Devon Energy Corp Q3 2023 Earnings Call Summary

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

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : Clay, I want to take one more run at the Delaware Basin infrastructure question. As you were making your prepared remarks or earlier Q&A, I wrote down there's electricity build-out, compression, processing, takeaway and then also you added water. And so as you look at -- if those are the right categories, as you look at those, could you tell us what's your best guess for '24? Or is it going to be your -- your top 1 or top 2 concerns? And I'm less thinking about where you have work to do, but more in the framing of what's -- which of those is most likely to emerge as a bottleneck in '24? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 08, 2023 / 4:00PM, DVN.N - Q3 2023 Devon Energy Corp Earnings Call

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : Clay I was going to say I came up -- I consider using that term whack-a-mole, but I came up with the term cycling bottlenecks instead.

Question: Charles Arthur Meade - Johnson Rice & Company, L.L.C., Research Division - Analyst : Maybe a follow-up question. Well, you feel free to use that one. A follow-up question perhaps for Jeff. Jeff, I think you clearly sent the message that you guys are tilting towards buybacks in the current circumstances that you see. But I wonder if you could elaborate a bit more on the framework that you guys have used to come to that conclusion. And with an eye towards, if we do have the happy evolution, where your stock price does go up at what point does it flip back towards the -- more towards a variable dividend? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 08, 2023 / 4:00PM, DVN.N - Q3 2023 Devon Energy Corp Earnings Call

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two questions, please. you guys have been indeed over there and that you have seen a lot of improvement. So if I'm looking out for the next 1 or 2 years, where is the area that you see the most opportunity for you to further improve? The second question is on the bottom. You've been struck over there. I think from that standpoint, what have we learned from the RimRock acquisition in terms of future A&D due diligence process and all that. And whether Bakken, given your substantially reducing activity, what's the role for your longer-term portfolio? Do they have a role there?