Name: Devon Energy Corp. (NYSE:DVN) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

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Devon Energy Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Oil, gas and NGL sales	2,882)	2,493)	2,679)	3,139)	3,668)	4,100)	3,175)	2,954)	2,635)	2,154)	1,788)	786)	678)	424)	807)	1,035)	919)	936)	919)	2,565)	1,332)	1,069)	1,319)
Oil, gas and NGL derivatives	(194)	(76)	64)	(53)	248)	(170)	(683)	22)	(335)	(703)	(528)	(117)	(87)	(361)	720)	(116)	127)	140)	(605)	—)	—)	—)	—)
Marketing and midstream revenues	1,148)	1,037)	1,080)	1,213)	1,516)	1,696)	1,320)	1,585)	1,166)	966)	502)	611)	476)	331)	560)	670)	700)	730)	765)	1,143)	1,247)	1,180)	879)
Revenues	3,836)	3,454)	3,823)	4,299)	5,432)	5,626)	3,812)	4,561)	3,466)	2,417)	1,762)	1,280)	1,067)	394)	2,087)	1,589)	1,746)	1,806)	1,079)	3,708)	2,579)	2,249)	2,198)
Production expenses	(757)	(719)	(693)	(715)	(735)	(729)	(618)	(574)	(555)	(513)	(489)	(271)	(271)	(263)	(318)	(324)	(294)	(296)	(283)	(556)	(554)	(572)	(543)
Marketing and midstream expenses	(1,160)	(1,051)	(1,105)	(1,231)	(1,525)	(1,700)	(1,324)	(1,585)	(1,165)	(965)	(523)	(618)	(478)	(339)	(578)	(665)	(684)	(713)	(750)	(1,113)	(1,217)	(1,160)	(873)
Cost of revenues	(1,917)	(1,770)	(1,798)	(1,946)	(2,260)	(2,429)	(1,942)	(2,159)	(1,720)	(1,478)	(1,012)	(889)	(749)	(602)	(896)	(989)	(978)	(1,009)	(1,033)	(1,669)	(1,771)	(1,732)	(1,416)
Gross profit (loss)	1,919)	1,684)	2,025)	2,353)	3,172)	3,197)	1,870)	2,402)	1,746)	939)	750)	391)	318)	(208)	1,191)	600)	768)	797)	46)	2,039)	808)	517)	782)
Exploration expenses	(3)	(10)	(3)	(13)	(4)	(10)	(2)	(5)	(3)	(3)	(3)	(4)	(39)	(12)	(112)	(29)	(18)	(7)	(4)	(44)	(32)	(68)	(33)
Depreciation, depletion and amortization	(651)	(638)	(615)	(625)	(581)	(528)	(489)	(577)	(578)	(536)	(467)	(301)	(299)	(299)	(401)	(382)	(381)	(374)	(360)	(423)	(416)	(420)	(399)
Asset impairments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(27)	—)	—)	(2,666)	—)	—)	—)	—)	—)	(2)	(154)	—)
Asset dispositions	—)	41)	—)	29)	—)	14)	1)	49)	—)	87)	32)	1)	—)	—)	—)	—)	1)	2)	45)	268)	6)	(23)	12)
General and administrative expenses	(99)	(92)	(106)	(122)	(95)	(84)	(94)	(95)	(95)	(94)	(107)	(82)	(75)	(79)	(102)	(119)	(107)	(114)	(135)	(151)	(147)	(153)	(199)
Restructuring and transaction costs	—)	—)	—)	—)	—)	—)	—)	(28)	(18)	(23)	(189)	(17)	(32)	—)	—)	(11)	(10)	(12)	(51)	(9)	(11)	(94)	—)
Other, net	(13)	(10)	(5)	4)	40)	(10)	61)	2)	(2)	14)	29)	(1)	—)	(13)	48)	(16)	(3)	(7)	22)	(126)	31)	(24)	(21)
Operating income (loss)	1,153)	975)	1,296)	1,626)	2,532)	2,579)	1,347)	1,748)	1,050)	384)	45)	(40)	(127)	(611)	(2,042)	43)	250)	285)	(437)	1,554)	237)	(419)	142)
Financing costs, net	(81)	(78)	(72)	(73)	(67)	(84)	(85)	(86)	(86)	(80)	(77)	(70)	(66)	(69)	(65)	(64)	(60)	(66)	(60)	(70)	(75)	(62)	(387)
Earnings (loss) from continuing operations before income taxes	1,072)	897)	1,224)	1,553)	2,465)	2,495)	1,262)	1,662)	964)	304)	(32)	(110)	(193)	(680)	(2,107)	(21)	190)	219)	(497)	1,484)	162)	(481)	(245)
Income tax (expense) benefit	(152)	(199)	(221)	(349)	(565)	(557)	(267)	(150)	(120)	(43)	248)	37)	90)	3)	417)	33)	(54)	(68)	119)	(335)	138)	7)	34)
Net earnings (loss) from continuing operations	920)	698)	1,003)	1,204)	1,900)	1,938)	995)	1,512)	844)	261)	216)	(73)	(103)	(677)	(1,690)	12)	136)	151)	(378)	1,149)	300)	(474)	(211)
Net earnings (loss) from discontinued operations, net of income taxes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(25)	13)	9)	(125)	(652)	(27)	344)	61)	—)	2,263)	139)	58)
Net earnings (loss)	920)	698)	1,003)	1,204)	1,900)	1,938)	995)	1,512)	844)	261)	216)	(98)	(90)	(668)	(1,815)	(640)	109)	495)	(317)	1,149)	2,563)	(335)	(153)
Net earnings attributable to noncontrolling interests	(10)	(8)	(8)	(3)	(7)	(6)	(6)	(6)	(6)	(5)	(3)	(4)	(2)	(2)	(1)	(2)	—)	—)	—)	—)	(26)	(90)	(44)
Net earnings (loss) attributable to Devon	910)	690)	995)	1,201)	1,893)	1,932)	989)	1,506)	838)	256)	213)	(102)	(92)	(670)	(1,816)	(642)	109)	495)	(317)	1,149)	2,537)	(425)	(197)

