Selected Financial Data
since 2005
Income Statement
Devon Energy Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Net earnings (loss) attributable to Devon |
|---|---|---|
| Dec 31, 2022 | 19,169) | 6,015) |
| Dec 31, 2021 | 12,206) | 2,813) |
| Dec 31, 2020 | 4,828) | (2,680) |
| Dec 31, 2019 | 6,220) | (355) |
| Dec 31, 2018 | 10,734) | 3,064) |
| Dec 31, 2017 | 13,949) | 898) |
| Dec 31, 2016 | 10,304) | (3,302) |
| Dec 31, 2015 | 13,145) | (14,454) |
| Dec 31, 2014 | 19,566) | 1,607) |
| Dec 31, 2013 | 10,397) | (20) |
| Dec 31, 2012 | 9,502) | (206) |
| Dec 31, 2011 | 11,454) | 4,704) |
| Dec 31, 2010 | 9,940) | 4,550) |
| Dec 31, 2009 | 8,015) | (2,479) |
| Dec 31, 2008 | 15,211) | (2,148) |
| Dec 31, 2007 | 11,362) | 3,606) |
| Dec 31, 2006 | 10,578) | 2,846) |
| Dec 31, 2005 | 10,741) | 2,930) |
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).
The financial performance of the entity from 2005 to 2022 is characterized by significant volatility in both top-line revenues and bottom-line net earnings, reflecting a high sensitivity to external market cycles and commodity price fluctuations.
- Revenue Trends
- Revenues exhibited a cyclical pattern with several distinct peaks and troughs. After maintaining a range between 10 billion and 11 billion US dollars from 2005 to 2007, a peak of 15.2 billion US dollars was reached in 2008, followed by a sharp contraction to 8 billion US dollars in 2009. A secondary period of growth culminated in a peak of 19.5 billion US dollars in 2014. The most significant decline occurred between 2018 and 2020, where revenues dropped to a period low of 4.8 billion US dollars. A rapid recovery followed, with revenues ascending to 19.1 billion US dollars by the end of 2022.
- Net Earnings Volatility
- Net earnings demonstrated extreme variance, often diverging sharply from revenue trends. While the period from 2005 to 2007 was consistently profitable, the years 2008 and 2009 saw substantial losses exceeding 2 billion US dollars annually. A recovery occurred in 2010 and 2011, reaching earnings of 4.7 billion US dollars. However, 2015 marked the most severe financial downturn in the observed period, with a net loss of 14.4 billion US dollars, despite revenues remaining relatively high at 13.1 billion US dollars, suggesting significant non-operational charges or asset impairments. Profitability returned in 2017 and 2018, was interrupted by losses in 2019 and 2020, and concluded with a strong upward trend reaching 6 billion US dollars in 2022.
- Correlation Between Revenue and Profitability
- The relationship between revenue and net earnings is non-linear. For instance, the revenue peak in 2014 resulted in modest earnings of 1.6 billion US dollars, whereas the subsequent year saw a massive net loss despite only a moderate decline in revenue. The data indicates that bottom-line results are influenced by factors beyond simple sales volume, such as capital impairments or drastic shifts in operational costs. The most recent period from 2020 to 2022 shows a strong positive correlation, where a recovery in revenues was accompanied by a substantial return to profitability.
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Balance Sheet: Assets
Devon Energy Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,891) | 23,721) |
| Dec 31, 2021 | 4,249) | 21,025) |
| Dec 31, 2020 | 3,260) | 9,912) |
| Dec 31, 2019 | 3,851) | 13,717) |
| Dec 31, 2018 | 4,437) | 19,566) |
| Dec 31, 2017 | 4,791) | 30,241) |
| Dec 31, 2016 | 3,772) | 25,913) |
| Dec 31, 2015 | 4,026) | 29,532) |
| Dec 31, 2014 | 6,498) | 50,637) |
| Dec 31, 2013 | 8,005) | 42,877) |
| Dec 31, 2012 | 8,971) | 43,326) |
| Dec 31, 2011 | 9,305) | 41,117) |
| Dec 31, 2010 | 5,555) | 32,927) |
| Dec 31, 2009 | 2,992) | 29,686) |
| Dec 31, 2008 | 2,684) | 31,908) |
| Dec 31, 2007 | 3,914) | 41,456) |
| Dec 31, 2006 | 3,212) | 35,063) |
| Dec 31, 2005 | 4,206) | 30,273) |
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).
