23. Supplemental Quarterly Financial Information (Unaudited)

Following is a summary of Devon's unaudited interim results of operations.


	2011
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full Year
	(In millions, except per share amounts)
Revenues	$ 2,147	$ 3,220	$ 3,502	$ 2,585	$ 11,454

Earnings from continuing operations before income taxes	$ 580	$ 1,378	$ 1,538	$ 794	$ 4,290

Earnings from continuing operations	$ 389	$ 184	$ 1,040	$ 521	$ 2,134
Earnings (loss) from discontinued operations	27	2,559	(2)	(14)	2,570
Net earnings	$ 416	$ 2,743	$ 1,038	$ 507	$ 4,704

Basic net earnings per common share:
Earnings from continuing operations	$ 0.91	$ 0.44	$ 2.51	$ 1.29	$ 5.12
Earnings (loss) from discontinued operations	0.06	6.06	—	(0.04)	6.17
Net earnings	$ 0.97	$ 6.50	$ 2.51	$ 1.25	$ 11.29

Diluted net earnings per common share:
Earnings from continuing operations	$ 0.91	$ 0.43	$ 2.50	$ 1.29	$ 5.10
Earnings (loss) from discontinued operations	0.06	6.05	—	(0.04)	6.15
Net earnings	$ 0.97	$ 6.48	$ 2.50	$ 1.25	$ 11.25


	2010
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full Year
	(In millions, except per share amounts)
Revenues	$ 3,220	$ 2,232	$ 2,353	$ 2,135	$ 9,940

(Loss) earnings from continuing operations before income taxes	$ 1,588	$ 613	$ 699	$ 668	$ 3,568

(Loss) earnings from continuing operations	$ 1,074	$ 352	$ 429	$ 478	$ 2,333
(Loss) earnings from discontinued operations	118	354	1,661	84	2,217
Net (loss) earnings	$ 1,192	$ 706	$ 2,090	$ 562	$ 4,550

Basic net (loss) earnings per common share:
(Loss) earnings from continuing operations	$ 2.40	$ 0.79	$ 0.99	$ 1.10	$ 5.31
(Loss) earnings from discontinued operations..	0.27	0.80	3.82	0.20	5.04
Net (loss) earnings	$ 2.67	$ 1.59	$ 4.81	$ 1.30	$ 10.35

Diluted net (loss) earnings per common share:
(Loss) earnings from continuing operations	$ 2.39	$ 0.79	$ 0.98	$ 1.10	$ 5.29
(Loss) earnings from discontinued operations..	0.27	0.79	3.81	0.19	5.02
Net (loss) earnings	$ 2.66	$ 1.58	$ 4.79	$ 1.29	$ 10.31

Earnings (Loss) from Continuing Operations

The second quarter of 2011 includes deferred income taxes of $725 million (or $1.71 per diluted share) related to assumed repatriations of foreign earnings that were no longer deemed to be permanently reinvested in accordance with accounting principles generally accepted in the U.S.

Earnings (Loss) from Discontinued Operations

The second quarter of 2011 includes the divestiture of our Brazil operations and the related gain was $2.5 billion ($2.5 billion after income taxes, or $6.01 per diluted share).

The second quarter of 2010 includes the divestiture of our Panyu operations in China and the related gain was $308 million ($235 million after income taxes, or $0.52 per diluted share).

The third quarter of 2010 includes the divestiture of our Azerbaijan operations and the related gain was $1.5 billion ($1.5 billion after income taxes, or $3.49 per diluted share).