logo
  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
Advertisement

Advertisement


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

rss feed

Latest Stories

article imageCrude Rebound

Since the price of crude oil broke below $90 per barrel in September, the Brent global benchmark has been read on...

article imageShould You Invest In The Hottest New Trend In Finance?

Thanks to major changes in regulation, social media and technology, the business of banking has undergone read on...

article imageStrong Attractor in Action Pulling S&P 500 Down

The attractor is formed by the 200-day moving average and the 50% Fibonacci retracement of the up move from read on...

article imageIs The Weak Housing Market A Warning Sign For The US Economy?

Today’s US economic releases – housing starts and business survey data for the manufacturing sector – read on...

Advertisement
Popular Articles

Advertisement
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.