Devon Energy Has Quarterly Loss on Write-downs

Devon Energy Corp on Tuesday reported a net loss as the U.S. exploration and production company wrote down the value of oil and gas properties following the collapse of crude prices.

 

Devon, based in Oklahoma City, Oklahoma, said its first-quarter loss was $3.6 billion or $8.88 per share, compared with $324 million, or 79 cents per share in the year-ago period.

 

Oil and gas output was 685,000 barrels oil equivalent per day, down from 691,000 a year earlier.