### Devon Energy Upgrades 2024 Guidance, Sticking to its Capital Expenditure Plan
Devon Energy, a prominent player in the oil and gas sector, has once again raised its guidance for 2024. This move underscores the company’s commitment to strategic capital allocation and operational efficiency. Despite the complex landscape of the energy industry, Devon is poised to navigate the challenges with ease, leveraging its robust financial stance and innovative operational strategies.
#### Achievements in 2023 Set the Stage
In 2023, Devon Energy demonstrated its resilience and operational prowess by exceeding production expectations. The company reported an average daily production of approximately **664,000 oil-equivalent barrels (Boe) per day**, a growth rate of **5%** compared to the prior year. This impressive performance was largely attributed to the successful deployment of 59 gross operated wells, which significantly contributed to the company’s production gains.
#### 2024 Guidance: A Commitment to Efficiency
As Devon moves into 2024, the company has reaffirmed its commitment to maintaining a disciplined spending approach. The updated guidance underscores a focus on **capital efficiency**, with a projected capital expenditure range of **$2.6 billion to $2.9 billion**. This strategic allocation of funds is expected to generate **$1.2 billion to $1.3 billion in consolidated Operating EBITDA**, assuming an average Brent price of $80 per barrel.
#### Enhanced Strategy for Sustained Growth
Devon’s strategy is guided by a **value-over-volume approach**, which prioritizes the most productive and profitable assets within its portfolio. The company is capitalizing on near-field opportunities at its Quifa, CPE-6, and VIM-1 producing blocks, ensuring efficient deployment of resources. Furthermore, the potential of the Hydra-1 well in the VIM-1 block in Colombia highlights Devon’s commitment to exploration and future growth prospects.
#### Strong Cash Flow Outlook
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