Devon Energy Corporation (NYSE: DVN) is running up more than normal after its quarterly earnings report. The $28 billion market value for this exploration and production company is up 3.5% from yesterday and the shares are up at $69.22 against a 52-week trading range of $50.74 to $93.56.
Devon beat earnings by $0.08 at $1.55 in adjusted per share earnings. Revenues also rose 21% year over year to $2.59 billion, above the $2.39 billion expected. The company generated cash flow (before balance sheet changes from continuing operations) of $6.5 billion for a 23% gain. Other sources of cash included $3.2 billion from divestments.
The company now puts its December 31, 2011 estimated proven reserves at a record of about 3 billion oil-equivalent barrels and the company’s liquids production in Q4 was up by more than 20% from a year earlier to 238,000 barrels per day.
Some additional interest is in a new discovery that has been kept under wraps and we will be covering it in more detail later as more details surface.
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