Total Asset Turnover
since 2005
Calculation
Devon Energy Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.81 | = | 19,169) | ÷ | 23,721) |
| Dec 31, 2021 | 0.58 | = | 12,206) | ÷ | 21,025) |
| Dec 31, 2020 | 0.49 | = | 4,828) | ÷ | 9,912) |
| Dec 31, 2019 | 0.45 | = | 6,220) | ÷ | 13,717) |
| Dec 31, 2018 | 0.55 | = | 10,734) | ÷ | 19,566) |
| Dec 31, 2017 | 0.46 | = | 13,949) | ÷ | 30,241) |
| Dec 31, 2016 | 0.40 | = | 10,304) | ÷ | 25,913) |
| Dec 31, 2015 | 0.45 | = | 13,145) | ÷ | 29,532) |
| Dec 31, 2014 | 0.39 | = | 19,566) | ÷ | 50,637) |
| Dec 31, 2013 | 0.24 | = | 10,397) | ÷ | 42,877) |
| Dec 31, 2012 | 0.22 | = | 9,502) | ÷ | 43,326) |
| Dec 31, 2011 | 0.28 | = | 11,454) | ÷ | 41,117) |
| Dec 31, 2010 | 0.30 | = | 9,940) | ÷ | 32,927) |
| Dec 31, 2009 | 0.27 | = | 8,015) | ÷ | 29,686) |
| Dec 31, 2008 | 0.48 | = | 15,211) | ÷ | 31,908) |
| Dec 31, 2007 | 0.27 | = | 11,362) | ÷ | 41,456) |
| Dec 31, 2006 | 0.30 | = | 10,578) | ÷ | 35,063) |
| Dec 31, 2005 | 0.35 | = | 10,741) | ÷ | 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).
1 US$ in millions
The total asset turnover ratio exhibits a notable long-term upward trajectory, indicating a significant increase in asset utilization efficiency from 2005 to 2022. While the early period was characterized by volatility and relatively low efficiency, the latter years demonstrate a marked improvement in the ability to generate revenue from the existing asset base.
- Early Period Volatility (2005–2013)
- During this interval, the asset turnover ratio remained generally low, fluctuating primarily between 0.22 and 0.35. A distinct peak occurred in 2008, where the ratio rose to 0.48, corresponding with a spike in revenues to $15.21 billion and a simultaneous reduction in total assets. Following this, the ratio regressed to lower levels, reaching a period low of 0.22 in 2012, reflecting inconsistent asset productivity.
- Asset Base Contraction and Efficiency Gains (2014–2018)
- A structural shift in efficiency is observed starting in 2014. Total assets peaked at $50.64 billion in 2014 before entering a period of substantial decline, falling to $19.57 billion by 2017. This reduction in the asset denominator, coupled with revenue levels that remained relatively resilient, resulted in a steady climb in the turnover ratio from 0.39 in 2014 to 0.55 in 2018.
- Accelerated Revenue Generation (2019–2022)
- The most significant gains in asset turnover occurred between 2019 and 2022. Despite a sharp contraction in revenues during 2019 and 2020, the ratio remained elevated because total assets continued to decline, reaching a minimum of $9.91 billion in 2020. The trend culminated in 2022 with a period high ratio of 0.81, driven by a substantial recovery in revenues to $19.17 billion against a lean asset base of $23.72 billion.
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Comparison to Competitors
Devon Energy Corp., total asset turnover, long-term trends, comparison to competitors
| Devon Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 0.81 | 0.91 | 0.84 | 1.08 |
| Dec 31, 2021 | 0.58 | 0.65 | 0.51 | 0.82 |
| Dec 31, 2020 | 0.49 | 0.39 | 0.30 | 0.54 |
| Dec 31, 2019 | 0.45 | 0.59 | 0.46 | 0.70 |
| Dec 31, 2018 | 0.55 | 0.63 | 0.52 | 0.81 |
| Dec 31, 2017 | 0.46 | 0.53 | 0.40 | 0.68 |
| Dec 31, 2016 | 0.40 | 0.42 | 0.26 | 0.66 |
| Dec 31, 2015 | 0.45 | 0.49 | 0.30 | 0.77 |
| Dec 31, 2014 | 0.39 | 0.75 | 0.45 | 1.13 |
| Dec 31, 2013 | 0.24 | 0.87 | 0.46 | 1.21 |
| Dec 31, 2012 | 0.22 | 0.99 | 0.49 | 1.36 |
| Dec 31, 2011 | 0.28 | 1.17 | 1.60 | 1.41 |
| Dec 31, 2010 | 0.30 | 1.07 | 1.21 | 1.22 |
| Dec 31, 2009 | 0.27 | 1.02 | 0.98 | 1.29 |
| Dec 31, 2008 | 0.48 | 1.64 | 1.69 | 2.02 |
| Dec 31, 2007 | 0.27 | 1.44 | 1.05 | 1.61 |
| Dec 31, 2006 | 0.30 | 1.54 | 1.11 | 1.67 |
| Dec 31, 2005 | 0.35 | 1.54 | 1.68 | 1.72 |
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., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Devon Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 0.81 | 0.99 |
| Dec 31, 2021 | 0.58 | 0.71 |
| Dec 31, 2020 | 0.49 | 0.46 |
| Dec 31, 2019 | 0.45 | 0.64 |
| Dec 31, 2018 | 0.55 | 0.71 |
| Dec 31, 2017 | 0.46 | 0.59 |
| Dec 31, 2016 | 0.40 | 0.52 |
| Dec 31, 2015 | 0.45 | 0.60 |
| Dec 31, 2014 | 0.39 | 0.88 |
| Dec 31, 2013 | 0.24 | 0.97 |
| Dec 31, 2012 | 0.22 | 1.08 |
| Dec 31, 2011 | 0.28 | 1.38 |
| Dec 31, 2010 | 0.30 | 1.18 |
| Dec 31, 2009 | 0.27 | 1.12 |
| Dec 31, 2008 | 0.48 | 1.81 |
| Dec 31, 2007 | 0.27 | 1.39 |
| Dec 31, 2006 | 0.30 | 1.46 |
| Dec 31, 2005 | 0.35 | 1.66 |
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., total asset turnover, long-term trends, comparison to industry (energy)
| Devon Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2022 | 0.81 | 0.97 |
| Dec 31, 2021 | 0.58 | 0.71 |
| Dec 31, 2020 | 0.49 | 0.47 |
| Dec 31, 2019 | 0.45 | 0.63 |
| Dec 31, 2018 | 0.55 | 0.69 |
| Dec 31, 2017 | 0.46 | 0.58 |
| Dec 31, 2016 | 0.40 | 0.50 |
| Dec 31, 2015 | 0.45 | 0.59 |
| Dec 31, 2014 | 0.39 | 0.87 |
| Dec 31, 2013 | 0.24 | 0.94 |
| Dec 31, 2012 | 0.22 | 1.05 |
| Dec 31, 2011 | 0.28 | 1.33 |
| Dec 31, 2010 | 0.30 | 1.13 |
| Dec 31, 2009 | 0.27 | 1.10 |
| Dec 31, 2008 | 0.48 | 1.76 |
| Dec 31, 2007 | 0.27 | 1.37 |
| Dec 31, 2006 | 0.30 | 1.43 |
| Dec 31, 2005 | 0.35 | 1.63 |
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).