Devon Energy posts record earnings

Published Thursday, February 21, 2008

By Denny Deady

Devon Energy Corporation has reported record net earnings of $3.6 billion for the year ending Dec. 31, 2007, a 27 percent increase compared with full-year earnings in 2006.

For the quarter ending Dec. 31, 2007, Devon earned a record $1.3 billion. This was 126 percent greater than reported net earnings of $582 million in the fourth quarter of 2006.

"Devon's 2007 results were exceptional, both financially and operationally," said J. Larry Nichols, chairman and chief executive. "We set earnings and cash flow records, increased production by 12 percent and drilled 2,440 wells with a 98 percent success rate."

In the Barnett Shale in North Texas, the company drilled 539 wells in 2007. This included Devon's 1,000th horizontal well near Boyd in Wise County. Devon has interests in nearly 3,200 producing wells in the Barnett Shale.

Devon said sales from continuing operations of oil, gas and natural gas liquids increased 19 percent to $9.6 billion last year. This compares to sales of $8.1 billion for the same period in 2006.