OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a loss of $1.82 billion in its first quarter.
On a per-share basis, the Oklahoma City-based company said it had a loss of $4.82. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 13 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.
The oil and gas exploration company posted revenue of $2.09 billion in the period.
Devon Energy shares have dropped 57% since the beginning of the year, while the Standard & Poor's 500 index has dropped 11%. In the final minutes of trading on Tuesday, shares hit $11.18, a drop of 64% in the last 12 months.