Devon, Diamondback Energy Power Past Estimates on Oil Price Surge

Both U.S. shale producers sweetened the pot for investors by announcing higher returns, with Devon Energy raising its quarterly dividend to $1.55 from $1.27 and Diamondback Energy hiking share repurchases by $2 billion to $4 billion.

Shariq Khan and Ruhi Soni, Reuters

U.S. shale companies Devon Energy Corp. and Diamondback Energy Inc. on Aug. 1 surpassed estimates for second-quarter profit, joining global oil majors in posting bumper earnings on red-hot energy prices.

Oil and gas prices have skyrocketed as sanctions on major producer Russia throttle supply amid a rebound in demand from pandemic lows thanks to economies reopening after restrictions.

Benchmark Brent futures ave risen more than 140% over the past year and averaged around $114/bbl during the second quarter, helping U.S. and European heavyweights Exxon Mobil Corp., Chevron Corp., Shell Plc and TotalEnergies SE post record profits.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access
  • Access to in-depth interviews with industry insiders
  • Watch exclusive videos with energy executives
  • Receive the Breaking News Alerts newsletter
  • No credit card required
Onshore

Recommended Reading