Devon Energy Corp. (DVN) reported a first-quarter net loss of $1.34 billion or $3.34 per share, compared to profit of $393 million or $0.97 per share last year. The company's quarterly loss was attributable to a $1.9 billion non-cash asset impairment charge primarily related to lower oil and natural gas liquids pricing. Adjusting for this non-cash charge and other items securities, net income was $270 million or $0.66 per share in the first quarter of 2013.
Total revenues decreased to $1.97 billion from $2.50 billion last year.
On average, 26 analysts polled by Thomson Reuters expected the company to report profit of $0.56 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $2.28 billion for the quarter.
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