The asset profile of the organization exhibits significant volatility over the seventeen-year period from 2005 to 2022, characterized by a cycle of expansion, a severe contraction, and a subsequent partial recovery.
- Total Asset Trajectory
- Total assets experienced a general upward trend from 2005 through 2014, rising from 30.27 billion to a peak of 50.64 billion. This growth was interrupted by a brief decline between 2007 and 2009. Following the 2014 peak, a sustained and sharp contraction occurred, with total assets plummeting to a nadir of 9.91 billion by 2020. A recovery phase began in 2021, with assets increasing to 23.72 billion by the end of 2022.
- Current Asset Trends
- Current assets demonstrated less stability than total assets, with a notable surge between 2010 and 2011, reaching a peak of 9.31 billion. Following this peak, current assets entered a period of gradual decline and eventual stabilization, fluctuating between approximately 3.2 billion and 4.8 billion from 2015 to 2022. The current asset levels in 2022 (3.89 billion) remain significantly lower than the 2011 peak, reflecting a tighter liquidity position in absolute terms.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets shifted markedly over time. During the peak asset years of 2014, current assets represented approximately 12.8% of the total asset base. Conversely, during the 2020 trough, current assets accounted for roughly 33% of total assets, despite the absolute decline in value. This indicates a fundamental shift in the balance sheet structure, where a larger proportion of the remaining assets were held in current form during the period of maximum contraction.
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Balance Sheet: Liabilities and Stockholders’ Equity
Devon Energy Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Stockholders’ equity attributable to Devon | |
|---|---|---|---|
| Dec 31, 2022 | 3,105) | 6,440) | 11,167) |
| Dec 31, 2021 | 3,087) | 6,482) | 9,262) |
| Dec 31, 2020 | 1,440) | 4,298) | 2,885) |
| Dec 31, 2019 | 1,927) | 4,294) | 5,802) |
| Dec 31, 2018 | 2,226) | 5,947) | 9,186) |
| Dec 31, 2017 | 3,315) | 10,406) | 9,254) |
| Dec 31, 2016 | 2,616) | 10,154) | 5,927) |
| Dec 31, 2015 | 3,295) | 13,113) | 7,049) |
| Dec 31, 2014 | 5,935) | 11,262) | 21,539) |
| Dec 31, 2013 | 6,655) | 12,022) | 20,499) |
| Dec 31, 2012 | 6,003) | 11,644) | 21,278) |
| Dec 31, 2011 | 6,738) | 9,780) | 21,430) |
| Dec 31, 2010 | 4,583) | 5,630) | 19,253) |
| Dec 31, 2009 | 3,802) | 7,279) | 15,570) |
| Dec 31, 2008 | 3,135) | 5,841) | 17,060) |
| Dec 31, 2007 | 3,657) | 7,928) | 22,006) |
| Dec 31, 2006 | 4,645) | 7,773) | 17,442) |
| Dec 31, 2005 | 2,934) | 6,619) | 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).
The financial trajectory from 2005 to 2022 is characterized by significant volatility in both debt levels and stockholders' equity, reflecting distinct phases of capital expansion and subsequent contraction. The data indicates a period of aggressive growth in liabilities and equity through 2011, followed by a period of extreme instability and a more recent trend toward stabilization.
- Debt Dynamics and Leverage
- Total debt exhibited a general upward trend from 2005, rising from 6,619 million US$ to a peak of 13,113 million US$ in 2015. This represents a doubling of long-term obligations over a decade. Following this peak, a significant deleveraging phase occurred between 2016 and 2019, with total debt dropping to a low of 4,294 million US$. Since 2019, debt levels have moderately increased, stabilizing at 6,440 million US$ by the end of 2022.
