Wednesday, November 3, 2010

Devon (NYSE:DVN) Beats Estimates, Production Increases

Devon Energy (NYSE:DVN) beat Street estimates for the quarter, generating production and profits beyond projections.

Excluding the properties they sold, Devon increased production by four percent for the latest quarter, as it moves away from offshore to onshore fields as their strategy.

Earnings for the quarter reached $1.44 a share, up from the $1.29 analysts had been expecting, on $2.1 billion.

Much of the profit gain was from the sale of assets they had held in Azerbaijan. They are also in the middle of selling off assets held in Brazil, which combined with Azerbaijan assets should reach $10 billion in pre-tax revenue for the year.

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