DEVON
UPDATE 1-Devon Energy posts higher 4th-qtr profit
Wed Feb 2, 2005 08:39 AM ET
(Adds details)
NEW YORK, Feb 2 (Reuters) - Devon Energy Corp. (DVN.N: Quote, Profile, Research) , the largest U.S. independent energy producer, said on Wednesday its fourth-quarter earnings rose, boosted by stronger prices for oil and natural gas.
The Oklahoma City company said fourth-quarter earnings climbed to $673 million, or $1.35 per share, from $543 million or $1.13 a share, in the year-ago period.
This was in line with analysts who on average expected earnings of $1.35 per share, according to Reuters Estimates.
For 2004, Devon reported earnings of $4.38 a share, up from $4.04 in 2003, which reflected a 2-for-1 stock split and a 10-percent increase in oil, gas and natural gas liquids production and higher prices.
Devon's quarterly revenue rose about 28 percent to $2.47 billion.
The average price the company received for natural gas rose to $5.76 per thousand cubic feet from $4.16, average oil price were $27.72 compared to $25.05, and natural gas liquids prices improved to $27.06 from $19.01.
Combined oil, gas and natural gas liquids production averaged 672,800 barrels of oil equivalent (boe) per day in the quarter, which was down from 695,600 a year earlier.
Total combined production for the quarter was 61.9 million boe compared to 64 million boe a year earlier.
At year's end, Devon held 2.1 billion boe of estimated provided oil and gas reserves with the company adding 313 million barrels of proved reserves with drill-bit capital of $2.8 billion. |