- Stockholders' Equity Volatility
- Equity attributable to stockholders showed substantial fluctuations. A period of growth saw equity peak at 21,430 million US$ in 2011. However, a precipitous decline occurred between 2014 and 2016, where equity fell from 21,539 million US$ to 5,927 million US$, suggesting significant asset write-downs or capital redistributions. A subsequent recovery was observed through 2017, followed by another sharp contraction to a period low of 2,885 million US$ in 2020. A strong recovery trend emerged thereafter, with equity returning to 11,167 million US$ by 2022.
- Current Liability Trends
- Current liabilities followed a pattern similar to total debt but with more frequent oscillations. Obligations peaked in 2011 at 6,738 million US$ and remained elevated until 2014. A notable reduction occurred starting in 2015, reaching a minimum of 1,440 million US$ in 2020. This downward trend in short-term obligations aligns with the broader deleveraging effort seen in the total debt figures during the same window.
- Capital Structure Observations
- The relationship between debt and equity shifted dramatically over the period. In the early 2010s, the company maintained a high equity base relative to debt. By 2015, the capital structure became heavily skewed toward debt as equity collapsed. The period between 2020 and 2022 marks a corrective phase, where equity grew more rapidly than debt, improving the overall solvency profile of the balance sheet.
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Cash Flow Statement
Devon Energy Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash from operating activities | Net cash from investing activities | Net cash from financing activities |
|---|---|---|---|
| Dec 31, 2022 | 8,530) | (5,123) | (4,213) |
| Dec 31, 2021 | 4,899) | (1,574) | (3,292) |
| Dec 31, 2020 | 1,464) | (1,127) | (306) |
| Dec 31, 2019 | 2,043) | (1,551) | (2,061) |
| Dec 31, 2018 | 2,228) | (1,493) | (4,386) |
| Dec 31, 2017 | 2,909) | (2,210) | 9) |
| Dec 31, 2016 | 1,746) | (872) | (1,164) |
| Dec 31, 2015 | 5,383) | (6,324) | 1,848) |
| Dec 31, 2014 | 5,981) | (8,184) | (2,354) |
| Dec 31, 2013 | 5,436) | (3,999) | 20) |
| Dec 31, 2012 | 4,930) | (7,583) | 1,629) |
| Dec 31, 2011 | 6,246) | (8,792) | 1,691) |
| Dec 31, 2010 | 5,022) | (2,309) | (3,104) |
| Dec 31, 2009 | 4,232) | (4,855) | 1,201) |
| Dec 31, 2008 | 9,273) | (8,728) | (3,408) |
| Dec 31, 2007 | 6,162) | (5,880) | (371) |
| Dec 31, 2006 | 5,936) | (7,405) | 593) |
| Dec 31, 2005 | 5,612) | (1,652) | (3,543) |
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).
The cash flow profile from 2005 to 2022 exhibits significant cyclicality, characterized by fluctuating operating returns and varying levels of capital intensity. A general pattern of expansion and contraction is evident, with a notable period of retrenchment between 2016 and 2020 followed by a sharp recovery in 2021 and 2022.
- Operating Cash Flow Trends
- Net cash from operating activities demonstrated strong growth in the early period, peaking at 9,273 million US dollars in 2008. Following a sharp decline in 2009, operating cash flows remained relatively stable between 4,930 million and 6,246 million US dollars from 2010 to 2014. A prolonged downward trend occurred between 2015 and 2020, reaching a minimum of 1,464 million US dollars. However, a robust recovery is observed in the final two years, with cash flows surging to 8,530 million US dollars by 2022.
- Investing Cash Flow and Capital Expenditure
- Investing activities remained consistently negative throughout the period, indicating continuous capital outflows. High-intensity investment phases are identified in 2006, 2008, 2011, 2012, and 2014, where annual outflows exceeded 7,000 million US dollars. A period of significantly reduced capital expenditure is observed from 2016 to 2021, with annual outflows remaining largely below 2,210 million US dollars. This trend reversed in 2022, with investing outflows increasing to 5,123 million US dollars.
