Devon shares sink on earnings, budget cut

摘要

Houston-Shares of large independent Devon Energy fell 6% February 4 after the company reported a $2.1 billion loss for the fourth quarter of last year and announced plans to reduce spending by about 50% while waiting for energy markets to rebound. But analysts cautioned against emphasizing the loss, calling it an “accounting event” tied to a $7.1 billion charge from a writedown on the carrying value of reserves prompted by the dramatic collapse of oil and gas prices in the last three months.