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Devon Energy posts profit as oil production increases
February 19, 2014 / 1:11 PM / in 4 years

Devon Energy posts profit as oil production increases

Feb 19 (Reuters) - Oil and gas producer Devon Energy Corp posted a fourth-quarter profit, compared to a loss a year earlier, as the company produced more oil, particularly from its wells in Texas’ Permian Basin.

The company reported net profit of $207 million, or 51 cents per share, in the quarter ended Dec.31, compared to net loss of $357 million, or 89 cents per share, a year earlier.

Devon recorded an impairment charge of $896 million in the year-ago quarter.

Oil production rose 17 percent to 177,000 barrels per day.

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