The financial performance over the analyzed period is characterized by significant volatility, closely mirroring the cyclical nature of commodity prices. Revenue streams experienced a severe contraction in early 2020 before entering a period of robust expansion that peaked in mid-2022, followed by a moderate stabilization through late 2023.

Revenue and Gross Profit Trends: Total revenues exhibited a drastic decline in the second quarter of 2020, dropping to 394 million USD from 2,087 million USD in the preceding quarter. This downturn was followed by a sustained recovery, with revenues climbing to a peak of 5,626 million USD by June 30, 2022. Gross profit margins expanded significantly during the 2021-2022 period, shifting from a loss of 208 million USD in June 2020 to a peak quarterly profit of 3,197 million USD in June 2022.
Operating Expenses and Impairments: Production expenses remained relatively stable in comparison to the high volatility of revenues, suggesting a degree of operational leverage. However, the operating income was severely impacted in March 2020 by a substantial asset impairment charge of 2,666 million USD, which resulted in an operating loss of 2,042 million USD for that quarter. General and administrative expenses showed a consistent downward trend from 2018 through 2022, indicating improved overhead efficiency during the revenue recovery phase.
Net Earnings and Bottom-Line Volatility: Net earnings attributable to the company were highly erratic between 2018 and 2020, influenced heavily by discontinued operations and the aforementioned asset impairments. A transition to consistent profitability is observed starting in March 2021, with net earnings peaking at 1,932 million USD in June 2022. While net earnings moderated in 2023, they remained substantially higher than the levels recorded during the 2019-2020 period.
Financing and Tax Impacts: Financing costs remained remarkably stable throughout the entire period, generally fluctuating between 60 million USD and 86 million USD per quarter, suggesting a consistent debt service requirement. Income tax figures shifted from significant benefits during loss-making quarters in 2020 to substantial expenses during the high-profit quarters of 2022, reflecting the cyclicality of the company's taxable income.

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Devon Energy Corp. (NYSE:DVN)

Income StatementQuarterly Data

Income Statement
Quarterly Data