Devon reports bigger quarterly loss on $2.8 bln impairment charge

Oil and gas producer Devon Energy on Tuesday reported a bigger quarterly loss as it took a non-cash impairment charge of $2.8 billion, and said it expects to cut 10,000 barrels of oil per day in the second quarter as oil prices cratered to historic lows.

Net loss attributable to the company was $1.82 billion, or $4.82 per share, in the first quarter, from a loss of $317 million, or 74 cents per share, a year earlier.

Total production rose to 348,000 barrels of oil equivalent per day (boepd) from 313,000 boepd a year earlier.