Devon Energy is on the uptick after reporting huge profits, especially encouraging given the huge loss the company took during the same time last year.
In the last quarter of 2016, the company reported a gain of more than $300 million, up from a loss of $4.5 billion the year before. The second biggest independent oil producer in North America is attributing the recent uptick to cost cutting and improving commodity prices.
"It just happens gradually," Jerry Bohnen, managing editor of OKEnergyToday.com, said, "and as you see them do more drilling and see higher oil prices, things start to turn around for them and that's what will happen to the state's economy eventually."
Devon Energy CEO David Hager said because of their drilling programs, they experienced the best well productivity in the company's 45-year history.