Devon Energy
Q2 2022 Earnings Call
Aug 02, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Welcome to Devon Energy's second quarter earnings conference call. [Operator instructions] This call is being recorded. I'd now like to turn the call over to Mr. Scott Coody, vice president of investor relations.
Sir, you may begin.
Scott Coody -- Vice President, Investor Relations
Good morning, and thank you to everyone for joining us on the call today. Last night, we issued an earnings release and presentation that cover our results for the quarter and updated outlook. Throughout the call today, we will make references to the earnings presentation to support prepared remarks, and these slides can be found on our website. Also joining me on the call today are Rick Muncrief, our president and CEO; Clay Gaspar, our chief operating officer; Jeff Ritenour, our chief financial officer; and a few other members of our senior management team.
Comments today will include plans, forecasts, and estimates that are forward-looking statements under U.S. securities law. These comments are subject to assumptions, risks, and uncertainties that could cause actual results to differ from our forward-looking statements. Please take note of the cautionary language and risk factors provided in our SEC filings and earnings materials.
With that, I'll turn the call over to Rick.
Rick Muncrief -- President and Chief Executive Officer
Thank you, Scott. It's great to be here this morning, and we appreciate everyone taking the time to join us on the call today. By all measures, the second quarter was another excellent performance for Devon as our business continued to strengthen and build momentum. Our quarterly results were highlighted by our Delaware-focused operating plan that delivered production above our guidance expectations.
Capital was below budget, margins expanded and we paid record high cash payouts to shareholders. We also took important steps to strengthen the quality and depth of our asset portfolio. All in all, it was another quarter of systemic and systematic execution across the tenets of our cash return business model that shareholders have become accustomed to. To begin with, I'd like to turn your attention to Slide 3 and 4, which describes who we are.
We are a financially disciplined company delivering high returns on invested capital, attractive per share growth, and large cash returns to shareholders. While our disciplined capital allocation framework on Slide 3 is foundational to Devon's financial success, also want to highlight that another critical competitive advantage contributing to our strong results is the depth and quality of our asset portfolio. As you can see on Slide 4, with Devon's portfolio anchored by our world-class Delaware Basin asset, we possess a long duration resource base that is high graded to the very best plays on the U.S. cost curve.