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Devon Energy Q4 profit falls YOY

Devon Energy Corp. said its normalized net income for the fourth quarter came to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS decreased 73.1% year over year from 73 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $104.1 million, a decline of 65.6% from $303.1 million in the prior-year period.

The normalized profit margin dropped to 3.5% from 10.9% in the year-earlier period.

Total revenue climbed 6.4% year over year to $2.95 billion from $2.77 billion, and total operating expenses decreased year over year to $2.73 billion from $2.78 billion.

Reported net income came to $326.0 million, or 62 cents per share, compared with a loss of $4.54 billion, or a loss of $11.00 per share, in the year-earlier period.

For the year, the company's normalized net income totaled 48 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 14 cents.

EPS declined from $1.27 in the prior year.

Normalized net income was $243.9 million, a decrease from $517.8 million in the prior year.

Full-year total revenue declined from the prior-year period to $10.36 billion from $12.44 billion, and total operating expenses decreased year over year to $9.91 billion from $12.27 billion.

The company said reported net income totaled a loss of $3.31 billion, or a loss of $6.52 per share, in the full year, compared with a loss of $14.47 billion, or a loss of $35.55 per share, the prior year.