$DVN
DEVON ENERGY CORP/DE

2024 Q1 Form 10-K Financial Statement

#000095017024021781 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.596B $4.145B $15.26B
YoY Change -5.94% -3.58% -20.4%
Cost Of Revenue $1.884B $1.852B $7.337B
YoY Change 4.78% -4.83% -14.46%
Gross Profit $1.712B $2.293B $7.921B
YoY Change -15.46% -2.55% -25.22%
Gross Profit Margin 47.61% 55.32% 51.91%
Selling, General & Admin $114.0M $111.0M $408.0M
YoY Change 7.55% -9.02% 3.29%
% of Gross Profit 6.66% 4.84% 5.15%
Research & Development $9.000M $4.000M $20.00M
YoY Change 200.0% -69.23% -31.03%
% of Gross Profit 0.53% 0.17% 0.25%
Depreciation & Amortization $722.0M $650.0M $2.554B
YoY Change 17.4% 4.0% 14.89%
% of Gross Profit 42.17% 28.35% 32.24%
Operating Expenses $845.0M $765.0M $2.982B
YoY Change 16.71% 0.66% 12.66%
Operating Profit $867.0M $1.528B $4.939B
YoY Change -33.36% -4.08% -37.84%
Interest Expense -$76.00M -$75.00M -$308.0M
YoY Change 5.56% -2.6% -0.32%
% of Operating Profit -8.77% -4.91% -6.24%
Other Income/Expense, Net -$24.00M -$12.00M -$32.00M
YoY Change 2300.0% -250.0% -123.19%
Pretax Income $768.0M $1.430B $4.623B
YoY Change -37.25% -7.92% -40.54%
Income Tax $159.0M $269.0M $841.0M
% Of Pretax Income 20.7% 18.81% 18.19%
Net Earnings $596.0M $1.152B $3.747B
YoY Change -40.1% -3.52% -37.71%
Net Earnings / Revenue 16.57% 27.79% 24.56%
Basic Earnings Per Share $0.95 $5.86
Diluted Earnings Per Share $0.94 $1.80 $5.84
COMMON SHARES
Basic Shares Outstanding 635.0M 640.7M 639.0M
Diluted Shares Outstanding 632.0M 642.0M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.126B $875.0M $853.0M
YoY Change 26.94% -39.82% -41.33%
Cash & Equivalents $1.126B $853.0M $853.0M
Short-Term Investments
Other Short-Term Assets $345.0M $460.0M $482.0M
YoY Change -27.37% -1.92% 2.77%
Inventory $234.0M $249.0M $249.0M
Prepaid Expenses
Receivables $1.670B $1.573B $1.551B
Other Receivables $24.00M $22.00M $22.00M
Total Short-Term Assets $3.398B $3.157B $3.157B
YoY Change 6.55% -18.86% -18.86%
LONG-TERM ASSETS
Property, Plant & Equipment $19.58B $19.33B $19.60B
YoY Change 5.77% 6.75% 6.9%
Goodwill $753.0M $753.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $713.0M $666.0M $666.0M
YoY Change 52.03% 51.36% 51.36%
Other Assets $254.0M $319.0M $319.0M
YoY Change -7.64% 3.91% 3.91%
Total Long-Term Assets $21.58B $21.33B $21.33B
YoY Change 6.67% 7.58% 7.58%
TOTAL ASSETS
Total Short-Term Assets $3.398B $3.157B $3.157B
Total Long-Term Assets $21.58B $21.33B $21.33B
Total Assets $24.98B $24.49B $24.49B
YoY Change 6.65% 3.24% 3.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $879.0M $760.0M $760.0M
YoY Change -5.99% -11.53% -11.53%
Accrued Expenses $16.00M $12.00M $12.00M
YoY Change 33.33% -7.69% -7.69%
Deferred Revenue
YoY Change
Short-Term Debt $479.0M $483.0M $0.00
YoY Change 93.93% 92.43%
Long-Term Debt Due $479.0M $483.0M $504.0M
YoY Change 93.93% 92.43% 94.59%
Total Short-Term Liabilities $3.266B $2.949B $2.949B
YoY Change 11.43% -5.02% -5.02%
LONG-TERM LIABILITIES
Long-Term Debt $5.668B $5.672B $5.958B
YoY Change -8.21% -8.35% -7.46%
Other Long-Term Liabilities $841.0M $876.0M $1.528B
YoY Change -2.89% -2.67% 7.68%
Total Long-Term Liabilities $6.509B $6.548B $7.486B
YoY Change -7.56% -7.63% -4.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.266B $2.949B $2.949B
Total Long-Term Liabilities $6.509B $6.548B $7.486B
Total Liabilities $9.775B $9.497B $12.43B
YoY Change -1.98% -6.84% -1.0%
SHAREHOLDERS EQUITY
