Devon Energy Corp. (NYSE: DVN) reported fourth-quarter and full-year 2014 results after markets closed on Tuesday. For the quarter, the independent oil and gas company posted adjusted diluted earnings per share (EPS) of $0.83 on revenues of $6.0 billion. In the same period a year ago, the company reported EPS of $0.51 on revenues of $2.16 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.05 and $4.11 billion in revenues.

For the full year, Devon reported adjusted EPS of $4.91 on revenues of $19.57 billion, compared with a net loss of $0.06 and revenues of $10.4 billion in 2013. Analysts were looking for EPS of $5.16 on revenues of $18.09 billion.

Devon is planning to reduce its capital spending budget by about 20% in 2015, down to a range of $4.1 billion to $4.4 billion. As with other producers, however, Devon anticipates no reduction in its production growth:

With significant improvements in completion design and a capital program focused on development drilling, Devon expects to deliver oil production growth of 20 to 25 percent year over year on a retained property basis. This production outlook is driven by balanced oil growth in both the U.S. and Canada.

In 2014 the company’s revenues jumped 16% year-over-year, which Devon attributes to increased production in light crude oil. Oil sales increased to 60% of Devon’s total upstream revenues during the year.

In the fourth quarter, upstream revenue fell 3% year-over-year. Thanks to the company’s hedging plan, cash settlements per barrel of oil equivalent raised Devon’s revenue by $4.23 a barrel, helping to offset lower realized prices for oil and natural gas liquids.

Shares traded down about 0.8% in Tuesday’s after-hours session, at $66.10 in a 52-week range of $51.76 to $80.63. Thomson Reuters had a consensus analyst price target of around $69.50 before today’s report.

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