DEVON ENERGY CORP. $68.66 (New York symbol DVN; SI Rating: Speculative) (405-235-3611; www.devonenergy.com; Shares outstanding: 441.5 million; Market cap: $30.3 billion) is one of the largest U.S.-based independent oil and gas explorers and producers.
Devon’s properties are located mainly in the United States and Canada. This includes conventional production, as well as shale oil in north Texas, oil sands in Canada and deep-water wells in the Gulf of Mexico.
In the three months ended September 30, 2008, Devon’s revenues rose 116.4%, to $6 billion from $2.8 billion a year earlier. Cash flow rose 58.7%, to $2.6 billion, or $5.93 a share, from $1.7 billion or $3.71 a share.
Devon’s shares trade at 3.2 times its cash flow based on the 12 months. Devon recently paid off $3.6 billion in debt, The company’s long-term debt now stands at $4.8 billion. That’s equal to just 16% of its market cap. Devon also holds cash of $1.2 billion or $2.72 a share.
Devon currently has production of 2.6 billion cubic feet per day of natural gas (433,000 barrels of oil equivalent) and 203,600 barrels of oil per day. The company’s production mix is about 68% natural gas and 32% oil. Devon is now spending almost $7 billion a year on exploration and development.
Devon’s diverse production and prospects, mostly in stable North America, could make it a takeover candidate for a bigger oil firm. That’s not reason enough to buy the stock, but it adds to its appeal.
Devon Energy is a buy.
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