![Devon Energy Corp [DVN] reports quarterly net loss of $609 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FDVN.png&w=1200&q=75)
DEVON ENERGY CORP/DE [DVN] has reported a net loss of $609 million for quarter ended Dec 31, 2022.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $3.6 billion
Based in OKLAHOMA CITY, Oklahoma, DEVON ENERGY CORP/DE operates in the MINING sector.
In the Consolidated Statements of Comprehensive Earnings for the quarter ended March 31, 2024, compared to the same period in 2023, the following financial highlights are observed:
- Total revenues for the current quarter were reported at $3,596 million, a decrease from $3,823 million in the previous year.
- Production expenses amounted to $751 million in the current quarter, compared to $693 million in the same period last year.
- Exploration expenses increased to $9 million in the current quarter from $3 million in the previous year.
- Depreciation, depletion, and amortization costs rose to $722 million from $615 million year-over-year.
- General and administrative expenses also saw an increase to $114 million from $106 million in the same period last year.
- Net earnings for the quarter were $609 million, down from $1,003 million in the previous year.
- Basic net earnings per share for the current quarter stood at $0.95, a decrease from $1.53 in the same period last year.
- Diluted net earnings per share were reported at $0.94 for the current quarter, compared to $1.53 in the previous year.
In summary, Devon's financial performance in the first quarter of 2024 reflected a decrease in revenues, higher expenses across various categories, and a decline in net earnings compared to the same period in 2023.
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