Devon Energy Q3 Profit Rises, Beats Street View

(RTTNews) - Devon Energy Corp. (DVN) on Tuesday posted higher earnings in the third quarter, which came in better than the Street view. The company also lifted its production forecast for the fourth quarter.

The company posted third-quarter earnings of $1.9 billion or $2.88 per share, higher than $838 million or $1.24 per share in the same period last year. Excluding items, core earnings came in at $1.4 billion or $2.18 per share in the three-month period.

The company's total revenues climbed to $5.43 billion from $3.47 billion a year ago.

On average, 22 analysts polled by Thomson Reuters expected the company to post earnings of $2.13 per share on revenues of $4.95 billion in the third quarter.

Due to the impact of acquisitions, Devon is revising its production forecast higher in the fourth quarter to a range of 640,000 to 660,000 Boe per day, a 6 percent increase compared to the year-ago quarter. This fourth-quarter volume growth will be driven by 35,000 Boe per day of incremental production from the company's Eagle Ford acquisition.