Weak natural gas prices forced De- von Energy Corp. to write down almost $900 million in the value of its assets in the fourth quarter, the Oklahoma City- based operator said Wednesday. It was the second quarter in a row that Devon wrote down the value of its gas assets; it took a a $896 million charge in 4Q2012 and a $1.1 billion charge in 3Q2012. In the last three months of 2012 net losses totaled $357 million (minus 89 cents/share), versus profits of $507 million ($1.25) in 4Q2011. Revenue, which showed gains from onshore liquids op- erations, declined slightly in 4Q2012 to $2.6 billion.
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