US oil and gas producer Devon Energy Corp raised its full-year oil production forecast and reported a quarterly profit on Tuesday, benefiting from lower expenses and higher output from its assets in the Delaware basin.

The Oklahoma-based company said the midpoint of its 2019 production outlook represents an estimated oil growth rate of 19%, up from its previous guidance of 17%.

The company's net income attributable to shareholders was $495 million, or $1.19 per share, in the second quarter ended June. 30, compared with a loss of $425 million, or 83 cents per share, a year earlier.