Devon (DVN -6.2%) slides sharply after reporting a Q4 loss including an $896M writedown of...

  • Wednesday, February 20, 2:59 PM ET
    Devon (DVN -6.2%) slides sharply after reporting a Q4 loss including an $896M writedown of devalued natural gas production assets. Q4 average daily oil production rose 13%, but overall daily output fell slightly as natural gas production slipped 5.9%. During the conference call, CEO John Richels said DVN may take another look at spinning off its pipeline and processing assets into an MLP.

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They had a bad quarter.  They should get beat up a little bit.  Things like the Utica are a blip on the radar to them and their shareholders.  The midstream MLP spinoff talk is what really blasted them.

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