Why Devon Energy Plunged This Week
Shares of U.S. shale driller Devon Energy (NYSE: DVN) fell hard this week, down 12.3% through Thursday trading, according to data from S&P Global Market Intelligence.
The oil-and-gas fracker reported earnings this week that underwhelmed some analysts and investors. In addition, Devon guided to some elevated costs for the current year relative to its projected production.
While some of the curtailed production in the fourth quarter was due to inclement weather, Devon's higher spending forecasts still spooked analysts, as oil and gas prices have retreated mightily from their highs.
Source Fool.com
