Summary:

– Q2 net income hit $899M, with 841,000 BOE/day exceeding targets.

– Free cash flow reached $589M; capital spending came in 7% low.

– Company repurchased $249M in shares and held $1.8B in cash.

Wall Street analysts applauded Devon Energy ‘s second-quarter financial results on Wednesday, boosting future price targets on robust earnings , strong production and a solid balance sheet.

The Oklahoma City -based driller’s stock price jumped in early trading on Wednesday following the company’s release of second-quarter financial results that were highlighted by $899 million in net earnings and a production mark that exceeded the company’s highest expectations.

Devon’s core earnings for the quarter were $536 million, and on a per-share basis, the company’s nonrecurring gains

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