Devon Energy Profit Surges; Lifts FY Production Guidance

(RTTNews) - Devon Energy Corp (DVN) Tuesday reported third-quarter net earnings of $1.02 billion or $2.47 per share compared with $429 million or $1.05 per share last year.

Excluding items, adjusted earnings for the quarter were $1.34 per share.

Revenues for the quarter were $5.34 billion compared with $2.7 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.23 per share on revenues of $4.15 billion for the quarter. Analysts' estimates typically exclude special items.

Total production for the quarter was 671,000 barrels of oil equivalent per day, a decline from 691,000 barrels of oil equivalent per day in the same quarter of last year.

Production from Devon's retained assets averaged 640,000 oil-equivalent barrels per day, up 19 percent from last year.

For the full year, Devon raised its production outlook from retained assets by 3 percent to about 617,000 Boe per day.