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OKLAHOMA CITY - Independent oil and gas producer Devon Energy Corp. on Wednesday said its third-quarter tumbled as lower crude oil and natural gas prices offset higher production and lower costs.
Quarterly earnings declined to $499 million, or $1.12 per share, compared with $2.6 billion, or $5.88 per share, in the year-ago period.
Excluding special items, adjusted earnings totaled $491 million, or $1.10 per share.
In a survey by Thomson Reuters, analysts on average predicted a profit of 90 cents per share. Analysts typically exclude nonrecurring items.
Revenue fell 65 percent to $2.10 billion from $5.98 billion in the prior-year period. Analysts expected revenue of $2.04 billion, on average.
Sales from oil, gas and natural gas liquids fell 54 percent to $1.17 billion in the third quarter. Significantly lower product prices more than offset the growth in natural gas and liquids production.
Shares of Devon rose $1.19, or 1.8 percent, to $67.64 in late morning trading.
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