Join        Login             Stock Quote

Devon Energy (DVN) Posts 4Q Loss On Hefty Charge

 February 20, 2013 08:21 AM

(By Balachander) Devon Energy Corp. (NYSE: DVN) posted a quarterly loss hit by a hefty charge, though adjusted results beat Wall Street expectations.

Adjusted earnings per share (EPS) of 78 cents beat market expectations of 75 cents for the three months ended December 2012.

The company posted a net loss of $357 million or $0.89 per share, including a non-cash asset impairment charge of $896 million. In the year-ago quarter, Devon earned $507 million or $1.25 a share.

Total revenue was flat at $2.59 billion, versus consensus estimate of a drop of 8.60 percent. Total production of oil, natural gas and natural gas liquids averaged 151,000 oil-equivalent barrels (Boe) per day, up 13 percent from the same period last year.

[Related -T. Boone Pickens: A Billionaire's Top 10 Energy Stocks]

U.S. oil production jumped 30 percent in the fourth quarter.

Total expenses increased 72 percent to $3.08 billion.

At December 31, 2012, Devon's estimated proved reserves totaled 3.0 billion oil-equivalent barrels.

DVN shares, which have been trading in between $50.89 and $76.34 over the past year, closed Tuesday's regular trading at $60.57.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.