Devon Energy Q1 profits soar 24%

05/03/06 - newratings.com

NEW YORK, May 3 (newratings.com) – US oil and natural gas producer Devon Energy Corp (DVN) Wednesday announced that its Q1 profits rose 24%.

The Oklahoma City-based company said that its net income rose to $700 million in the quarter, from $563 million a year ago. The company’s quarterly revenues rose to $2.7 billion, from $2.35 billion in the year-ago quarter, partly on account of increased oil, gas and natural gas liquids sales. The number of Devon Energy’s diluted common shares outstanding in Q1 declined to 449 million, from 496 million one year earlier, according to the HoustonChronicle. The company’s production of oil, gas and natural gas liquids, however, averaged 568,000 barrels of oil equivalent per day during Q1, exhibiting a decline from the year-ago level due to the hurricane impact and property divestitures.