Devon Energy Corp. on Monday reported a seven-fold surge in second-quarter profit and raised its dividend by 22%, becoming the latest U.S. shale producer to benefit from soaring crude prices.
Oil and gas prices have skyrocketed as sanctions on major producer Russia throttle supply and demand rebounds from pandemic lows thanks to economies reopening from restrictions.
Benchmark Brent futures have risen more than 140% over the past year and averaged around $114 per barrel during the quarter.
U.S. and European oil majors Exxon Mobil, Chevron , Shell and TotalEnergies posted record quarterly profits last week.
Devon also raised its quarterly dividend to $1.55 from $1.27 in a sign that the sector continues to prioritize shareholder returns over increasing oil production.
Net earnings attributable to Devon were $1.93 billion, or $2.93 a share, in the quarter, compared with $256 million, or 38 cents per share, a year ago.
© 2022 Thomson/Reuters. All rights reserved.