Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Devon Energy Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	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
Accounts payable	812)	843)	935)	859)	761)	668)	576)	500)	537)	487)	564)	242)	415)	309)	444)	428)	513)	522)	603)	662)	777)	771)	862)
Revenues and royalties payable	1,434)	1,199)	1,266)	1,506)	1,810)	2,108)	1,672)	1,456)	1,443)	1,030)	909)	662)	562)	473)	617)	730)	700)	772)	850)	898)	947)	959)	1,269)
Short-term debt	487)	244)	247)	251)	255)	—)	—)	—)	—)	—)	226)	—)	—)	—)	—)	—)	—)	—)	—)	162)	257)	277)	354)
Current liabilities associated with discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	463)	441)	294)	459)	172)	1,894)	—)	69)	—)	5,291)	—)
Other current liabilities	597)	383)	483)	489)	634)	1,318)	1,506)	1,131)	1,525)	1,555)	1,246)	536)	269)	229)	199)	310)	273)	279)	515)	435)	1,243)	1,079)	997)
Current liabilities	3,330)	2,669)	2,931)	3,105)	3,460)	4,094)	3,754)	3,087)	3,505)	3,072)	2,945)	1,440)	1,709)	1,452)	1,554)	1,927)	1,658)	3,467)	1,968)	2,226)	3,224)	8,377)	3,482)
Long-term debt	5,675)	6,169)	6,175)	6,189)	6,196)	6,461)	6,471)	6,482)	6,492)	6,502)	7,042)	4,298)	4,297)	4,296)	4,295)	4,294)	4,295)	4,294)	5,786)	5,785)	5,791)	5,790)	9,628)
Lease liabilities	290)	299)	256)	257)	259)	259)	251)	252)	256)	258)	260)	246)	245)	245)	245)	244)	244)	263)	298)	—)	—)	—)	—)
Asset retirement obligations	641)	548)	546)	511)	498)	452)	443)	468)	462)	450)	455)	358)	398)	391)	386)	380)	526)	528)	938)	1,030)	1,103)	1,088)	1,141)
Other long-term liabilities	850)	858)	866)	900)	941)	949)	974)	1,050)	1,281)	1,248)	1,269)	551)	372)	458)	461)	426)	431)	431)	458)	462)	613)	624)	567)
Long-term liabilities associated with discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	157)	162)	163)	185)	175)	189)	—)	—)	—)	—)	—)
Deferred income taxes	1,676)	1,662)	1,543)	1,463)	1,196)	753)	450)	287)	—)	—)	—)	—)	—)	—)	—)	341)	523)	483)	772)	877)	543)	432)	773)
Long-term liabilities	9,132)	9,536)	9,386)	9,320)	9,090)	8,874)	8,589)	8,539)	8,491)	8,458)	9,026)	5,453)	5,469)	5,552)	5,550)	5,870)	6,194)	6,188)	8,252)	8,154)	8,050)	7,934)	12,109)
Total liabilities	12,462)	12,205)	12,317)	12,425)	12,550)	12,968)	12,343)	11,626)	11,996)	11,530)	11,971)	6,893)	7,178)	7,004)	7,104)	7,797)	7,852)	9,655)	10,220)	10,380)	11,274)	16,311)	15,591)
Common stock, $0.10 par value	64)	64)	64)	65)	65)	66)	66)	66)	68)	68)	67)	38)	38)	38)	38)	38)	39)	41)	42)	45)	47)	51)	53)
Additional paid-in capital	6,153)	6,131)	6,344)	6,921)	6,956)	7,060)	7,371)	7,636)	8,206)	8,189)	8,172)	2,766)	2,750)	2,720)	2,701)	2,735)	2,815)	3,352)	3,518)	4,486)	5,217)	6,888)	7,269)
Retained earnings	5,535)	4,940)	4,712)	4,297)	3,981)	3,107)	2,013)	1,692)	750)	243)	218)	208)	351)	586)	1,298)	3,148)	3,812)	3,738)	3,280)	3,650)	2,505)	6)	473)
Accumulated other comprehensive earnings (loss)	(113)	(114)	(115)	(116)	(129)	(130)	(131)	(132)	(100)	(101)	(104)	(127)	(116)	(117)	(118)	(119)	(116)	(117)	1,064)	1,027)	1,164)	1,091)	1,122)
Treasury stock, at cost	—)	—)	(28)	—)	—)	(13)	(19)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8)	(20)	(47)	(22)	(35)	(22)	(12)
Stockholders’ equity attributable to Devon	11,639)	11,021)	10,977)	11,167)	10,873)	10,090)	9,300)	9,262)	8,924)	8,399)	8,353)	2,885)	3,023)	3,227)	3,919)	5,802)	6,542)	6,994)	7,857)	9,186)	8,898)	8,014)	8,905)
Noncontrolling interests	140)	129)	126)	129)	134)	136)	135)	137)	137)	136)	133)	134)	125)	126)	121)	118)	—)	—)	—)	—)	—)	4,834)	4,820)
Total equity	11,779)	11,150)	11,103)	11,296)	11,007)	10,226)	9,435)	9,399)	9,061)	8,535)	8,486)	3,019)	3,148)	3,353)	4,040)	5,920)	6,542)	6,994)	7,857)	9,186)	8,898)	12,848)	13,725)
Total liabilities and equity	24,241)	23,355)	23,420)	23,721)	23,557)	23,194)	21,778)	21,025)	21,057)	20,065)	20,457)	9,912)	10,326)	10,357)	11,144)	13,717)	14,394)	16,649)	18,077)	19,566)	20,172)	29,159)	29,316)

Accounts Payable

Accounts payable demonstrated a fluctuating trend over the periods, declining from $862 million in March 2018 to a low of $242 million in December 2020, followed by a steady rebound, reaching $935 million by March 2023. This suggests variability in the company's short-term obligations to suppliers with a recovery trend in recent quarters.

