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Devon Energy posts loss on asset write-down

By Washington Examiner
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OKLAHOMA CITY (AP) — Devon Energy Corp. on Wednesday posted a fourth-quarter loss due to an $896 million write-down related to its value of its gas and oil assets, but its adjusted results beat market expectations.

The Oklahoma City-based oil and gas exploration company reported a net loss of $357 million, or 89 cents per share, for the three months ended Dec. 31. That’s compared with net income of $507 million, or $1.25 per share, in the fourth quarter of 2011.

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