**Devon Energy Continues to Excel: Higher 2024 Guidance and Steady Capex**
In a recent move that highlights the company’s strategic momentum, Devon Energy Corp. announced a significant increase in its 2024 guidance. This upward revision is squarely pegged on outstanding performance in the Delaware Basin, among other key regions. The Oklahoma City-based oil and gas giant has been making waves with better-than-expected production figures, courtesy of improved well performance across its diverse portfolio.
### Key Highlights of Devon Energy’s Second-Quarter Performance
1. **Revenue Hitting High Notes**: Total production from Devon’s assets in the Delaware, Eagle Ford, Anadarko, Williston, and Powder River basins surpassed expectations. The company reported a production rate of 707,000 boe/d during the second quarter, a nearly 7% year-over-year increase and more than 6% higher than the first quarter of 2024. This impressive number eclipses the company’s earlier projection of 670,000 to 690,000 boe/d.
2. **Delaware Basin Driving Growth**: At the heart of Devon’s success lies its core Delaware Basin operations. Output in this area grew to a robust 461,000 boe/d, up from 420,000 boe/d in the corresponding quarter last year. Chief Executive Officer Rick Muncrief lauded the “superb” performance in this region, attributing it to the efficiency gains seen in newly brought-on wells. These newer wells are reportedly 10% more efficient than their 2023 counterparts.
3. **Cost Management**: Despite the significant production gains, capital expenditures (capex) remained under control. In the second quarter, Devon spent $890 million on capex, which is down from the nearly $1.02 billion spent in the same period last year. This cost efficiency is a testament to the company’s ability to manage its capital expenditures effectively. For the third quarter