Devon Energy reports Q2 core EPS 84c, consensus 86c

Reports Q2 production of 841,000 oil equivalent production per day, exceeding the top-end of guidance. “In the second quarter, we delivered exceptional results exceeding our production guidance with 841,000 Boe per dayWe generated $1.5 billion in operating cash flow and $589 million in free cash flow, with capital investments 7 percent below guidance. Our disciplined capital allocation approach supported robust returns to shareholders through dividends and share repurchases, while strengthening our balance sheet and ending the quarter with $1.8 billion in cash. Amid market fluctuations, we remained focused on operational excellence, leveraging our premier resource base and strong financial position to deliver outstanding results. Our business optimization plan is progressing rapidly, positioning us to achieve $1 billion in annual pre-tax free cash flow by the end of 2026. For the second consecutive quarter, we reduced 2025 capital by $100 million while raising production forecasts, further strengthening our free cash flow trajectory. Our team’s innovation and commitment ensure we are well-equipped to navigate price volatility, adapt to market trends, and maximize returns for shareholders,” said Clay Gaspar, president and CEO.