Devon Energy exceeds third-quarter profit expectations

Devon Energy beat Wall Street's expectations for the third quarter profit on Wednesday as it benefited from increased output.

The company was able to benefit from a 26% increase in U.S. Natural Gas prices from the previous year during the period of July-September, due to a surge in demand for data centers and an increase in exports of liquefied gas.

Energy sector is benefiting from the increase in demand for LNG and increased power consumption as a result of hotter temperatures.

Devon's third quarter production increased to 390,000.0 barrels of crude oil per day from 335,000.0 boepd one year earlier.

The average realized price -- the price paid for production -- was $36.46 per boe in the period reported, down from $40.71 per boe the previous year.

According to data compiled and analyzed by LSEG, the Oklahoma City-based firm posted an adjusted profit per share of $1.04 for the three months ending September 30. This compares with analysts' average estimates of 93c.

(source: Reuters)