Devon Energy Exceeds Its Q4 Production Expectations - Quick Facts

(RTTNews) - Devon Energy Corp. (DVN) reported fourth-quarter net profit attributable to company of $331 million or $0.63 per share compared to a loss of $4.53 billion or $11.12 per share, previous year. Core earnings per share attributable to Devon was $0.25, for the quarter. On average, 34 analysts polled by Thomson Reuters expected the company to report profit per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter total revenues and other increased to $3.35 billion from $2.89 billion, prior year. Analysts expected revenue of $2.84 billion for the quarter.

Devon's reported oil production averaged 244,000 barrels per day in the fourth quarter of 2016. With the shift to higher-margin production, oil accounted for the largest component of the company's product mix at 45 percent of total volumes. Total companywide production in the fourth quarter reached 537,000 oil-equivalent barrels (Boe) per day, exceeding the midpoint of guidance by 2,000 Boe per day.