DEVON ENERGY CORP. $58.73 (New York symbol DVN; TSINetwork Rating: Speculative) (405-235-3611; www.dvn.com; Shares outstanding: 404.4 million; Market cap: $23.8 billion; Dividend yield: 1.4%) is one of the largest U.S.-based oil and natural gas explorers and producers. Its production mix is 63% gas and 37% oil.
Last year, Devon completed the sale of all of its international and Gulf of Mexico properties, which it saw as risky and expensive to develop.
The company is now focused on its North American properties, which include conventional production, shale oil in Texas and oil sands in Alberta.
Earlier this year, Devon sold a one-third interest in five shale oil and gas fields to giant Chinese stateowned petroleum and chemical company Sinopec (symbol SNP on New York) for $900 million. In addition, Sinopec will pay up to 70% of Devon’s share of the development costs at the five fields, up to $1.6 billion.
Meanwhile, Devon’s average daily production averaged 694,000 barrels of oil equivalent in the three months ended March 31, 2012. That’s up 10.0% from a year earlier. Still, cash flow per share fell 3.4%, to $3.36 from $3.48, on lower gas prices.
The company will spend as much as $7.5 billion to explore and develop its properties this year. However, like Cimarex, Devon will focus on more profitable natural gas liquids and crude oil.
Devon’s total debt of $10.8 billion is a manageable 45.4% of its market cap. Moreover, it holds cash of $7.1 billion, or $17.56 a share.
The shares trade at 4.4 times the company’s forecast 2012 cash flow of $13.44 a share, based on the latest quarter.
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