Devon Energy Posts Q2 Loss On Charges - Quick Facts

(RTTNews) - Devon Energy Corp. (DVN) reported a second-quarter net loss of $2.8 billion, or $6.94 per share due to a non-cash, full-cost ceiling charge. This is compared with second-quarter 2014 reported net earnings of $675 million, or $1.64 per share. core earnings was $320 million, or $0.78 per share, for the second quarter of 2015.

On average, 34 analysts polled by Thomson Reuters expected the company to report profit per share of $0.42 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $3.39 billion from $4.51 billion last year. Analysts expected revenue of $3.73 billion for the quarter. Devon's production averaged 674,000 Boe per day during the second quarter of 2015, a 9 percent increase compared to the second quarter of 2014.

The company said, given the strong year-to-date production performance, it is well positioned to deliver on 2015 oil growth target of 25 to 35 percent. Devon also remains on track to increase top-line production by 5 to 10 percent.