Devon Energy Corp. (NYSE: DVN) reported Wednesday net income of $1.19 billion in the first-quarter, citing higher prices for oil and natural gas, according to Associated Press.
The company also said it plans to repurchase up to $3.5 billion in stock. The buybacks will begin immediately in the open market.
Devon's net income amounted to $2.67 per share for the three months ended March 31, compared to a net loss of nearly $4 billion, or $8.92 per share, a year ago. The year-ago loss was due to large writedowns on the value of the company's oil and natural gas properties.
In addition to higher energy prices, the 2010 first-quarter's net income was also driven by one-time gains related to oil and natural gas contracts. Excluding one-time items, Devon earned $831 million, or $1.85 per share.
Revenue rose 70 percent to $3.22 billion from $1.9 billion a year ago.
Analysts polled by Thomson Reuters, who generally exclude on-time gains and losses from their estimates, expected net income of $1.47 per share on revenue of $2.4 billion.
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