Q2 2024 Devon Energy Corp Earnings Call Transcript
Key Points
- Record oil production reached 335,000 barrels per day, driven by strong performance in the Delaware Basin.
- Capital and operating costs came in well below guidance due to effective supply chain management and improved cycle times.
- Raised 2024 production guidance for the second consecutive quarter, now expecting over 680,000 BOE per day.
- Expanded share repurchase program by 67% to $5 billion, providing ample capacity for shareholder returns.
- Strong free cash flow generation, with $587 million of free cash flow for the quarter, supporting dividends and buybacks.
- Potential risks and uncertainties in forward-looking statements that may cause actual results to differ materially.
- Challenges in managing working interest variations in the Delaware Basin, which could impact capital and production.
- Operational improvements and cost efficiencies may not be sustainable or fully realized in future quarters.
- Market volatility and pullback in equity price may affect the balance between share repurchases and variable dividends.
- Integration and execution risks associated with the Grace mill acquisition in the Williston Basin.
Please stand by for streaming text.
Welcome to the Second Quarter 2024 conference call. At this time, all participants are in listen only mode. Coal is being recorded. I'd now like to turn the call over to Mrs. rotisserie click, Vice President of Investor Relations. You may begin.
Good morning and thank you for joining us on the call today. Last night, we achieved Devin second quarter earnings release and presentation materials. Throughout the call today, we will make references to these materials to support prepared remarks. The release and slides can be found in the investor section of the Devon website.
Joining me on the call today are Rick Muncrief, President and CEO, Clay Gaspar, our Chief Operating Officer. Jeff right now our Chief Financial Officer, and David Harris, Chief Corporate Development Officer. As a reminder, this conference call will include forward looking statements as defined under US securities laws. These statements
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