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Devon Energy posts another loss on $896 mln charge
February 20, 2013 / 1:20 PM / 5 years ago

Devon Energy posts another loss on $896 mln charge

Feb 20 (Reuters) - U.S. oil and gas producer Devon Energy Corp reported a fourth-quarter loss as it wrote down the value of its assets by $896 million due to weak gas prices.

The company reported a net loss of $357 million, or 89 cents per share, compared with a profit of $507 million, or $1.25 per share, a year earlier.

This is the second time in a row that Devon reported a quarterly loss and wrote down the value of its assets.

The company took a massive $1.1 billion charge in the third quarter as a fall in natural gas prices reduced the carrying value of its assets.

The Oklahoma City-based company’s revenue fell marginally to $2.6 billion.

Natural gas prices averaged $3.54 per million British thermal unit in the quarter, well below the $14 high set in 2005.

Devon drills for oil, gas and natural gas liquids on land from the Canadian Arctic to the Gulf Coast of the United States.

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