Devon Energy Corp Q1 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : I have to apologize first because I want to go back into the variable dividend and buyback. Rick, you just mentioned that we should focus on the per share metrics. From that standpoint, will the buyback be a more preferred way to return cash to the shareholders and variable dividend? And also, then after more than 2 years, have we looked at it and do you believe the stock or that the company has been rewarded for the variable dividend given that your yield is so high already? That's the first question.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Okay. The second question is probably for Clay. I think you -- you answered the earlier question saying that 20% of the Delaware Basin well to be drilled this year will be 3 miles. If we look at your risk inventory of 4,500, do you have a rough estimate that what percentage of that number just on the 3 miles.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : And can you just -- curious that the opportunity of trade up and make the well from, say, 2 miles into 3 miles or even 1 mile to 3 miles, is it focusing primarily in Delaware? Or that -- another basin that you also see the opportunity there?