Devon Energy Corp (NYSE:DVN) reported that its board has announced a quarterly cash payout on company’s common stock for Q1 2018. The dividend is to be paid on March 29, 2018, at $0.06 a share for record date of March 15, 2018.
Devon Energy is a major independent energy firm involved in exploring and producing natural gas and oil. Based in Oklahoma City and counted in the S&P 500, the company operates in a number of the most prolific natural gas and oil plays in Canada and the U.S. with a focus on a balanced portfolio. Dave Hager, the CEO and President, reported that they continue to offer outstanding well productivity from their United States resource plays as they perform on their development plans.
During the third quarter, they recorded some of the leading drill-bit performance in company’s history with fifty new wells averaging 30-day rates in surplus of 2,100 Boe a day. Importantly, the company offered these prolific wells with an investment that was less than the lower end of company’s projection ranges for the third successive quarter.
The CEO of Devon added that with this strong performance, they remain on track to hit their exit rate production targets of 2017. They are positioned to offer attractive, top rate-of-return growth next year. A major driver of their operational momentum is the growth of multi-zone development measure across their leading Delaware Basin and STACK opportunities. With numerous assignments underway, this cutting-edge advancement technique will enhance per-section recoveries, while enhancing capital efficiencies by 20%.
Devon reported that net production in Q3 2017 averaged 527,000 Boe per day. This result surpassed the midpoint of the firm’s Hurricane Harvey-adjusted projection by 6,000 Boe a day. Of this total, oil production comprised for the largest component of the firm’s product mix at 44% of total volumes.