While copying and pasting some highlights from the Devon Energy
Using some of the divestiture proceeds received to date, Devon had reduced debt by $1.7 billion and repurchased $495 million in stock as of the end of the second quarter. The firm is targeting a $3.5 billion-share buyback in the span of 12 to 18 months. If completed at today's stock price, this program would knock 12% off the outstanding share count. That's outstanding.
In addition to these buckets, Devon is also allocating a significant chunk of capital to oil-weighted plays. Aside from the $500 million acquisition of a 50% share in BP's
Devon grew its oil and liquids production 6% sequentially, to 197,000 barrels per day. That's roughly the level of oily output that Chesapeake Energy
In terms of financial performance, Devon blew analyst estimates out of the water. Adjusted cash flow came in at $3.02 per share, versus an average estimate of $2.80.
As with Talisman Energy
Fool contributor Toby Shute doesn't have a position in any company mentioned. Check out his CAPS profileor follow his articles using Twitteror RSS. Chesapeake Energy is a Motley Fool Inside Value recommendation. The Fool owns shares of Chesapeake and Devon Energy. The Motley Fool has a disclosure policy.