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The income statement presents information on the financial results of a company's business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Devon Energy Corp., Consolidated Income Statement
USD $ in millions
| 12 months ended | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | Dec 31, 2006 | |
|---|---|---|---|---|---|---|
 |
Oil, gas and NGL sales | 7,262 | 6,097 | 13,073 | 9,612 | 8,886 |
|
Oil, gas and NGL derivatives | 811 | 384 | (154) | 14 | – |
|
Marketing and midstream revenues | 1,867 | 1,534 | 2,292 | 1,736 | 1,692 |
|
Revenues | 9,940 | 8,015 | 15,211 | 11,362 | 10,578 |
|
Lease operating expenses | (1,689) | (1,670) | (2,217) | (1,828) | (1,488) |
|
Taxes other than income taxes | (380) | (314) | (522) | (340) | (341) |
|
Marketing and midstream operating costs and expenses | (1,357) | (1,022) | (1,624) | (1,227) | (1,244) |
|
Depreciation, depletion and amortization of oil and gas properties | (1,675) | (1,832) | (3,253) | (2,655) | (2,266) |
|
Depreciation and amortization of non-oil and gas properties | (255) | (276) | (256) | (203) | (176) |
|
Accretion of asset retirement obligations | (92) | (91) | (86) | (74) | (49) |
|
General and administrative expenses | (563) | (648) | (653) | (513) | (397) |
|
Restructuring costs | (57) | (105) | – | – | – |
|
Interest-rate and other financial instruments | 14 | 106 | (149) | 34 | (178) |
|
Reduction of carrying value of oil and gas properties | – | (6,408) | (10,379) | – | (121) |
|
Interest and dividend income | 13 | 8 | 75 | 89 | 100 |
|
Deep water royalties | – | 84 | – | – | – |
|
Hurricane insurance proceeds | – | – | 162 | – | – |
|
Other | 32 | (24) | (13) | 9 | 15 |
|
Other, net | 45 | 68 | 224 | 98 | 115 |
|
Earnings (loss) from continuing operations before interest expense and income taxes | 3,931 | (4,177) | (3,704) | 4,654 | 4,433 |
|
Interest expense, excluding early retirement of debt | (344) | (349) | (329) | (430) | (421) |
|
Early retirement of debt | (19) | – | – | – | – |
|
Interest expense | (363) | (349) | (329) | (430) | (421) |
|
Earnings (loss) from continuing operations before income taxes | 3,568 | (4,526) | (4,033) | 4,224 | 4,012 |
|
Income tax (expense) benefit | (1,235) | 1,773 | 954 | (1,078) | (1,189) |
|
Earnings (loss) from continuing operations | 2,333 | (2,753) | (3,079) | 3,146 | 2,823 |
|
Earnings from discontinued operations | 2,217 | 274 | 931 | 460 | 23 |
|
Net earnings (loss) | 4,550 | (2,479) | (2,148) | 3,606 | 2,846 |
|
Preferred stock dividends | – | – | (5) | (10) | (10) |
|
Net earnings (loss) applicable to common stockholders | 4,550 | (2,479) | (2,153) | 3,596 | 2,836 |
| Item | Description | The company |
|---|---|---|
| Revenues | Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. | Devon Energy Corp.'s revenues declined from 2008 to 2009 but then slightly increased from 2009 to 2010. |
| Earnings (loss) from continuing operations before interest expense and income taxes | The net result for the period of deducting operating expenses from operating revenues. | Devon Energy Corp.'s earnings (loss) from continuing operations before interest expense and income taxes declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level. |
| Earnings (loss) from continuing operations before income taxes | Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. | Devon Energy Corp.'s earnings (loss) from continuing operations before income taxes declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level. |
| Earnings (loss) from continuing operations | This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. | Devon Energy Corp.'s earnings (loss) from continuing operations increased from 2008 to 2009 and from 2009 to 2010. |
| Net earnings (loss) | The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. | Devon Energy Corp.'s net earnings (loss) declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level. |
| Net earnings (loss) applicable to common stockholders | The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. | Devon Energy Corp.'s net earnings (loss) applicable to common stockholders declined from 2008 to 2009 but then increased from 2009 to 2010 exceeding 2008 level. |
February 8, 2012