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Devon Back In The Black For 2013

|Includes: Devon Energy Corporation (DVN)

Devon Energy announced a net profit of $207 million in 2013, compared to a loss of $357 million in 2012. The company was hit by an impairment charge of $896 million last year.

2013 financial highlights

· Revenue of $8.5 billion, up 19% YoY; driven by higher production and higher realized prices

· Capex of $6.8 billion, down 18% YoY; driven by US exploration and development costs of $4.2 billion

· Realized price of $33.70/BOE, up from $28.65/BOE in 2012; driven by US oil/bitumen realized price of $94.52/bbl, up from $88.86/bbl

2013 production highlights

· Total production of 692.9 MBOE/d (38% liquids); driven by higher liquids production from the US

· US production of 517.3 MBOE (37% liquids); 223.9 MBOE/d from the Barnett shale play

· US crude production of 77.7 Mbbl/d, up 32% YoY; US NGL production of 116 Mbb/d, up 16% YoY

Devon Energy President and CEO John Richels commented: "2013 was a year of strong execution and exciting change for Devon. Our drilling programs not only drove impressive oil production growth, but also expanded margins and improved operating cash flow."

In November 2012, Devon reported $719 million net loss in Q3-2012.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.