Devon Energy Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings (loss) attributable to Devon	6,015)	2,813)	(2,680)	(355)	3,064)
Net earnings attributable to noncontrolling interests	22)	20)	9)	2)	160)
Net noncash charges	2,719)	2,182)	4,230)	2,478)	(853)
Changes in assets and liabilities, net	(226)	(116)	(95)	(82)	(143)
Net cash from operating activities	8,530)	4,899)	1,464)	2,043)	2,228)
Capital expenditures	(2,542)	(1,989)	(1,153)	(1,910)	(2,451)
Repayments of long-term debt	—)	(1,243)	—)	(162)	(922)
Early retirement of debt	—)	(59)	—)	—)	(304)
Free cash flow to equity (FCFE)	5,988)	1,608)	311)	(29)	(1,449)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Devon Energy Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Devon Energy Corp. FCFE increased from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	640,700,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	5,988)
FCFE per share	9.35
Current share price (P)	44.18
Valuation Ratio
P/FCFE	4.73
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	19.52
ConocoPhillips	13.76
Exxon Mobil Corp.	14.50
Marathon Petroleum Corp.	5.67
Occidental Petroleum Corp.	10.00
Valero Energy Corp.	6.90
P/FCFE, Sector
Oil, Gas & Consumable Fuels	9.34
P/FCFE, Industry
Energy	9.94

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Devon Energy Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	654,000,000	664,200,000	673,100,000	382,900,000	438,300,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	5,988)	1,608)	311)	(29)	(1,449)
FCFE per share³	9.16	2.42	0.46	-0.08	-3.31
Share price^1, 4	57.23	53.85	21.73	22.72	30.27
Valuation Ratio
P/FCFE⁵	6.25	22.24	47.03	—	—
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	10.59	32.05	21.61	38.28	—
ConocoPhillips	8.93	10.61	497.58	14.36	—
Exxon Mobil Corp.	8.73	19.82	13.70	16.01	—
Marathon Petroleum Corp.	3.74	65.05	51.11	5.87	—
Occidental Petroleum Corp.	18.76	66.22	—	1.84	—
Valero Energy Corp.	6.12	12.51	9.57	7.61	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	8.65	20.61	19.80	11.93	—
P/FCFE, Industry
Energy	9.32	21.56	19.35	12.49	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,988,000,000 ÷ 654,000,000 = 9.16

⁴ Closing price as at the filing date of Devon Energy Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 57.23 ÷ 9.16 = 6.25

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Devon Energy Corp. P/FCFE ratio decreased from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp. (NYSE:DVN)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical