By Katherine Hamilton

Devon Energy posted fourth quarter earnings and revenue that beat Wall Street's estimates on its performance at two sites that were particularly productive at the end of last year.

The oil and natural gas producer on Tuesday posted a profit of $639 million, or 98 cents a share, compared with $1.15 billion, or $1.81 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings was $1.16, ahead of the $1 forecast of analysts, according to FactSet.

Revenue rose 6% to $4.40 billion. Analysts surveyed by FactSet forecast revenue of $4.21 billion.

Devon's sites in the Rockies and Eagle Ford exceeded estimates as new wells were especially productive, with solid base performance at both locations, the company said.

The Oklahoma City company it expects capital spending of $3.8 billion to $4 billion this year. Its production for the year is forecast to be 805,000 to 825,000 barrels of oil a day.

Devon raised its quarterly dividend by 9% to 24 cents a share. The new payout, equal to 96 cents a year, represents an annual yield of 2.8% based on Tuesday's closing price of $34.88. The dividend is payable on March 31 to shareholders of record on March 14.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

February 18, 2025 16:51 ET (21:51 GMT)

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