Devon Energy Corp. and Chesapeake Energy Corp. on Nov. 1 became the latest U.S. oil and gas producers to breeze past Wall Street estimates for third-quarter profit, buoyed by multiyear high crude prices.

Last week, oil giants Chevron Corp., ExxonMobil Corp. and other producers Hess Corp. and Pioneer Natural Resources Co. posted higher-than-expected profits, helped by Russian fuel sanctions and OPEC+ plans to cut supply.

Oklahoma-headquartered Devon’s adjusted income in the third quarter ended Sept. 30 soared 95% to $1.43 billion, or $2.18 per share, compared with analysts’ average estimate of $2.13 a share, as per Refinitiv data.

The company, which recently acquired an operator in the Eagle Ford basin, sees its fourth-quarter production in the range of 640,000 to 660,000 boe/d. In comparison, its production averaged 614,000 boe/d during the third quarter.

Meanwhile Chesapeake, which has been sharpening its focus on natural gas from the Haynesville region in Texas, reported quarterly production of 4.11 Bcf/d, 90% of which was gas.

Natural gas futures NGc1 soared to over $10/MMBtu in the quarter for the first time since 2008 on persistent global concerns of a shortage of the heating fuel ahead of winter.

Chesapeake’s third-quarter adjusted income came in at $730 million, or $5.06 a share, compared with $269 million, or $2.38 per share, a year ago. The profit soared past Wall Street expectations of $4.45 per share.

However, the company chopped its full-year forecast for adjusted EBITDAX to between $4.45 billion and $4.55 billion, from $4.8 billion to $5.0 billion.

Meanwhile, Devon announced a fixed-plus-variable quarterly dividend of $1.35 a share, lower than $1.55 in the second quarter.

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