May 5, 2020 / 8:31 PM / 3 months ago

Devon reports bigger quarterly loss on $2.8 bln impairment charge

May 5 (Reuters) - 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. [bit.ly/2YBAQxC ]

Total production rose to 348,000 barrels of oil equivalent per day (boepd) from 313,000 boepd a year earlier. (Reporting by Shanti S Nair in Bengaluru; Editing by Vinay Dwivedi)

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