Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Devon Energy Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Oil, gas and NGL sales	14,082)	9,531)	2,695)	3,809)	6,285)
Oil, gas and NGL derivatives	(658)	(1,544)	155)	(454)	—)
Marketing and midstream revenues	5,745)	4,219)	1,978)	2,865)	4,449)
Revenues	19,169)	12,206)	4,828)	6,220)	10,734)
Production expenses	(2,797)	(2,131)	(1,123)	(1,197)	(2,225)
Marketing and midstream expenses	(5,780)	(4,238)	(2,013)	(2,812)	(4,363)
Cost of revenues	(8,577)	(6,369)	(3,136)	(4,009)	(6,588)
Gross profit	10,592)	5,837)	1,692)	2,211)	4,146)
Exploration expenses	(29)	(14)	(167)	(58)	(177)
Depreciation, depletion and amortization	(2,223)	(2,158)	(1,300)	(1,497)	(1,658)
Asset impairments	—)	—)	(2,693)	—)	(156)
Asset dispositions	44)	168)	1)	48)	263)
General and administrative expenses	(395)	(391)	(338)	(475)	(650)
Restructuring and transaction costs	—)	(258)	(49)	(84)	(114)
Estimated future obligation under a performance guarantee	144)	18)	—)	—)	—)
Ukraine charitable pledge	(20)	—)	—)	—)	—)
Asset retirement obligation accretion	(25)	(28)	(20)	(21)	(59)
Severance and other non-income tax refunds	5)	39)	40)	—)	—)
Other	(9)	14)	14)	17)	(81)
Other, net	95)	43)	34)	(4)	(140)
Operating income (loss)	8,084)	3,227)	(2,820)	141)	1,514)
Interest based on debt outstanding	(370)	(388)	(259)	(260)	(298)
Gain (loss) on early retirement of debt	—)	30)	—)	—)	(312)
Interest income	38)	2)	12)	33)	—)
Other	23)	27)	(23)	(23)	16)
Financing costs, net	(309)	(329)	(270)	(250)	(594)
Earnings (loss) from continuing operations before income taxes	7,775)	2,898)	(3,090)	(109)	920)
Income tax (expense) benefit	(1,738)	(65)	547)	30)	(156)
Net earnings (loss) from continuing operations	6,037)	2,833)	(2,543)	(79)	764)
Net earnings (loss) from discontinued operations, net of income taxes	—)	—)	(128)	(274)	2,460)
Net earnings (loss)	6,037)	2,833)	(2,671)	(353)	3,224)
Net earnings attributable to noncontrolling interests	(22)	(20)	(9)	(2)	(160)
Net earnings (loss) attributable to Devon	6,015)	2,813)	(2,680)	(355)	3,064)

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).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Devon Energy Corp. revenues increased from 2020 to 2021 and from 2021 to 2022.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	Devon Energy Corp. operating income (loss) increased from 2020 to 2021 and from 2021 to 2022.
Earnings (loss) from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Devon Energy Corp. earnings (loss) from continuing operations before income taxes increased from 2020 to 2021 and from 2021 to 2022.
Net earnings (loss) attributable to Devon	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Devon Energy Corp. net earnings (loss) attributable to Devon increased from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp. (NYSE:DVN)

Income Statement