Devon Energy Sets Record Oil Production in Q2, Expects To Sustain For Full Year

Devon Energy Corporation DVN shares are trading lower in the after-hours session on reporting second-quarter financial results. Here’s a summary of what is going on.

What To Know: The company reported quarterly earnings of $1.18 per share, which beat the analyst consensus estimate of $1.17, a 54.44% decrease over earnings of $2.59 per share from last year.

Devon also reported that oil production reached an all-time high of 323,000 barrels per day in the second quarter. The company expects to sustain production in the range of 643,000 to 663,000 Boe per day for the full-year 2023.

Furthermore, operating cash flow totaled $1.4 billion in the second quarter, which funded all the company’s capital requirements. The result was $326 million of free cash flow for the quarter.

Devon declared a fixed-plus-variable quarterly cash dividend of $0.49 per share. The dividend is payable on September 29, 2023, to shareholders of record at the close of business on September 15, 2023.

“Devon’s second-quarter performance once again demonstrated the quality of our asset portfolio, the execution capabilities of our

team and the financial benefits of our disciplined capital plan,” said Rick Muncrief, president and CEO.

“One of our key accomplishments was the record-setting oil production we delivered, which was supported by strong well productivity in the Delaware Basin, as well as efficiency gains that compressed project cycle times. These efficiencies allowed us to bring forward activity ahead of plan and build operational momentum as we head into the second half of the year.”

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DVN Price Action: Shares of DVN were down 2.20% at $52.500 in the after-hours session at the time of publication, according to Benzinga Pro.

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