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Devon Energy posts big loss on $1.1 bln charge
November 7, 2012 / 1:25 PM / 5 years ago

Devon Energy posts big loss on $1.1 bln charge

Nov 7 (Reuters) - Devon Energy Corp reported a third-quarter loss on a $1.1 billion asset impairment charge as a fall in natural gas prices reduced the carrying value of its assets.

Devon reported a loss of $719 million, or $1.80 per share, compared with a profit of $1 billion, or $2.51 per share, a year earlier.

Natural gas prices in the United States fell 30 percent to $2.83 per million British thermal units in the third quarter compared with a year earlier, due to heavy supplies. Prices of natural gas liquids have also declined on oversupply.

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