Devon Power Corp. has reported a web earnings of $844 million for the second quarter of 2024, up from $596 million for the primary quarter of 2024 and $690 million for the corresponding quarter a yr prior.
“Devon delivered a powerful second quarter pushed by file oil manufacturing and efficient value administration”, mentioned Rick Muncrief, president and CEO. “Based mostly on our strong efficiency for the primary half of 2024, we now anticipate our full-year 2024 manufacturing steerage to be 5 p.c larger than our authentic outlook”.
Devon’s oil manufacturing within the second quarter reached an all-time excessive of 335,000 barrels per day, exceeding steerage by three p.c due to the Delaware Basin, which made up 65 p.c of the corporate’s complete volumes of 461,000 barrels of oil equal per day (boed).
- Advertisement -
“In July, we took an essential step to additional strengthen the standard and depth of our portfolio with the acquisition of Grayson Mill within the Williston Basin. These property are a wonderful addition to Devon, increasing our oil manufacturing, mission stock, and working scale”, Muncrief added.
Devon has determined to lift its full-year 2024 manufacturing steerage from 677,000 to 688,000 boed. That is the second time this yr the corporate has bumped its manufacturing forecast.
The up to date quantity outlook is because of better-than-expected nicely efficiency year-to-date and bettering cycle instances. The corporate mentioned it’s sustaining its full-year capital vary of $3.3 billion to $3.6 billion however expects capital spending to be within the higher half because of effectivity positive factors bringing exercise ahead.
To contact the writer, e-mail andreson.n.paul@gmail.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Power Community.
The Rigzone Power Community is a brand new social expertise created for you and all power professionals to Converse Up about our business, share data, join with friends and business insiders and have interaction in an expert neighborhood that can empower your profession in power.
