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).
Over the analyzed period, revenues exhibited significant volatility with a general upward trend interspersed with sharp declines. Beginning at approximately $10.7 billion in 2005, revenues remained relatively stable through 2007. A peak is observed in 2008, reaching over $15 billion, followed by a steep decrease to around $8 billion in 2009. Revenues then recovered and fluctuated between approximately $9 billion and $13 billion from 2010 to 2017, with a notable surge to nearly $19.6 billion in 2014. However, this was followed by a decline, bottoming out at $4.8 billion in 2020. The most recent years show a strong recovery, with revenues rising again to over $19 billion by 2022.
Net earnings attributable to the company also showed marked volatility and variability in direction, reflecting the challenging operating environment during this period. Earnings were positive and strong from 2005 through 2007, peaking above $3.6 billion in 2007. This was followed by significant losses in 2008 and 2009, with negative results exceeding $2 billion each year, aligning with the revenue decline during the same period. A recovery occurred from 2010 to 2013 when earnings returned to positive territory, with occasional near-break-even results in 2012 and 2013. Earnings then experienced extreme volatility, including a substantial loss of approximately $14.5 billion in 2015 and further losses in 2016. Recovery resumed after 2016, with consistent positive earnings reported from 2017 onward, albeit with some fluctuation. By 2022, net earnings reached a notable high of over $6 billion, indicating a strong rebound in profitability aligned with rising revenues.
The data indicates the company faced periods of operational and financial distress, particularly around 2008–2009 and 2015–2016, likely influenced by external market factors and commodity price fluctuations. Following these challenges, the company demonstrated resilience with periods of recovery and growth both in revenues and net earnings. The most recent years suggest improving financial health with growing top-line and bottom-line figures, signaling potentially favorable market conditions and internal performance improvements.
Balance Sheet: Assets
Devon Energy Corp., selected items from assets, long-term trends
US$ 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 financial data demonstrates fluctuations in both current assets and total assets over the period from 2005 to 2022. Current assets display a general pattern of volatility, with significant increases and decreases rather than a stable trend. Starting at 4,206 million US dollars in 2005, current assets dropped to 3,212 million by 2006, followed by a recovery to 5,555 million in 2010 and a peak at 9,305 million in 2011. After 2011, current assets declined substantially for several years, reaching lows around the 3,260 to 3,891 million range between 2014 and 2022, with some modest recovery occurring in the later years. This pattern suggests variability in liquidity or short-term resource management over the period.
Total assets show a more pronounced cyclical behavior characterized by significant expansions and contractions. From 30,273 million US dollars in 2005, total assets increased to a high of 50,637 million in 2013. Thereafter, total assets decreased sharply, falling from 29,532 million in 2015 to a low of 9,912 million in 2020, indicating a major contraction in asset base during these years. The asset base began to recover again post-2020, rising to 21,025 million in 2021 and 23,721 million in 2022, though still significantly below the peak levels observed in the early 2010s. This cycle could reflect capital expenditure strategies, divestitures, or impairments that substantially altered the company's asset structure.
Overall, the data suggests a strong influence of external or internal factors causing both current and total assets to fluctuate markedly rather than demonstrating stable growth. The recovery in total assets and current assets observed in the last two years may indicate a reversal or stabilization following a period of contraction.
- Current Assets Trend
- Volatile with peaks in the early 2010s, followed by declines and partial recovery in recent years.
- Total Assets Trend
- Marked cyclical behavior with peak in 2013, significant decline through 2020, and partial recovery thereafter.
- Liquidity and Asset Management
- Fluctuations in current assets may indicate variability in short-term resource management or liquidity conditions.
- Asset Base Fluctuations
- Substantial changes in total assets suggest shifts in investment, divestment, or impairment activities.
- Recent Years
- Signs of stabilization and recovery in asset figures after prior declines, indicating potential strategic adjustments or market improvements.
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 analysis of the financial data over the period from 2005 to 2022 reveals significant variations in current liabilities, total debt, and stockholders’ equity attributable to Devon.
- Current Liabilities
- Current liabilities showed a generally fluctuating trend. Starting at $2,934 million in 2005, the figure increased sharply to $4,645 million in 2006, followed by a decrease and further fluctuations over the subsequent years. Notably, there was a peak in 2011 reaching $6,738 million, then a decline to a low of $1,440 million in 2020. In the last two years, current liabilities experienced a rebound to approximately $3,100 million by 2022, indicating variability likely linked to operational or financing activities.
- Total Debt
- Total debt displayed a more volatile pattern. Beginning at $6,619 million in 2005, total debt increased to a peak of $13,113 million in 2015, suggesting significant borrowing activity during this period. After 2015, total debt decreased substantially to levels around $4,294 million in 2019 and 2020, before a moderate increase to $6,440 million by 2022. This fluctuation may reflect debt restructuring or changes in financing strategy.
