Why Devon Energy Stock Soared 25% in the First Half of 2022
Shares of Devon Energy (NYSE: DVN) surged 25.1% in the first half of 2022, according to data provided by S&P Global Market Intelligence. That was an impressive performance, especially considering that the S&P 500 tumbled 20.6% during that period.
The oil company benefited from higher oil prices, giving it the fuel to return a boatload of cash to investors.
Oil prices spiked during the first half of this year. WTI, the primary U.S. oil-price benchmark, soared more than 40%, topping $100 a barrel for the first time in years. Supply constraints, stemming from underinvestment during the pandemic and made worse by Russia's invasion of Ukraine, came when demand was strong due to the ending of most pandemic-related travel restrictions.
Source Fool.com
