DEVON ENERGY CORPORATION 
SECOND-QUARTER AND FULL-YEAR 2024 GUIDANCE
PRODUCTION GUIDANCE
Oil (MBbls/d)
Natural gas liquids (MBbls/d)
Gas (MMcf/d)
Total oil equivalent (MBoe/d)
CAPITAL EXPENDITURES GUIDANCE
(in millions) Upstream capital Carbon capital Midstream & other capital
Total capital
PRICE REALIZATIONS GUIDANCE
Oil - % of WTI
NGL - % of WTI
Natural gas - % of Henry Hub(1)
- Realizations do notinclude impact from natural gas basis swaps.
OTHER GUIDANCE ITEMS
($ millions, except Boe and %) Marketing & midstream operating profit LOE & GP&T per BOE
Production & property taxes as % of upstream sales Exploration expenses
Depreciation, depletion and amortization General & administrative expenses
Net financing costs, net Other expenses
INCOME TAX GUIDANCE
(% of pre-tax earnings) Current income tax rate Deferred income tax rate
Total income tax rate
$
$
$
$
$
$
$
$
$
Quarter 2 | Full Year | |||||||||
Low | High | Low | High | |||||||
321 | 327 | 316 | 322 | |||||||
168 | 174 | 164 | 170 | |||||||
1,085 | 1,135 | 1,050 | 1,100 | |||||||
670 | 690 | 655 | 675 | |||||||
Quarter 2 | Full Year | ||||||||||
Low | High | Low | High | ||||||||
850 | $ | 900 | $ | 3,050 | $ | 3,250 | |||||
30 | 40 | 125 | 175 | ||||||||
35 | 45 | 125 | 175 | ||||||||
915 | $ | 985 | $ | 3,300 | $ | 3,600 | |||||
Quarter 2 | Full Year | |||||||
Low | High | Low | High | |||||
95% | 100% | 95% | 100% | |||||
20% | 30% | 20% | 30% | |||||
20% | 40% | 50% | 60% |
Quarter 2 | Full Year | |||||||
Low | High | Low | High | |||||
(15) | $ | (5) | $ | (50) | $ | (40) | ||
9.20 | $ | 9.40 | $ | 9.20 | $ | 9.40 | ||
7.4% | 8.0% | 7.4% | 8.0% | |||||
- | $ | 5 | $ | 15 | $ | 25 | ||
730 | $ | 770 | $ | 2,850 | $ | 2,950 | ||
105 | $ | 115 | $ | 410 | $ | 450 | ||
75 | $ | 85 | $ | 310 | $ | 330 | ||
- | $ | 10 | $ | 30 | $ | 40 |
Quarter 2 | Full Year | ||||||||
Low | High | Low | High | ||||||
14% | 16% | 14% | 16% | ||||||
6% | 8% | 6% | 8% | ||||||
~22% | ~22% | ||||||||
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CONTINGENT PAYMENTS FOR BARNETT SHALE DIVESTITURE (through 2024)
Henry Hub Annual Earnout | |||||||||
WTI Threshold | WTI Annual Earnout Amount | Henry Hub Threshold | Amount | ||||||
$ | 50.00 | $ | 10,000,000 | $ | 2.75 | $ | 20,000,000 | ||
$ | 55.00 | $ | 12,500,000 | $ | 3.00 | $ | 25,000,000 | ||
$ | 60.00 | $ | 15,000,000 | $ | 3.25 | $ | 35,000,000 | ||
$ | 65.00 | $ | 20,000,000 | $ | 3.50 | $ | 45,000,000 |
2024 & 2025 HEDGING POSITIONS
Oil Commodity Hedges | Price Swaps | Price Collars | ||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||
Average Price | Volume | Average Floor | Average Ceiling | |||||||||||||||||||||||
Period | Volume (Bbls/d) | ($/Bbl) | (Bbls/d) | Price ($/Bbl) | Price ($/Bbl) | |||||||||||||||||||||
Q2 2024 | 26,341 | $ | 79.01 | 67,022 | $ | 65.98 | $ | 84.78 | ||||||||||||||||||