Retained Earnings $6.509B $6.195B
YoY Change 38.14% 44.17%
Common Stock $63.00M $64.00M
YoY Change -1.56% -1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $13.00M
YoY Change -100.0%
Treasury Stock Shares
Shareholders Equity $12.17B $12.06B $12.06B
YoY Change
Total Liabilities & Shareholders Equity $24.98B $24.49B $24.49B
YoY Change 6.65% 3.24% 3.24%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $596.0M $1.152B $3.747B
YoY Change -40.1% -3.52% -37.71%
Depreciation, Depletion And Amortization $722.0M $650.0M $2.554B
YoY Change 17.4% 4.0% 14.89%
Cash From Operating Activities $1.738B $1.737B $6.544B
YoY Change 3.64% -9.11% -23.28%
INVESTING ACTIVITIES
Capital Expenditures $902.0M $920.0M $3.947B
YoY Change -12.0% 12.06% -22.99%
Acquisitions
YoY Change
Other Investing Activities -$19.00M $10.00M $5.000M
YoY Change 137.5% -225.0% 150.0%
Cash From Investing Activities -$921.0M -$910.0M -$3.942B
YoY Change -10.84% 9.77% -23.05%
FINANCING ACTIVITIES
Cash Dividend Paid $299.0M $488.0M $1.858B
YoY Change -49.83% -44.23% -45.01%
Common Stock Issuance & Retirement, Net $979.0M
YoY Change 36.35%
Debt Paid & Issued, Net $242.0M
YoY Change
Cash From Financing Activities -541.0M -716.0M -3.184B
YoY Change -55.33% -23.83% -24.42%
NET CHANGE
Cash From Operating Activities 1.738B 1.737B 6.544B
Cash From Investing Activities -921.0M -910.0M -3.942B
Cash From Financing Activities -541.0M -716.0M -3.184B
Net Change In Cash 274.0M 111.0M -579.0M
YoY Change -148.32% -21.83% -29.13%
FREE CASH FLOW
Cash From Operating Activities $1.738B $1.737B $6.544B
Capital Expenditures $902.0M $920.0M $3.947B
Free Cash Flow $836.0M $817.0M $2.597B
YoY Change 28.22% -25.05% -23.73%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following:</span></p><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">proved reserves and related present value of future net revenues;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">evaluation of suspended well costs;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the carrying and fair values of oil and gas properties, other property and equipment and product and equipment inventories;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">derivative financial instruments;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the fair value of reporting units and related assessment of goodwill for impairment;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">income taxes;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">asset retirement obligations;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">obligations related to employee pension and postretirement benefits;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">legal and environmental risks and exposures;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the fair value of contingent earnout payments; and</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">general credit risk associated with receivables and other assets.</span></div></div>
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CY2023 dvn Number Of Customers Accounted For More Than Ten Percentage Of Revenue
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CY2022 dvn Number Of Customers Accounted For More Than Ten Percentage Of Revenue
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CY2021 dvn Number Of Customers Accounted For More Than Ten Percentage Of Revenue
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