Feb. 19--Fueled by record oil production, Devon Energy Corp. beat analysts' estimates with its fourth-quarter earnings.
Devon on Wednesday reported adjusted income of $447 million, or $1.10 a share. That was 2 cents more per share than analysts estimated.
Devon's net income for the fourth quarter was $207 million, or 51 cents a share, after posting a loss of $357 million, or 89 cents a share, in the same period of 2012.
The company also boosted its oil production to a record 177,000 barrels a day, driven by gains in west Texas' Permian Basin.
"Our drilling programs not only drove impressive oil production growth, but also expanded margins and improved operating cash flow," CEO John Richels said. "Additionally, we high-graded our portfolio through an accretive Eagle Ford Shale acquisition, an innovative midstream combination, and initiated an asset divestiture program.
"These actions provide a platform for Devon to achieve attractive high-margin growth in 2014 and for many years to come."
Devon also announced an asset sale Wednesday, a $2.8 billion deal with Canadian National Resources Limited for most of its convention assets in Canada.
The company intends to use proceeds from that deal to finance its $6 billion entry into the oil-rich Eagle Ford Shale. Devon's acquisition of privately held GeoSouthern Energy Corp. was announced in November.
Devon's stock was up $1.43 in early trading Wednesday to $64.34 a share.
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