Newspaper article THE JOURNAL RECORD

Okla. City-Based Devon Energy Earnings Jump 26% to $517 Million

Newspaper article THE JOURNAL RECORD

Okla. City-Based Devon Energy Earnings Jump 26% to $517 Million

Article excerpt

Devon Energy on Thursday reported a 26 percent increase in earnings for the third quarter.

Higher prices for oil, natural gas and natural gas liquids were primarily responsible for the increased earnings.

Net income for the quarter totaled $517 million, or $2.12 per common share, up from $412 million, or $1.76 per common share, for the third quarter of 2003.

Revenues for the quarter totaled $2.3 billion, up 16.4 percent from $1.9 billion a year earlier.

Net income for the first nine months of 2004 totaled $1.5 billion, or $6.25 per common share, up from $1.2 billion, or $5.97 per common share, for the first nine months of 2003.

Revenues for the first nine months of 2004 totaled $6.7 billion, up 23.8 percent from $5.4 billion a year earlier.

Following another quarter of outstanding financial performance, we are delivering on the plans we unveiled in September, said J. Larry Nichols, chairman and CEO.

Devon's shares began trading on the New York Stock Exchange in October, moving from the American Stock Exchange. Devon's shares rose 86 cents, or 1.2 percent, to $75.49 in Thursday trading.

A two-for-one stock split is scheduled for Nov. 15.

We have already bought back 1.5 million shares and our non-core property divestiture program is under way, Nichols said.

Combined sales of oil, gas and natural gas liquids for the third quarter totaled $1.9 billion, up 15 percent from a year earlier. Realized natural gas prices increased 16 percent to $5.17 per thousand cubic feet in the third quarter from a year earlier. The average third quarter realized oil price increased 16 percent to $29.19 per barrel and the average realized price for natural gas liquids rose 46 percent to $24.36 per barrel from a year earlier.

Combined oil, gas and natural gas liquids production for the third quarter totaled 679,000 barrels of oil equivalent, down 2 percent from a year earlier. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.