OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a loss of $ 4.53 billion in its fourth quarter.
On a per-share basis, the Oklahoma City-based company said it had a loss of $ 11.12. Earnings, adjusted for asset impairment costs and non-recurring costs, came to 77 cents per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The oil and gas exploration company posted revenue of $ 2.89 billion in the period.
For the year, the company reported a loss of $ 14.45 billion, or $ 35.55 per share, swinging to a loss in the period. Revenue was reported as $ 13.15 billion.
Devon Energy shares have decreased 34 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased slightly more than 7 percent. In the final minutes of trading on Tuesday, shares hit $ 21.26, a decrease of 68 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DVN at http://www.zacks.com/ap/DVN
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Keywords: Devon Energy, Earnings Report
