DEVON ENERGY CORP. (New York symbol DVN; www.dvn.com) is one of the largest U.S.-based oil and natural-gas explorers and producers. Its production mix is 65% gas and 35% oil.
In May 2011, Devon completed the sale of its Brazilian operations for $3.2 billion. It has now sold all of its international and Gulf of Mexico properties, which it saw as risky and expensive to develop.
In all, the company received over $8 billion in after-tax proceeds from these sales. It’s using these funds to buy back shares, purchase properties and pay down debt. So far, it has bought back $3.5 billion of its shares. Its long-term debt is $6.0 billion, but that’s just. 20.7% of its $29.0-billion market cap. The company holds cash of $7.1 billion, or $17.27 a share.
As well, Devon recently sold a one-third interest in five shale oil and gas fields to giant Chinese state-owned petroleum and chemical company Sinopec (symbol SNP on New York) for $900 million.
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Energy stocks: Devon sees daily production rise by 10%
In the three months ended December 31, 2011, Devon’s daily production averaged 680,400 barrels of oil equivalent, up 10.0% from a year earlier. Cash flow per share rose 3.2%, to $3.91 from $3.79.
Devon is now focused on its North American properties, which include conventional production, shale oil in Texas and oil sands in Alberta. The company will spend as much as $5.9 billion to explore and develop its properties this year.
The shares trade at 5.7 times the company’s forecast 2012 cash flow of $12.55 a share. Devon has raised its dividend by 17.6%, and now yields 1.0%.
In the latest edition of Stock Pickers Digest, we examine whether Devon can keep growing at its present rate and assess the impact of its shale oil and gas deal with China’s state-owned energy company. We conclude with our clear buy-hold-sell advice.
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