Reuters
UPDATE 2-Devon Energy profit misses as output hit by winter storm
Shale oil producer Devon Energy on Tuesday missed Wall Street estimates for fourth-quarter profit due to a hit to production from severe cold weather in the United States during the period, as well as higher expenses on personnel. Winter Storm Elliott brought subfreezing temperatures and extreme weather to about two-thirds of the United States in December, forcing oil and gas wells freeze-ins, where ice crystals halt oil and gas production. Devon had said in January that it estimated its fourth-quarter production to be 2% lower, with operations at its Williston basin in North Dakota affected the most.