- Stockholders’ Equity Attributable to Devon
- Stockholders’ equity exhibited considerable variation with an overall downward trend in the latter years. From a start of $14,862 million in 2005, equity grew substantially to a peak of $22,006 million in 2007, then experienced declines with some recovery around 2012-2014. A major decrease occurred after 2014, dropping to $2,885 million in 2020 before partial recovery to $11,167 million by 2022. These substantial changes suggest periods of retained earnings growth, losses, or capital changes impacting shareholder value.
In summary, the data reflects periods of expansion and contraction in liabilities and debt, accompanied by significant volatility in equity. The fluctuations in total debt and current liabilities imply adjustments in the company’s capital structure and financial strategy, while the equity trends indicate variable profitability and shareholder investment dynamics over the years examined.
Cash Flow Statement
Devon Energy Corp., selected items from cash flow statement, long-term trends
US$ 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 analysis of the financial cash flow items over the given period reveals several noteworthy trends and shifts in the company's liquidity and financial strategies.
- Operating Activities
-
Net cash from operating activities generally shows fluctuations with an overall positive cash generation across the years. Significant peaks are noted in 2008 (9,273 million USD) and again in 2022 (8,530 million USD), indicating periods of strong operational cash flows. The lowest point occurs in 2016 with only 1,746 million USD, suggesting a downturn in operational performance during that year. Despite this volatility, net operating cash flows remain positive throughout, implying consistent ability to generate cash from core business operations.
- Investing Activities
-
Net cash from investing activities persistently remains negative in all periods, reflecting continuous outflows likely due to capital expenditures or acquisitions. The largest cash outflow is observed in 2008 (-8,728 million USD), consistent with a high investment year, followed by a substantial outflow in 2011 (-8,792 million USD). There is a marked reduction in investing outflows in 2016 (-872 million USD) compared to previous years, which might indicate decreased investment activity or a strategic pause in capital spending. A reversal to larger outflows appears again in 2022 (-5,123 million USD), suggesting renewed investment efforts.
- Financing Activities
-
Net cash from financing activities exhibits a highly volatile pattern, alternating between inflows and outflows without a consistent trend. Early years like 2006 and 2011 show positive cash inflows (593 million USD and 1,691 million USD respectively), whereas other years such as 2008 and 2018 experience significant outflows (-3,408 million USD and -4,386 million USD respectively). The substantial negative cash flows in financing during recent years such as 2019 (-2,061 million USD), 2021 (-3,292 million USD), and 2022 (-4,213 million USD) could indicate active repayment of debt or dividend distributions. The irregularity in financing cash flows points to active management of capital structure, possibly responding to market conditions or strategic financing decisions.
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 data reveals notable fluctuations and trends in earnings per share (EPS) and dividends per share over the analyzed period.
- Earnings per Share (Basic and Diluted)
- Both basic and diluted earnings per share show a high degree of volatility throughout the years. Early years (2005-2007) exhibit solid positive EPS, peaking around 8 US$. However, starting 2008, negative EPS emerges and persists intermittently, with the lowest dips occurring in 2015 (-35.55 US$) and 2016 (-6.52 US$).
- The EPS recovers modestly in subsequent years, with fluctuations remaining evident through 2019, including negative values in 2018 and 2019, then shoring up again in 2021 and 2022 with positive values of 4.2 and 9.15 US$ respectively for basic EPS. Diluted EPS follows a nearly identical pattern. The volatility suggests operational or market challenges impacting profitability in several years, followed by occasional recovery periods.
- Dividend per Share
- Dividend payments show a generally increasing trend from 0.3 US$ in 2005 to a high of 0.96 US$ in 2014. Notably, there is a sharp decline in dividends starting 2015, falling from 0.96 US$ to 0.42 US$ and then further down to 0.24 US$ in 2016. This reduction corresponds with the period of significant negative earnings per share, indicating possible caution or constraints affecting the ability to distribute dividends.
- After 2016, dividends gradually recover, rising steadily and sharply accelerating after 2019 to reach 5.17 US$ by the end of 2022, representing a substantial increase. This could reflect stronger financial health and confidence in sustaining higher shareholder returns in the later years.
In summary, the data indicates a period marked by earnings instability and loss years, particularly around the mid-2010s, which corresponded with cutbacks in dividends. The more recent periods show signs of recovery both in profitability and dividend distributions, culminating in markedly higher dividends by 2022. This trajectory points to a company that experienced cyclical challenges but has exhibited strong recovery and enhanced capacity to reward shareholders in recent years.