Return on Equity (ROE)
since 2005
Calculation
Devon Energy Corp., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net earnings (loss) attributable to Devon1 | ÷ | Stockholders’ equity attributable to Devon1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 53.86% | = | 100 | × | 6,015) | ÷ | 11,167) |
| Dec 31, 2021 | 30.37% | = | 100 | × | 2,813) | ÷ | 9,262) |
| Dec 31, 2020 | -92.89% | = | 100 | × | (2,680) | ÷ | 2,885) |
| Dec 31, 2019 | -6.12% | = | 100 | × | (355) | ÷ | 5,802) |
| Dec 31, 2018 | 33.36% | = | 100 | × | 3,064) | ÷ | 9,186) |
| Dec 31, 2017 | 9.70% | = | 100 | × | 898) | ÷ | 9,254) |
| Dec 31, 2016 | -55.71% | = | 100 | × | (3,302) | ÷ | 5,927) |
| Dec 31, 2015 | -205.05% | = | 100 | × | (14,454) | ÷ | 7,049) |
| Dec 31, 2014 | 7.46% | = | 100 | × | 1,607) | ÷ | 21,539) |
| Dec 31, 2013 | -0.10% | = | 100 | × | (20) | ÷ | 20,499) |
| Dec 31, 2012 | -0.97% | = | 100 | × | (206) | ÷ | 21,278) |
| Dec 31, 2011 | 21.95% | = | 100 | × | 4,704) | ÷ | 21,430) |
| Dec 31, 2010 | 23.63% | = | 100 | × | 4,550) | ÷ | 19,253) |
| Dec 31, 2009 | -15.92% | = | 100 | × | (2,479) | ÷ | 15,570) |
| Dec 31, 2008 | -12.59% | = | 100 | × | (2,148) | ÷ | 17,060) |
| Dec 31, 2007 | 16.39% | = | 100 | × | 3,606) | ÷ | 22,006) |
| Dec 31, 2006 | 16.32% | = | 100 | × | 2,846) | ÷ | 17,442) |
| Dec 31, 2005 | 19.71% | = | 100 | × | 2,930) | ÷ | 14,862) |
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 Return on Equity (ROE) exhibits extreme volatility from 2005 to 2022, reflecting a cyclical pattern of profitability and significant losses. This instability is primarily driven by substantial swings in net earnings and corresponding fluctuations in the stockholders' equity base.
- Early Period and Initial Volatility (2005–2011)
- From 2005 to 2007, ROE remained relatively stable, fluctuating between 16.32% and 19.71%. A sharp contraction occurred in 2008 and 2009, with ROE dropping to -12.59% and -15.92%, respectively, driven by net losses. A strong recovery followed in 2010 and 2011, during which ROE climbed back to a peak of 23.63%.
- Mid-Period Contraction and Equity Erosion (2012–2016)
- A period of stagnation was observed in 2012 and 2013, where ROE hovered near zero (-0.97% and -0.10%). The most severe downturn occurred in 2015, with a net loss of 14.45 billion US$ resulting in an ROE of -205.05%. This period was marked by a drastic reduction in stockholders' equity, which fell from 21.54 billion US$ in 2014 to 7.05 billion US$ in 2015, and further decreased to 5.93 billion US$ in 2016.
- Recent Trends and Recovery (2017–2022)
- Profitability returned in 2017 and 2018, with ROE reaching 33.36% by the end of 2018. A second significant downturn occurred in 2019 and 2020, with ROE falling to -6.12% and then plummeting to -92.89% in 2020, the latter coinciding with a period-low equity value of 2.89 billion US$. The trajectory shifted sharply upward in 2021 and 2022, with ROE increasing to 30.37% and eventually reaching a period high of 53.86%, supported by net earnings growth to 6.02 billion US$.
