They aim to streamline their operations

Article Excerpt

DEVON ENERGY CORP. $29.33 (New York symbol DVN; TSINetwork Rating: Extra Risk) (405-235-3611; www.dvn.com; Shares outstanding: 436.3 million; Market cap: $12.6 billion; Dividend yield: 1.2%) is one of the largest explorers and producers of oil and natural gas in the U.S. The production mix for the company’s wells is 67% oil and 33% natural gas. Devon’s output averaged 532,000 barrels of oil equivalent per day for the fourth quarter, ended December 31, 2018. That’s down 2.9% from 548,000 a year earlier. Cash flow per share fell 5.7%, to $1.15 from $1.22. The decline reflects the lower production plus lower oil prices. Last year, the company sold almost $5 billion in assets. It used the funds to pay down debt and buy back $3.4 billion of its shares. Devon’s long-term debt of $5.8 billion is a somewhat high 46% of its market cap. However, that’s way down from $10.3 billion at the start of last year. As well, the company’s debt only starts to…

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