Devon Energy Q2 2022 Earnings Report
Key Takeaways
Devon Energy reported strong second-quarter 2022 results, with net earnings of $1.9 billion, core earnings of $1.7 billion, and operating cash flow of $2.7 billion. Free cash flow reached a record high of $2.1 billion, and the company increased its fixed-plus-variable dividend by 22 percent to $1.55 per share. The company also updated its full-year 2022 guidance, raising production targets and increasing free cash flow projections.
Fixed-plus-variable dividend increased by 22 percent to record high of $1.55 per share.
Share-repurchase program retired 4 percent of outstanding shares since inception.
Delaware Basin drove second-quarter results that were favorable to guidance on production and capital.
Operating cash flow more than doubled year over year and free cash flow reached the highest level in Devon history.
Devon Energy
Devon Energy
Forward Guidance
Devon is raising its full-year 2022 production forecast by 3 percent to a range of 600,000 to 610,000 Boe per day. Devon expects its capital to be fully funded from operating cash flow, which is forecasted to be nearly $9 billion at current strip pricing.