cash flow, weighted to buybacks.
Jeffrey Ritenour (CFO): We elected not to pay a variable dividend this quarter. The variable dividend will remain a tool within our cash return framework, but in the near term, we expect to deliver cash returns to shareholders through our fixed dividend and share repurchase program. Foregoing the variable enabled us to reduce net leverage in pursuit of our $2.5 billion debt reduction target. […] We will continue targeting up to 70% of our free cash flow as a cash payout for shareholders and make progress on our $2.5 billion debt reduction program. We expect share repurchases in the range of $200 million to $300 million each quarter and we'll retain free cash flow beyond our share repurchases on the balance sheet to reduce our net leverage.
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The reasoning behind the shift: a variable dividend is an above-mid-cycle tool, buybacks are the below-mid-cycle one.
Jeff Ritenour (CFO), answering Neal Dingmann (Truist): Our top priority regarding cash returns is the fixed dividend. Currently, we are very comfortable with our fixed dividend given our business model, and we expect to increase it as we approach next year. After finalizing our budget with the Board, we plan to announce growth in the fixed dividend after the first of the year. This is our first priority. In addition, we have consistently indicated our preference for share repurchases over the past several quarters. We believe our equity holds significant intrinsic value currently and from a long-term perspective. Therefore, we will continue to focus on the share repurchase program. Historically, we have also paid a variable dividend, which was influenced by market dynamics characterized by above mid-cycle pricing, and it worked well for us. However, due to the recent decline in commodity prices, we believe it is more sensible to eliminate the variable dividend for the short term and intensify our share repurchases and the growth of our fixed income capital. This will be our strategic approach moving forward. Of course, if market dynamics change, we will adjust our strategy accordingly, but we feel that is the strength of our financial framework, providing us with the flexibility needed to navigate the dynamic environment we are currently facing.
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The inventory answer in full: ten years across five basins, with the front five derisked and the back five a bet on innovation.
Clay Gaspar (COO), answering Paul Cheng (Scotiabank): Yes, that's a great question about inventory. We appreciate the opportunity to discuss it because it's often misunderstood. We have strong support for our numbers from third-party sources like Enverus. We are confident in having a 10-year outlook across all five of our basins, with some like the Powder River Basin even extending further. In the Delaware Basin, which is our core area, we also have a solid outlook. There is a clear distinction between the front five years and the back five years, and we have much more confidence in the early period. The overall productivity and capital efficiency for our organization look promising for that first five years, which we consider to be derisked and well-aligned with our current operations. This provides us with five additional years to innovate and improve efficiency for the latter half of that period. That's why I am so confident in our stated 10-year outlook. Moreover, there is potential beyond that timeframe, as indicated by Rick over here, who is a strong advocate for our ongoing innovations, whether it's in deeper zones or geologic adjacencies. There is still significant opportunity to explore.
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Why debt paydown outranked a bigger buyback with $8 billion of debt and a backwardated curve.
Doug Leggate (Wolfe Research); Jeff Ritenour (CFO): First, Jeff, when you mention the 70% free cash return, the buybacks, and the upcoming dividend increase, I am curious about your decision to avoid the variable due to your concerns regarding commodities. Given that your capital structure still has $8 billion in debt and a backward-dated oil curve, why is the balance sheet receiving more focus than the buyback, especially considering the oil price uncertainty you discussed this morning? […] We have the advantage of a strong balance sheet and good liquidity, along with a business model that allows for low breakeven points, so we don't feel the need to rush into aggressive debt repayment. We're trying to balance this with the value we see in our equity. As I mentioned earlier, our flexible framework enables us to pursue both goals effectively. We believe we can grow the fixed dividend, buy back our shares at what we consider a discounted price, and meet our debt reduction targets over time. If the market deteriorates further, we will reconsider our approach and make necessary adjustments, but we are quite comfortable with our current plan.
