Devon Energy Posts Record Q2 Profit After Coterra Merger

Devon Energy's Q2 profits soared to $1.9 billion, with core earnings of $1.5 billion and operating cash flow of $3.7 billion.

The company attributed its strong production results to better-than-expected well performance in the Delaware Basin, averaging 1.359 million barrels of oil equivalent per day.

Devon's merger with Coterra Energy in May boosted its oil output, and the company now expects to reach 550,000 to 560,000 bpd in the third quarter.

The producer also returned $1.06 billion through dividends, share repurchases, and debt reduction during the quarter, including a 33% increase in its quarterly dividend to $0.32 per share.