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Devon Energy's Q2 core earnings rise YOY

Devon Energy Corp. on Aug. 6 reported core earnings of $181 million, or 43 cents per share, up from the core earnings of $177 million, or 34 cents per share, posted during the second quarter of 2018.

GAAP net earnings attributable to the company for the quarter came in at $495 million compared to the net loss of $425 million seen a year ago.

Total revenues for the quarter were pegged at $1.92 billion, little changed from the year prior.

The company reported total production of 521,000 barrels of oil equivalent per day in the second quarter, compared to the 541,000 boe/d seen a year ago.

In addition, Devon raised its 2019 U.S. oil production outlook. The company's full-year oil guidance ranges from 145,000 barrels per day to 150,000 bbl/d.

Devon also reduced its exploration and production capital investment expectations by $50 million to a range of $1.8 billion to $1.9 billion in 2019, was driven by "drilling and completion efficiencies realized year-to-date."