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Comparison to Competitors
Devon Energy Corp., ROE, long-term trends, comparison to competitors
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 53.86% | 22.27% | 38.91% | 28.58% |
| Dec 31, 2021 | 30.37% | 11.24% | 17.79% | 13.67% |
| Dec 31, 2020 | -92.89% | -4.21% | -9.05% | -14.28% |
| Dec 31, 2019 | -6.12% | 2.03% | 20.55% | 7.48% |
| Dec 31, 2018 | 33.36% | 9.59% | 19.59% | 10.87% |
| Dec 31, 2017 | 9.70% | 6.21% | -2.79% | 10.50% |
| Dec 31, 2016 | -55.71% | -0.34% | -10.34% | 4.69% |
| Dec 31, 2015 | -205.05% | 3.00% | -11.14% | 9.45% |
| Dec 31, 2014 | 7.46% | 12.41% | 13.23% | 18.65% |
| Dec 31, 2013 | -0.10% | 14.37% | 17.58% | 18.72% |
| Dec 31, 2012 | -0.97% | 19.18% | 17.56% | 27.06% |
| Dec 31, 2011 | 21.95% | 22.16% | 19.07% | 26.59% |
| Dec 31, 2010 | 23.63% | 18.10% | 16.57% | 20.74% |
| Dec 31, 2009 | -15.92% | 11.41% | 7.78% | 17.44% |
| Dec 31, 2008 | -12.59% | 27.62% | -30.81% | 40.03% |
| Dec 31, 2007 | 16.39% | 24.24% | 13.36% | 33.35% |
| Dec 31, 2006 | 16.32% | 24.86% | 18.82% | 34.70% |
| Dec 31, 2005 | 19.71% | 22.50% | 25.66% | 32.50% |
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., ROE, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 53.86% | 27.31% |
| Dec 31, 2021 | 30.37% | 13.24% |
| Dec 31, 2020 | -92.89% | -9.63% |
| Dec 31, 2019 | -6.12% | 6.59% |
| Dec 31, 2018 | 33.36% | 11.08% |
| Dec 31, 2017 | 9.70% | 7.66% |
| Dec 31, 2016 | -55.71% | 1.07% |
| Dec 31, 2015 | -205.05% | 4.49% |
| Dec 31, 2014 | 7.46% | 15.37% |
| Dec 31, 2013 | -0.10% | 16.83% |
| Dec 31, 2012 | -0.97% | 22.69% |
| Dec 31, 2011 | 21.95% | 23.57% |
| Dec 31, 2010 | 23.63% | 18.98% |
| Dec 31, 2009 | -15.92% | 13.07% |
| Dec 31, 2008 | -12.59% | 20.47% |
| Dec 31, 2007 | 16.39% | 24.73% |
| Dec 31, 2006 | 16.32% | 27.20% |
| Dec 31, 2005 | 19.71% | 28.14% |
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., ROE, long-term trends, comparison to industry (energy)
| Devon Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2022 | 53.86% | 26.98% |
| Dec 31, 2021 | 30.37% | 13.21% |
| Dec 31, 2020 | -92.89% | -12.46% |
| Dec 31, 2019 | -6.12% | 3.63% |
| Dec 31, 2018 | 33.36% | 10.63% |
| Dec 31, 2017 | 9.70% | 6.58% |
| Dec 31, 2016 | -55.71% | 0.52% |
| Dec 31, 2015 | -205.05% | 4.61% |
| Dec 31, 2014 | 7.46% | 15.28% |
| Dec 31, 2013 | -0.10% | 16.85% |
| Dec 31, 2012 | -0.97% | 22.06% |
| Dec 31, 2011 | 21.95% | 22.94% |
| Dec 31, 2010 | 23.63% | 18.51% |
| Dec 31, 2009 | -15.92% | 13.29% |
| Dec 31, 2008 | -12.59% | 21.20% |
| Dec 31, 2007 | 16.39% | 25.23% |
| Dec 31, 2006 | 16.32% | 27.51% |
| Dec 31, 2005 | 19.71% | 28.17% |
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).