OKLAHOMA CITY (AP) — OKLAHOMA CITY (AP) — Devon Energy Corp. (DVN) on Tuesday reported first-quarter profit of $494 million.
The Oklahoma City-based company said it had profit of 77 cents per share. Earnings, adjusted for non-recurring costs, were $1.21 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The oil and gas exploration company posted revenue of $4.45 billion in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $4.36 billion.
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