Devon Energy (DVN) Revenue — Quarter Ended Mar 31, 2024
Revenue for the reported quarter decreased compared with both the immediately preceding quarter and the same quarter one year earlier. The sequential decline was more pronounced than the year-over-year change, which was nearly flat.
Key takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue for the reported quarter decreased compared with both the immediately preceding quarter and the same quarter one year earlier. The sequential decline was more pronounced than the year-over-year change, which was nearly flat.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$3.7B
Revenue reported for this quarter.
Quarter-over-quarter
-2.1%
Change from the immediately preceding quarter.
Year-over-year
-0.5%
Change from the comparable year-ago quarter.
Trailing four quarters
$15.1B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2023 | $3.5B | -39.1% |
| Sep 30, 2023 | $4B | -22.3% |
| Dec 31, 2023 | $3.8B | -12.2% |
| Mar 31, 2024 | $3.7B | -0.5% |
Revenue performance
Revenue declined sequentially, reflecting a modest contraction from the prior quarter. The year-over-year comparison showed a minimal decrease, indicating relative stability compared with the same period last year.
Quarterly comparison
Compared with the preceding quarter, revenue was lower, while the decline from the same quarter a year ago was marginal. The sequential trend continued the pattern of gradual declines observed in recent quarters.
What to watch
The sequential decline continues a pattern of decreasing revenue observed over the past several quarters.