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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
Quarterly Data

Devon Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 3.35 3.61 3.99 3.62 3.23 2.88 2.64 2.38 2.55 2.43 2.76 2.44 4.02 2.98 3.98 3.12 3.56 3.14 3.34 3.38 3.85 2.64 2.94
Revenues and royalties payable 5.92 5.13 5.41 6.35 7.68 9.09 7.68 6.93 6.85 5.13 4.44 6.68 5.44 4.57 5.54 5.32 4.86 4.64 4.70 4.59 4.69 3.29 4.33
Short-term debt 2.01 1.04 1.05 1.06 1.08 0.00 0.00 0.00 0.00 0.00 1.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.83 1.27 0.95 1.21
Current liabilities 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 4.48 4.26 2.64 3.35 1.19 11.38 0.00 0.35 0.00 18.15 0.00
Other current liabilities 2.46 1.64 2.06 2.06 2.69 5.68 6.92 5.38 7.24 7.75 6.09 5.41 2.61 2.21 1.79 2.26 1.90 1.68 2.85 2.22 6.16 3.70 3.40
Current liabilities 13.74% 11.43% 12.51% 13.09% 14.69% 17.65% 17.24% 14.68% 16.65% 15.31% 14.40% 14.53% 16.55% 14.02% 13.94% 14.05% 11.52% 20.82% 10.89% 11.38% 15.98% 28.73% 11.88%
Long-term debt 23.41 26.41 26.37 26.09 26.30 27.86 29.71 30.83 30.83 32.40 34.42 43.36 41.61 41.48 38.54 31.30 29.84 25.79 32.01 29.57 28.71 19.86 32.84
Lease liabilities 1.20 1.28 1.09 1.08 1.10 1.12 1.15 1.20 1.22 1.29 1.27 2.48 2.37 2.37 2.20 1.78 1.70 1.58 1.65 0.00 0.00 0.00 0.00
Asset retirement obligations 2.64 2.35 2.33 2.15 2.11 1.95 2.03 2.23 2.19 2.24 2.22 3.61 3.85 3.78 3.46 2.77 3.65 3.17 5.19 5.26 5.47 3.73 3.89
Other long-term liabilities 3.51 3.67 3.70 3.79 3.99 4.09 4.47 4.99 6.08 6.22 6.20 5.56 3.60 4.42 4.14 3.11 2.99 2.59 2.53 2.36 3.04 2.14 1.93
Long-term liabilities 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 1.52 1.56 1.46 1.35 1.22 1.14 0.00 0.00 0.00 0.00 0.00
Deferred income taxes 6.91 7.12 6.59 6.17 5.08 3.25 2.07 1.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.49 3.63 2.90 4.27 4.48 2.69 1.48 2.64
Long-term liabilities 37.67% 40.83% 40.08% 39.29% 38.59% 38.26% 39.44% 40.61% 40.32% 42.15% 44.12% 55.01% 52.96% 53.61% 49.80% 42.79% 43.03% 37.17% 45.65% 41.67% 39.91% 27.21% 41.31%
Total liabilities 51.41% 52.26% 52.59% 52.38% 53.28% 55.91% 56.68% 55.30% 56.97% 57.46% 58.52% 69.54% 69.51% 67.63% 63.75% 56.84% 54.55% 57.99% 56.54% 53.05% 55.89% 55.94% 53.18%
Common stock, $0.10 par value 0.26 0.27 0.27 0.27 0.28 0.28 0.30 0.31 0.32 0.34 0.33 0.38 0.37 0.37 0.34 0.28 0.27 0.25 0.23 0.23 0.23 0.17 0.18
Additional paid-in capital 25.38 26.25 27.09 29.18 29.53 30.44 33.85 36.32 38.97 40.81 39.95 27.91 26.63 26.26 24.24 19.94 19.56 20.13 19.46 22.93 25.86 23.62 24.80
Retained earnings 22.83 21.15 20.12 18.11 16.90 13.40 9.24 8.05 3.56 1.21 1.07 2.10 3.40 5.66 11.65 22.95 26.48 22.45 18.14 18.65 12.42 0.02 1.61
Accumulated other comprehensive earnings (loss) -0.47 -0.49 -0.49 -0.49 -0.55 -0.56 -0.60 -0.63 -0.47 -0.50 -0.51 -1.28 -1.12 -1.13 -1.06 -0.87 -0.81 -0.70 5.89 5.25 5.77 3.74 3.83
Treasury stock, at cost 0.00 0.00 -0.12 0.00 0.00 -0.06 -0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 -0.12 -0.26 -0.11 -0.17 -0.08 -0.04
Stockholders’ equity attributable to Devon 48.01% 47.19% 46.87% 47.08% 46.16% 43.50% 42.70% 44.05% 42.38% 41.86% 40.83% 29.11% 29.28% 31.16% 35.17% 42.30% 45.45% 42.01% 43.46% 46.95% 44.11% 27.48% 30.38%
Noncontrolling interests 0.58 0.55 0.54 0.54 0.57 0.59 0.62 0.65 0.65 0.68 0.65 1.35 1.21 1.22 1.09 0.86 0.00 0.00 0.00 0.00 0.00 16.58 16.44
Total equity 48.59% 47.74% 47.41% 47.62% 46.72% 44.09% 43.32% 44.70% 43.03% 42.54% 41.48% 30.46% 30.49% 32.37% 36.25% 43.16% 45.45% 42.01% 43.46% 46.95% 44.11% 44.06% 46.82%
Total liabilities and equity 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 capital structure of the entity underwent a significant cycle of leverage expansion and subsequent contraction between 2018 and 2023. A period of increasing financial risk peaked in late 2020, followed by a consistent trend of deleveraging and equity strengthening through the end of the analyzed period.

