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Devon Energy beats estimates despite impairment charge

Devon Energy Corp. reported a third-quarter loss of $719 million, or $1.80 a share, due to an impairment charge resulting from lower natural gas prices.
BY JAY F. MARKS Published: November 8, 2012

Richels said Devon expects to reduce its capital expenditure budget in 2013 as the company focuses on its oil drilling program rather than capturing leasehold.

“We believe the long-term growth potential of Devon's oil projects, both light sweet crude in the U.S. and heavy oil in Canada, married with an option on natural gas provided by our world-class gas resource plays, differentiates us from the other companies in our sector,” he said during Wednesday's conference call with analysts.


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