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Segment Information (Tables)
6 Months Ended
Jun. 30, 2011
Segment Information  
Condensed Balance Sheets Of Reportable Segments

 

U.S.

Canada

International

Total

 

(In millions)

As of June 30, 2011:

 

 

 

 

Current assets (1)

$      1,916

$      6,959

$            36

$      8,911

Property and equipment, net

      14,472

        7,955

             —

      22,427

Goodwill

        3,046

        3,130

             —

        6,176

Other assets

            538

            391

              94

        1,023

     Total assets

$    19,972

$    18,435

$         130

$    38,537

 

 

 

 

 

Current liabilities

$      1,995

$      2,446

$            43

$      4,484

Long-term debt

        4,725

        1,243

             —

        5,968

Asset retirement obligations

            578

            921

             —

        1,499

Other liabilities

            742

              66

                2

            810

Deferred income taxes

        2,939

        1,409

             —

        4,348

Stockholders' equity

        8,993

      12,350

              85

      21,428

     Total liabilities and stockholders' equity

$    19,972

$    18,435

$         130

$    38,537

____________________________

(1)   Current assets in the Canadian segment include $6.1 billion of cash, cash equivalents and short-term investments that were generated from Devon's International offshore divestiture program and have not been repatriated to the United States.

Condensed Statements Of Operations Of Reportable Segments


 


 

U.S.

Canada

Total

 

(In millions)

Three Months Ended June 30, 2011:

 

 

 

Revenues:

 

 

 

  Oil, gas and NGL sales

$     1,438

$         762

 $    2,200

  Oil, gas and NGL derivatives

           416

              —

           416

  Marketing and midstream revenues

           554

             50

           604

     Total revenues

        2,408

           812

        3,220

Expenses and other, net:

 

 

 

  Lease operating expenses

           224

           229

           453

  Taxes other than income taxes

           107

             13

           120

  Marketing and midstream operating costs and expenses

           413

             43

           456

  Depreciation, depletion and amortization of oil and gas

     properties

 

           291

 

           194

 

           485

  Depreciation and amortization of non-oil and gas properties

             59

                6

             65

  Accretion of asset retirement obligations

                8

             15

             23

  General and administrative expenses

             94

             41

           135

  Restructuring costs

                6

              —

                6

  Interest expense

             40

             45

             85

  Interest-rate and other financial instruments

             25

              —

             25

  Other, net

              (7)

              (4)

            (11)

     Total expenses and other, net

        1,260

           582

        1,842

Earnings from continuing operations before income taxes

        1,148

           230

        1,378

Income tax expense:

 

 

 

  Current

             35

                1

             36

  Deferred

        1,100

             58

        1,158

     Total income tax expense

        1,135

             59

        1,194

Earnings from continuing operations

$           13

$         171

$         184

 

 

 

 

Capital expenditures, continuing operations

$     1,499

$         334

$     1,833


 

 

U.S.

Canada

Total

 

(In millions)

Three Months Ended June 30, 2010:

 

 

 

Revenues:

 

 

 

  Oil, gas and NGL sales

$     1,144

$         638

 $    1,782

  Oil, gas and NGL derivatives

             32

             13

             45

  Marketing and midstream revenues

           372

             33

           405

     Total revenues

        1,548

           684

        2,232

Expenses and other, net:

 

 

 

  Lease operating expenses

           243

           199

           442

  Taxes other than income taxes

             83

                9

             92

  Marketing and midstream operating costs and expenses

           252

             28

           280

  Depreciation, depletion and amortization of oil and gas

     properties

 

           248

 

           178

 

           426

  Depreciation and amortization of non-oil and gas properties

             57

                6

             63

  Accretion of asset retirement obligations

             12

             12

             24

  General and administrative expenses

             98

             32

           130

  Restructuring costs

              (8)

              —

              (8)

  Interest expense

             55

             56

           111

  Interest-rate and other financial instruments

             81

              —

             81

  Other, net

            (26)

                4

            (22)

     Total expenses and other, net

        1,095

           524

        1,619

Earnings from continuing operations before income taxes

           453

           160

           613

Income tax expense (benefit):

 

 

 

  Current

           631

             76

           707

  Deferred

          (421)

            (25)

          (446)

     Total income tax expense

           210

             51

           261

Earnings from continuing operations

$         243

$         109

$         352

 

 

 

 

Capital expenditures, continuing operations

$     1,145

$         774

$     1,919

 


 

 

 

U.S.

