OREANDA-NEWS. August 14, 2014. Devon Energy Corporation (NYSE:DVN) reported net earnings of USD 675 million or USD 1.65 per common share (USD 1.64 per diluted share) for the quarter ended June 30, 2014. This compares with second-quarter 2013 net earnings of USD 683 million or USD 1.69 per common share (USD 1.68 per diluted share).

Adjusting for items securities analysts typically exclude from their published estimates, the company earned USD 574 million or USD 1.40 per diluted share in the second quarter. This represents a 16 percent increase in adjusted earnings compared to the second quarter of 2013.

“The second quarter was an outstanding one for Devon as we continued to focus on execution in our core and emerging areas, delivering great results,” said John Richels, president and chief executive officer. “Our drilling programs drove impressive oil production growth in our retained assets, and our disciplined pursuit of high-margin production also improved pre-tax cash margins by 40 percent year over year.”

Devon generated cash flow from operations of USD 2.0 billion in the second quarter, a 47 percent increase compared to the second quarter of 2013. Combined with USD 2.8 billion of pre-tax proceeds received from the sale of the company’s Canadian conventional gas business, Devon’s total cash inflows for the quarter reached USD 4.8 billion.

“With the announced sale of our U.S. non-core assets in June, the portfolio transformation that we announced late last year is now complete,” Richels said. “Devon emerges with a formidable, more focused portfolio positioned in some of the most attractive North America resource plays. We project liquids to approach 60 percent of our production by year-end and expect to deliver attractive high-margin production growth for many years to come.”