UPDATE 1-Devon Energy profit jumps as Permian basin oil output rises
Aug 7 (Reuters) - U.S. oil and gas producer Devon Energy Corp's quarterly profit jumped a higher-than-expected 43 percent as production from its properties in Texas' Permian basin boosted higher-margin oil output by 14 percent. Shares of Devon rose 3 percent to $57.41 in pre-market trading. Net profit rose to $683 million, or $1.68 per share, in the second quarter, from $477 million, or $1.18 per share, a year earlier. Excluding one-time items, Devon had a profit of $1.21 per share. Wall Street analysts on average had expected a profit of 95 cents per share, according to Thomson Reuters I/B/E/S. The Oklahoma City-based company's revenue rose about 21 percent to $3.09 billion. Devon's oil and gas output in the quarter rose to 698,000 barrels oil equivalent per day (boed), up from 679,000 in the same quarter a year earlier. Oil production average 169,000 boed.