Revenues and Royalties Payable

This liability progressively increased from $1,269 million in March 2018 to a peak of $2,108 million in March 2022, before declining to $1,199 million in June 2023 and then rising again in September 2023. The trend indicates growing obligations related to revenues and royalties until early 2022, followed by some normalization.

Short-term Debt

Data series for short-term debt contained gaps but overall showed a significant decrease from $354 million in early 2018, with intermittent values around the mid-200 millions from 2020 onwards, before increasing to $487 million in March 2023. This points to manageable short-term borrowing with some recent uptick.

Current Liabilities Associated with Discontinued Operations

This category shows variability, peaking at $5,291 million in June 2018 and then fluctuating substantially with values mostly large before disappearing in later periods. This indicates accounting adjustments linked to discontinued operations that affected current liabilities prominently in 2018-2020.

Other Current Liabilities

Other current liabilities dropped sharply from $997 million in March 2018 to $435 million in December 2018, then fluctuated between approximately $199 million and $1,555 million through 2021, settling at moderate levels near $600 million by September 2023. This volatility reflects changing operational or non-operational liabilities over time.

Current Liabilities

Total current liabilities decreased sharply from $3,482 million in March 2018 to below $2,000 million in the 2019-2020 period, then climbed above $3,000 million in 2021 and fluctuated above this threshold through 2023. This suggests an initial deleveraging trend followed by increased short-term obligations in recent years.

Long-term Debt

Long-term debt saw a noticeable reduction from $9,628 million in March 2018 to about $4,294 million in late 2018 through 2020. Thereafter, it increased significantly to over $7,000 million by March 2021, before gradually declining to $5,675 million by September 2023. This reflects periods of both debt repayment and issuance.

Lease Liabilities

Lease liabilities, reported starting in late 2018, remained relatively stable around $240-$260 million until a slight increase to about $299 million in June 2023. This stability indicates consistent lease-related obligations over the recent periods.

Asset Retirement Obligations

The asset retirement obligations declined from $1,141 million in March 2018 to an approximate $350 million level in 2020, and then rose gradually to $641 million by September 2023. This pattern suggests changes in estimated future costs associated with asset retirements, increasing modestly after 2020.

Other Long-term Liabilities

These liabilities varied between $567 million and $1,269 million, peaking near late 2020 and gradually declining to around $850 million by September 2023. The trend indicates a reduction in other long-term obligations post-2020.

Long-term Liabilities Associated with Discontinued Operations

Data exists for mid-periods and ranged between $157 million and $189 million, with no values reported beyond 2020, reflecting a declining influence of discontinued operations on long-term liabilities.

Deferred Income Taxes

Deferred income taxes fluctuated, with low or missing values around 2019-2020, then increased significantly from $287 million in March 2021 to $1,676 million in September 2023, indicating rising deferred tax liabilities or assets.

Long-term Liabilities

Total long-term liabilities exhibited a steep decline from $12,109 million in March 2018 to about $5,453 million in December 2020, followed by a sharp increase to above $9,000 million in early 2021, and a stable range around $9,100 million toward the end of the sample. This reflects both major repayments and subsequent debt or liability build-ups.

Total Liabilities

Total liabilities peaked at $16,311 million in June 2018, declined to below $7,000 million by late 2020, then rose again to stabilize near $12,000 million from mid-2021 onwards. This shows significant deleveraging up to 2020 with renewed increases thereafter.

Common Stock and Additional Paid-in Capital

Common Stock: Common stock value remained relatively stable around $38 million until late 2020, increased suddenly to about $67 million in March 2021, and then held steady near $64 million through 2023.
Additional Paid-in Capital: This item dropped from $7,269 million in early 2018 to about $2,700 million in late 2019-2020, jumped sharply to over $8,000 million by early 2021, followed by a modest decline to approximately $6,100 million by September 2023. These movements suggest new equity issuances or accounting adjustments in early 2021.

Retained Earnings

Retained earnings showed strong growth overall, from $473 million in March 2018 to $5,535 million by September 2023. Despite some periods of decline, the general trend is positive, indicating accumulation of profits over time.

Accumulated Other Comprehensive Earnings (Loss)

This item was positive and stable just above $1,000 million until 2019, then turned negative by 2019 and remained moderately negative around -$100 million to -$130 million thereafter. This reflects unrealized losses or adjustments affecting equity.

Treasury Stock

Treasury stock values were irregular and minor in magnitude, fluctuating mostly between -$8 million and -$47 million, indicating limited repurchase activity.

Stockholders’ Equity Attributable to Devon

Equity attributable to the company started at $8,905 million in March 2018, declined to a low near $2,885 million by December 2020, then rebounded strongly from early 2021 to reach $11,639 million by September 2023. This recovery aligns with improved earnings and capital transactions.

Noncontrolling Interests

This measure remained relatively stable with minor fluctuations around $120 million to $140 million across the recorded periods, reflecting consistent interests held by minority shareholders.

Total Equity

Total equity followed the pattern of attributable equity with an initial decline from $13,725 million in March 2018 to $3,019 million by December 2020, then a recovery to nearly $11,779 million by September 2023, mirroring the company's improved financial position.

Total Liabilities and Equity

Total capitalization peaked around $29,316 million in March 2018, dropped significantly to under $10,000 million by 2020, then increased markedly to over $24,000 million from early 2021 through 2023. This demonstrates a major deleveraging followed by growth in capitalization.

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Devon Energy Corp. (NYSE:DVN)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data