off-the-wire

Devon Energy shares drop 11% on disappointing earnings report

Kitco Media
By Reuters
Published:
Updated:
Reuters
DENVER, Feb 15 (Reuters) - Shares of U.S. shale oil producer Devon Energy fell 11% on Wednesday morning after the company reported fourth quarter earnings that missed analysts' forecast on higher-than-expected expenses.


The current quarter's production will be 10,000 barrels of oil and gas per day (boepd) lower than expected, it warned, in part due to a fire a key gas compression station in Texas in late January. Shares were down $7.12 at $56.82 apiece.


The fire-hit gas compression facility will resume operations at the end of the first quarter, executives said during an earnings call on Wednesday.
(Reporting by Liz Hampton in Denver)

Messaging: Reuters Messaging: liz.hampton.reuters@reuters.net))
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