DVN:
FINANCIAL SUMMARYDevon reported net earnings of $213 million, or $0.32 per diluted share, in the first quarter of 2021. Adjusting for items analysts typically exclude from estimates, Devon’s core earnings were $298 million or $0.45 per diluted share. The company’s operating cash flow totaled $592 million in the first quarter, with EBITDAX reaching $959 million. This level of cash flow funded all capital requirements and generated $260 million of free cash flow after adjusting for cash restructuring charges. Devon exited the first quarter with $1.9 billion of cash and an undrawn credit facility of $3 billion. Year-to -date, the company has made significant progress on its $1.5 billion debt reduction plan by redeeming $743 million of outstanding debt. The next step in the company’s debt reduction plan is to fully retire its callable $500 million 2026 notes in June.