OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a loss of $317 million in its first quarter.
On a per-share basis, the Oklahoma City-based company said it had a loss of 74 cents. Earnings, adjusted for non-recurring costs, came to 36 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The oil and gas exploration company posted revenue of $1.5 billion in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $2.52 billion.
Devon Energy shares have risen 42% since the beginning of the year, while the Standard & Poor's 500 index has climbed 18%. In the final minutes of trading on Tuesday, shares hit $32.10, a fall of 12% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DVN at https://www.zacks.com/ap/DVN