Total Liabilities and Leverage
Total liabilities as a percentage of total liabilities and equity rose from 53.18% in March 2018 to a peak of 69.54% in December 2020. This peak indicates a substantial increase in the reliance on external financing. Subsequently, a steady decline is observed, with total liabilities falling to 51.41% by September 30, 2023, returning the balance sheet to a risk profile similar to that seen in 2018.
Debt Composition and Long-Term Obligations
Long-term debt was the primary driver of the liability fluctuations. It increased from 32.84% in early 2018 to 43.36% by December 2020. From 2021 onward, a consistent downward trend is evident, with long-term debt reducing to 23.41% by September 30, 2023. This suggests a strategic effort to pay down long-term borrowings. In contrast, short-term debt remained a negligible component of the total structure, typically fluctuating between 0% and 2%.
Current Liabilities and Operational Obligations
Current liabilities exhibited volatility, notably peaking in June 2018 at 28.73% and June 2019 at 20.82%, primarily driven by liabilities associated with discontinued operations. Outside of these spikes, current liabilities generally stabilized between 11% and 17%. Revenues and royalties payable showed a gradual increase from 4.33% in early 2018 to a peak of 9.09% in June 2022, before moderating to 5.92% by September 2023.
Equity Evolution and Retained Earnings
Total equity followed an inverse trajectory to total liabilities, dropping from 46.82% in March 2018 to a low of 30.46% in December 2020. A robust recovery followed, with total equity rising to 48.59% by September 2023. A critical component of this recovery was retained earnings, which collapsed from 18.65% in December 2018 to 2.10% in December 2020, only to climb steadily to 22.83% by September 2023, signaling a return to strong profitability and capital accumulation.
Other Significant Balance Sheet Shifts
Noncontrolling interests were a significant factor in early 2018, representing approximately 16% of the total structure, but decreased sharply to below 1% by late 2019 and remained at that level. Additionally, deferred income taxes, which were absent from the common-size reporting during 2020, emerged as an increasing liability from December 2021 (1.37%) through September 2023 (6.91%).

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