Devon reported net earnings of
Devon's adjusted earnings of
"The second quarter was another outstanding one for Devon, both operationally and financially, as we continued to successfully execute on our strategic plan," Devon CEO
He said Devon reconfigured its portfolio by acquiring acreage in south
"Our drilling program has delivered impressive oil production growth through our focus on our reconfigured portfolio," Richels said.
He said Devon was able to increase oil production from its retained assets by 34 percent, reaching an average of more than 200,000 barrels a day. The growth was driven by a 79 percent increase from the company's light oil assets in the U.S., notably its "world-class operations" in
Richels said Devon's oil-rich holdings in the Eagle Ford and
"This portfolio repositioning provides Devon all the necessary attributes to deliver superior per-share growth," Richels said. "Our go-forward assets are generating excellent full-cycle returns, we have a strong investment-grade balance sheet, and we have a deep inventory of highly economic, low-risk development projects in some of the most attractive basins in
"Continuous improvement in each of these areas, and others, will provide incremental value in each of our operating areas," Hager said.
He said Devon set a production record in western
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