Devon Energy: 2Q Earnings Snapshot
OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a second-quarter loss of $425 million, after reporting a profit in the same period a year earlier.
The Oklahoma City-based company said it had a loss of 83 cents per share. Earnings, adjusted for one-time gains and costs, were 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The oil and gas exploration company posted revenue of $2.25 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $3.96 billion.
Devon Energy shares have risen roughly 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $45, a climb of 35 percent in the last 12 months.