Join The Discussion

 

Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

read more >

RadioShack sees stock jump on investment report

Fort Worth-based RadioShack saw its stock increase as much as 45 percent on Friday as investor Standard General LP said it was continuing talks on new financing for the electronics retailer.

read more >

Fort Worth couple gets in 'Shark Tank,' comes out with deal

A Fort Worth couple who started a business when they couldn’t sleep, were the first entrepreneurs to get a deal on ABC’s Shark Tank in the season premiere on Sept. 26.

read more >

Internal audit says EPA mismanaged Fort Worth project

FORT WORTH, Texas (AP) — An internal audit by the U.S. Environmental Protection Agency reveals the agency mismanaged an experiment using new ways to demolish asbestos-ridden buildings.

read more >

Weatherford's Wild Mushroom to open in Fort Worth's Ridglea Village

Weatherford restaurant staple The Wild Mushroom Steak House & Lounge will be coming to Fort Worth in November, moving into the former site of Ray’s Steakhouse at to 3206 Winthrop Ave. in the Ridglea Village Shopping Center.

read more >

Devon reports net loss in quarter

 

A. Lee Graham
Reporter
lgraham@bizpress.net

Devon Energy Corp. has reported a net loss of $1.3 billion, or $3.34 per common share ($3.34 per diluted share), for the quarter ended March 31, 2013.
Triggering the loss was a $1.9 billion non-cash asset impairment charge primarily related to lower oil and natural gas liquids pricing, the company said.
Adjusting for the non-cash charge and other items securities analysts often exclude from estimates, the company reported earning $270 million, or $0.66 per diluted share in the quarter.
“Our continued focus on oil production growth is successfully transitioning Devon’s production mix to a higher oil weighting, as evidenced by our first-quarter results,” said president and CEO John Richels, commenting in a news release.
“Oil and liquids production, our highest margin products, now account for 41 percent of our total production. Driven by our success in the Permian, we are on track to grow our U.S. oil production by almost 40 percent in 2013,” Richels said.
Oil production averaged 162,000 barrels per day for the quarter, a 14 percent increase compared to the first quarter of 2012 and an 8 percent increase over fourth-quarter 2012. Driven by Permian Basin activity, the greatest growth came from the company’s U.S. operations, where oil production increased 23 percent year over year.
Total oil, natural gas and natural gas liquids production surged to an average of 687,000 oil-equivalent barrels per day in the first quarter. That surpassed the top end of the company’s guidance by 2,000 barrels per day.
Devon’s marketing and midstream operating profit reached $125 million in the first quarter of 2013, exceeding the company’s guidance and representing a 12 percent increase compared with the first quarter of 2012.
Devon increased its natural gas hedging position as natural gas pricing has risen. For the remaining three quarters of 2013, the company has protected 1.7 billion cubic feet per day, representing about 75 percent of its expected natural gas production.
The company also raised its oil hedging position for the year. For the balance of 2013, Devon has entered into contracts to hedge 135,000 barrels per day of oil production.
Devon Energy Corp., based in Oklahoma City, is an independent oil and gas exploration and production company. More information is available at www.devonenergy.com.


 

< back

Email   email
hide
Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?