Although one quarter does not define a company, especially in the energy sector, Devon Energy certainly will get the attention of investors after a second-quarter 70% year-over-year earnings decrease. Devon, with a portfolio consisting of 63% natural gas production, faced headwinds not only with a weak gas market, but also production disruptions leading to an 8% price decrease over the past three months. This decrease is not company-specific Other gas heavies including Halcon, with a 50% gas portfolio, or Forest Oil, sporting 68% gas, lost 20% and 30%, respectively, over the past three months.
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