OKLAHOMA CITY (AP) – Devon Energy Corp. (DVN) on Tuesday reported a fourth-quarter loss of $642 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Oklahoma City-based company said it had a loss of $1.70. Earnings, adjusted to account for discontinued operations and non-recurring costs, came to 33 cents per share. The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share. The oil and gas exploration company posted revenue of $1.59 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $1.83 billion. For the year, the company reported a loss of $355 million, or 89 cents per share, swinging to a loss in the period. Revenue was reported as $6.22 billion. Devon Energy shares have decreased 15% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 4%. In the final minutes of trading on Tuesday, shares hit $22.16, a decline of 22% in the last 12 months.