Devon Energy Corp., an integrated oil and gas company, released its fourth quarter and full year results today. The profit posted in the fourth quarter beats the Wall Street forecasts. The net income in the fourth quarter was reported $667 million, or $1.49 per share, while in the same period last fiscal the company reported a net loss of $6.8 billion, or $15.42 per share.

The results for fourth quarter of 2008 were highly impacted by the write downs. For the fourth quarter of 2009 market analysts were expecting a profit of $1.20 per share. The adjusted profit excluding special items in the fourth quarter was posted $1.60 per share, which also beat the expectation of the analysts as they estimated for $1.25 per share. Revenue for the quarter was posted $2.46 billion decreasing by 4% than the same period last year.

For the full year ended 2009 Devon Energy Corp. reported a net loss of $2.5 billion, or $5.58 per diluted common share. If we exclude the reduction of carrying value of oil and gas properties and other adjusting items, Devon, the biggest independent oil and natural gas producer in U. S. posted a net income of $1.8 billion or $4.03 per diluted common share in 2009.