Devon Energy reports Q2 EPS $1.41, consensus $1.16

Devon’s oil production in the second quarter reached an all-time high of 335,000 barrels per day, exceeding guidance by 3 percent. Total companywide production averaged 707,000 oil-equivalent barrels (Boe) per day in the second quarter. This represents a 7 percent increase in production compared to the year-ago period. “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. “