Devon Energy Corporation reports net earnings of $499 million for the quarter ended September 30, 2009, or $1.13 per common share ($1.12 per diluted common share). For the quarter ended September 30, 2008, Devon reported net earnings of $2.6 billion, or $5.93 per common share ($5.88 per diluted common share).

Production of oil, natural gas and natural gas liquids increased six percent to 61.9 million oil-equivalent barrels (Boe) in the third quarter of 2009. Costs in nearly every expense category were lower in the third quarter of 2009 compared with the same period in the previous year. Strong production growth and lower overall costs were more than offset by significantly lower product prices.

For the nine months ended September 30, 2009, Devon reported a net loss of $3.1 billion, or $7.09 per common share ($7.09 per diluted common share). A $4.2 billion non-cash, after-tax reduction in the carrying value of oil and gas properties in the first quarter of 2009 drove the year-to-date loss. For the nine months ended September 30, 2008, the company reported net earnings of $4.7 billion, or $10.50 per common share ($10.40 per diluted common share).

"Year to date, Devon increased oil and gas production eight percent compared with 2008," commented President John Richels. "The performance of the company's oil and gas properties has continued to exceed our expectations throughout 2009."

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