Name: Devon Energy Corp. (NYSE:DVN) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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	1,454)	2,271)	2,237)	1,844)	2,414)
Accounts receivable	1,767)	1,543)	601)	832)	885)
Inventory	201)	114)	—)	—)	—)
Current assets associated with discontinued operations	—)	—)	—)	896)	197)
Other current assets	469)	321)	422)	279)	941)
Current assets	3,891)	4,249)	3,260)	3,851)	4,437)
Oil and gas property and equipment, based on successful efforts accounting, net	16,567)	13,536)	4,436)	7,558)	12,813)
Other property and equipment, net	1,539)	1,472)	957)	1,035)	1,122)
Finance lease right-of-use assets	203)	211)	220)	229)	—)
Property and equipment, net, including finance lease right-of-use assets	18,309)	15,219)	5,613)	8,822)	13,935)
Goodwill	753)	753)	753)	753)	841)
Operating lease right-of-use assets	21)	24)	3)	14)	—)
Investments	440)	402)	12)	—)	—)
Other long-term assets	307)	378)	271)	196)	353)
Long-term assets associated with discontinued operations	—)	—)	—)	81)	—)
Long-term assets	19,830)	16,776)	6,652)	9,866)	15,129)
Total assets	23,721)	21,025)	9,912)	13,717)	19,566)

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).

Total assets exhibited significant volatility over the five-year period from 2018 to 2022. A pronounced contraction occurred between 2018 and 2020, with total assets declining from US$ 19,566 million to a low of US$ 9,912 million. This trend reversed sharply in 2021 and 2022, with total assets expanding to US$ 21,025 million and US$ 23,721 million, respectively, indicating a substantial recapitalization or acquisition phase following the 2020 trough.

Current Asset Composition and Liquidity: Current assets fluctuated moderately, starting at US$ 4,437 million in 2018 and ending at US$ 3,891 million in 2022. Cash, cash equivalents, and restricted cash followed a general downward trajectory, decreasing from US$ 2,414 million in 2018 to US$ 1,454 million in 2022. This decline was partially offset by a significant increase in accounts receivable, which grew from US$ 601 million in 2020 to US$ 1,767 million in 2022, suggesting an increase in credit sales or changes in collection cycles during the recovery period.
Oil and Gas Property and Equipment (PP&E): The net value of oil and gas property and equipment, based on successful efforts accounting, served as the primary driver of total asset variance. This item saw a drastic reduction from US$ 12,813 million in 2018 to US$ 4,436 million in 2020. Subsequently, an aggressive expansion occurred, with the value surging to US$ 13,536 million in 2021 and reaching US$ 16,567 million by the end of 2022, reflecting a massive increase in capital investment or asset revaluation.
Long-Term Asset Trends: Long-term assets mirrored the volatility of the PP&E, falling from US$ 15,129 million in 2018 to US$ 6,652 million in 2020 before climbing to US$ 19,830 million in 2022. Other notable trends include the emergence of investments, which grew from US$ 12 million in 2020 to US$ 440 million in 2022. Goodwill remained completely stagnant at US$ 753 million from 2019 through 2022, indicating a lack of new acquisitions resulting in goodwill recognition during that specific timeframe.
Discontinued Operations: Current and long-term assets associated with discontinued operations were present in 2018 and 2019, peaking in current assets at US$ 896 million in 2019. By 2020, these assets were entirely removed from the balance sheet, signaling the completion of the divestiture or cessation of those specific business segments.

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