-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： DVN第一季度调整后每股收益为1.04美元，低于去年同期的1.21美元，比市场预期低0.05美元。产量为83.3万桶油当量/日，高于2025年第一季度的81.5万桶油当量/日，但比预期低3000桶油当量/日。资本支出为8.48亿美元，比预期中值低6%，推动自由现金流强劲增长至8.16亿美元，环比增长16%。股东于5月4日批准了与Coterra的合并，预计将于5月7日完成，这将是一个重要的催化剂，管理层的目标是到2027年底实现10亿美元的年度税前协同效应。DVN的业务优化计划正在加速推进，预计10亿美元的年度税前收益目标将提前实现。特拉华盆地以50.1万桶油当量/日的产量（占总产量的60%）为业绩奠定了基础，同时DVN保持了46%的液体/54%的天然气平衡，使其在并购整合方面处于有利地位。我们预计，合并后，通过计划中的50亿美元以上的股票回购授权和将季度股息提高至每股0.315美元，股东回报将得到提升。公司拥有18亿美元的现金储备，净债务与EBITDAX比率仅为0.9倍，这些都将为稳健的资产负债表提供支撑。
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