Devon Energy Corporation


SKU: DVN Category:


This is our first report on Devon Energy Corporation, one of the large independent energy exploration players with a vast asset base. The company enjoyed a high wells productivity across the portfolio in recent quarters that enabled them to produce surpass the management expectations while reducing additional inflationary pressure and maintaining its cost structure in line with the full-year budget thanks to consistent operational improvements. Its execution across all key aspects of the company’s field-level margins resulted in high cash flow generation for the management. Among key updates, the company acquired the leasehold interest and related assets of RimRock Oil and Gas, a Warburg Pincus portfolio company, in the Williston Basin for total cash consideration of $865 million. It is benefitting well from the rise in oil prices. We initiate coverage on Devon Energy with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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