Devon Energy posts strong revenue growth as oil production rises

Devon Energy (NYSE:DVN+1.2% premarket after Q2 earnings matched estimates and revenues rose 46% Y/Y, easily beating expectations, helped by production growth in high-margin oil, as well as higher prices.

Q2 production of oil, natural gas and natural gas liquids, excluding production associated with divestiture properties, rose 14% Y/Y to 620K boe/day, driven by growth in oil production, which jumped 34% to 205K bbl/day; oil production from U.S. operations surged 79% Y/Y.

Q2 revenue from oil, natural gas and natural gas liquids sales totaled $2.7B, up 21%, attributable to the increase in high-margin oil production combined with improved oil price realizations; these factors resulted in Q2 oil sales increasing to more than 60% of DVN's total upstream revenues.

Overall average realized prices including hedging impacts climbed 20%, including growth of 6% for oil.

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