Devon Energy Reports Strong Fourth-Quarter Earnings, Surpassing Expectations
OKLAHOMA CITY, Okla. - Devon Energy Corp. (DVN) announced a fourth-quarter profit of $639 million, exceeding Wall Street expectations.
On a per-share basis, the Oklahoma City-based company reported net income of 98 cents. Excluding non-recurring costs, earnings reached $1.16 per share. This surpassed the average estimate of $1 per share predicted by analysts at Zacks Investment Research.
Devon Energy's revenue for the period totaled $4.4 billion, also outperforming market forecasts. Five analysts surveyed by Zacks had projected $4.24 billion.
For the entire year, the company reported a profit of $2.89 billion, or $4.56 per share, on revenue of $15.94 billion.
These results reflect the company's solid performance in the oil and gas exploration industry.