$DVN
DEVON ENERGY CORP/DE

2021 Q1 Form 10-Q Financial Statement

#000156459021023786 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $2.050B $1.280B $2.087B
YoY Change -1.77% -19.45% 93.42%
Cost Of Revenue $489.0M $271.0M $578.0M
YoY Change -15.4% -16.36% -22.93%
Gross Profit $1.273B $1.009B $1.509B
YoY Change -15.64% -20.24% 358.66%
Gross Profit Margin 62.1% 78.83% 72.3%
Selling, General & Admin $630.0M $700.0M $680.0M
YoY Change -7.35% -10.71% -23.16%
% of Gross Profit 49.49% 69.38% 45.06%
Research & Development $3.000M $4.000M $112.0M
YoY Change -97.32% -86.21% 2700.0%
% of Gross Profit 0.24% 0.4% 7.42%
Depreciation & Amortization $467.0M $301.0M $401.0M
YoY Change 16.46% -21.2% 11.39%
% of Gross Profit 36.68% 29.83% 26.57%
Operating Expenses $1.100B $1.005B $1.193B
YoY Change -7.8% -15.9% -4.48%
Operating Profit $173.0M $4.000M $316.0M
YoY Change -45.25% -94.29% -134.35%
Interest Expense -$77.00M -$64.00M -$65.00M
YoY Change 18.46% -31.18% 8.33%
% of Operating Profit -44.51% -1600.0% -20.57%
Other Income/Expense, Net $36.00M -$7.000M $43.00M
YoY Change -16.28% -153.85% 168.75%
Pretax Income -$32.00M -$110.0M -$2.107B
YoY Change -98.48% 423.81% 323.94%
Income Tax -$248.0M -$37.00M -$417.0M
% Of Pretax Income
Net Earnings $213.0M -$102.0M -$1.816B
YoY Change -111.73% -84.11% 472.87%
Net Earnings / Revenue 10.39% -7.97% -87.01%
Basic Earnings Per Share $0.33 -$4.82
Diluted Earnings Per Share $0.32 -$270.6K -$4.82
COMMON SHARES
Basic Shares Outstanding 649.0M 377.0M
Diluted Shares Outstanding 651.0M 377.0M

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.878B $2.237B $1.527B
YoY Change 22.99% 52.8% 15.07%
Cash & Equivalents $1.683B $2.237B $1.527B
Short-Term Investments
Other Short-Term Assets $334.0M $248.0M $998.0M
YoY Change -66.53% 6.9% 195.27%
Inventory
Prepaid Expenses
Receivables $1.089B $601.0M $594.0M
Other Receivables $220.0M $199.0M $74.00M
Total Short-Term Assets $3.467B $3.260B $4.055B
YoY Change -14.5% -15.35% 50.02%
LONG-TERM ASSETS
Property, Plant & Equipment $15.27B $5.393B $5.780B
YoY Change 164.26% -37.24% -58.31%
Goodwill $753.0M $753.0M $753.0M
YoY Change 0.0% 0.0% -10.46%
Intangibles
YoY Change
Long-Term Investments $402.0M
YoY Change
Other Assets $306.0M $271.0M $245.0M
YoY Change 24.9% 38.27% -19.41%
Total Long-Term Assets $16.99B $6.652B $7.089B
YoY Change 139.67% -32.58% -53.89%
TOTAL ASSETS
Total Short-Term Assets $3.467B $3.260B $4.055B
Total Long-Term Assets $16.99B $6.652B $7.089B
Total Assets $20.46B $9.912B $11.14B
YoY Change 83.57% -27.74% -38.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $564.0M $242.0M $444.0M
YoY Change 27.03% -43.46% -26.37%
Accrued Expenses $23.00M $1.000M $7.000M
YoY Change 228.57% -90.0% -95.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $226.0M $8.000M $7.000M
YoY Change 3128.57% 14.29% 0.0%
Total Short-Term Liabilities $2.945B $1.440B $1.554B
YoY Change 89.51% -25.27% -21.04%
LONG-TERM LIABILITIES
Long-Term Debt $7.042B $4.298B $4.295B
YoY Change 63.96% 0.09% -25.77%
Other Long-Term Liabilities $1.269B $551.0M $461.0M
YoY Change 175.27% 29.34% 0.66%
Total Long-Term Liabilities $8.311B $4.849B $4.756B
YoY Change 74.75% 2.73% -23.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.945B $1.440B $1.554B
Total Long-Term Liabilities $8.311B $4.849B $4.756B
Total Liabilities $11.26B $6.289B $6.310B
YoY Change 78.38% -5.39% -23.16%
SHAREHOLDERS EQUITY
Retained Earnings $218.0M $208.0M $1.298B
YoY Change -83.2% -93.39% -60.43%
Common Stock $67.00M $38.00M $38.00M
YoY Change 76.32% 0.0% -9.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.353B $2.885B $3.919B
YoY Change
Total Liabilities & Shareholders Equity $20.46B $9.912B $11.14B
YoY Change 83.57% -27.74% -38.35%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income $213.0M -$102.0M -$1.816B
YoY Change -111.73% -84.11% 472.87%
Depreciation, Depletion And Amortization $467.0M $301.0M $401.0M
YoY Change 16.46% -21.2% 11.39%
Cash From Operating Activities $592.0M $377.0M $398.0M
YoY Change 48.74% -33.74% 5.29%
INVESTING ACTIVITIES
Capital Expenditures $499.0M -$220.0M $425.0M
YoY Change 17.41% -46.47% 4150.0%
Acquisitions
YoY Change
Other Investing Activities $369.0M $315.0M $24.00M
YoY Change 1437.5% 632.56% -90.44%
Cash From Investing Activities -$130.0M $95.00M -$405.0M
YoY Change -67.9% -125.82% 62.65%
FINANCING ACTIVITIES
Cash Dividend Paid $203.0M $138.0M $34.00M
YoY Change 497.06% 305.88% 0.0%
Common Stock Issuance & Retirement, Net $0.00 $38.00M
YoY Change -100.0% -96.2%
Debt Paid & Issued, Net $533.0M
YoY Change
Cash From Financing Activities -824.0M -134.0M -87.00M
YoY Change 847.13% 482.61% -92.87%
NET CHANGE
Cash From Operating Activities 592.0M 377.0M 398.0M
Cash From Investing Activities -130.0M 95.00M -405.0M
Cash From Financing Activities -824.0M -134.0M -87.00M
Net Change In Cash -359.0M 338.0M -117.0M
YoY Change 206.84% 89.89% -89.28%
FREE CASH FLOW
Cash From Operating Activities $592.0M $377.0M $398.0M
Capital Expenditures $499.0M -$220.0M $425.0M
Free Cash Flow $93.00M $597.0M -$27.00M
YoY Change -444.44% -39.08% -107.34%

