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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.
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Devon Energy Corp., Consolidated Income Statement
USD $ in millions

| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Oil, gas and NGL sales | ![]() |
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Oil, gas and NGL derivatives | ![]() |
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Marketing and midstream revenues | ![]() |
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Revenues | ![]() |
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Lease operating expenses | ![]() |
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Marketing and midstream operating costs and expenses | ![]() |
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Depreciation, depletion and amortization | ![]() |
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General and administrative expenses | ![]() |
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Taxes other than income taxes | ![]() |
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Restructuring costs | ![]() |
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Reduction of carrying value of oil and gas properties | ![]() |
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Operating earnings (loss) | ![]() |
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Interest expense | ![]() |
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Accretion of asset retirement obligations | ![]() |
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Interest rate swaps | ![]() |
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Interest income | ![]() |
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Other | ![]() |
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Other, net | ![]() |
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Earnings (loss) from continuing operations before income taxes | ![]() |
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Income tax (expense) benefit | ![]() |
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Earnings (loss) from continuing operations | ![]() |
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Earnings from discontinued operations, net of income tax expense | ![]() |
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Net earnings (loss) | ![]() |
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Preferred stock dividends | ![]() |
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Net earnings (loss) applicable to common stockholders | ![]() |
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| 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 increased from 2009 to 2010 and from 2010 to 2011. |
| Operating earnings (loss) | The net result for the period of deducting operating expenses from operating revenues. | Devon Energy Corp.'s operating earnings (loss) increased from 2009 to 2010 and from 2010 to 2011. |
| 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 increased from 2009 to 2010 and from 2010 to 2011. |
| 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 2009 to 2010 but then slightly declined from 2010 to 2011. |
| 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 increased from 2009 to 2010 and from 2010 to 2011. |
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