Earnings were solid.
In its most recent quarter, Devon Energy’s EPS of $1.10 was in-line with estimates. Revenue of $4.02 billion, up 4.7% year over year, beat by $470 million. Operating cash flow of $1.7 billion was an 8% increased quarter over quarter. The company also achieved free cash flow of $786 million, which supports further stock buybacks and debt reduction. The company also retired $472 million in debt, which puts it in a strong financial position.
It also achieved 335,000 barrels of oil production per day in the quarter, which was 4% above guidance. In addition, as noted in the company’s earnings release:
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