WRAPUP 3-Devon, XTO profits down but exceed Street view
* Devon, XTO Q3 profits surpass Street view
* XTO output up 23 pct, Devon production up 6 pct
* Devon shares up 1.9 pct, XTO shares up 1.3 pct
* Devon sees recovery in North American natural gas
* Murphy Oil profit falls 68 pct (Adds Murphy Oil, updates share movement)
By Anna Driver
HOUSTON, Nov 4 (Reuters) - Devon Energy Corp (DVN.N: Quote, Profile, Research) and XTO Energy Inc (XTO.N: Quote, Profile, Research) reported lower quarterly earnings on Wednesday as crude oil and natural gas prices fell from a year ago, but higher output and cost-cutting helped the U.S. independents top Wall Street expectations.
The global economic slowdown has reduced demand for natural gas and crude oil. As a result, inventories swelled in the third quarter and prices tumbled, cutting into profits at energy companies.
Murphy Oil Corp (MUR.N: Quote, Profile, Research) said its quarterly profit fell 68 percent, hit by lower crude prices and as weak fuel demand in the global economic slowdown hurt its refining business. Continued...
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