OKLAHOMA CITY (AP) - Devon Energy Corp. says its net income more
than doubled in the second quarter on higher oil and natural gas
The Oklahoma City oil and gas company on Wednesday reported
earnings of $706 million, or $1.58 per share, in the quarter ended
June 30. That compares with earnings of $314 million, or 70 cents
per share, in the same period last year. Revenue increased 23
percent to $2.23 billion.
Analysts had expected earnings of $1.42 per share on revenue of
Devon said oil prices jumped 23 percent year-over-year to an
average of $62.35 per barrel. Natural gas prices increased 24
percent to $3.62 per thousand cubic feet.