For the nine months ended September 30, 2007, Devon reported net earnings of $2.3 billion, or $5.13 per common share. For the nine months ended September 30, 2006, Devon earned $2.3 billion, or $5.11 per common share.
Oil and natural gas production from continuing operations increased in the third quarter to 56.8 million barrels of oil equivalent. This was a 10% increase over Q3 2006 production and was driven by organic production growth in the company’s US, Canada and international producing segments. The third quarter of 2007 marks the sixth consecutive quarter that Devon has increased oil and gas production from retained properties.
Sales of oil, natural gas and natural gas liquids were $2.3 billion in the third quarter of 2007. This was a 12% increase compared to the third quarter of 2006. The increase in sales was the result of greater production and higher realized liquids prices, partially offset by lower natural gas prices.
The average realized price for natural gas decreased 6% in the third quarter of 2007 to $5.31 per thousand cubic feet. This compares with $5.63 per thousand cubic feet in the third quarter of 2006. Devon’s average realized oil price increased 6% to $67.41 per barrel in the third quarter of 2007, compared to $63.77 per barrel in the prior-year period. Devon’s realized natural gas liquids price increased 10% to $38.34 per barrel, from $34.98 per barrel in the third quarter of 2006.
