Devon Energy announces fourth quarter loss

Devon Energy Corp. reported a net loss of $357 million in the fourth quarter because an impairment charge caused by low natural gas prices.
by Jay F. Marks Published: February 21, 2013
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Devon also boosted its oil production by 20 percent over 2011, offsetting a drop in natural gas production due to reduced activity.

Dave Hager, Devon's executive vice president of exploration and production, said the company's largest growth came from its core plays in Oklahoma, Texas and Canada without significantly increasing its pad count.

Devon intends to focus its resources on oil projects this year, Richels said, with an eye toward increasing production by about 15 percent.

Richels said Devon also will look into the possibility of creating a midstream master limited partnership to unlock the value of the company's assets.

Devon opted not to proceed with a midstream partnership in 2007, but Richels said market conditions are more favorable now.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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