The price per common share ended the year at $11.29, an increase over $10.35 per share reported for 2010.
Looking at the quarter that came to a close on Dec. 31, the oil and gas company reported earnings of $507 million, or $1.25 per common share. Cash flow, determined before balance sheet changes from continuing operations, ended 2011 at $6.5 billion, a 23-percent increase over 2010. The company reported other sources of cash included $3.2 billion of divestiture proceeds from sale of its assets in Brazil.
“Devon delivered an outstanding performance in 2011,” said President and CEO John Richels. “We drove production from our North American onshore asset base up 8 percent, increased proved reserves to an all-time high and completed our highly-successful strategic repositioning, including $3.5 billion of share repurchases.”