Devon Energy ( NYSE: DVN ) -1.4% in Monday's trading despite reporting better than expected Q2 earnings and revenues , as well as a 22% dividend increase to $1.55/share from $1.27.
The company, which had been expected to issue its Q2 results after the bell, reported adjusted EPS of $2.59, $0.22 better than $2.37 analyst consensus estimate, while revenues rose 132% Y/Y to $5.63B compared to $4.76B consensus.
Q2 production rose 7% Q/Q to 616K boe/day, as 67 gross operated wells were placed online during the quarter.
Devon's ( DVN ) Q2 production costs averaged $13.01/boe, and the company said its low operating cost structure, combined with the benefits of an oil-weighted production mix, expanded field-level cash margins to $60.12/boe, up 22% Q/Q.
Devon ( DVN ) raised FY 2022 production guidance by 3% at the midpoint to 600K-610K boe/day, citing better than expected well performance YTD and the impact from the recent Williston Basin bolt-on acquisition .
The company also increased guidance for upstream capital spending to $2.2B-$2.4B vs. prior guidance of ~$2.1B, reflecting $100M of incremental capital related to the Williston deal as well as the impact of inflationary cost pressures.
Devon Energy's ( DVN ) stock price return shows a 36% YTD gain and a 150% increase during the past year .
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Devon Energy lifts production guidance, raises dividend 22%