Devon Energy Corporation (NYSE:DVN) Q4 2023 Earnings Conference Call February 28, 2024 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

Neil Mehta - Goldman Sachs

Arun Jayaram - JPMorgan

Nitin Kumar - Mizuho

Neal Dingmann - Truist

Kevin MacCurdy - Pickering Energy Partners

Scott Gruber - Citigroup

Scott Hanold - RBC

Charles Meade - Johnson Rice

David Deckelbaum - Cowen

Operator

Hello, everyone and welcome to Devon Energy Fourth Quarter and Full Year 2023 Conference Call. [Operator Instructions] This call is being recorded. I would now like to turn the call over to 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 Devon’s results for the past year and our outlook for 2024. 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 our 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 and I appreciate everyone taking time to join us this morning. For today, my comments will be centered on four key themes: Devon’s accomplishments in 2023, the catalyst of our improved outlook for 2024, the depth of the resource we possess in our portfolio, and the strategic priorities that will drive our free cash flow allocation going forward.

Now beginning with the fourth quarter, we exited the year with a solid quarter of execution, highlighted by production that exceeded the top end of guidance, meeting consistency across all products. Disciplined reinvestment resulted in our 14th consecutive quarter of free cash flow and we took steps to increase cash returns by stepping up the pace of our stock buyback. These positive results rounded out another successful year for Devon, where we achieved several key milestones that I am extremely proud of.