KCCU News
5:08 am
Wed November 5, 2008

Devon Posts Highest Net Quarterly Earnings Ever

Oklahoma City, OK – Oklahoma City-based Devon Energy is reporting the company's highest net quarterly earnings ever.

Despite two hurricanes that disrupted production and the nation's ongoing credit crunch Devon says income for the quarter ended Sept. 30 was $2.6 billion or $5.87 per share.

Devon's earnings during the third quarter last year was $735 million or $2.65 per share.

Devon officials say the increase is due largely to a 62 percent increase in oil and natural gas sales.

Devon is the largest independent producer of oil and natural gas in the United States.