$DVN
DEVON ENERGY CORP/DE

2016 Q4 Form 10-K Financial Statement

#000156459017001607 Filed on February 15, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q1
Revenue $3.350B $4.233B $2.126B
YoY Change 16.08% 17.55% -34.89%
Cost Of Revenue $588.0M $355.0M $477.0M
YoY Change 22.76% -30.39% -21.29%
Gross Profit $2.220B $2.527B $1.649B
YoY Change -7.77% -18.25% -37.98%
Gross Profit Margin 66.27% 59.7% 77.56%
Selling, General & Admin $2.032B $1.688B $1.305B
YoY Change 16.25% -12.36% -25.21%
% of Gross Profit 91.53% 66.8% 79.14%
Research & Development $215.0M
YoY Change
% of Gross Profit 9.68%
Depreciation & Amortization $676.0M $394.0M $542.0M
YoY Change 5.46% -47.04% -41.72%
% of Gross Profit 30.45% 15.59% 32.87%
Operating Expenses $2.396B $2.099B $1.867B
YoY Change -0.79% -21.71% -30.7%
Operating Profit -$176.0M $428.0M -$3.500B
YoY Change 2100.0% 4.39% 9900.0%
Interest Expense -$142.0M -$137.0M -$370.0M
YoY Change 30.28% 104.48% -1950.0%
% of Operating Profit -32.01%
Other Income/Expense, Net -$235.0M -$66.00M -$21.00M
YoY Change 2837.5% -41.07% -85.91%
Pretax Income $375.0M $1.178B -$3.685B
YoY Change -106.77% -120.95% -34.48%
Income Tax $369.0M $171.0M -$217.0M
% Of Pretax Income 98.4% 14.52%
Net Earnings $331.0M $993.0M -$3.056B
YoY Change -107.3% -128.31% -15.09%
Net Earnings / Revenue 9.88% 23.46% -143.74%
Basic Earnings Per Share $0.63 $1.90 -$6.44
Diluted Earnings Per Share $0.63 $1.89 -$6.44
COMMON SHARES
Basic Shares Outstanding 523.6M 518.0M 474.0M
Diluted Shares Outstanding 521.0M 474.0M

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.959B $2.385B $1.635B
YoY Change -15.19% 33.46% -12.0%
Cash & Equivalents $1.947B $2.385B $1.635B
Short-Term Investments
Other Short-Term Assets $264.0M $257.0M $268.0M
YoY Change -56.44% -78.31% -88.27%
Inventory
Prepaid Expenses
Receivables $1.356B $1.092B $961.0M
Other Receivables $69.00M $69.00M $86.00M
Total Short-Term Assets $3.772B $4.451B $2.950B
YoY Change -6.19% 3.56% -49.19%
LONG-TERM ASSETS
Property, Plant & Equipment $14.28B $16.17B $19.26B
YoY Change -31.97% -29.01% -38.76%
Goodwill $2.383B $3.963B
YoY Change -28.59%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.987B $2.230B $2.264B
YoY Change 49.4% 48.37% 29.15%
Total Long-Term Assets $24.90B $22.36B $25.69B
YoY Change -2.92% -25.4% -35.03%
TOTAL ASSETS
Total Short-Term Assets $3.772B $4.451B $2.950B
Total Long-Term Assets $24.90B $22.36B $25.69B
Total Assets $28.68B $26.81B $28.64B
YoY Change -3.36% -21.76% -36.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $642.0M $529.0M $640.0M
YoY Change -29.14% -43.72% -52.06%
Accrued Expenses $130.0M $171.0M $179.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $350.0M $350.0M
YoY Change -100.0% -30.0% -75.83%
Total Short-Term Liabilities $2.616B $2.851B $2.600B
YoY Change -20.61% -18.57% -53.24%
LONG-TERM LIABILITIES
Long-Term Debt $10.15B $11.00B $12.20B
YoY Change -15.78% -3.47% 18.39%
Other Long-Term Liabilities $894.0M $1.036B $2.603B
YoY Change 4.81% -52.8% 13.42%
Total Long-Term Liabilities $11.05B $12.04B $14.80B
YoY Change -14.42% -11.44% 17.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.616B $2.851B $2.600B
Total Long-Term Liabilities $11.05B $12.04B $14.80B
Total Liabilities $13.66B $14.89B $22.23B
YoY Change -15.68% -34.7% -18.72%
SHAREHOLDERS EQUITY
Retained Earnings -$69.00M -$1.977B
YoY Change -103.87%
Common Stock $52.00M $52.00M
YoY Change 23.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.274B $5.840B $6.410B
YoY Change
Total Liabilities & Shareholders Equity $28.68B $26.81B $28.64B
YoY Change -2.63% -21.94% -36.84%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q1
OPERATING ACTIVITIES
Net Income $331.0M $993.0M -$3.056B
YoY Change -107.3% -128.31% -15.09%
Depreciation, Depletion And Amortization $676.0M $394.0M $542.0M
YoY Change 5.46% -47.04% -41.72%
Cash From Operating Activities $290.0M $700.0M $165.0M
YoY Change -72.92% -54.93% -89.99%
INVESTING ACTIVITIES
Capital Expenditures -$388.0M $3.000M $1.627B
YoY Change -64.04% -97.35% -194.76%
Acquisitions
YoY Change
Other Investing Activities $1.198B -$34.00M $1.000M
YoY Change -333.53% -1233.33% -100.25%
Cash From Investing Activities $810.0M $1.290B -$2.359B
YoY Change -150.88% -210.35% 11.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.469B
YoY Change
Debt Paid & Issued, Net $2.173B $259.0M
YoY Change
Cash From Financing Activities -1.460B -1.319B 1.493B
YoY Change -238.26% 339.67% 67.38%
NET CHANGE
Cash From Operating Activities 290.0M 700.0M 165.0M
Cash From Investing Activities 810.0M 1.290B -2.359B
Cash From Financing Activities -1.460B -1.319B 1.493B
Net Change In Cash -360.0M 671.0M -701.0M
YoY Change -167.29% 698.81% -265.33%
FREE CASH FLOW
Cash From Operating Activities $290.0M $700.0M $165.0M
Capital Expenditures -$388.0M $3.000M $1.627B
Free Cash Flow $678.0M $697.0M -$1.462B
YoY Change -68.47% -51.6% -143.45%

