Tags: Devon | oil | gas | loss

Devon Energy Posts $1.3 Billion Loss

Wednesday, 01 May 2013 12:05 PM

Devon Energy Corp reported a large quarterly loss, as the U.S. exploration and production company took a $1.9 billion charge resulting from low prices for natural gas liquids and crude.

Devon's loss in the first quarter was $1.3 billion, or $3.34 per share, compared with a year-earlier profit of $393 million, or 97 cents per share.

Excluding one-time items, Devon had a profit of 66 cents per share. Analysts on average had expected earnings of 55 cents, according to Thomson Reuters I/B/E/S.

The Oklahoma City company's oil and natural gas output fell 1 percent to 687,000 barrels of oil equivalent per day.

The average price Devon realized for its crude oil fell 14 percent in the quarter, while natural gas liquids prices declined 20 percent, hit by oversupply.

Devon's shares were up 0.3 percent at $55.25 in premarket trading.

© 2017 Thomson/Reuters. All rights reserved.

 
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Devon Energy Corp reported a large quarterly loss, as the U.S. exploration and production company took a $1.9 billion charge resulting from low prices for natural gas liquids and crude.
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2013-05-01
Wednesday, 01 May 2013 12:05 PM
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