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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
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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.

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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