DVN Devon Energy Corp

   By Bowdeya Tweh 
 

Devon Energy Corp. (DVN) posted higher revenue and profits in the latest period, becoming the latest domestic energy company to get an operational lift from stronger levels of production in the U.S.

Devon on Tuesday reported a profit of $2.53 billion, or $5.14 a share, up from $193 million, or 37 cents a share, a year earlier.

Devon reported a roughly $2.26 billion after-tax gain in connection with the sale of its interests in EnLink Midstream Partners LP to Global Infrastructure Partners.

Excluding special items, Devon earned 65 cents a share.

Revenue rose 33% to $2.58 billion as the company benefited from higher average prices for crude oil.

Analysts polled by FactSet expected Devon to post a profit of 42 cents a share on about $1.58 billion in revenue.

Production averaged 522,000 barrels of oil equivalent in the third quarter. U.S. production averaged 418,000 barrels of oil equivalent, ahead of internal forecasts.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

November 06, 2018 16:56 ET (21:56 GMT)

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