Q3 2024 | 28,000 | $ | 78.97 | 79,000 | $ | 66.92 | $ | 84.61 | ||||||||||||||||||
Q4 2024 | 28,000 | $ | 78.97 | 69,000 | $ | 67.93 | $ | 84.38 | ||||||||||||||||||
Q1-Q4 2025 | 3,468 | $ | 72.75 | 992 | $ | 70.00 | $ | 77.40 | ||||||||||||||||||
Oil Basis Swaps | Weighted Average | |||||||||||||||||||||||||
Differential to WTI | ||||||||||||||||||||||||||
Period | Index | Volume (Bbls/d) | ($/Bbl) | |||||||||||||||||||||||
Q2 2024 | Midland Sweet | 62,500 | $ | 1.17 | ||||||||||||||||||||||
Q3-Q4 2024 | Midland Sweet | 69,500 | $ | 1.17 | ||||||||||||||||||||||
Q1-Q4 2025 | Midland Sweet | 63,000 | $ | 1.00 | ||||||||||||||||||||||
Natural Gas Commodity Hedges - Henry Hub | ||||||||||||||||||||||||||
Price Swaps | Price Collars | |||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||
Weighted | Weighted | Average Ceiling | ||||||||||||||||||||||||
Average Price | Volume | Average Floor | Price | |||||||||||||||||||||||
Period | Volume (MMBtu/d) | ($/MMBtu) | (MMBtu/d) | Price ($/MMBtu) | ($/MMBtu) | |||||||||||||||||||||
Q2 2024 | 263,000 | $ | 3.21 | 56,000 | $ | 3.91 | $ | 6.19 | ||||||||||||||||||
Q3 2024 | 263,000 | $ | 3.21 | - | $ | - | $ | - | ||||||||||||||||||
Q4 2024 | 209,000 | $ | 3.18 | - | $ | - | $ | - | ||||||||||||||||||
Q1-Q4 2025 | 75,537 | $ | 3.04 | - | $ | - | $ | - | ||||||||||||||||||
Natural Gas Basis Swaps | Weighted Average | |||||||||||||||||||||||||
Differential to Henry | ||||||||||||||||||||||||||
Period | Index | Volume (MMBtu/d) | Hub ($/MMBtu) | |||||||||||||||||||||||
Q2 2024 | El Paso Permian | 60,000 | $ | (0.90) | ||||||||||||||||||||||
Q3-Q4 2024 | El Paso Permian | 10,000 | $ | (1.00) | ||||||||||||||||||||||
Q2-Q4 2024 | Houston Ship Channel | 110,000 | $ | (0.24) | ||||||||||||||||||||||
Q2 2024 | WAHA | 70,000 | $ | (0.66) | ||||||||||||||||||||||
Q3-Q4 2024 | WAHA | 60,000 | $ | (0.58) | ||||||||||||||||||||||
Q1-Q4 2025 | WAHA | 10,000 | $ | (0.63) |
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2024 & 2025 HEDGING POSITIONS (continued)
NGL Commodity Hedges | Price Swaps | |||||||
Weighted Average | ||||||||
Period | Product | Volume (Bbls/d) | Price ($/Bbl) | |||||
Q2-Q4 2024 | Natural Gasoline | 3,000 | $ | 69.11 | ||||
Q2-Q4 2024 | Normal Butane | 3,350 | $ | 37.58 | ||||
Q2 2024 | Propane | 4,591 | $ | 32.87 | ||||
Q3-Q4 2024 | Propane | 5,250 | $ | 33.01 |
Devon's oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon's natural gas derivatives settle against the Inside FERC end of the month NYMEX index. Devon's NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Commodity hedge positions are shown as of March 31, 2024.
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Disclaimer
Devon Energy Corporation published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2024 20:14:26 UTC.
