Higher oil prices and increased production spurred Devon Energy's second-quarter profit surge

According to Dow Jones on August 1, the United States' Daven Energy said on Monday that the company's second-quarter profit increased
sharply from the same period last year, driven by rising production and oil prices and a lean cost structure.

The Oklahoma City-based oil and gas producer posted a net profit of $1.
93 billion in the second quarter, compared to $256 million
in the same period in 2021.
Earnings per share rose to $2.
93 from 38 cents, bringing adjusted earnings per share to $
2.
59.
The company's total operating income jumped to $5.
63 billion in the second quarter from $
2.
42 billion in the same period last year.

Devon Energy's total oil and gas production in the second quarter increased to 616,000 barrels of oil equivalent/day from 567,000 barrels of oil equivalent per day
in the second quarter of 2021.
Devon Energy said the company's total expenses increased to $3.
13 billion
in the second quarter from $2.
11 billion in the same period last year.