Devon Energy Rescued by Liquids Production
Keeping on the topic of NGL from yesterday, we are moving on to Devon Energy. Looks like NGL are also doing them some good! How much is it helping? Let’s look to Aimee Duffy for the answer.
For the full year
Liquids, you see, are keeping Devon afloat. The company’s sales of oil, gas, and natural gas liquids increased 14% in 2011, but liquids accounted for a whopping 60% of total upstream revenues. As a result, Devon’s full-year report was full of good news.
Net earnings for 2011 squeaked out an improvement over last year, coming in at $4.7 billion compared with $4.6 billion in 2010. The company generated a substantial increase in cash flow compared with last year, growing 23% to $6.5 billion. Annual revenue was also up, increasing 15% to $11.5 billion.
The company also announced that it is raising its dividend 18%, from $0.17 to $0.20 per share. The dividend is payable to shareholders on March 30, going ex-dividend on March 15. Devon has an excellent dividend history, increasing its payout seven times for 800% growth.
Look like NGL may have really saved DVN from some serious issues. Will this be the rise of NGL with companies really cashing in? Only time will tell, but I would say its worth watching!
Quotes taken from report by Aimee Duffy, Read the entire article here.
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