Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Devon Energy Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Earnings (Loss)
- The net earnings exhibit significant volatility across the quarters, with losses recorded notably in early 2018, mid-2019, and the entirety of 2020. A prominent peak occurred in the third quarter of 2018, followed by a decline into losses by the end of 2019. Recovery started in 2021 with consistent positive earnings, reaching a high of 1,938 million US$ in the third quarter of 2022 but declining moderately afterwards.
- Net (Earnings) Loss from Discontinued Operations
- Discontinued operations reflect losses primarily in early periods such as 2018 and the first quarter of 2019, with a shift to some gains or reduced losses around 2019–2020. Thereafter, data is missing or insignificant, suggesting reduced impact from discontinued segments in recent years.
- Depreciation, Depletion, and Amortization
- This expense maintains a stable, upward trend, increasing from around 399 million US$ in early 2018 to over 650 million US$ by late 2023, indicating ongoing asset utilization and capital expenditure on property and equipment.
- Asset and Leasehold Impairments
- Asset impairments show spikes notably in mid-2018 and the last quarter of 2019, pointing to one-time write-downs or adjustments during these periods. Leasehold impairments remain relatively low with occasional spikes, such as in the first quarter of 2020, reflecting limited but irregular asset value adjustments.
- Total (Gains) Losses on Commodity Derivatives
- These gains and losses fluctuate substantially with extremes seen in 2018, 2020, and 2021, reflecting volatility in commodity markets and derivative positions. The pattern indicates reactive and dynamic hedging activities influenced by market conditions.
- Cash Settlements on Commodity Derivatives
- Cash settlements show considerable variability, with notable high positive cash flows in mid-2020 and ensuing quarters, followed by some negative settlements in 2021 and 2022. This reflects the timing of derivative contracts settling and the company's exposure to commodity price shifts.
- Deferred Income Tax Expense (Benefit)
- Deferred tax impacts are variable, with a frequent occurrence of tax benefits (negative values) across quarters, especially during loss periods. Larger positive tax expenses appear aligned with periods of profitability, indicating tax effects tied to earnings fluctuations.
- Share-Based Compensation
- Share-based compensation costs are relatively stable across all quarters, generally fluctuating mildly between 18 and 41 million US$, pointing to consistent employee incentive programs.
- Cash Flows from Operating Activities
- Operating cash flows show resilience despite earnings volatility, maintaining positive inflows throughout, with increasing strength from 2021 onwards. Peaks in cash from operations correspond with periods of improved net earnings, evidencing operational cash generation capabilities.
- Capital Expenditures and Property Acquisitions
- Capital expenditures declined in 2020, likely impacted by external conditions, before rising again through 2023 to levels above 882 million US$. Acquisitions remain small except for a notable spike in mid-2022, indicating selective investment or acquisition activity.
- Divestitures of Property and Equipment
- Divestiture activity displays significant spikes in early years, particularly 2018 and 2019, indicating asset sales or portfolio optimization. Later periods show reduced, steady divestitures, suggesting a more stable asset base.
- Net Cash from Investing Activities
- The investing cash flows fluctuate from negative outflows to positive infusions in some periods of 2018 and 2019, followed by a general trend towards more significant negative investing cash flows from 2021 onwards, in line with increased capital deployment.
- Financing Activities
- Financing cash flows display substantial outflows particularly in early periods related to debt repayment, stock repurchases, and dividend payments. Although less severe in some intermediate quarters, the company maintained negative financing cash flows across most periods, indicating ongoing financial obligations and shareholder returns.
- Repayments and Early Retirement of Debt
- Debt repayments are sporadic but notable in early and later periods, with early retirement of debt occurring in limited quarters, signalling active debt management strategies at specific times.
- Repurchases of Common Stock and Dividends Paid
- Stock repurchases are considerable through multiple quarters, peaking in early periods and resuming mid-2021, reflecting return of capital to shareholders. Dividends from 2018 through 2023 show a general incremental increase, pointing to steady dividend policy and shareholder return emphasis.
- Net Change in Cash and Cash Equivalents
- Cash levels experienced marked fluctuations with large positive changes in mid-2018 and mid-2019, and volatility continuing through 2023. Negative cash changes coincide with high investing or financing expenditures, while positive changes correlate with strong operating cash flow periods.