Devon Energy(US:DVN)2024-08-07 13:03Q2 2024 Performance Highlights - Oil production reached a new all-time high, exceeding guidance by 3% at 335,000 barrels per day[1] - The company is raising its full-year 2024 production outlook for the second consecutive quarter[1] - Devon's disciplined business model targets oil growth of up to 5% annually[2] - The company generated its 16th straight quarter of free cash flow[9] Capital Allocation and Shareholder Returns - The buyback program was expanded to $5 billion, representing a 67% increase to share repurchase authorization[1] - Since 2020, the company has allocated $14 billion[5] - Share repurchases in Q2 2024 totaled $256 million, and fixed dividend paid was $138 million[29] - Total payout to shareholders in Q2 2024 was $532 million, representing 70% of free cash flow returned[9, 29] Strategic Acquisition and Portfolio - A strategic acquisition will transform the Williston Basin by nearly tripling production and expanding inventory[1] - The Williston acquisition is expected to add ~100,000 BOED in 2025, with a 55% oil mix[21] - The company is high-grading capital, targeting a 10% reduction in total capital spending to $3.3-$3.6 billion[19] Delaware Basin Performance - Delaware Basin production reached 461 MBOED in Q2 2024[7, 11] - The company is experiencing a 10% improvement in well performance in the Delaware Basin compared to the 2023 program[12] - Drilled feet per day improved by 12% and completed feet per day improved by 6% in 2024 YTD compared to 2023[14]