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.

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)

Revenue Trends: The company's Oil, Gas, and NGL sales showed substantial volatility, peaking notably in Q4 2018 and then again in the 2021 and early 2022 periods, reaching highest values around Q2 2022 before declining moderately in 2023. Meanwhile, Marketing and Midstream revenues followed a somewhat consistent pattern with seasonal fluctuations but exhibited growth from 2020 onwards, peaking significantly by Q4 2021. Overall revenues, combining all components, experienced a sharp decline in 2019 after a peak in 2018, followed by a gradual recovery starting in late 2020, reaching very strong performance levels through 2021 and early 2022 before easing somewhat in 2023.
Cost of Revenues and Expenses: Production expenses remained relatively stable with a slight downward trend until 2020; however, they increased noticeably from 2021 through 2023. Marketing and midstream expenses correlated closely with their respective revenues, declining sharply in 2020, then rising again in line with the recovery in revenues and peaking in 2021 and 2022. Total cost of revenues followed a similar cycle, with notable reductions in 2020 but increasing steadily thereafter. The depreciation, depletion, and amortization figures remained stable with a slight increase post-2020. Asset impairments were notably high in Q4 2019, indicating a significant one-time charge during that quarter.
Profitability Indicators: Gross profit experienced substantial variation; it was robust in 2018 with a record high in Q4 2018, but it deteriorated in 2019. Losses were particularly visible in 2020, coinciding with global market disruptions, but profitability rebounded sharply from late 2020 continuing into 2021 and 2022 with the highest gross profits recorded in Q2 2022. Operating income exhibited a similar volatile pattern, with major losses in 2020 but strong recovery and growth in 2021 and 2022, and some moderation in 2023.
Net Earnings and Taxation: Net earnings from continuing operations were negative or marginally positive during much of 2018-2019 and notably negative during 2020. Starting in 2021, net earnings improved significantly and remained positive through 2022, with fluctuations but an overall downward trend in early 2023. Income tax expenses showed variability, with occasional benefits during loss periods but increased tax charges correlating with improved earnings post-2020. The reported net earnings, including discontinued operations, mirrored these trends, sharply negative in 2020 but with strong recovery thereafter.
Other Operational Expenses: Exploration expenses were relatively minimal and stable throughout the periods. General and administrative expenses demonstrated a declining trend through the years, stabilizing around lower values in the 2021-2023 timeframe. Restructuring and transaction costs were sporadic, occurring mainly in 2018-2019 and during 2020 with a substantial charge recorded in Q4 2020.
Derivatives and Asset Dispositions: Oil, gas, and NGL derivatives showed high volatility, with sizeable negative impacts in some quarters, especially in early 2019 and 2020. Positive contributions were noted in some quarters of 2021 and 2022. Asset dispositions were intermittent with some significant inflows in 2018 and 2021, signifying occasional sales or disposals of assets contributing positively to results.
Financing Costs: Financing costs remained relatively stable across all quarters, with a slight increase noted in 2021 and 2022 but no significant spikes or reductions, reflecting consistent financing expenses.
Summary: The financial data reveal a company that faced substantial challenges during 2019 and especially 2020, likely due to adverse market conditions, as evidenced by revenue declines and net losses. Recovery started in late 2020 and was sustained through 2021 and into 2022, with strong growth in both revenues and profitability. Costs followed generally expected patterns but increased with higher production and marketing activities post-2020. The business demonstrated resilience and effective cost management in the recovery phase but experienced some softening in revenue and profitability metrics in early 2023.

Download chart

Devon Energy Corp. (NYSE:DVN)

Income Statement Quarterly Data

Income Statement
Quarterly Data