Wednesday, August 7, 2013

Devon Energy Reports Second Quarter 2013 Results

Devon Energy Corporation (NYSE:DVN) today reported net earnings of $683 million or $1.69 per common share ($1.68 per diluted share) for the quarter ended June 30, 2013. This compares with the second-quarter 2012 net earnings of $477 million or $1.18 per common share ($1.18 per diluted share).

Adjusting for items securities analysts typically exclude from their published estimates, the company earned $491 million or $1.21 per diluted share in the second quarter. This adjusted earnings result represents a 119 percent increase compared to the second quarter of 2012.

Record Production Driven By Strong Oil Growth

Total production increased to an average of 698,000 oil equivalent barrels (Boe) per day in the second quarter of 2013, exceeding the top end of the company’s guidance range by 8,000 barrels per day. This is the highest average daily rate in Devon’s history from its North American property base. Second quarter production benefited from better than expected results from several core development areas, including the Permian Basin and Barnett Shale.

Read the entire Devon Energy earnings report


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