Devon Energy Turns To Profit In Q1 - Quick Facts

(RTTNews) - Oil and gas company Devon Energy Corp. (DVN) has earned $324 million or $0.79 per share of GAAP profit for the first quarter 2014, as against a loss of $1.34 billion or $3.34 per share, in the year-ago quarter.

Adjusting for items securities analysts typically exclude from their published estimates, the firm made $547 million or $1.34 per share of earnings in the recent quarter. This represents a 103 percent increase in adjusted earnings compared to the first quarter of 2013, the company said. On average, 27 analysts polled by Thomson Reuters expected earnings per share of $1.27 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly total operating revenues jumped to $3.725 billion, from $1.97 billion last year. Thirteen analysts estimated revenues of $2.94 billion for the quarter.

Total production of oil, natural gas, and natural gas liquids averaged 691,000 oil-equivalent barrels or Boe per day in the quarter. Excluding production associated with divestiture properties, top-line production from Devon's retained, go-forward asset base increased to 563,000 Boe per day in the first quarter. The increase in first-quarter production was driven almost entirely by growth in oil production from the company's go-forward assets, according to the company.

Further, in the first quarter, the company announced a 9 percent increase to its quarterly cash dividend from $0.22 per share to $0.24 per share, thereby marking its ninth dividend increase since 2004.