Devon Energy Corp on Wednesday reported a 1 percent decrease in quarterly profit, matching Wall Street expectations, as asset sales dented oil and gas production.Devon has sold or agreed to sell $5 billion in assets including its Canadian natural gas operations so it can drill higher-return shale oil wells in fields in Texas and New Mexico.The Oklahoma City, Oklahoma-based company reported a second-quarter profit of $675 million, or $1.64 per share, compared with $683 million, or $1.68 per share in the year-ago period.Excluding items related to asset sales and restructuring costs, Devon had a profit of $1.40 per share. On that basis, analysts on average had expected a profit of $1.40 per share.
Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN remained unchanged at $74.59. In the past year, the shares have traded as low as $55.15 and as high as $80.63. On average, 2959300 shares of DVN exchange hands on a given day and today's volume is recorded at 0.
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