REFILE-UPDATE 2-Devon Q1 profit tops Street, sets buybacks

(Refiles to correct spelling of “tops” in headline)

* Q1 EPS ex-derivative gains of $1.64 tops Wall St view

* Revenues jump 69 pct to $3.22 billion

* Sets $3.5 billion share buyback program

* Shares rise 1.4 pct in premarket trade
(Adds analysts estimates, production levels)

NEW YORK, May 5 (BestGrowthStock) – Devon Energy Corp (DVN.N: )
posted on Wednesday a higher than expected quarterly profit on
stronger oil and natural gas prices and said it will
immediately begin buying back as much $3.5 billion of its

Devon, the third largest independent U.S. oil and gas
company by market value, posted a quarterly profit of $1.2
billion, or $2.66 per share, compared with a loss of $4.0
billion, or $8.92 per share a year earlier, when it wrote down
the value of its assets due to low oil and gas prices.

Excluding unrealized gains on the market value of oil and
gas derivatives and other financial instruments, the Oklahoma
City company had a profit of $1.64 per share, topping the $1.47
per share that analysts had on average forecast, according to
Thomson Reuters I/B/E/S.

Revenue jumped 69 percent to $3.22 billion.

Devon, which has sold about $9.9 billion in assets over the
past year, including its deepwater Gulf of Mexico assets, said
its output in the quarter fell to 620,400 barrels of oil
equivalent (boe) per day from 649,900 boe per day a year

The average price the company received for its oil jumped
115 percent from a year before to $67.58 per barrel, while the
average price it got for its natural gas price rose 29 percent
to $4.80 per thousand cubic feet.

Its peer, Chesapeake Energy Corp (CHK.N: ), posted
first-quarter net profit of $590 million, or 92 cents per
share, compared with a loss of $5.7 billion after the close of
trading on Tuesday and said it was shifting its spending to
developing liquids rather than new natural gas wells.

Stock Investing

(Reporting by Matt Daily; Editing by Derek Caney and Gerald E.

REFILE-UPDATE 2-Devon Q1 profit tops Street, sets buybacks