### Devon Energy Continues to Excel in Oil and Gas Production with 2024 Capex Plan
Devon Energy, the prominent Oklahoma City-based oil and gas producer, has displayed its commitment to optimizing operational performance and capital efficiency. The company’s latest production and financial insights underscore its strategic focus on key basins, particularly the Delaware Basin. Here’s an in-depth look at their second-quarter achievements and future projections.
#### Enhanced Production Output
In the second quarter of 2024, Devon Energy witnessed a significant increase in its overall production output. The total daily production from their assets in the Delaware, Eagle Ford, Anadarko, Williston, and Powder River basins reached 707,000 boe (barrels of oil equivalent) per day, marking a nearly 7% year-over-year growth and a more than 6% jump from the first quarter of 2024. This surge is particularly notable, given the company’s initial projection of 670,000 to 690,000 boe/d.
Within the core Delaware Basin operations, production grew to 461,000 boe/d, a substantial increase from the 420,000 boe/d recorded in the prior year’s second quarter. CEO Rick Muncrief praised the team’s performance in the basin, attributing the success to the exceptional well placement and efficiency improvements. The wells brought online this year are on track to be 10% more efficient than their 2023 counterparts, further boosting overall productivity.
#### Capital Efficiency Strategies
Devon Energy’s commitment to capital efficiency is evident in their fiscal management. During the second quarter, capital spending was $890 million, significantly lower than the $1.02 billion spent in the same period last year. This reduction is consistent with the company’s initial guidance of $915 to $985 million and highlights their efforts to streamline operations and maximize returns from existing investments.
Looking ahead to the third quarter, Devon expects their capital spending to range