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Jun 30, 2024
Devon Energy Q2 2024 Earnings Report
Devon Energy reported a strong second quarter driven by record oil production and effective cost management.
Key Takeaways
Devon Energy reported net earnings of $844 million, or $1.34 per diluted share, and core earnings of $885 million, or $1.41 per diluted share. The company's oil production reached an all-time high, and it delivered strong operating cash flow and free cash flow. Devon also announced a strategic acquisition and increased its share-repurchase authorization.
Net earnings reached $844 million, or $1.34 per diluted share; core earnings were $885 million, or $1.41 per diluted share.
Oil production hit a record high of 335,000 barrels per day, exceeding guidance by 3 percent.
Operating cash flow was $1.5 billion, and free cash flow reached $587 million.
Share-repurchase authorization increased by 67 percent to $5 billion.
Forward Guidance
Devon is raising its full-year 2024 production forecast to a range of 677,000 to 688,000 Boe per day and expects capital spending to be in the upper half of the $3.3 billion to $3.6 billion range.
Positive Outlook
- Better-than-expected well performance year-to-date
- Improving cycle times
- Full-year 2024 production forecast raised
- Capital spending expected to be in the upper half of the range
- Strategic acquisition expected to close by the end of the third quarter of 2024
Challenges Ahead
- Volatility of oil, gas and NGL prices
- Uncertainties inherent in estimating oil, gas and NGL reserves
- Risks related to hedging activities
- Midstream capacity constraints and potential interruptions in production
Historical Earnings Impact
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Avg. Return Before/After Earnings
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