Their exploration targets proven fields

Article Excerpt

DEVON ENERGY CORP. $30.66 (New York symbol DVN; TSINetwork Rating: Extra Risk) (405-235-3611;; Shares outstanding: 525.7 million; Market cap: $16.1 billion; Dividend yield: 0.8%) is one of the largest explorers and producers of oil and natural gas in the U.S. The production mix for the company’s 19,000 wells is 63% oil. and 37% natural gas. Devon’s output averaged 536,000 barrels of oil equivalent per day (both oil and gas) for the second quarter, ended June 30, 2017. That’s down 16.8% from 644,000 a year earlier. However, cash flow per share jumped 42.2%, to $1.38 from $0.97. The gain was mostly due to higher realized oil and gas prices and much lower costs. The company’s long-term debt of $10.6 billion is a high 66% of its market cap. However, Devon also holds $2.4 billion in cash, and it plans to raise another $1.0 billion by selling non-core assets. As well, none of its debt is due before 2021. Despite its asset sales, Devon retained…

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