Devon hits profits record

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Steve Marshall

, Steve Marshall

 16 February 2011 13:27 GMT

US independent Devon Energy reported record net earnings of $4.6 billion, or $10.35 per share, last year, reversing a net loss of $2.5 billion, or $5.58 per share, in 2009.

However, the company’s fourth-quarter profit dipped to $562 million, or $1.30 per share, from $667 million, or $1.50 per share, a year earlier.

“2010 was an outstanding year for Devon. The company’s record earnings were accompanied by excellent operating results and the successful execution of our strategic repositioning,” said Devon chief executive John Richels.

To read the company’s full results, click here.

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