Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Devon Energy Corp., consolidated balance sheet: assets

US$ in millions

		Dec 31, 2022		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019		Dec 31, 2018
	Cash, cash equivalents and restricted cash
	Accounts receivable
	Inventory
	Current assets associated with discontinued operations
	Other current assets
	Current assets
	Oil and gas property and equipment, based on successful efforts accounting, net
	Other property and equipment, net
	Finance lease right-of-use assets
	Property and equipment, net, including finance lease right-of-use assets
	Goodwill
	Operating lease right-of-use assets
	Investments
	Other long-term assets
	Long-term assets associated with discontinued operations
	Long-term assets
	Total assets

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).

Cash, cash equivalents and restricted cash: The cash and cash equivalents balance decreased from $2,414 million in 2018 to $1,454 million in 2022, showing a general downward trend with some fluctuations. The lowest point was in 2022, reflecting a reduction of approximately 40% from the 2018 level.
Accounts receivable: Accounts receivable declined from $885 million in 2018 to $601 million in 2020 but then increased significantly to $1,767 million by the end of 2022, indicating a potential increase in sales or credit risk exposure in the latest years.
Inventory: Inventory data is only available for 2021 and 2022, showing an increase from $114 million to $201 million, suggesting a buildup in stock during this period.
Current assets associated with discontinued operations: These assets were $197 million in 2018 and increased markedly to $896 million in 2019 before becoming immaterial or not reported in subsequent years.
Other current assets: These assets sharply decreased from $941 million in 2018 to $279 million in 2019, then fluctuated between $321 million and $469 million in the following years, without a clear upward or downward trend.
Current assets: Current assets decreased from $4,437 million in 2018 to $3,260 million in 2020, then rebounded to $4,249 million in 2021, followed by a slight decline to $3,891 million in 2022, indicating volatility in short-term asset liquidity.
Oil and gas property and equipment, net: This asset category experienced a pronounced decrease from $12,813 million in 2018 to $4,436 million in 2020, followed by a substantial recovery to $16,567 million in 2022, suggesting significant capital expenditure or asset revaluation in the last two years.
Other property and equipment, net: Other property and equipment demonstrated a steady increase from $1,122 million in 2018 to $1,539 million in 2022, indicating ongoing investment or less depreciation relative to additions.
Finance lease right-of-use assets: These assets appeared starting in 2019 with $229 million, then showed a mild decline each year to $203 million in 2022, implying lease asset amortization or derecognition over time.
Property and equipment, net, including finance lease right-of-use assets: The total of property and equipment including lease right-of-use assets showed a sharp decrease from $13,935 million in 2018 to $5,613 million in 2020, followed by strong growth to $18,309 million in 2022, reflecting capital investment activities and possible asset disposals or impairments in the earlier years.
Goodwill: Goodwill remained constant at $753 million from 2019 through 2022 after a slight decrease from $841 million in 2018, indicating no new acquisitions impacting goodwill in recent years.
Operating lease right-of-use assets: Operating lease right-of-use assets were minimal but fluctuated slightly from $14 million in 2019 to $21 million in 2022, reflecting lease arrangements of limited scale.
Investments: Investments increased significantly from minimal or no values prior to 2020 to $440 million in 2022, showing growing investment activities or acquisition of longer-term financial assets.
Other long-term assets: Other long-term assets fluctuated somewhat without a clear trend, starting at $353 million in 2018, dipping to $196 million in 2019, then reaching $378 million in 2021 before slightly decreasing to $307 million in 2022.
Long-term assets associated with discontinued operations: These assets were recorded at $81 million in 2019 and not reported in other years, indicating disposal or classification changes after 2019.
Long-term assets: Long-term assets plummeted from $15,129 million in 2018 to $6,652 million in 2020, followed by a considerable increase to $19,830 million in 2022, mirroring the trends in property and equipment and investments, highlighting significant capital spending or revaluation in the last two years.
Total assets: Total assets decreased significantly from $19,566 million in 2018 to $9,912 million in 2020, before rebounding to $23,721 million in 2022. This reflects a period of contraction followed by expansion, likely influenced by asset sales, impairments, and subsequent investments or acquisitions.

Assets: Selected Items

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Current Assets: Selected Items