Devon Energy Corporation (NYSE:DVN) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Scott Coody – Vice President-Investor Relations

Rick Muncrief – President and Chief Executive Officer

Clay Gaspar – Chief Operating Officer

Jeff Ritenour – Chief Financial Officer

Conference Call Participants

Doug Leggate – Bank of America Merrill Lynch

Nitin Kumar – Mizuho

Neil Mehta – Goldman Sachs

Scott Gruber – Citigroup

Neal Dingmann – Truist

Charles Meade – Johnson Rice

Matthew Portillo – TPH

Kevin MacCurdy – Pickering Energy Partners

Paul Cheng – Scotiabank

Scott Hanold – RBC

Operator

Hello, everyone, and welcome to Devon Energy Third Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. This call is being recorded.

I would now like to turn the call over to Mr. Scott Coody, Vice President of Investor Relations. Sir, you may begin.

Scott Coody

Good morning, and thank you for joining us on the call today. Last night, we issued an earnings release and presentation that cover our results for the quarter and updated outlook. Throughout the call today, we will make references to the earnings presentation to support prepared remarks, and these slides can be found on our website. Also joining me on the call today are Rick Muncrief, our President and CEO; Clay Gaspar, our Chief Operating Officer; Jeff Ritenour, our Chief Financial Officer; and a few other members of our senior management team. Comments today will include plans, forecasts and estimates that are forward-looking statements under U.S. securities law. These comments are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. Please take note of the cautionary language and risk factors provided in our SEC filings and earnings materials.

With that, I'll turn the call over to Rick.

Rick Muncrief

Thank you, Scott. It's a pleasure to be here this morning. We appreciate everyone taking the time to join us. For today, I plan to focus my comments on the trajectory of our business for the remainder of 2023 and highlight the steps we're taking to further improve capital efficiency as we head into 2024.

Now let's start with a brief review of our financial and operating performance. In the third quarter, Devon delivered a production per share growth rate of 10% year-over-year. This strong growth rate was fueled by our franchise asset in the Delaware Basin, accretive acquisitions and an opportunistic share repurchases over the past year. On a barrel of oil equivalent basis, our total volumes were within the guidance range, but oil volumes were slightly softer due to select well performance in the Williston coupled with minor infrastructure constraints in the Delaware. We will cover the Delaware in greater detail later in the call, but these constraints were temporary and have a visible pathway to correction with the industry's ongoing build-out of infrastructure.