DVN - Devon reports Q4 results -- more dividends less growth

Devon Energy (NYSE:DVN) reported Q4 results after the close, generating $1.39/s of earnings, and beating street estimates of $1.24. Shareholder returns were in focus, as production growth took a back seat:  Returns - the Board increased the buyback program 60% to $1.6b (4.5% of market cap), bumped the base dividend 45%, and paid out $1.0/s in base + variable Q4 dividends (~7.8% forward yield). Production - production guided to 585kboe/d at midpoint in 2022, versus Q4 results at 611kboe/d, Q1 production expected 570kboe/d on weather. Capital - capex is budgeted $1.9 - $2.2b versus 2021 expenditures of $2.0b, as management plans to continue spending at 'sustaining' levels. Management remarks point to great satisfaction from the Company's pivot to a "value over volume" approach, with CEO Rick Muncrief saying "as I look ahead, the value proposition of Devon only strengthens." With the shares up 150% year on year, Devon is a

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Devon reports Q4 results -- more dividends, less growth