Devon Energy Reports Q4 Core EPS Of $0.83 - Quick Facts

(RTTNews) - Devon Energy Corp. (DVN) reported a fourth-quarter net loss to company of $408 million, compared to profit of $207 million, prior year. Loss per share from continuing operations was $1.01, compared to profit of $0.51. For the fourth quarter of 2014, Devon's core earnings totaled $343 million, or $0.83 per share.

On average, 32 analysts polled by Thomson Reuters expected the company to report profit per share of $1.05 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $6.00 billion from $2.62 billion last year. Analysts expected revenue of $4.11 billion for the quarter.

Devon's 2015 E&P capital budget is $4.1 to $4.4 billion. This level of investment implies around a 20 percent decline in E&P spending compared to 2014 and is designed to better balance capital expenditures with expected cash inflows, the company said.

The company's production growth outlook remains unchanged. Devon expects to deliver oil production growth of 20 to 25 percent year over year on a retained property basis.