Devon Shares Fall After Company Misses Profit Estimate

Shares of Devon Energy Corp. fell in after-hours trading Tuesday after the oil and gas company reported a fourth-quarter loss of $408 million, or $1.01 a share. The company reported adjusted earnings of 83 cents a share, compared with expectations of $1.08 a share, according to FactSet. Devon's fourth-quarter revenues topped Wall Street expectations, however, at $6 billion, contrasting with $2.6 billion a year ago and expectations around $4.39 billion, according to FactSet. Net production in Devon's Eagle Ford oil and gas formation in Texas increased 100% compared with March 2014, the company's first month of ownership, Devon said. Devon also cut its 2015 exploration and production capital budget by 20%.