Devon Energy 2Q Profit Jumps on Prices

Wednesday, August 3rd 2005, 8:48 am
By: News On 6

OKLAHOMA CITY (AP) _ Devon Energy Corp. on Wednesday said higher daily production and soaring prices for oil and gas helped lift second-quarter earnings 30 percent, topping Wall Street targets.

In the latest period, net income grew to $653 million, or $1.38 per share, from $502 million, or $1.01 per share, the year before. That handily beat the average estimate of $1.26 per share from analysts polled by Thomson Financial.

Overall revenue totaled $2.47 billion, up 11 percent form $2.22 billion a year earlier and surpassing analysts' consensus target of $2.12 billion.

By segment, sales of natural gas climbed 8 percent to $1.27 billion, oil increased 21 percent to $650 million and natural-gas liquids jumped 29 percent to $157 million.

Excluding facilities that were sold off over the past year, average production rose 3 percent to 610,000 oil-equivalent barrels per day. Meanwhile, prices expanded by 15 percent for natural gas, 33 percent for oil and 24 percent for natural-gas liquids, Devon said.