Devon Energy Corp. posted a $3.6 billion net loss on $5.46
billion of asset impairments, although the energy company said
production was higher than expected and it raised its full-year
production goal.
Devon's loss per share was $8.88 in the first quarter. In the
year-earlier quarter, net income was $324 million, or 79 cents a
share. Excluding items, the company earned 22 cents a share.
Revenue fell 12% to $3.265 billion.
Analysts polled by Thomson Reuters projected earnings excluding
items of 34 cents a share on revenue of $3.845 billion.
The company said it had "outstanding operational results" and
said "we did an exceptional job controlling operating
expenses."
Oklahoma City-based Devon has been shifting its focus to oil,
from its roots as a natural-gas producer, through a string of
acquisitions and sales. Since 2008, Devon has more than doubled its
onshore oil production in the U.S. and Canada.
Devon said Tuesday that it now expects oil production to
increase 25% to 35% this year, up from 20% to 25% previously. Devon
said its top-line production growth guidance is 5% to 10%.
Devon said in December that Chief Executive John Richels plans
to retire at the end of July and the company named Chief Operating
Officer Dave Hager as his successor.
In after-hours trading, Devon shares fell 1.3% to $65.80.
Write to Josh Beckerman at josh.beckerman@wsj.com
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