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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

Microsoft Excel
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).

The company's capital structure underwent a significant shift over the analyzed five-year period, characterized by a substantial peak in leverage in 2020 followed by a return to a more balanced equity-to-liability ratio by 2022. Total liabilities rose from 53.05% of total liabilities and equity in 2018 to a maximum of 69.54% in 2020, before declining to 52.38% by the end of 2022.

Debt and Liability Dynamics
Long-term debt served as the primary driver of liability fluctuations, increasing from 29.57% in 2018 to a peak of 43.36% in 2020. This was followed by a consistent deleveraging trend, reducing long-term debt to 26.09% by 2022. Current liabilities remained relatively stable, fluctuating within a narrow range between 11.38% and 14.68% throughout the period. Notably, revenues and royalties payable showed a general upward trend from 4.59% in 2018 to 6.35% in 2022, while asset retirement obligations declined from 5.26% to 2.15% over the same interval.
Equity and Capital Structure
Total equity exhibited an inverse relationship to total liabilities, dropping to a low of 30.46% in 2020 before recovering to 47.62% in 2022. This volatility is most pronounced in retained earnings, which plummeted from 22.95% in 2019 to 2.10% in 2020, indicating a sharp reduction in accumulated profits, followed by a recovery to 18.11% by 2022. Additional paid-in capital generally trended upward, rising from 22.93% in 2018 to 29.18% in 2022, peaking at 36.32% in 2021.
Other Financial Observations
Deferred income taxes remained relatively low for the majority of the period but experienced a sharp increase to 6.17% in 2022. Noncontrolling interests remained a minor component of the balance sheet, peaking at 1.35% in 2020 and ending at 0.54% in 2022. Short-term debt remained negligible for most of the period, appearing as a small percentage in 2018 (0.83%) and 2022 (1.06%).

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