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Why Devon Energy's Stock Dropped 13.4% Today

TheMotleyFool

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Why Devon Energy's Stock Dropped 13.4% Today: https://g.foolcdn.com/editorial/images/720952/oil-rigs-on-land-at-sunset.jpg

Shares of oil and gas company Devon Energy (NYSE: DVN) fell as much as 13.4% in trading today after the company reported disappointing fourth-quarter 2022 financial results. Shares were down 10.5% to close trading.

Production fell 2% from a year ago to 636,000 barrels of oil equivalent (BOE) per day in the quarter but a fire will lower first-quarter 2023 output by 10,000 BOE before the company resumes operations later in the quarter. Production costs did fall to $12.22 per BOE on lower tax costs.

Image source: Getty Images.

Source Fool.com

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