Devon Energy beats profit estimates and expands stock buyback program.

Devon Energy reported Q1 earnings of $1.46 per share, beating estimates, but revenues of $3.8 billion missed expectations. Net production for the quarter was 641,000 barrels of oil equivalent per day, up 11.5% YoY. The company increased its share repurchase authorization to $3 billion and had free cash flow of nearly $665 million. Devon Energy expects total production of 643,000-664,000 Boe/d in Q2 2023 and capital expenditure in the range of $965-$1,045 million.