Devon Energy Reports Quarterly Profit (DVN)

Devon Energy Corporation (NYSE: DVN) reported quarterly profit of $667 million or $1.49 per share compared to a loss of $6.8 billion or $15.42 per share in the previous year, which saw its earnings suffer massively from write downs in the value of oil, and gas assets.

Devon said its oil, and gas reserves expanded by 20% despite reaching peak production. The company is in the process of restructuring to focus more on its onshore operations.