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Asked whether Grayson Mill still works at a lower strip, the CEO marks the deal to the stock and defends the mid-cycle case.
Doug Leggate (Wolfe Research); Rick Muncrief (President and CEO): Rick, you mentioned in your prepared remarks that there’s over a decade of inventory. I realize there isn’t a specific figure, but we had significantly higher oil prices when you made that $5 billion acquisition. Considering the current forward strip, how do you assess the value of the forward free cash flow asset compared to your plans when you completed the deal? I'll leave it at that. […] The bottom line is we were around $75, $76 when we completed that transaction. It's important to always consider the long-term outlook for commodity prices. None of us have unrealistic expectations. There are people predicting $4.50 gas prices by year's end, but that seems unlikely now. Having been in this business for a long time, you know that predicting commodity prices is one of the more challenging tasks we face. However, eventually, you have to commit to a direction. What we appreciate about Grayson Mill is that we felt very confident about the economics of the transaction, particularly regarding mid-cycle prices, which may be a bit lower than current levels. We structured the deal with two-thirds debt and one-third equity. The team performed admirably, securing a fixed number of shares. Now that commodity prices have declined and equity prices have rebounded, the $5 billion headline number at the close of the transaction is closer to 4.6% or 4.7% from that perspective. This is how we see it. We are very satisfied with the transaction and optimistic about our long-term inventory. The Bakken is a fantastic reservoir, and the Williston Basin has been a significant energy source for many years. We are pleased with our position and have no regrets at all. We feel very positive about it.
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Q2 2024 Earnings Conference Call — Q2 2024
The Grayson Mill call: what Devon thought it was buying in the Bakken, the bar any deal has to clear, and the sharpest airing of the bear case on Delaware inventory. · Open the full transcript →
The Grayson Mill rationale — scale in the Williston, ten years of Bakken inventory, and a buyback raised 67% alongside it.
Rick Muncrief (President and CEO): Upon completion of the transaction, Devon will be one of the largest oil producers in the U.S. with average daily rates estimated at around 375,000 barrels of oil per day. This transaction nearly triples our production and expands our inventory in the Williston Basin. At the current pace of development, we have about 10 years of Bakken project inventory. This vast improvement in operating scale place Devon in a great position to harvest high-margin production from this prolific oilfield for many years to come. […] We see significant financial value created from this acquisition. We expect sustainable accretion to earnings and free cash flow. Given the strength of this transaction, we've expanded our share repurchase program by 67% to $5 billion. This increased authorization provides us ample capacity to continue to opportunistically repurchase our stock and bolster our per-share growth trajectory for the next few years.
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Well-level economics, and a useful correction: faster cycle times show up in returns, not in the quarter's production line.
Clay Gaspar (Chief Operating Officer): The impact of drilling and completing a bit faster adds considerable value to each well's project economics, but this timing doesn't typically add much to an individual quarter's production. […] In aggregate, these projects achieved average 30-day rates of more than 2,800 BOE per day with recoveries projected to exceed $1.3 million BOE per well. With improving well costs and impressive performance, I'm confident that this batch of high-impact projects is delivering some of the best returns in the entire U.S.
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The fixed-plus-variable dividend model at work, plus how the $5 billion acquisition was financed and what it did to leverage.
Jeff Ritenour (Chief Financial Officer): Consistent with our disciplined cash return framework, we returned approximately 70% of excess free cash flow to shareholders through a combination of buybacks and dividends. Given the compelling valuation of our equity, cash returns are skewed towards share repurchases over the variable dividend. We bought back 5.2 million shares for $256 million during the quarter. In addition to our share repurchase program, our Board declared a fixed-plus-variable dividend payout of $0.44 per share. This distribution will be paid at the end of September. Overall, we believe the flexibility of our cash return strategy provides us the opportunity to return meaningful and appropriate amounts of cash to shareholders across a variety of market conditions through the cycle. […] Turning to our balance sheet, we'll fund the Grayson Mill acquisition with $3.25 billion of cash and $1.75 billion of stock. For the cash portion, we expect to use a combination of cash on hand, shorter-duration term loans, and long-term notes. Moving forward, we'll look to build upon our financial strength and will initiate a $2.5 billion debt reduction program.
