Devon Energy Corp. Reports Third-Quarter 2024 Results

OKLAHOMA CITY – Devon Energy Corp. (NYSE:DVN) reported third-quarter 2024 results that exceeded revenue expectations but slightly missed earnings estimates, causing its stock to rise by 3% in after-hours trading on Tuesday.

The oil and gas producer posted adjusted earnings per share of $1.10, which was $0.01 below the analyst consensus of $1.11. However, revenue for the quarter reached $4.02 billion, surpassing the $3.72 billion estimate and marking a significant increase from the same period last year.

Devon's strong revenue performance was the primary driver behind the stock's positive movement following the earnings release. The company's ability to generate higher-than-expected revenue in the current market environment seems to have outweighed the minor earnings miss.

Devon Energy, known for its substantial presence in the Delaware Basin, continues to establish itself as a leading oil and gas producer in the U.S. The company's multi-basin portfolio and emphasis on generating free cash flow are key elements of its strategy.

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