Devon Energy Corp. DVN reported break-even fourth-quarter 2020 adjusted earnings versus the Zacks Consensus Estimate of 5 cents per share. In the year-ago quarter, the company reported earnings of 33 cents per share.GAAP loss for the fourth quarter was 27 cents compared with a loss of 25 cents per share in the year-ago period.RevenuesTotal revenues of $1,280 million outpaced the Zacks Consensus Estimate by 3.2%. The top line, however, declined 19.4% from the year-ago figure due to fall in commodity prices.Devon Energy Corporation Price, Consensus and EPS Surprise Devon Energy Corporation price-consensus-eps-surprise-chart | Devon Energy Corporation QuoteProductionTotal net production for fourth-quarter 2020 touched 3333,000 barrels of oil equivalent per day (Boe/d), which was near the higher end of the guided range of 318,000-334,000 Boe/d and was up 2.1% sequentially. Oil production averaged 156,000 barrels per day (Bbl/d), which decreased 4.3% on a year-over-year basis. However, Delaware Basin assets’ performance remained solid and oil production from this region was up 17.9% year over year.Natural gas liquids production was up 8.1% year over year.Realized PricesRealized oil prices for the quarter were $38.01 per barrel, down 33.2% from $56.89 in the year-ago period. Realized prices for natural gas liquids were also down 15.8% to $14.76 per barrel from $17.54 in the prior-year quarter.Realized gas prices were up 7.1% to $1.96 per thousand cubic feet from $1.83 in the prior-year quarter.Total oil equivalent realized prices — including cash settlements — were $24.77 per Boe, down 27.4% year over year.Other HighlightsTotal production expenses for the fourth quarter were $271 million, decreasing 16.4% year over year. The decline in expenses was due to improved cost structure due to lower lease operating expenses resulting from more efficient field-level operations and a decrease in production tax due to reduced commodity prices.Devon Energy’s legacy estimated proved reserves were 752 million Boe at 2020-end. Drilling programs successfully added 135 million Boe of reserves through extensions and discoveries in 2020.On Oct 1, Devon completed the sale of Barnett Shale assets and received a cash payment of $320 million at closing.Financial HighlightsAs of Dec 31, 2020, the company had cash and cash equivalents including restricted cash of $2,237 million, up from $1, 8444 million in the corresponding period of 2019. It exited the fourth quarter with $5.6 billion of liquidity and no debt maturities till 2025.As of Dec 31, 2020, long-term debt amounted to $4,298 million, up marginally from $4,294 million in the comparable period of 2019.Devon Energy’s net cash from operating activities for fourth-quarter 2020 was $358 million, down 38.1% from the year-ago period.GuidanceDevon Energy revised its preliminary oil production guidance for 2021 of 280,000 Bbl/d to the range of 280,000-300,000 BBl/d. The company raised its 2021 oil production view, taking into account strong performance from Delaware Basin assets. For 2021, total production is expected in the range of 543,000-580,000 Boe/d.Capital expenditure for 2021 is expected within $1,720-$1,980 million and upstream capital expenditure for 2021 is projected in the range of $1600-$1,800 million.Through cost-management initiatives, the company is on course to achieve cost savings of $575 million by 2021-end.Other ReleasesCNX Resources Corporation CNX reported earnings of 21 cents for the fourth quarter, which surpassed the Zacks Consensus Estimate of 18 cents per share.Murphy Oil Corporation MUR reported a loss of 9 cents for the fourth quarter, which was narrower than the Zacks Consensus Estimate of a loss of 10 cents.Continental Resources CLR reported a loss of 23 cents for the fourth quarter, which was wider than the Zacks Consensus Estimate of a loss of 10 cents.Zacks RankDevon Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNX Resources Corporation. (CNX): Get Free Report Murphy Oil Corporation (MUR): Get Free Report Devon Energy Corporation (DVN): Free Stock Analysis Report Continental Resources, Inc. (CLR): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research