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Stock Analysis on Net

Devon Energy Corp. (NYSE:DVN)

This company has been moved to the archive! The financial data has not been updated since November 8, 2023.

Common-Size Balance Sheet: Assets

Devon Energy Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash, cash equivalents and restricted cash 6.13 10.80 22.57 13.44 12.34
Accounts receivable 7.45 7.34 6.06 6.07 4.52
Inventory 0.85 0.54 0.00 0.00 0.00
Current assets associated with discontinued operations 0.00 0.00 0.00 6.53 1.01
Other current assets 1.98 1.53 4.26 2.03 4.81
Current assets 16.40% 20.21% 32.89% 28.07% 22.68%
Oil and gas property and equipment, based on successful efforts accounting, net 69.84 64.38 44.75 55.10 65.49
Other property and equipment, net 6.49 7.00 9.65 7.55 5.73
Finance lease right-of-use assets 0.86 1.00 2.22 1.67 0.00
Property and equipment, net, including finance lease right-of-use assets 77.18% 72.39% 56.63% 64.31% 71.22%
Goodwill 3.17 3.58 7.60 5.49 4.30
Operating lease right-of-use assets 0.09 0.11 0.03 0.10 0.00
Investments 1.85 1.91 0.12 0.00 0.00
Other long-term assets 1.29 1.80 2.73 1.43 1.80
Long-term assets associated with discontinued operations 0.00 0.00 0.00 0.59 0.00
Long-term assets 83.60% 79.79% 67.11% 71.93% 77.32%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset structure exhibits a significant cyclical shift between 2018 and 2022, transitioning from a period of heightened liquidity to a concentrated investment in long-term productive assets. This movement suggests a strategic shift from capital preservation during the 2020 period toward aggressive capital deployment in core operations by 2022.

Liquidity and Current Asset Dynamics
Current assets experienced a peak in 2020, reaching 32.89% of total assets, primarily driven by a surge in cash and cash equivalents, which climbed to 22.57% that same year. Following this peak, a sharp contraction occurred, with current assets falling to 16.40% and cash holdings decreasing to 6.13% by 2022. In contrast, accounts receivable demonstrated a consistent upward trend, increasing from 4.52% in 2018 to 7.45% in 2022, indicating a growing proportion of credit-based sales relative to the total asset base.
Fixed Asset Concentration and Capital Intensity
Net property and equipment, including finance lease right-of-use assets, followed a U-shaped trajectory. After declining from 71.22% in 2018 to a low of 56.63% in 2020, these assets expanded significantly to reach 77.18% by 2022. The oil and gas property and equipment component specifically drove this movement, rebounding from 44.75% in 2020 to 69.84% in 2022, reflecting a substantial increase in the concentration of capital in productive oil and gas reserves and infrastructure.
Intangibles and Other Long-Term Assets
Goodwill as a percentage of total assets peaked at 7.60% in 2020 before trending downward to 3.17% by 2022. Long-term assets overall mirrored the growth seen in property and equipment, rising from 67.11% in 2020 to 83.60% in 2022. Additionally, investments became a more visible component of the balance sheet starting in 2021, stabilizing at 1.85% in 2022, while inventory remained a marginal factor, appearing only in the final two years of the period.

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