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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
Quarterly Data

Devon Energy Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash, cash equivalents and restricted cash 3.14 2.09 3.79 6.13 5.56 14.90 12.05 10.80 11.02 7.67 9.18 22.57 18.37 16.11 15.50 13.44 11.50 23.06 7.34 12.34 15.38 5.01 4.86
Accounts receivable 7.64 6.50 6.90 7.45 8.75 10.12 9.19 7.34 7.20 5.91 5.32 6.06 4.77 4.97 5.33 6.07 5.47 5.06 5.74 4.52 6.08 3.91 5.78
Inventory 0.96 0.86 0.91 0.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets associated with discontinued operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.05 7.22 6.60 6.53 0.15 0.79 0.00 1.01 0.00 36.91 0.00
Other current assets 1.51 1.70 2.03 1.98 2.71 2.35 1.59 2.07 1.85 1.75 2.44 4.26 3.48 4.31 8.96 2.03 2.66 2.13 1.87 4.81 2.13 1.56 1.76
Current assets 13.25% 11.15% 13.62% 16.40% 17.02% 27.38% 22.83% 20.21% 20.07% 15.33% 16.95% 32.89% 33.67% 32.62% 36.39% 28.07% 19.77% 31.03% 14.95% 22.68% 23.58% 47.40% 12.40%
Oil and gas property and equipment, based on successful efforts accounting, net 72.45 74.15 72.30 69.84 69.02 58.58 62.29 64.38 64.65 68.41 67.59 44.75 44.09 45.12 42.68 55.10 63.37 53.98 70.62 65.49 64.72 44.44 45.96
Other property and equipment, net 6.06 6.19 6.76 6.49 6.52 6.57 6.92 7.00 6.96 7.29 7.08 9.65 9.71 9.78 9.19 7.55 7.33 6.31 6.07 5.73 5.68 3.99 26.98
Property and equipment, net 78.51% 80.34% 79.06% 76.33% 75.53% 65.16% 69.22% 71.38% 71.61% 75.70% 74.66% 54.41% 53.81% 54.90% 51.87% 62.64% 70.70% 60.29% 76.69% 71.22% 70.40% 48.43% 72.94%
Goodwill 3.11 3.22 3.22 3.17 3.20 3.25 3.46 3.58 3.58 3.75 3.68 7.60 7.29 7.27 6.76 5.49 5.84 5.05 4.65 4.30 4.17 2.88 8.13
Right-of-use assets 1.08 1.14 0.94 0.94 0.98 1.02 1.05 1.12 1.16 1.26 1.25 2.25 2.19 2.23 2.13 1.77 1.52 1.64 2.02 0.00 0.00 0.00 0.00
Investments 2.77 2.89 2.00 1.85 1.83 1.82 1.91 1.91 1.84 1.98 1.97 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other long-term assets 1.29 1.25 1.17 1.29 1.44 1.37 1.53 1.80 1.74 1.98 1.50 2.73 2.26 2.19 2.20 1.43 1.50 1.39 1.68 1.80 1.84 1.29 6.53
Long-term assets associated with discontinued operations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.78 0.79 0.66 0.59 0.66 0.59 0.00 0.00 0.00 0.00 0.00
Long-term assets 86.75% 88.85% 86.38% 83.60% 82.98% 72.62% 77.17% 79.79% 79.93% 84.67% 83.05% 67.11% 66.33% 67.38% 63.61% 71.93% 80.23% 68.97% 85.05% 77.32% 76.42% 52.60% 87.60%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset composition of the balance sheet demonstrates a significant shift from high liquidity during the 2020-2021 period toward a higher concentration of long-term operational assets by late 2023. There is a clear inverse relationship between the proportion of current assets and long-term assets, particularly during market volatility seen in 2020.

Liquidity and Current Asset Trends
Current assets exhibited extreme volatility, peaking at 36.39% in March 2020 before declining to 13.25% by September 2023. This fluctuation was primarily driven by cash and cash equivalents, which surged to 22.57% in December 2020 but plummeted to a period low of 2.09% in June 2023. Accounts receivable remained relatively stable, though a peak of 10.12% was observed in June 2022, suggesting a temporary increase in outstanding credit relative to the total asset base.
Core Operational Assets
Oil and gas property and equipment, net, serves as the dominant asset class, showing a long-term upward trend in its share of total assets. After a dip to 42.68% in March 2020, this metric rose consistently to reach 72.45% by September 2023. Total property and equipment, net, mirrored this trajectory, increasing from a low of 51.87% in March 2020 to 78.51% by the end of the analyzed period, indicating an intensified capital allocation toward core producing assets.
Long-term Asset Structure
Total long-term assets transitioned from a low of 63.61% in March 2020 to 86.75% in September 2023. This expansion was largely fueled by the growth in oil and gas properties. Conversely, goodwill experienced a steady decline, falling from 8.13% in March 2018 to 3.11% in September 2023, suggesting either asset impairments or a dilution of goodwill as other tangible assets grew.
Other Asset Components
Right-of-use assets remained a marginal component, generally fluctuating between 0.94% and 2.25%. Investments appeared as a negligible factor until 2021, after which they stabilized between 1.8% and 2.89% of total assets. Inventory only began appearing as a distinct common-size metric in late 2022, maintaining a small footprint below 1% of total assets.

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