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devon Devon Energy Reports First - Quarter 2021 Financial and Operational Results OKLAHOMA CITY - May 4 , 2021 - Devon Energy Corp. ( NYSE : DVN ) today reported financial and operational results for the first - quarter 2021. The company's first quarter performance includes results from the merger with WPX Energy that was successfully completed on Jan. 7 , 2021. Supplemental financial tables and forward - looking guidance are available on the company's website at www.devonenergy.com . KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS ● Board increases fixed - plus - variable dividend payout by 13 percent to $ 0.34 per share Investment - grade financial strength enhanced with redemption of $ 743 million of debt year - to - date ● Devon reiterates its commitment to a disciplined maintenance capital program in 2021 First - quarter oil production totaled 268,000 barrels per day , exceeding guidance by 5,000 barrels per day Delaware Basin efficiency gains drove upstream capital expenditures 5 percent below guidance in the quarter Operating cash flow in the first quarter reached $ 592 million Free cash flow generation , after adjusting for cash restructuring costs , expanded to $ 260 million in the first quarter ● ● ● CEO PERSPECTIVE Devon Energy Corporation 333 West Sheridan Avenue Oklahoma City , OK 73102-5015 " Devon is a premier energy company that possesses a powerful suite of assets and a disciplined strategy to maximize value for our shareholders , " said Rick Muncrief , president and CEO . " With this advantaged platform , we delivered on exactly what we promised to do in the first quarter by moderating capital investment , capturing cost synergies and returning significant value to shareholders through higher dividends and the aggressive reduction of debt . " " With our business scaled to generate free cash flow , a clear differentiator for Devon is the ability to accelerate cash returns to shareholders through our innovative fixed - plus - variable dividend framework , " said Muncrief . " And based on the strength of our first - quarter results , I am proud to announce a 13 percent increase in our total dividend payout to $ 0.34 per share . " Looking ahead to the remainder of the year , we are unwavering in our commitment to capital discipline and will remain focused on the strategic objectives that underpin our cash - return business model , " Muncrief added . " Devon has no intention of allocating capital to growth projects until demand - side fundamentals recover and it becomes evident that OPEC + ' s spare oil capacity is effectively absorbed by the world markets . " OPERATING RESULTS First - quarter oil production averaged 268,000 barrels per day , exceeding guidance by 5,000 barrels per day . This performance was driven by the company's Delaware Basin asset that accounted for 62 percent of total production . Devon estimates that production in the quarter was reduced by 8 percent due to severe winter weather . Production totals also exclude WPX results prior to the merger close date of Jan. 7 , 2021 , limiting first - quarter production by an incremental 3 percent . Upstream capital spending was 5 percent below guidance , totaling $ 447 million in the first quarter . This positive variance was attributable to efficiency gains and the benefits of enhanced operating scale in the Delaware Basin . Devon's capital activity averaged 18 operated drilling rigs and six completion crews in the quarter , with approximately 80 percent of this investment allocated to the Delaware Basin . With capital programs focused on developing higher - margin production opportunities , oil and natural gas liquids volumes reached 74 percent of Devon's product mix in the quarter . This exposure to higher value production expanded the company's field - level cash margin to $ 28.95 per Boe , an 88 percent increase year over year . 1