Devon Energy Posts Q4 Loss

(RTTNews) - Devon Energy Corp. (DVN) Tuesday reported fourth-quarter net loss of $642 million or $1.70 per share, compared to net income of $1.15 billion or $2.48 per share last year.

Excluding items, Devon Energy reported adjusted earnings of $128 million or $0.33 per share for the period. Analysts polled by Thomson Reuters estimated earnings of $0.32 per share. Analysts estimates typically exclude one-time items.

Revenues for the quarter rose to $1.59 billion from $3.53 billion last year. Analysts had a consensus revenue estimate of $1.85 billion.

Moving ahead, the company raised its full-year 2020 oil growth rate to range of 7.5% to 9%. In the first-quarter 2020, oil production is projected to average in the range of 158,000 to 163,000 barrels per day.