Devon Energy Corp. DVN reported fourth-quarter 2018 adjusted earnings per share of 10 cents, which lagged the Zacks Consensus Estimate of 31 cents by 67.7%. RevenuesHowever, quarterly revenues of $3,708 million outpaced the Zacks Consensus Estimate of $1,966 million by a whopping 88.6%. Moreover, total revenues were up 55.8% from the year-ago figure of $2,380 million.This improvement in revenues can be attributed to solid contribution from upstream businesses.Devon Energy Corporation Price, Consensus and EPS Surprise Devon Energy Corporation Price, Consensus and EPS Surprise | Devon Energy Corporation QuoteHighlights of the ReleaseTotal production in fourth-quarter 2018 touched 532,000 barrels of oil equivalent per day (Boe/d). Notably, the actual production was within the company’s expected range of 515,000-543,000 Boe/d. Devon Energy’s strong production is attributable to growth in the company’s four key oil assets: Delaware Basin, STACK, Powder River Basin and Eagle Ford.In 2018, Devon Energy’s oil-driven capital programs in the United States added 232 million Boe of reserves (extensions and discoveries). This represents a reserve replacement rate of nearly 150% in the United States.During the reported quarter, total expenses decreased 4.7% year over year to $2,224 million. The company continues to advance its $5-billion share repurchase plan. The company has repurchased 90 million shares under the program, and the entire fund, when utilized, will reduce the total share count by 30%. This, in turn, will have a positive impact on its earnings.Realized PricesRealized oil prices in the quarter were $34.58 per barrel, down 18.1% from $42.21 in the year-ago period. Realized prices for natural gas were up 4.8% to $2.20 per thousand cubic feet from $2.48 in the prior-year quarter.Total realized prices, including cash settlements, were $25.93 per Boe, down 6.7% year over year.Financial HealthAs of Dec 31, 2018, the company generated cash and cash equivalents of $2,414 million, down from $2,642 million recorded in the corresponding period of 2017. As of Dec 31, 2018, long-term debt amounted to $5,785 million, down from $6,749 million on Dec 31, 2017.Devon Energy’s cash flow from operating activities in 2018 was $2,228 million compared with $2,209 million a year ago. GuidanceDevon Energy estimates total production from its assets in the first quarter of 2019 within 478,000-514,000 Boe/d, while the same for 2019 is expected to average 496,000-514,000 Boe/d. E&P capital expenditure for 2019 is expected within $2,050-$2,310 million, while $530-$605 million is anticipated to be invested in the first quarter.Other ReleasesAnadarko Petroleum Corporation’s APC fourth-quarter 2018 adjusted earnings of 38 cents per share missed the Zacks Consensus Estimate of 57 cents by 33.33%.Noble Energy NBL delivered adjusted earnings of 12 cents per share in fourth-quarter 2018, surpassing the Zacks Consensus Estimate of 11 cents by 9%.Murphy Oil Corporation MUR delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, beating the Zacks Consensus Estimate of 26 cents by 19.2%.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.Zacks' Top 10 Stocks for 2019In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.See Latest Stocks Today >>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 Anadarko Petroleum Corporation (APC): Free Stock Analysis Report Devon Energy Corporation (DVN): Free Stock Analysis Report Noble Energy Inc. (NBL): Free Stock Analysis Report Murphy Oil Corporation (MUR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research