Devon Energy Corporation (DVN) posted better-than-expected results for the third quarter of 2009 due to increased production volume and favorable service and supply costs across all major operating segments. Adjusted EPS of $1.12 surpassed the Zacks Consensus Estimate of 92 cents. This, however, was significantly lower than $5.68 recorded during the same period last year, because of significantly lower product prices in the quarter. Reported net income was $499 million or $1.12 per share, compared to $2.6 billion or $5.88 per share a year ago. The combined oil, natural gas and NGL production volume soared 6% to 61.9 million BOE (i.e. 673 thousand BOE per day), driven by production growth at each of Devon’s operating segments. Growth in oil and natural gas liquids production in the United States was greater than the decline in natural gas volumes. The continuing ramp up of volumes at the Jackfish ...

Devon Energy (DVN) posted better-than-expected results for the second quarter of 2009 due to record production volume and favorable service and supply costs across all major operating segments. Adjusted EPS of 85 cents surpassed the Zacks Consensus Estimate by 28 cents. This, however, was significantly lower than $3.39 recorded last year, as the commodity market remained subdued amid the global downturn. Reported net income came at $314 million or 70 cents per share, compared to $1.3 billion or $2.88 per share a year ago. Production volume soared 12% to 65.4 million barrels of oil equivalent (BOE) or 718.5 thousand BOE per day, exceeding the top range of quarterly guidance by approximately 5%. This was primarily driven by the U.S. onshore natural gas volume augmentation led by the Barnett Shale field in Texas and higher Canadian natural gas production due to lower government royalties. The Jackfish ...