Canada

Total

 

(In millions)

Six Months Ended June 30, 2011:

 

 

 

Revenues:

 

 

 

  Oil, gas and NGL sales

$     2,650

$     1,410

 $    4,060

  Oil, gas and NGL derivatives

           248

              —

           248

  Marketing and midstream revenues

           977

             82

        1,059

     Total revenues

        3,875

        1,492

        5,367

Expenses and other, net:

 

 

 

  Lease operating expenses

           432

           445

           877

  Taxes other than income taxes

           201

             27

           228

  Marketing and midstream operating costs and expenses

           721

             68

           789

  Depreciation, depletion and amortization of oil and gas

     properties

 

           551

 

           376

 

           927

  Depreciation and amortization of non-oil and gas properties

           117

             12

           129

  Accretion of asset retirement obligations

             17

             29

             46

  General and administrative expenses

           185

             80

           265

  Restructuring costs

                1

              —

                1

  Interest expense

             77

             89

           166

  Interest-rate and other financial instruments

                8

              —

                8

  Other, net

            (21)

              (6)

            (27)

     Total expenses and other, net

        2,289

        1,120

        3,409

Earnings from continuing operations before income taxes

        1,586

           372

        1,958

Income tax (benefit) expense:

 

 

 

  Current

            (53)

              —

            (53)

  Deferred

        1,343

             95

        1,438

     Total income tax expense

        1,290

             95

        1,385

Earnings from continuing operations

$         296

$         277

$         573

 

 

 

 

Capital expenditures, before revision of future asset retirement

     obligations

 

$     2,749

 

$         866

 

$     3,615

Revision of future asset retirement obligations

                2

             14

             16

Capital expenditures, continuing operations

$     2,751

$         880

$     3,631

 


 

 

 

U.S.

Canada

Total

 

(In millions)

Six Months Ended June 30, 2010:

 

 

 

Revenues:

 

 

 

  Oil, gas and NGL sales

$     2,514

$     1,338

 $    3,852

  Oil, gas and NGL derivatives

           657

                8

           665

  Marketing and midstream revenues

           868

             67

           935

     Total revenues

        4,039

        1,413

        5,452

Expenses and other, net:

 

 

 

  Lease operating expenses

           467

           389

           856

  Taxes other than income taxes

           173

             20

           193

  Marketing and midstream operating costs and expenses

           621

             56

           677

  Depreciation, depletion and amortization of oil and gas

     properties

 

           509

 

           343

 

           852

  Depreciation and amortization of non-oil and gas properties

           113

             13

           126

  Accretion of asset retirement obligations

             25

             25

             50

  General and administrative expenses

           206

             62

           268

  Restructuring costs

              (8)

              —

              (8)

  Interest expense

             85

           112

           197

  Interest-rate and other financial instruments

             66

              —

             66

  Other, net

            (29)

                3

            (26)

     Total expenses and other, net

        2,228

        1,023

        3,251

Earnings from continuing operations before income taxes

        1,811

           390

        2,201

Income tax expense (benefit):

 

 

 

  Current

           845

           161

        1,006

  Deferred

          (186)

            (45)

          (231)

     Total income tax expense

           659

           116

           775

Earnings from continuing operations

$     1,152

$         274

$     1,426

 

 

 

 

Capital expenditures, before revision of future asset retirement

     obligations

 

$     2,189

 

$     1,144

 

$     3,333

Revision of future asset retirement obligations

             72

           122

           194

Capital expenditures, continuing operations

$     2,261

$     1,266

$     3,527