In an announcement despatched to Rigzone just lately, Devon Vitality Corp. introduced that Brent J. Smolik has joined the corporate’s board of administrators, efficient October 1.
Smolik is the previous president and chief working officer of Noble Vitality and president, CEO, and chairman of the board of EP Vitality Company, Devon highlighted in its assertion.
The corporate added that he has over 40 years of expertise within the oil and gasoline trade, “holding senior govt roles at Noble Vitality, Noble Midstream Companions LP, EP Vitality Company, El Paso Company, ConocoPhillips, and Burlington Assets”, and identified that he has additionally served on the boards of Marathon Oil Company, Noble Midstream Companions LP, Cameron Worldwide, and Encino Acquisition Companions.
- Advertisement -
Devon famous in its assertion that its board decided that Smolik is impartial and appointed him to the audit and security, operations, and useful resource (SOR) committees. With this appointment, Devon’s board will comprise 11 members, 10 of whom are impartial, Devon stated within the assertion.
A Devon Vitality spokesperson informed Rigzone that the corporate doesn’t have a coverage that prescribes time period limits for its administrators and confirmed that Smolik just isn’t topic to a time period restrict.
The audit committee assists the board in guaranteeing the integrity of Devon’s monetary statements and reporting system, compliance with authorized and regulatory necessities, and efficiency of inside and exterior audit capabilities, Devon states on its web site. The SOR committee offers oversight of the corporate’s well being and security applications and efficiency, the plans and efficiency related to its operations, and the integrity of its analysis of assets, together with Devon’s petroleum and pure gasoline reserves, the positioning provides.
“We’re happy to welcome Brent Smolik to our board of administrators,” Clay Gaspar, President and CEO of Devon Vitality, stated within the assertion.
“His management and strategic perception might be instrumental as we proceed to ship worth to our shareholders,” Gaspar added.
John Bethancourt, Devon’s Chair, stated within the assertion, “Brent’s in depth expertise, mixed together with his operational and technical experience within the oil and gasoline trade, might be useful as we information the corporate into the long run”.
“His confirmed observe document in each upstream and midstream sectors, in addition to his prior service on a number of public firm boards, will present essential perspective,” he added.
In its second quarter outcomes assertion, which was posted on its web site again in August, Devon Vitality stated it reported internet earnings of $899 million, or $1.41 per diluted share, within the second quarter of 2025.
Adjusting for gadgets analysts usually exclude from estimates, the corporate’s core earnings have been $536 million, or $0.84 per diluted share, Devon famous within the assertion, including that working money move totaled $1.5 billion within the second quarter, which it stated funded all the corporate’s capital necessities and resulted in $589 million of free money move for the quarter.
“Along with this free money move, Devon obtained $372 million in proceeds from the divestiture of its fairness possession within the Matterhorn Pipeline,” the corporate stated within the assertion.
“In the course of the quarter, Devon’s investment-grade monetary place strengthened with money balances rising by $525 million to a complete of $1.8 billion. The corporate ended the quarter with excellent debt of $8.9 billion and a internet debt-to-EBITDAX ratio of 0.9 instances,” it added.
On this assertion, Gaspar stated, “within the second quarter, we delivered distinctive outcomes exceeding our manufacturing steerage with 841,000 barrels of oil equal per day”.
“We generated $1.5 billion in working money move and $589 million in free money move, with capital investments seven p.c under steerage. Our disciplined capital allocation strategy supported strong returns to shareholders by means of dividends and share repurchases, whereas strengthening our steadiness sheet and ending the quarter with $1.8 billion in money,” he added.
“Amid market fluctuations, we remained targeted on operational excellence, leveraging our premier useful resource base and powerful monetary place to ship excellent outcomes. Our enterprise optimization plan is progressing quickly, positioning us to realize $1 billion in annual pre-tax free money move by the tip of 2026,” he continued.
“For the second consecutive quarter, we lowered 2025 capital by $100 million whereas elevating manufacturing forecasts, additional strengthening our free money move trajectory. Our group’s innovation and dedication guarantee we’re well-equipped to navigate value volatility, adapt to market tendencies, and maximize returns for shareholders,” Gaspar went on to state.
In an announcement posted on its web site again in April, Devon introduced a “enterprise optimization plan to enhance margins and capital effectivity, rising free money move era and driving vital shareholder worth”.
“I’m excited to announce the small print of our enterprise optimization plan, set to reinforce margins and ship $1 billion in annual pre-tax free money move enhancements by 12 months finish 2026,” Gaspar introduced in that assertion.
“This milestone displays the dedication, ingenuity, and expertise of our workers, whose exhausting work and ongoing efforts proceed to drive Devon’s success,” he added.
“That is an opportune time for us to tackle this initiative, as we leverage latest management adjustments throughout the group, bringing contemporary views and new concepts,” he continued.
“Given the difficult market and shifting aggressive panorama, that is the fitting second to focus internally and enhance our profitability. Importantly, this effort will create vital shareholder worth by increasing our free money move era and enhancing the sturdiness of our enterprise,” Gaspar went on to notice.
Devon Vitality describes itself as “a number one oil and gasoline producer in the USA with a diversified multi-basin portfolio headlined by a world-class acreage place within the Delaware Basin”.
To contact the writer, e mail andreas.exarheas@rigzone.com
