Increased oil production and higher commodity prices helped Oklahoma City-based Devon Energy Corp. post a first-quarter profit of $324 million, or 79 cents a share, up from a loss of $1.3 billion, or $3.34 cents a share in the year-ago quarter.
Adjusting for one-time items, Devon said it earned $547 million, or $1.34 a share, up 103 percent from the first quarter of 2013. Total operating revenue jumped 89 percent to more than $3.72 billion, up from $1.97 billion one year ago.
“The first quarter was another excellent one for Devon,” CEO John Richels said. “Our disciplined focus on high-margin oil development opportunities led to another quarter of outstanding growth in oil production that drove significant operating margin improvements.”
Oil production jumped 17 percent to 190 million barrels, up from 162 million barrels in the year-ago quarter. Including natural gas and natural gas liquids, total production edged up less than 1 percent to almost 691 million barrels of oil equivalent.
Devon on Feb. 28 closed on its purchase of assets in south Texas’ Eagle Ford, meaning the company had the benefit of the oil-rich production for only about one-third of the quarter.
“While we’ve only owned this position for a short time, the reservoir performance that we’ve seen to date has been outstanding, fully supporting our production growth targets and double-digit accretion in cash flow per net adjusted share,” Richels said.