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UPDATE 2-Devon beats profit estimates, raises dividend on soaring crude prices

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(Adds outlook, estimates)

Aug 1 (Reuters) - Devon Energy Corp on Monday surpassed estimates for second-quarter profit and raised its quarterly dividend by 22%, becoming the latest U.S. shale producer to benefit from soaring crude prices.

Oil and gas prices have skyrocketed as sanctions on major producer Russia throttle supply, and demand rebounds from pandemic lows thanks to economies reopening from restrictions.

Benchmark Brent futures have risen more than 140% over the past year and averaged around $114 per barrel during the quarter.

U.S. and European oil majors Exxon Mobil, Chevron , Shell and TotalEnergies posted record quarterly profits last week.

Devon raised its quarterly dividend to $1.55 from $1.27 in a sign that the sector continues to prioritize shareholder returns over increasing oil production.

The Oklahoma City-based firm also lifted its 2022 production forecast to 600,000-610,000 barrels of oil equivalent per day (boepd), from 570,000-600,000 boepd earlier, due to better-than-expected well performance and its acquisition of Williston Basin assets.

However, the acquisition and inflationary pressures led the company to raise its upstream capital expenditure forecast to between $2.2 billion and $2.4 billion, from its previous guidance of about $2.1 billion.

Net earnings attributable to Devon were $1.93 billion, or $2.93 a share, in the quarter, compared with $256 million, or 38 cents per share, a year ago.

Excluding items, it earned $2.59 a share, above analysts' estimates of $2.38 per share, according to Refinitiv data. (Reporting by Ruhi Soni in Bengaluru; Editing by Devika Syamnath)