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Guidance philosophy: why Devon spent the plan and beat volumes instead of banking the efficiency as lower capital.
Neil Mehta (Goldman Sachs); Rick Muncrief (President and CEO): you could have throttled back the capital and hit the volume or you could have kept the capital the same and beat the volume guide. Can you walk us through the decision tree of - especially taking into account the macro, how you came to the decision to maintain the CapEx, but to focus more on the volume side? […] You know the reality is, I've seen time and time again over the last 40 years when you - things are looking good only to have some kind of a downstream constraint to surprise you, whatever it may be. So what w did is we decided volumes were looking really, really good. We stuck with our game plan, exceeded the expectations and - but we did have some discussion around that and - but we stuck with a plan, you saw the performance.
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On the claim that half the Grayson acreage is non-core: why "Tier 2" migrates into core, and what Devon actually underwrites.
Charles Meade (Johnson Rice); Rick Muncrief (President and CEO): I've heard some people say, well, look at the math and they say a lot of that, particularly the Western portion is non-core. And so, I'm curious if you could - if you could give your comments on whether to what extent you agree with that? And maybe would say that was reflected in our purchase price or alternatively, whether that view is perhaps outdated, given that there hasn't been as much attention on the Bakken as there once was? […] That's something that I think we have seen over time is that with efficiencies, and cost control, and all the things that we've learned over the last 15 or 20 years in these shale plays what was once Tier 2 has become core. And I think that what we're seeing is some of this could arguably have been 15, 20 years ago, Tier 2 plus. What we're seeing is it's, I'd call it between Tier 2 and core. So, we're going to see some really nice returns. At the end of the day, when you start looking at the efficiencies, the fact that we're changing orientation slightly, we're drilling three-mile laterals, instead of twomile. We're drilling three-mile wells in the same time or less than it used to take us to drill to and completions with these efficiencies. What you see is at the end of the day, whether it's core, whether it's Tier 2, Tier 3, Tier 4, whatever it may be. At the end of the day, all comes down to well-level returns and what it does for your capital efficiency. And that's how we price all of our transactions
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More calls
Q3 2025 Earnings Conference Call — Q3 2025 · 18 pages · Preliminary 2026 guidance and the business optimization plan crossing 60% of its target, one quarter before the Coterra deal reframed everything. · Open →
Q2 2025 Earnings Conference Call — Q2 2025 · 20 pages · The Matterhorn sale and the Cotton Draw buy-in, with the reasoning on when owning midstream helps the wells and when it is just trapped capital. · Open →
Q4 and Full-Year 2024 Earnings Conference Call — Q4 FY2024 · 22 pages · Rick Muncrief's handoff to Clay Gaspar, 2025 guidance in full, and the BPX Eagle Ford partnership dissolution that reset that asset's economics. · Open →
Q1 2024 Earnings Conference Call — Q1 2024 · 13 pages · The pre-Grayson baseline: a Delaware-led plan under the fixed-plus-variable dividend, useful for measuring what the acquisitions changed. · Open →
Q4 and Full-Year 2023 Earnings Conference Call — Q4 FY2023 · 12 pages · Go here for the 2024 budget as originally set and the state of the buyback-versus-variable-dividend debate before it was resolved. · Open →
Q4 and Full-Year 2022 Earnings Conference Call — Q4 FY2022 · 15 pages · The peak-cycle version of Devon: record variable dividends and the first serious analyst pressure on Delaware inventory depth. · Open →
Q2 2021 Earnings Conference Call — Q2 2021 · 13 pages · The early WPX-merger era, when the fixed-plus-variable dividend framework Devon pioneered was still being explained from scratch. · Open →