Devon Energy reports 2Q earnings surgeAugust 9, 2013
A. Lee Graham
Devon Energy Corp. has reported net earnings of $683 million, or $1.69 per common share, for the second quarter of 2013.
That’s 43 percent more than the same quarter last year when the Oklahoma City-based company reported net earnings of $477 million, or $1.18 per share.
Not including items securities analysts often exclude from their published estimates, the company earned $491 million, or $1.21 per diluted share in the second quarter. That represents 119 percent more compared to the second quarter of 2012.
Total production surged to an average of 698,000 oil-equivalent barrels per day in second-quarter 2013, surpassing the peak of the company’s guidance range by 8,000 barrels per day. That’s the highest average daily rate in Devon’s history from its North American property base, the company said.
Helping the company’s second-quarter production was better-than-expected results from the Barnett Shale and the Permian Basin, among other core development areas.
“The second quarter was an outstanding one for Devon as we continued to successfully grow high-margin oil production,” said
president and CEO John Richels in a news release.
“We remain on track to deliver total companywide oil production growth in the high teens for 2013, led by light-oil growth of nearly 40 percent in the U.S.,” Richels said.
Devon Energy Corp. is an independent oil and gas exploration and production company. More information is available at www.devonenergy.com.