Devon Energy Corporation (NYSE:DVN) Q3 2023 Earnings Call Transcript

We weren’t in a position to buy any incremental shares in the quarter. But going forward. We’ve – I think we’ve hopefully clearly telegraphed today our intention on the share repo as well as the potential impact to the variable dividend going forward. And so look forward to getting to our next call in February and kind of talking about the results.

Scott Hanold: Okay. Got it. And then my follow-up is, when you look at oil production next year around 315,000, do you see that as your new baseline? I know I think a prior kind of, I guess, market expectation would be closer to 320. And so is 315 the new baseline? And was – is that driven more about like where you think it’s best sustainable at? Or is it more reflecting of your view of the uncertainty in the macro and just wanting to kind of taper it a little bit?

Rick Muncrief: Yes. We think it’s a new baseline. The fact is we – not too dissimilar from what the consensus was is that 320 was probably certainly doable. We’ve done it two or three quarters in a row. But the reality is, as we continue to see some constraints, some weather issues and real-world impacts, we think that 315 is absolutely the right baseline for us.

Scott Hanold: Appreciate it. Thank you.

Scott Coody: Well, I appreciate everyone’s interest in Devon day. I see that we’re at the top of our time. So if you have any further questions, please don’t hesitate to reach out to the Investor Relations team at any time. Once again, thank you for your interest, and have a good day.

Operator: Ladies and gentlemen, this concludes today’s call. Thank you for joining. You may now disconnect your lines. Thank you.