Expert Analyzes Devon Energy's Multibillion-Dollar Loss
OKLAHOMA CITY - Devon Energy just announced a multibillion-dollar loss in its third quarter. But the findings may not be as devastating as they appear.
News 9 got analysis on what the numbers mean.
As gas prices continue to fall, Oklahomans tend to grip any news in the oil industry. Especially when it concerns one of the industry's top companies.
Devon Energy has announced a $3.5 Billion loss for the third quarter. In comparison, Devon reported a $1.2 Billion loss this time last year.
However, the company shows an increase in oil production, and after announcing the loss Devon's shares rose over 2 percent.
What this means to everyday Oklahomans, OK Energy Today's Jerry Bohnen said not that much and maybe not even the loss of jobs.
"What you have here is a loss of oil still in the ground controlled by Devon. So it doesn't have as much value as what it did a year ago. So that's a write off of the $3.5 billion. But production was up 31 percent, so that's really pretty good news for Devon," Bohnen said.
As for gas prices, Bohnen said the those will remain low, which may be unfortunate for Devon and the economy but good for drivers.