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Devon Energy has $3.5 bln quarterly loss on writedowns
November 3, 2015 / 9:32 PM / 2 years ago

Devon Energy has $3.5 bln quarterly loss on writedowns

Nov 3 (Reuters) - Devon Energy Corp on Tuesday reported a quarterly loss compared with a year-earlier profit, as low prices prompted the onshore U.S. oil and gas company to write down the value of some assets.

The Oklahoma City, Oklahoma company had a third-quarter loss of $3.5 billion, or $8.64 per share, compared with a profit of $1 billion, or $2.47 per share in the same period a year earlier.

Total oil and gas output was 680,000 barrels oil equivalent per day (boed), up 6 percent from the year-ago third quarter.

Reporting by Anna Driver; Editing by Cynthia Osterman

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