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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.

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