Devon Energy (DVN) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 9, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Devon Energy's First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. This call is being recorded.

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

Scott Coody - VP, IR

Good morning, and thank you to everyone for joining us on the call today. Last night, we issued an earnings release and presentation that cover our results for the first quarter and our outlook for the remainder of 2023. 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 US 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 - President & CEO

Thank you, Scott. It's a pleasure to be here this morning. We appreciate everyone taking time to join us. For today's discussion, I'll be focusing on three key topics that I believe are most important to our shareholders at this point.

First, I plan to cover our solid first quarter execution. Second, I will run through the steps we've taken to bolster the return of capital to shareholders. And third, I plan to share insights on how our business is positioned to effectively control costs and gain momentum throughout the rest of the year.

So to start off, let's turn to our first quarter results on slide 6, where we had several key highlights. First, total oil production exceeded our midpoint guidance at 320,000 barrels per day, representing a growth rate of 11% compared to the year ago period. This level of oil production was the highest in our company's 52-year history. Our strong well productivity in the Delaware Basin was once again a key contributor to this result, and our recently-acquired assets, The Eagle Ford and Williston Basin also provided us higher volumes in the quarter.