Devon Energy Corporation DVN shares are trading higher after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Devon Energy reported quarterly earnings of $1.41 per share, which beat the analyst consensus estimate of $1.26 by 11.9%. Quarterly revenue came in at $3.917 billion which beat the analyst consensus estimate and represents a 13.4% increase from the same period last year.
The company said its oil production reached a new all-time high with second-quarter volumes exceeding guidance by 3% and reaching 335,000 barrels per day. Devon Energy also expanded its share repurchase program by 67% to $5 billion.
“Devon delivered a strong second quarter driven by record oil production and effective cost management," said Rick Muncrief, president and CEO. "Our outstanding operational performance was highlighted by excellent well productivity in the Delaware. We also saw improved cycle times across the entire company, setting multiple drilling and completion records.”
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Outlook: Devon Energy raised its oil production guidance for the full year by 5% and sees total capital expenditures in a range of $870 million to $930 million for the third quarter.
DVN Price Action: According to Benzinga Pro, Devon Energy shares are up 2.38% after-hours at $42.98 at the time of publication Tuesday.
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