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

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Devon Energy Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings (loss)	6,037)	2,833)	(2,671)	(353)	3,224)
Foreign currency translation, discontinued operations	—)	—)	—)	78)	(152)
Release of Canadian cumulative translation adjustment, discontinued operations	—)	—)	—)	(1,237)	—)
Pension and postretirement plans	16)	(5)	(8)	13)	44)
Other comprehensive earnings (loss), net of tax	16)	(5)	(8)	(1,146)	(108)
Comprehensive earnings (loss)	6,053)	2,828)	(2,679)	(1,499)	3,116)
Comprehensive earnings attributable to noncontrolling interests	(22)	(20)	(9)	(2)	(160)
Comprehensive earnings (loss) attributable to Devon	6,031)	2,808)	(2,688)	(1,501)	2,956)

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).

The financial performance between 2018 and 2022 is characterized by extreme volatility, moving from profitability to significant losses and returning to record growth. A sharp contraction in net earnings occurred between 2019 and 2020, followed by a robust recovery in 2021 and a substantial peak in 2022.

Net Earnings Trajectory: Net earnings experienced a precipitous decline from 3,224 million US$ in 2018 to a peak loss of 2,671 million US$ in 2020. This downward trend reversed sharply in 2021, with earnings returning to 2,833 million US$, and further accelerating to 6,037 million US$ by the end of 2022, marking the highest net earnings within the analyzed period.
Other Comprehensive Income (OCI) Impact: Other comprehensive earnings showed minimal impact in most years, except for a significant outlier in 2019, where a loss of 1,146 million US$ was recorded. This was primarily driven by a 1,237 million US$ release of Canadian cumulative translation adjustments related to discontinued operations. From 2020 through 2022, OCI remained relatively stable and marginal, fluctuating between a loss of 8 million US$ and a gain of 16 million US$.
Comprehensive Earnings Analysis: Comprehensive earnings attributable to Devon closely mirrored the volatility of net earnings but were further exacerbated by OCI losses in 2019. The attributable comprehensive earnings dropped from 2,956 million US$ in 2018 to a low of 2,688 million US$ in 2020. The subsequent recovery resulted in a final figure of 6,031 million US$ in 2022, representing a significant expansion of the comprehensive income base.
Noncontrolling Interests: Comprehensive earnings attributable to noncontrolling interests remained consistently low and negative throughout the period, ranging from -2 million US$ in 2019 to -22 million US$ in 2022, indicating that these interests had a negligible impact on the overall comprehensive earnings attributable to the parent company.

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