Devon Energy Earnings: Net Income Drops from Last Year

S&P 500 (NYSE:SPY) component Devon Energy Corporation (NYSE:DVN) posted a decrease in profit as revenue declined. Devon Energy Corporation explores, develops and transports oil, gas, and NGLs.

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Devon Energy Earnings Cheat Sheet for the First Quarter

Results: Net income for the independent oil and gas company fell to $416 million (97 cents/share) vs. $1.19 billion ($2.66/share) a year earlier. A decline of 65.1% from the year earlier quarter.

Revenue: Fell to $2.15 billion YoY.

Actual vs. Wall St. Expectations: DVN reported adjusted net income of $1.34/share. By that measure, the company was about in line with expectations as the mean analyst estimate of a loss of $1.33/share. Estimates ranged from $1.10 per share to $1.68 per share.

Competitors to Watch: Chesapeake Energy Corp. (NYSE:CHK), Anadarko Petroleum Corp. (NYSE:APC), Targa Resources Partners LP (NYSE:NGLS), GeoResources, Inc. (NASDAQ:GEOI), QEP Resources, Inc. (NYSE:QEP), Newfield Exploration Co. (NYSE:NFX), SandRidge Energy Inc. (NYSE:SD), Swift Energy Company (NYSE:SFY), EOG Resources, Inc. (NYSE:EOG), and Gulfport Energy Corp. (NASDAQ:GPOR)

Stock Performance: Shares of DVN are trading down 1.26%.

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