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Devon posts quarterly earnings of $429 million

Devon Energy Corp. has bounced back from last year's net loss in the third quarter to post earnings of $429 million, or $1.05 a share.
BY JAY F. MARKS Modified: November 6, 2013 at 8:11 pm •  Published: November 7, 2013

The third quarter was a mixed bag for Devon Energy Corp.

The Oklahoma City-based oil and natural gas producer logged adjusted earnings of $526 million, or $1.29 a share, to beat analysts' estimates by 9 cents a share, but its revenue was about $40 million lower than predicted at $2.72 billion.

“Devon delivered another quarter of solid results, both operationally and financially,” CEO John Richels said.

Devon on Wednesday reported net earnings of $429 million, or $1.05 a share, for the third quarter. That reversed the net loss of $719 million, or $1.80 a share, Devon posted in the same period of last year.

Richels said Devon increased its U.S. oil production by 38 percent in the quarter.

The company's overall production averaged 165,000 barrels of oil equivalent a day, up 16 percent over the third quarter of 2012.

Richels said Devon has doubled its domestic light oil production over the past two years, largely due to its efforts in west Texas' Permian Basin.

“Our success in growing our U.S. light oil production has resulted in higher margins and improved profitability in the current commodity price environment,” he said.

Richels said Devon officials are optimistic about the company's progress in emerging oil plays in Oklahoma and Wyoming, while its oil sands projects in Canada continue to hold long-term growth potential.

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