Devon Energy Reports Record Second-Quarter Earnings, Declares Dividend
Company reports strong financial performance driven by high commodity prices
Quarterly dividend increased by 20%
OKLAHOMA CITY – August 6, 2024 – Devon Energy Corporation (NYSE: DVN) today reported record financial results for the second quarter of 2024.
The company reported net income of $2.4 billion, or $4.07 per share, compared to $1.2 billion, or $2.03 per share, in the same period last year. Adjusted earnings per share were $4.22, compared to $2.21 in the second quarter of 2023.
Devon's strong financial performance was driven by high commodity prices, which have been supported by strong global demand and geopolitical uncertainty. The company's average realized price for oil was $107.86 per barrel, compared to $68.01 per barrel in the same period last year. The average realized price for natural gas was $6.40 per thousand cubic feet, compared to $3.46 per thousand cubic feet in the second quarter of 2023.
In addition to its strong financial performance, Devon also announced today that it has increased its quarterly dividend by 20%, to $0.60 per share. The dividend is payable on September 15, 2024, to shareholders of record as of August 18, 2024.
"We are very pleased with our record financial performance in the second quarter," said Richard Muncrief, Devon's president and CEO. "Our strong operating results were driven by high commodity prices, and we are well-positioned to continue to grow our production and cash flow in the years to come."
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