Devon Energy Profit Jumps as Permian Basin Oil Output Rises

Reuters

Aug 7 (Reuters) - U.S. oil and gas producer Devon Energy Corp's profit jumped 43 percent as higher production from its properties in Texas' Permian basin boosted oil output by 14 percent.

Net profit rose to $683 million, or $1.68 per share, in the second quarter, from $477 million, or $1.18 per share, a year earlier.

The Oklahoma City-based company's revenue rose about 21 percent to $3.09 billion.

Devon drills for oil, gas and natural gas liquids on land from the Canadian Arctic to the Gulf Coast in the United States.

Copyright 2017 Thomson Reuters. Click for Restrictions.

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