This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Devon Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

A replay of this call will be available today later on through a link on our homepage. As usual, our call will contain some forward-looking estimates. And we will be refining some of those in our call today, but we are not planning to issue a new 8-K. We will, however, post those changes to the guidance page of our website. To find that, just click on the Guidance link found in the Investor Relations portion of the Devon website.

Please note that all references today to our plans, forecast, expectations and estimates are forward-looking statements under U.S. securities law. And while we always strive to give you the very best information possible, there are many factors that could cause our actual results to differ from those estimates. We urge you to review the discussion of risk factors and uncertainties that we provide in our SEC Form 10-K filing, provided that is. Also in today's call, we will reference certain non-GAAP performance measures. When we use these measures, we're required to provide related disclosures. Those are also available on the Devon website.

The First Call mean estimate for Devon's earnings for the first quarter was $1.43 per share. However, at the midpoint of the guidance we provided, you would've expected our first quarter earnings to come in at $1.35 a share or $0.08 below The Street estimates. However, our actual first quarter non-GAAP results came in at $1.05 per share or $0.30 below our guidance. This was most almost entirely due to unusually wide differentials on Canadian oil and U.S. NGLs. Jeff will cover both of these, as well as our expected future price differentials in detail later in the call. With those items out of the way, I'll turn the call over to John.

John Richels

Thank you, Vince, and good morning, everyone. Although, as Vince mentioned, wide differentials had a significant negative impact on earnings, we delivered another very solid quarter from an operational perspective.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs