Devon stung by impairments

Devon quarter: Hit by impairments on oil and gas assets

AP/Scanpix

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Kathrine Schmidt

 20 February 2013 17:52 GMT

US onshore player Devon Energy toppled to a big quarterly and annual loss after posting a $896 million impairment on devalued oil and gas assets.

The Oklahoma City-based company posted a net loss of $357 million in the three months to December, compared with a $507 million profit in the year-ago period.

Impairments also led the company to an annual loss of $206 million, compared with a $4.7 billion profit in 2011.

Without the one-time items, Devon said it would have made a $316 million profit as the company increased its liquids production as it pushed to shift its portfolio away from dry gas.

“During the year, we continued to make significant progress toward the conversion of our asset…

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