OKLAHOMA CITY (AP) — OKLAHOMA CITY (AP) — Devon Energy Corp. (DVN) on Tuesday reported fourth-quarter profit of $639 million.
On a per-share basis, the Oklahoma City-based company said it had net income of 98 cents. Earnings, adjusted for non-recurring costs, were $1.16 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The oil and gas exploration company posted revenue of $4.4 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $4.24 billion.
For the year, the company reported profit of $2.89 billion, or $4.56 per share. Revenue was reported as $15.94 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DVN at https://www.zacks.com/ap/DVN