Devon Energy Corp. (DVN) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

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Devon Energy Corp., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Net earnings (loss) applicable to common stockholders
	Add: Net noncash charges
	Less: Net (increase) decrease in working capital
	Net cash from operating activities
	Less: Capital expenditures
	Add: Credit facility borrowings
	Less: Credit facility repayments
	Add: Net commercial paper borrowings (repayments)
	Add: Proceeds from borrowings of long-term debt, net of issuance costs
	Less: Debt repayments
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Devon Energy Corp.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Devon Energy Corp.'s FCFE declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

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Devon Energy Corp., current P/FCFE

	Devon Energy Corp.	Oil & Gas
No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

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Devon Energy Corp., P/FCFE calculation

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)
	FCFE per share
	Share price^1, 2
	P/FCFE, Comparison to Industry
	Devon Energy Corp.
	Industry, Oil & Gas

¹ Data adjusted for splits and stock dividends.
² Close price on the filing date of Devon Energy Corp.'s Annual Report.

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders' equity.	Devon Energy Corp.'s P/FCFE ratio declined from 2009 to 2010 but then slightly increased from 2010 to 2011.