Devon Energy Q2 net earnings $844M; record oil output; upsized buyback to $5B

DEVON ENERGY CORP/DE

2024-Q2 EPS reported $2.29 revenue$7,513,000,000

Net earnings $844M ($1.34 diluted EPS); core earnings $885M ($1.41 diluted EPS).
Record oil production 335,000 bpd, exceeding guidance by 3%; total production 707,000 Boe/d, up 7% YoY.
Raised full-year 2024 production guidance 5% above original; capex range unchanged $3.3-3.6B.
Declared fixed-plus-variable dividend $0.44/share, payable Sept 30, 2024; fixed dividend $0.22, variable $0.22.
Board upsized share-repurchase authorization 67% to $5B; Q2 bought 5.2M shares for $256M.

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