OKLAHOMA CITY - Devon Energy Corp., which is traded on the New York Stock Exchange as DVN recently reported operational and financial results for the second quarter of 2019.
OKLAHOMA CITY - Devon Energy Corp., which is traded on the New York Stock Exchange as DVN recently reported operational and financial results for the second quarter of 2019.
Devon officials said the company’s operating cash flow, including discontinued operations, totaled $623 million in the second quarter, a 23% increase from a year ago. Reported net earnings for the second quarter totaled $495 million, or $1.19 per diluted share.
“Adjusting for items securities analysts typically exclude from published estimates, Devon’s core earnings or $0.43 per diluted share, a 26 percent improvement compared to the second quarter of 2018,” a media statement said. Dave Hager, Devon’s president, and CEO said the company was executing at a very high level on all aspects of its strategic plan.
“Our second-quarter performance was highlighted by improving well productivity and capital efficiency that drove oil production above the high end of guidance with a total capital investment well below forecast,” he said. “Furthermore, our profitability was significantly enhanced by our operating and G&A cost-savings initiatives that are delivering results ahead of plan. With the positive business momentum, we have demonstrated year-to-date, we are raising our full-year oil production outlook for the second time this year,” he said.
Devon, Hager said, delivering incremental volume growth with lower capital and operating costs, positioning it to generate higher free cash flow in the second half of the year. Devon also reported that its second-quarter capital spending was 9% below midpoint guidance, or $478 million. Devon Energy is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S.