Devon Energy Rescued by Liquids Production
DEVON ENERGY RESCUED BY LIQUIDS PRODUCTION
Posted by Turn Key Oil on February 23, 2012 · Leave a Comment (Edit)
Keeping on the topic of NGL from yesterday, we are moving on to Devon Energy. Looks like NGL are also doing them some good! How much is it helping? Let’s look to Aimee Duffy for the answer.
"For the full year
Liquids, you see, are keeping Devon afloat. The company’s sales of oil, gas, and natural gas liquids increased 14% in 2011, but liquids accounted for a whopping 60% of total upstream revenues. As a result, Devon’s full-year report was full of good news.
Net earnings for 2011 squeaked out an improvement over last year, coming in at $4.7 billion compared with $4.6 billion in 2010. The company generated a substantial increase in cash flow compared with last year, growing 23% to $6.5 billion. Annual revenue was also up, increasing 15% to $11.5 billion."
Find additional research here: http://turnkeyoil.com/2012/02/23/devon-energy-rescued-by-liquids-production/