Stock Analysis on Net
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: Liabilities and Stockholders’ Equity 

Devon Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 3.62 2.38 2.44 3.12 3.38
Revenues and royalties payable 6.35 6.93 6.68 5.32 4.59
Short-term debt 1.06 0.00 0.00 0.00 0.83
Current finance lease liabilities 0.03 0.04 0.08 0.05 0.00
Current operating lease liabilities 0.05 0.09 0.01 0.07 0.00
Current lease liabilities 0.09% 0.12% 0.09% 0.12% 0.00%
Other current liabilities 1.97 5.26 5.32 2.14 2.22
Current liabilities associated with discontinued operations 0.00 0.00 0.00 3.35 0.35
Current liabilities 13.09% 14.68% 14.53% 14.05% 11.38%
Long-term debt 26.09 30.83 43.36 31.30 29.57
Long-term finance lease liabilities 1.05 1.17 2.46 1.75 0.00
Long-term operating lease liabilities 0.03 0.02 0.02 0.03 0.00
Long-term lease liabilities 1.08% 1.20% 2.48% 1.78% 0.00%
Asset retirement obligations 2.15 2.23 3.61 2.77 5.26
Other long-term liabilities 3.79 4.99 5.56 3.11 2.36
Deferred income taxes 6.17 1.37 0.00 2.49 4.48
Long-term liabilities associated with discontinued operations 0.00 0.00 0.00 1.35 0.00
Long-term liabilities 39.29% 40.61% 55.01% 42.79% 41.67%
Total liabilities 52.38% 55.30% 69.54% 56.84% 53.05%
Common stock, $0.10 par value 0.27 0.31 0.38 0.28 0.23
Additional paid-in capital 29.18 36.32 27.91 19.94 22.93
Retained earnings 18.11 8.05 2.10 22.95 18.65
Accumulated other comprehensive earnings (loss) -0.49 -0.63 -1.28 -0.87 5.25
Treasury stock, at cost 0.00 0.00 0.00 0.00 -0.11
Stockholders’ equity attributable to Devon 47.08% 44.05% 29.11% 42.30% 46.95%
Noncontrolling interests 0.54 0.65 1.35 0.86 0.00
Total equity 47.62% 44.70% 30.46% 43.16% 46.95%
Total liabilities and equity 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).

Current Liabilities
Current liabilities as a percentage of total liabilities and equity increased from 11.38% in 2018 to a peak of 14.68% in 2021, followed by a decline to 13.09% in 2022. Accounts payable showed a steady decrease from 3.38% in 2018 to 2.38% in 2021, then rose to 3.62% in 2022. Revenues and royalties payable increased consistently from 4.59% in 2018 to 6.93% in 2021, slightly declining to 6.35% in 2022. Other current liabilities exhibited volatility, rising sharply from 2.22% in 2018 to 5.32% in 2020, maintaining around 5.26% in 2021, then dropping to 1.97% in 2022. Short-term debt was minimal or absent except for an increase to 1.06% in 2022. The aggregate of current finance, operating, and lease liabilities remained relatively low and stable.
Long-Term Liabilities
Long-term debt as a proportion of total liabilities and equity increased significantly from 29.57% in 2018 to a high of 43.36% in 2020, then declined to 26.09% by 2022. Long-term lease liabilities followed a similar pattern, increasing from 1.78% in 2019 to 2.48% in 2020, then decreasing to 1.08% in 2022. Asset retirement obligations decreased from 5.26% in 2018 to 2.15% in 2022, showing a downward trend. Other long-term liabilities rose from 2.36% in 2018 to 5.56% in 2020 and gradually fell to 3.79% in 2022. Deferred income taxes fluctuated, declining sharply in 2019 and 2021 but rising markedly to 6.17% in 2022. Overall, long-term liabilities peaked in 2020 at 55.01% before decreasing to 39.29% in 2022.
Total Liabilities
Total liabilities increased steadily from 53.05% in 2018 to 69.54% in 2020, then declined to 52.38% in 2022, indicating a peak in financial obligations around 2020 followed by a reduction.
Stockholders' Equity
Stockholders’ equity showed a contrasting trend, decreasing from 46.95% in 2018 to 29.11% in 2020, then rebounding to 47.08% in 2022. Additional paid-in capital first declined from 22.93% in 2018 to 19.94% in 2019 but surged to 36.32% in 2021 before falling back to 29.18% in 2022. Retained earnings experienced a dramatic decline from 18.65% in 2018 to 2.10% in 2020, followed by a gradual recovery reaching 18.11% in 2022. Accumulated other comprehensive earnings consistently remained negative from 2019 through 2022, though the magnitude of loss reduced slightly. Common stock and noncontrolling interests remained relatively minor in proportion and stable over time. Total equity aligned inversely with liabilities, bottoming out at 30.46% in 2020 and increasing to 47.62% in 2022.
Overall Financial Structure
The data suggests a shift in the company’s financial structure over the five-year period. Liabilities, particularly long-term debt, increased markedly until 2020, after which there was a consistent deleveraging reflected in reduced liabilities and enhanced equity proportions. This indicates potential efforts toward balance sheet strengthening post-2020. Concurrently, the fluctuations in additional paid-in capital and retained earnings reveal significant changes in equity financing and profitability impacts. The consistent, though modest, negative accumulated other comprehensive earnings may point to non-operating losses or valuation adjustments affecting equity.