- Financing Activity Dynamics
- Cash flows from financing activities show high volatility, oscillating between net inflows and outflows. Periods of net borrowing or equity raising are evident in 2006, 2009, 2011, 2012, and 2015. Conversely, significant cash outflows occurred in 2018 (4,386 million US dollars) and 2022 (4,213 million US dollars), suggesting aggressive debt repayment or shareholder distributions during these intervals.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals distinct operational phases. Between 2005 and 2014, high operating cash flows were frequently paired with aggressive investing activities, often supplemented by financing inflows. The period from 2016 to 2020 represents a phase of consolidation, marked by lower operating cash flows and a drastic reduction in capital investment. By 2022, the company transitioned back to a high-growth phase, where substantial operating cash flows funded both a resurgence in investing activities and significant financing outflows.
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Per Share Data
Devon Energy Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 9.15 | 9.12 | 5.17 |
| Dec 31, 2021 | 4.20 | 4.19 | 1.97 |
| Dec 31, 2020 | -7.12 | -7.12 | 0.68 |
| Dec 31, 2019 | -0.89 | -0.89 | 0.35 |
| Dec 31, 2018 | 6.14 | 6.10 | 0.30 |
| Dec 31, 2017 | 1.71 | 1.70 | 0.24 |
| Dec 31, 2016 | -6.52 | -6.52 | 0.42 |
| Dec 31, 2015 | -35.55 | -35.55 | 0.96 |
| Dec 31, 2014 | 3.93 | 3.91 | 0.94 |
| Dec 31, 2013 | -0.06 | -0.06 | 0.86 |
| Dec 31, 2012 | -0.52 | -0.52 | 0.80 |
| Dec 31, 2011 | 11.29 | 11.25 | 0.67 |
| Dec 31, 2010 | 10.35 | 10.31 | 0.64 |
| Dec 31, 2009 | -5.58 | -5.58 | 0.64 |
| Dec 31, 2008 | -4.85 | -4.85 | 0.64 |
| Dec 31, 2007 | 8.08 | 8.00 | 0.56 |
| Dec 31, 2006 | 6.42 | 6.34 | 0.45 |
| Dec 31, 2005 | 6.38 | 6.26 | 0.30 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share exhibits extreme volatility over the analyzed seventeen-year period, characterized by cyclical swings between substantial profitability and severe losses. Basic and diluted earnings per share track almost identically, indicating a minimal impact from dilutive securities on the overall earnings profile.
- Earnings Per Share Trends
- Profitability is marked by a pattern of boom-and-bust cycles. Initial growth peaked in 2007 at 8.08 per share before falling into negative territory in 2008 and 2009. A strong recovery occurred in 2010 and 2011, with basic EPS reaching a period high of 11.29. The most significant decline occurred in 2015, where basic EPS plummeted to -35.55. Subsequent years showed inconsistent recovery, with profitability returning in 2017 and 2018, followed by further losses in 2019 and 2020, and a final strong upward trajectory in 2021 and 2022, ending at 9.15 per share.
- Dividend Distribution Strategy
- Dividend payments displayed a steady upward trend from 2005 (0.30) through 2015 (0.96), notably maintaining growth even during years of negative earnings, such as 2008-2009 and 2012-2013. This suggests a historical commitment to consistent shareholder returns despite short-term earnings volatility. However, a sharp correction occurred in 2016 and 2017, with dividends dropping to 0.42 and 0.24 respectively, coinciding with the aftermath of the 2015 earnings collapse. Following this correction, dividends entered a phase of aggressive expansion, rising from 0.30 in 2018 to a peak of 5.17 in 2022.
- Correlation Between Earnings and Payouts
- The relationship between earnings and dividends shifted over time. In the first decade, dividends were decoupled from annual earnings volatility, reflecting a policy of stability. This decoupling ended following the 2015 fiscal shock, which necessitated a dividend reduction. In the most recent period from 2021 to 2022, a strong positive correlation is observed, as the surge in basic EPS to 9.15 was accompanied by a corresponding and rapid increase in the dividend per share.
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