Apparently, they are having trouble digesting the pig in a poke Geosouthern sold them.
The financial statements are attached hereto.
OKLAHOMA CITY (AP) _ Devon Energy Corp. (DVN) on Tuesday reported a loss of $3.06 billion in its first quarter.
On a per-share basis, the Oklahoma City-based company said it had a loss of $6.44. Losses, adjusted for asset impairment costs and non-recurring costs, were 53 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 60 cents per share.
The oil and gas exploration company posted revenue of $2.13 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $2.59 billion.
Devon Energy shares have increased slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 1 percent. In the final minutes of trading on Tuesday, shares hit $32.75, a drop of 53 percent in the last 12 months.
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