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CY2021Q1 dvn Estimated Future Obligation Under Performance Guarantee
EstimatedFutureObligationUnderPerformanceGuarantee
128000000
CY2021Q1 dvn Commodity Derivatives
CommodityDerivatives
122000000
CY2020Q4 dvn Commodity Derivatives
CommodityDerivatives
5000000
CY2021Q1 dvn Other Noncurrent Liabilities
OtherNoncurrentLiabilities
182000000
CY2020Q4 dvn Other Noncurrent Liabilities
OtherNoncurrentLiabilities
166000000
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1269000000
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
551000000
CY2021Q1 dvn Terms Of The Contracts Extendable Related To Delaware Basin
TermsOfTheContractsExtendableRelatedToDelawareBasin
2038
CY2021Q1 us-gaap Results Of Operations Depreciation Depletion And Amortization And Valuation Provisions
ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions
8000000
CY2021Q1 dvn Liability For The Estimated Potential Exposure For The Remainder Of The Contract Term
LiabilityForTheEstimatedPotentialExposureForTheRemainderOfTheContractTerm
164000000
CY2021Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
128000000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2243000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
38000000
CY2020Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
16.85
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
203000000
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2020Q1 dvn Disposal Group Including Discontinued Operation Oil Gas And Ngl Sales
DisposalGroupIncludingDiscontinuedOperationOilGasAndNGLSales
92000000
CY2020Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
92000000
CY2020Q1 dvn Disposal Group Including Discontinued Operation Production Expenses
DisposalGroupIncludingDiscontinuedOperationProductionExpenses
74000000
CY2020Q1 dvn Disposal Group Including Discontinued Operation Asset Impairment Charges
DisposalGroupIncludingDiscontinuedOperationAssetImpairmentCharges
179000000
CY2020Q1 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
1000000
CY2020Q1 dvn Disposal Group Including Discontinued Operation Financing Costs Net
DisposalGroupIncludingDiscontinuedOperationFinancingCostsNet
-2000000
CY2020Q1 dvn Disposal Group Including Discontinued Operation Other Expenses
DisposalGroupIncludingDiscontinuedOperationOtherExpenses
-3000000
CY2020Q1 dvn Disposal Group Including Discontinued Operation Total Expenses
DisposalGroupIncludingDiscontinuedOperationTotalExpenses
249000000
CY2020Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-157000000
CY2020Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-32000000
CY2020Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-125000000

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