Natural gas liquids include ethane and propane. The industry has moved from dry gas to liquids-rich fields in recent years because of higher sales prices.

But increased production and an unusually warm winter have driven down the price for natural gas liquids.

“It’s a massive decline in prices,” Thomas Driscoll, a New York-based analyst for Barclays Plc, said of natural gas liquids in a phone interview with Bloomberg. “People are a little bit behind in their estimates” for revenue.

A spokesman for Devon declined comment to Bloomberg on Friday, and a spokeswoman for WPX did not immediatly return phone calls.