Devon Energy posts top-line beat in Q3, stock rises 3%

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

The oil and gas producer posted adjusted earnings per share of $1.10, $0.01 below the analyst consensus of $1.11. However, revenue for the quarter came in at $4.02 billion, surpassing the $3.72 billion estimate and representing 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 appears to have overshadowed the minor earnings miss.

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

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Source: Investing.com