Devon Energy Corporation reported a net income of $2.9 billion for the fiscal year ending December 31, 2024, translating to earnings of $4.56 per diluted share. This represents a decrease from the previous year's net income of $3.8 billion, or $5.84 per diluted share. The company's total revenues increased to $15.9 billion, up from $15.3 billion in 2023, driven primarily by higher oil and gas production volumes, which reached 737 MBoe/d, an increase of 12% year-over-year. The company’s operating cash flow remained stable at $6.6 billion, reflecting strong operational performance despite fluctuating commodity prices.
In 2024, Devon completed the acquisition of the Williston Basin business from Grayson Mill for approximately $5 billion, which included $3.5 billion in cash and 37.3 million shares of Devon common stock. This strategic acquisition is expected to enhance Devon's operational scale and production capabilities, contributing to long-term shareholder value. The company also reported a significant increase in its oil production, totaling 347 MBbls/d, an 8% increase from 2023, with notable contributions from the Delaware Basin and the newly acquired Williston Basin assets.
Operationally, Devon's production expenses rose to $3.2 billion, reflecting increased activity levels and the impact of the Grayson Mill acquisition. The company reported a total of 290 development wells completed in 2024, slightly down from 293 in 2023. Devon's total proved reserves increased to 2.155 billion Boe, with significant contributions from extensions and discoveries in the Delaware Basin and the Williston Basin. The company’s capital expenditures for the year were approximately $3.6 billion, with a focus on high-return projects in its core areas.
Devon Energy's financial position remains strong, with total debt of $8.9 billion and liquidity of $3.8 billion as of December 31, 2024. The company has maintained a disciplined approach to capital allocation, prioritizing shareholder returns through dividends and share repurchases. In 2024, Devon returned approximately $2 billion to shareholders, including $937 million in dividends and $1.1 billion in share repurchases. Looking ahead, Devon anticipates continued capital discipline and operational efficiency, with plans to allocate approximately 55% of its 2025 capital expenditures to the Delaware Basin, while also focusing on the development of its newly acquired assets in the Williston Basin.
About DEVON ENERGY CORP/DE
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