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Devon Energy: Q1 Earnings Snapshot

By AP News - May 08, 2023, 04:39 PM ET

Last Updated - Jun 21, 2023, 09:53 PM EDT

OKLAHOMA CITY (AP) — OKLAHOMA CITY (AP) — Devon Energy Corp. (DVN) on Monday reported first-quarter profit of $995 million.

On a per-share basis, the Oklahoma City-based company said it had profit of $1.53. Earnings, adjusted for non-recurring gains and pretax gains, came to $1.46 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.

The oil and gas exploration company posted revenue of $3.82 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $3.93 billion.

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