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Oil and gas output boosts Devon
Devon Energy posted a higher-than-expected quarterly profit on rising oil and gas output yesterday, even as it boosted reserves to record levels, and predicted six per cent production growth this year. Devon, which signed a $2.2bn shale deal with China’s Sinopec last month, reported a dip in fourth-quarter net profit to $507m, from $562m a year ago, largely due to earnings in the year-earlier period from asset sales.