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Devon Energy Corp [DVN] reports quarterly net loss of $609 million
By USInMinutes - May 05, 2024, 06:29 AM ET
Last Updated - May 27, 2024, 01:02 AM EDT
![Devon Energy Corp [DVN] reports quarterly net loss of $609 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FDVN.png&w=3840&q=75)
Company Reports Revenue of $3.6 billion
DEVON ENERGY CORP/DE [DVN] has reported a net loss of $609 million for quarter ended Dec 31, 2022.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $3.6 billion
Based in OKLAHOMA CITY, Oklahoma, DEVON ENERGY CORP/DE operates in the MINING sector.
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In the Consolidated Statements of Comprehensive Earnings for the quarter ended March 31, 2024, compared to the same period in 2023, the following financial highlights are observed:
- Total revenues for the current quarter were reported at $3,596 million, a decrease from $3,823 million in the previous year.
- Production expenses amounted to $751 million in the current quarter, compared to $693 million in the same period last year.
- Exploration expenses increased to $9 million in the current quarter from $3 million in the previous year.
- Depreciation, depletion, and amortization costs rose to $722 million from $615 million year-over-year.
- General and administrative expenses also saw an increase to $114 million from $106 million in the same period last year.
- Net earnings for the quarter were $609 million, down from $1,003 million in the previous year.
- Basic net earnings per share for the current quarter stood at $0.95, a decrease from $1.53 in the same period last year.
- Diluted net earnings per share were reported at $0.94 for the current quarter, compared to $1.53 in the previous year.
In summary, Devon's financial performance in the first quarter of 2024 reflected a decrease in revenues, higher expenses across various categories, and a decline in net earnings compared to the same period in 2023.
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