Newspaper article THE JOURNAL RECORD

Devon Energy Earnings, Sales Soar on Record Output

Newspaper article THE JOURNAL RECORD

Devon Energy Earnings, Sales Soar on Record Output

Article excerpt

OKLAHOMA CITY (JR) -- Devon Energy on Tuesday reported record revenues, earnings and earnings per share for the third quarter and first nine months of 1997.

Record production of oil, gas and natural gas liquids drove the revenues and earnings improvements.

Net earnings for the third quarter climbed 112 percent to $16.3 million from $7.7 million for the third quarter of 1996. Earnings per common share advanced to 51 cents in the 1997 third quarter from 35 cents a year earlier. For the first nine months of 1997, net earnings rose 181 percent to $56.4 million from $20 million for the comparable 1996 period. Earnings per share for the first nine months of 1997 almost doubled to $1.75 from 91 cents for the first nine months of 1996. Revenues for the third quarter increased 85 percent to $72.9 million from $39.5 million for the third quarter of 1996. The increase in revenues was due entirely to higher production of oil, natural gas and natural gas liquids. Sales for the third quarter included $31.3 million from oil, $34 million from gas and $5.2 million from natural gas liquids. Devon's total third quarter production increased 92 percent, to 5.1 million barrels of oil equivalent. Most of the production gain was attributable to the properties contributed to Devon in a merger. This transaction significantly increased Devon's property base. In that transaction completed Dec. 31, Devon gave 9.954 million shares of common stock for all of Kerr-McGee's North American onshore oil and gas exploration and production assets. Wells drilled by Devon during the latter part of 1996 and the first nine months of 1997 also contributed to the production increase. The favorable impact on revenues from the third quarter 1997 production increase was reduced slightly by lower overall product prices. Devon's third quarter average oil price decreased 15 percent from $21.25 per barrel in 1996 to $18.13 per barrel in the most recent quarter. …

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