Devon Energy (NYSE:DVN) reported quarterly earnings of $1.18 per share, which beat the analyst consensus estimate of $1.17, a 54.44% decrease over earnings of $2.59 per share from last year.
Devon also reported that oil production reached an all-time high of 323,000 barrels per day in the second quarter. The company expects to sustain production in the range of 643,000 to 663,000 Boe per day for the full-year 2023.
Furthermore, operating cash flow totaled $1.4 billion in the second quarter, which funded all the company’s capital requirements. The result was $326 million of free cash flow for the quarter.