Current Ratio
since 2005
Calculation
Devon Energy Corp., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 1.25 | = | 3,891) | ÷ | 3,105) |
| Dec 31, 2021 | 1.38 | = | 4,249) | ÷ | 3,087) |
| Dec 31, 2020 | 2.26 | = | 3,260) | ÷ | 1,440) |
| Dec 31, 2019 | 2.00 | = | 3,851) | ÷ | 1,927) |
| Dec 31, 2018 | 1.99 | = | 4,437) | ÷ | 2,226) |
| Dec 31, 2017 | 1.45 | = | 4,791) | ÷ | 3,315) |
| Dec 31, 2016 | 1.44 | = | 3,772) | ÷ | 2,616) |
| Dec 31, 2015 | 1.22 | = | 4,026) | ÷ | 3,295) |
| Dec 31, 2014 | 1.09 | = | 6,498) | ÷ | 5,935) |
| Dec 31, 2013 | 1.20 | = | 8,005) | ÷ | 6,655) |
| Dec 31, 2012 | 1.49 | = | 8,971) | ÷ | 6,003) |
| Dec 31, 2011 | 1.38 | = | 9,305) | ÷ | 6,738) |
| Dec 31, 2010 | 1.21 | = | 5,555) | ÷ | 4,583) |
| Dec 31, 2009 | 0.79 | = | 2,992) | ÷ | 3,802) |
| Dec 31, 2008 | 0.86 | = | 2,684) | ÷ | 3,135) |
| Dec 31, 2007 | 1.07 | = | 3,914) | ÷ | 3,657) |
| Dec 31, 2006 | 0.69 | = | 3,212) | ÷ | 4,645) |
| Dec 31, 2005 | 1.43 | = | 4,206) | ÷ | 2,934) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of liquidity from 2005 to 2022 reveals a progression through three distinct phases: a period of instability and short-term insolvency risk, a phase of steady recovery, and a period of significant liquidity expansion followed by a recent correction.
- Initial Volatility (2005–2009)
- The current ratio exhibited significant fluctuation during this period, dropping from 1.43 in 2005 to a low of 0.69 in 2006. Despite a brief recovery to 1.07 in 2007, the ratio remained below the 1.0 threshold in 2008 and 2009, indicating a period where current liabilities exceeded current assets, suggesting potential pressure on short-term obligations.
- Stabilization and Moderate Growth (2010–2014)
- A trend of recovery is observed starting in 2010, with the current ratio consistently maintaining a value above 1.0. A peak of 1.49 was reached in 2012, supported by a substantial increase in current assets, which reached a period high of 9.3 billion USD in 2011. Liquidity remained stable through 2014, closing the period at 1.09.
- Liquidity Expansion (2015–2020)
- A sustained upward trajectory occurred between 2015 and 2020, culminating in a peak ratio of 2.26. This expansion was primarily driven by a consistent and significant reduction in current liabilities, which decreased from 5.9 billion USD in 2014 to 1.4 billion USD in 2020. This reduction in short-term debt obligations substantially increased the company's liquidity margin.
- Recent Normalization (2021–2022)
- The most recent data indicates a downward adjustment in the current ratio, falling to 1.38 in 2021 and 1.25 in 2022. This trend is directly attributed to a sharp increase in current liabilities, which rose from 1.4 billion USD in 2020 to 3.1 billion USD by the end of 2022, while current assets experienced only moderate fluctuations.
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Comparison to Competitors
Devon Energy Corp., current ratio, long-term trends, comparison to competitors
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 1.25 | 1.47 | 1.46 | 1.41 |
| Dec 31, 2021 | 1.38 | 1.26 | 1.34 | 1.04 |
| Dec 31, 2020 | 2.26 | 1.18 | 2.25 | 0.80 |
| Dec 31, 2019 | 2.00 | 1.07 | 2.40 | 0.78 |
| Dec 31, 2018 | 1.99 | 1.25 | 1.79 | 0.84 |
| Dec 31, 2017 | 1.45 | 1.03 | 1.76 | 0.82 |
| Dec 31, 2016 | 1.44 | 0.93 | 1.25 | 0.87 |
| Dec 31, 2015 | 1.22 | 1.34 | 0.95 | 0.79 |
| Dec 31, 2014 | 1.09 | 1.32 | 1.31 | 0.82 |
| Dec 31, 2013 | 1.20 | 1.52 | 1.26 | 0.83 |
| Dec 31, 2012 | 1.49 | 1.63 | 1.38 | 1.01 |
| Dec 31, 2011 | 1.38 | 1.58 | 1.08 | 0.94 |
| Dec 31, 2010 | 1.21 | 1.68 | 1.26 | 0.94 |
| Dec 31, 2009 | 0.79 | 1.42 | 0.89 | 1.06 |
| Dec 31, 2008 | 0.86 | 1.14 | 0.96 | 1.47 |
| Dec 31, 2007 | 1.07 | 1.17 | 0.92 | 1.47 |
| Dec 31, 2006 | 0.69 | 1.28 | 0.95 | 1.55 |
| Dec 31, 2005 | 1.43 | 1.37 | 0.92 | 1.58 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Devon Energy Corp., current ratio, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 1.25 | 1.44 |
| Dec 31, 2021 | 1.38 | 1.14 |
| Dec 31, 2020 | 2.26 | 0.99 |
| Dec 31, 2019 | 2.00 | 0.98 |
| Dec 31, 2018 | 1.99 | 1.04 |
| Dec 31, 2017 | 1.45 | 0.97 |
| Dec 31, 2016 | 1.44 | 0.92 |
| Dec 31, 2015 | 1.22 | 0.97 |
| Dec 31, 2014 | 1.09 | 1.02 |
| Dec 31, 2013 | 1.20 | 1.07 |
| Dec 31, 2012 | 1.49 | 1.25 |
| Dec 31, 2011 | 1.38 | 1.12 |
| Dec 31, 2010 | 1.21 | 1.20 |
| Dec 31, 2009 | 0.79 | 1.11 |
| Dec 31, 2008 | 0.86 | 1.26 |
| Dec 31, 2007 | 1.07 | 1.26 |
| Dec 31, 2006 | 0.69 | 1.32 |
| Dec 31, 2005 | 1.43 | 1.37 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Devon Energy Corp., current ratio, long-term trends, comparison to industry (energy)
| Devon Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2022 | 1.25 | 1.42 |
| Dec 31, 2021 | 1.38 | 1.15 |
| Dec 31, 2020 | 2.26 | 1.02 |
| Dec 31, 2019 | 2.00 | 1.00 |
| Dec 31, 2018 | 1.99 | 1.06 |
| Dec 31, 2017 | 1.45 | 1.00 |
| Dec 31, 2016 | 1.44 | 1.02 |
| Dec 31, 2015 | 1.22 | 1.09 |
| Dec 31, 2014 | 1.09 | 1.10 |
| Dec 31, 2013 | 1.20 | 1.16 |
| Dec 31, 2012 | 1.49 | 1.31 |
| Dec 31, 2011 | 1.38 | 1.18 |
| Dec 31, 2010 | 1.21 | 1.24 |
| Dec 31, 2009 | 0.79 | 1.17 |
| Dec 31, 2008 | 0.86 | 1.28 |
| Dec 31, 2007 | 1.07 | 1.27 |
| Dec 31, 2006 | 0.69 | 1.33 |
| Dec 31, 2005 | 1.43 | 1.38 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).