Devon Energy Corp., current enterprise value calculation

Current share price (P)	$44.18
No. shares of common stock outstanding	640,700,000
US$ in millions
Common equity (market value)¹	28,306)
Add: Noncontrolling interests (per books)	129)
Total equity	28,435)
Add: Short-term debt (per books)	251)
Add: Current finance lease liabilities (per books)	8)
Add: Long-term debt (per books)	6,189)
Add: Long-term finance lease liabilities (per books)	249)
Total equity and debt	35,132)
Less: Cash, cash equivalents and restricted cash	1,454)
Enterprise value (EV)	33,678)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 44.18 × 640,700,000

Devon Energy Corp., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$57.23	$53.85	$21.73	$22.72	$30.27
No. shares of common stock outstanding¹	654,000,000	664,200,000	673,100,000	382,900,000	438,300,000
US$ in millions
Common equity (market value)³	37,428)	35,767)	14,626)	8,699)	13,267)
Add: Noncontrolling interests (book value)	129)	137)	134)	118)	—)
Total equity	37,557)	35,904)	14,760)	8,817)	13,267)
Add: Short-term debt (book value)	251)	—)	—)	—)	162)
Add: Current finance lease liabilities (book value)	8)	8)	8)	7)	—)
Add: Long-term debt (book value)	6,189)	6,482)	4,298)	4,294)	5,785)
Add: Long-term finance lease liabilities (book value)	249)	247)	244)	240)	—)
Total equity and debt	44,254)	42,641)	19,310)	13,358)	19,214)
Less: Cash, cash equivalents and restricted cash	1,454)	2,271)	2,237)	1,844)	2,414)
Enterprise value (EV)	42,800)	40,370)	17,073)	11,514)	16,800)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Devon Energy Corp. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 57.23 × 654,000,000

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Devon Energy Corp. EV increased from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp. (NYSE:DVN)

Enterprise Value (EV)