Devon Posts Stronger Profit, Revenue
November 06 2018 - 5:11PM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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