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Devon Energy Posts Loss on Property Writedown
Topics:Energy | Natural Gas | CEOs and CFOs | Earnings
Sectors:Oil and Gas
Companies:Devon Energy Corp
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Independent oil and gas producer Devon Energy posted a first-quarter net loss on Wednesday as the steep slide in energy prices forced it to write down the value of its properties.
The Oklahoma City-based company [DVN
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] reported a net loss of $4.0 billion, or $8.92 per share, compared with a profit of $747 million, or $1.66 per share, a year earlier.
The company took a $4.2 billion non-cash charge related to a reduction in the carrying value of it oil and gas properties.
Excluding that charge, Devon posted earnings of 48 cents per share.
Analysts on average had expected the company to post earnings of 29 cents per share.
Copyright 2009 Reuters. Click for restrictions.
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