Devon Energy Corporation (NYSE:DVN) Q2 2024 Earnings Conference Call August 7, 2024 11:00 AM ET
Company Participants
Rosy Zuklic - VP of IR
Rick Muncrief - President and CEO
Clay Gaspar - COO
Jeff Ritenour - CFO
Conference Call Participants
Arun Jayaram - JPMorgan
Neil Mehta - Goldman Sachs
Neal Dingmann - Truist
Roger Read - Wells Fargo
Scott Gruber - Citigroup
Kalei Akamine - Bank of America Merrill Lynch
Betty Jiang - Barclays
Charles Meade - Johnson Rice
Kevin MacCurdy - Pickering Energy Partners
Paul Cheng - Scotiabank
Operator
Welcome to Devon Energy's Second Quarter 2024 Conference Call. At this time, all participants are in listen-only mode. This call is being recorded.
I'd now like to turn the call over to Mrs. Rosy Zuklic, Vice President of Investor Relations. You may begin.
Rosy Zuklic
Good morning, and thank you for joining us on the call today. Last night, we issued Devon's second quarter earnings release and presentation materials. Throughout the call today, we will make references to these materials to support prepared remarks. The release and slides can be found in the Investors section of the Devon website. Joining me on the call today are Rick Muncrief, President and CEO; Clay Gaspar, Chief Operating Officer; Jeff Ritenour, Chief Financial Officer; and David Harris, Chief Corporate Development Officer. As a reminder, this conference call will include forward-looking statements as defined under U.S. securities laws.
These statements involve risks and uncertainties that may cause actual results to differ materially from our forecast. Please refer to 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
Thank you, Rosy. It's a pleasure to be here today. We appreciate everyone taking the time to join us.
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 driven by our Delaware-focused operating plan, which led to record oil production, expanding EBITDA, and another round of strong cash returns to shareholders. Additionally, our effective cost management resulted in capital coming in well below expectations.
We also took important steps to strengthen the quality and depth of our asset portfolio with the accretive acquisition of Grayson Mill. All in all, it was another quarter of systematic execution that advanced both the financial and operational tenets of our strategic plan.