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We report on an improved measurement of the 2νββ half-life of 136 Xe performed by EXO-200. The use of a large and homogeneous time projection chamber allows for the precise estimate of the fiducial mass used for the measurement, resulting in a small systematic uncertainty. We also discuss in detail the data analysis methods used for double-beta decay searches with EXO-200, while emphasizing those directly related to the present measurement. The 136 Xe 2νββ half-life is found to be T 2νββ 1/2 = 2.165 ± 0.016(stat) ± 0.059(sys) · 10 21 years. This is the most precisely measured half-life of any 2νββ decay to date.