As oil-well backlog shrinks, U.S. shale may upset investors and drill more [Reuters]
Devon Energy Corporation (DVN)
Last devon energy corporation earnings: 2/18 04:05 pm
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Source: Reuters
This would mean an increase in spending which could unsettle investors who have benefited from shale companies' recent prioritization of shareholder returns over ramping up production. Companies, including Diamondback, Pioneer Natural Resource and Devon Energy, for example, have redirected rising cash returns to dividend growth, variable distributions, buybacks, and further debt reduction. Investors, frustrated with years of low returns from the sector, have punished companies that have looked to grow production at the expense of shareholder return and rewarded those that have shown capital discipline. Drilling new wells could add to supply at a time when oil is selling for $70 per barrel, a profitable level for U.S. shale and OPEC producers alike. Those high prices, hurricane shut-ins at U.S. offshore wells and a rapidly shrinking backlog of drilled-but-uncompleted shale wells may spur producers to restart drilling and test their pledge to keep spending flat. The backlog o
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News
- Devon Energy Co. (NYSE: DVN) had its price target raised by analysts at Piper Sandler from $59.00 to $60.00. They now have an "overweight" rating on the stock.MarketBeat
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DVN
Earnings
- 2/27/24 - Beat
DVN
Sec Filings
- 4/11/24 - Form 4
- 4/9/24 - Form 144
- 3/13/24 - Form 4
- DVN's page on the SEC website