Devon Energy’s 2Q16 cash flow
For 2Q16, Devon Energy (DVN) reported cash flows of $0.64 per share, which is lower by ~76% when compared with 2Q15.
As seen in the above chart, Devon Energy has reported relatively lower cash flows compared to 3Q14, mainly due to lower realized crude oil (USO) and natural gas (UNG) prices. In 1Q15 and 3Q15, DVN’s cash flow increased due to a deferred income tax benefit. In 1Q16 Devon Energy reported the lowest ever cash flow of $0.31 per share since 1999. For 2Q16, Devon Energy reported free cash flow of -$0.31 per share.
Other upstream players
Due to the steep downward trend in energy prices, most S&P 500 (SPY) energy companies have reported lower year-over-year cash flows. Southwestern Energy (SWN), Encana (ECA), and Range Resources (RRC) reported $0.19 per share, $0.10 per share, and $0.49 per share, respectively, in cash flows in 2Q16.