Devon Energy: 4Q Earnings Snapshot
OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported fourth-quarter profit of $1.15 billion.
The Oklahoma City-based company said it had net income of $2.48 per share. Earnings, adjusted for one-time gains and costs, came to 10 cents per share.
The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The oil and gas exploration company posted revenue of $3.71 billion in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $1.97 billion.
For the year, the company reported profit of $3.06 billion, or $6.10 per share. Revenue was reported as $10.73 billion.
Devon Energy shares have increased 26 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 percent. In the final minutes of trading on Tuesday, shares hit $28.31, a decrease of 17 percent in the last 12 months.