Oil and Gas

Devon Energy Earnings More than Double


Oil and gas exploration and production company Devon Energysaid Wednesday fourth-quarter earnings more than doubled, on one-time gains and higher production.

Devon Reports Earnings

The company earned $1.31 billion, or $2.92 per share, compared with $579 million, or $1.29 per share, in the year-ago quarter.

Devon said one-time items boosted results by $342 million, or 76 cents per share. They included a gain from accounting adjustments, a reduced Canadian tax rate, and a gain on the sales of the company's Egyptian and West African operations.

Production increased by 12 percent in the quarter.

Revenue rose 32 percent to $3.2 billion, from $2.41 billion in the prior-year period.

Analysts expected profit of $1.91 per share on revenue of $2.96 billion, according to a poll by Thomson Financial.

For the full-year, the company posted profit of $3.6 billion, or $8 per share, compared with $2.84 billion, or $6.34 per share, in 2006.

Revenue rose 16 percent to $11.36 billion.

The Wall Street consensus predicted profit of $6.39 per share and revenue of $11.16 billion.

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