Second quarter earnings were so strong for Devon Energy and Diamondback Energy that the two companies raised production guidance and capital budgets for their activities in the Permian Basin.
S&P Global reported Devon is raising its full-year 2022 production forecast by 3% to a range of 600,000-610,000 b/d of oil equivalent, owing to better-than-expected well results so far this year and impacts from a bolt-in purchase in North Dakota’s Williston Basin. Earlier in the year, its 2022 production forecast was targeted at 585,000 boe/d.
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