Devon Energy Corp. on Wednesday reported quarterly earnings of nearly $500 million, down more than $2 billion from the same period last year.
The Oklahoma City-based independent oil and gas producer reported $499 million in net earnings for the quarter that ended Sept. 30. That equals $1.13 per common share.
Devon earned $2.6 billion or 5.93 per share in the third quarter of 2008, a year when energy companies benefited from soaring oil prices.
Production rises Devon officials said a 6 percent growth in production and lower overall costs offset a significant drop in oil and gas prices.
Devon’s production for the quarter was 61.9 million barrels of oil equivalent, the best third quarter in the company’s history, officials said.
Despite the increase, Devon’s revenue from oil and gas sales dipped 54 percent to $1.7 billion.
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