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">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. 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width:100%;"> <tr> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:18pt;line-height:13.2pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the fair value of reporting units and related assessment of goodwill for impairment;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:18pt;line-height:13.2pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the fair value of intangible assets other than goodwill;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; 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2963
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211
CY2014 us-gaap Proved Developed And Undeveloped Reserve Purchase Of Mineral In Place Energy
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383
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CY2015 us-gaap Proved Developed And Undeveloped Reserve Revision Of Previous Estimate Energy
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CY2015 us-gaap Proved Developed And Undeveloped Reserve Extension And Discovery Energy
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CY2015 us-gaap Proved Developed And Undeveloped Reserve Purchase Of Mineral In Place Energy
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248
CY2015 us-gaap Proved Developed And Undeveloped Reserves Sale Of Mineral In Place Energy
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7
CY2015Q4 us-gaap Proved Developed And Undeveloped Reserve Net Energy
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2182
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CY2016 us-gaap Proved Developed And Undeveloped Reserve Revision Of Previous Estimate Energy
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137
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126
CY2016 us-gaap Proved Developed And Undeveloped Reserve Purchase Of Mineral In Place Energy
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223
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157
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2058
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2262
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1649
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2154
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1977
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1749
CY2016Q4 dvn Proved Developed Producing Reserves Energy
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1593
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701
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CY2015Q4 us-gaap Proved Undeveloped Reserve Boe1
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376
CY2016Q4 us-gaap Proved Undeveloped Reserve Boe1
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409
CY2016 dvn Conversion Rate Of Gas Reserves From Mcf To Boe
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6
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78
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2
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CY2016 dvn Proved Undeveloped Reserves Sale Of Reserves Energy
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1
CY2016 dvn Proved Undeveloped Reserves Conversion To Proved Developed Reserves Energy
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41
CY2016 dvn Increase Decrease In Proved Undeveloped Reserves
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0.09
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586000000
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74
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13
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5
CY2016Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
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2508000000
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38412000000
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17938000000
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20474000000
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37.37
CY2016 dvn Average Estimated Future Realized Price Per Barrel Of Bitumen Used To Estimate Future Cash Inflows For Proved Bitumen Reserves
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15.74
CY2016 dvn Average Estimated Future Realized Price Per Mcf Of Gas Used To Estimate Future Cash Inflows For Proved Gas Reserves
AverageEstimatedFutureRealizedPricePerMcfOfGasUsedToEstimateFutureCashInflowsForProvedGasReserves
1.98
CY2016 dvn Average Estimated Future Realized Price Per Barrel Of Natural Gas Liquids Used To Estimate Future Cash Inflows For Proved Ngl Reserves
AverageEstimatedFutureRealizedPricePerBarrelOfNaturalGasLiquidsUsedToEstimateFutureCashInflowsForProvedNglReserves
9.91
CY2016 dvn Future Dismantlement Abandonment And Rehabilitation Costs
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1300000000
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15741000000
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2163000000
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2704000000
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6865000000
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112000000
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1313000000
CY2014 us-gaap Increase Decrease In Estimated Future Development Costs
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660000000
CY2015 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
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1129000000
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4836000000
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222000000
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IncreaseDueToPurchasesOfMineralsInPlace
95000000
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6422000000
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