Devon's Q4 Profit Driven by Cost Cuts

U.S. oil producer Devon Energy Corp reported a quarterly profit on Tuesday, compared with a year-ago loss, driven by cost cutting.

The company reported a net profit of $331 million, or 63 cents per share, for the fourth-quarter ended Dec. 31, compared with a loss of $4.5 billion, or a loss of $11.12 per share, a year earlier.

The year-earlier quarter included a non-cash, asset impairment charge of $5.34 billion.

Revenue rose 16 percent to $3.35 billion.

Reporting by Ahmed Farhatha