Devon Energy posted an unexpected quarterly profit as it narrowed its net loss through drastic cost cuts to both labour and supply expenses.
The US oil producer said it reduced lease operating expenses, which include labor, supply and other costs, by 26% in the quarter and is on track to cut costs by $1 billion this year.
The company also reported a second-quarter net loss of $1.57 billion, or $3.04 per share, compared with a loss of $2.82 billion, or $6.94 per share, a year earlier.
Excluding asset impairment charges, restructuring costs and other one-time items, Devon earned 6 cents per share.
Last month Devon sold its stake in a Canada pipeline for $1.1 billion.
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