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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 jmarks@opubco.com Published: November 8, 2012
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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.