Devon Energy, one of the largest independent U.S. oil and natural gas producers, said its second-quarter profit almost quadrupled to $2.74 billion, or $6.48 a share, from $706 million, or $1.58 a share, a year earlier as asset sales and higher oil prices helped fuel the profit growth.
Oklahoma-based Devon (DVN) earned $1.71 a share compared with $1.53 a share a year earlier on an adjusted basis. The company said revenue surged 44% to $3.22 billion. Analysts were expecting a profit of $1.54 a share on revenue of $2.38 billion.
Devon said in May it had added 850,000 acres in emerging North American oil fields, including 250,000 acres in the Tuscaloosa Shale, which has similar geological qualities to the lucrative Eagle Ford shale formation in south Texas, according to the Wall Street Journal. The company has sold nearly $10 billion in assets in almost the past two years to focus more on onshore oil development in North America.
In the second quarter, Devon's onshore production rose 6% to a record 660,000 barrels per day, the company said. Oil and natural gas liquids production increased 12% and the company said profits from its marketing and midstream operations climbed 19% from the year-earlier period.
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