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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-32318

 

img131121079_0.jpg

DEVON ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

73-1567067

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

identification No.)

 

 

333 West Sheridan Avenue, Oklahoma City, Oklahoma

73102-5015

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code: (405) 235-3611

Former name, address and former fiscal year, if changed from last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.10 per share

DVN

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No

On October 23, 2024, 656.9 million shares of common stock were outstanding.

 


Table of Contents

 

 

DEVON ENERGY CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

Part I. Financial Information

 

Item 1.

 

Financial Statements

6

 

 

Consolidated Statements of Comprehensive Earnings

6

 

 

Consolidated Balance Sheets

7

 

 

Consolidated Statements of Cash Flows

8

 

 

Consolidated Statements of Equity

9

 

 

Notes to Consolidated Financial Statements

10

 

 

Note 1 – Summary of Significant Accounting Policies

10

 

 

Note 2 – Acquisitions and Divestitures

11

 

 

Note 3 – Derivative Financial Instruments

13

 

 

Note 4 – Share-Based Compensation

15

 

 

Note 5 – Income Taxes

16

 

 

Note 6 – Net Earnings Per Share

17

 

 

Note 7 – Other Comprehensive Earnings (Loss)

17

 

 

Note 8 – Supplemental Information to Statements of Cash Flows

17

 

 

Note 9 – Accounts Receivable

18

 

 

Note 10 – Property, Plant and Equipment

18

 

 

Note 11 – Debt and Related Expenses

19

 

 

Note 12 – Leases

20

 

 

Note 13 – Asset Retirement Obligations

20

 

 

Note 14 – Stockholders’ Equity

21

 

 

Note 15 – Commitments and Contingencies

22

 

 

Note 16 – Fair Value Measurements

24

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

 

 

Executive Overview

25

 

 

Results of Operations

26

 

 

Capital Resources, Uses and Liquidity

34

 

 

Critical Accounting Estimates

37

 

 

Non-GAAP Measures

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4.

 

Controls and Procedures

40

 

 

 

 

Part II. Other Information

 

Item 1.

 

Legal Proceedings

41

Item 1A.

 

Risk Factors

41

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 3.

 

Defaults Upon Senior Securities

41

Item 4.

 

Mine Safety Disclosures

41

Item 5.

 

Other Information

41

Item 6.

 

Exhibits

42

 

 

 

 

Signatures

 

 

43

 

2


Table of Contents

 

 

DEFINITIONS

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon,” the “Company” and “Registrant” refer to Devon Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“2018 Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit, effective as of October 5, 2018.

“2023 Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit, effective as of March 24, 2023.

“ASU” means Accounting Standards Update.

“Bbl” or “Bbls” means barrel or barrels.

“Boe” means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.

“Btu” means British thermal units, a measure of heating value.

“Catalyst” means Catalyst Midstream Partners, LLC.

“CDM” means Cotton Draw Midstream, L.L.C.

“DD&A” means depreciation, depletion and amortization expenses.

“ESG” means environmental, social and governance.

“FASB” means Financial Accounting Standards Board.

“Fervo” means Fervo Energy Company.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“Grayson Mill” means Grayson Mill Intermediate HoldCo II, LLC and Grayson Mill Intermediate HoldCo III, LLC.

“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.

“LOE” means lease operating expenses.

“Matterhorn” refers to Matterhorn Express Pipeline, LLC and, as applicable, its direct parent, MXP Parent, LLC.

“MBbls” means thousand barrels.

“MBoe” means thousand Boe.

“Mcf” means thousand cubic feet.

“MMBoe” means million Boe.

“MMBtu” means million Btu.

“MMcf” means million cubic feet.

3


Table of Contents

 

 

“N/M” means not meaningful.

“NCI” means noncontrolling interests.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“SEC” means United States Securities and Exchange Commission.

"SOFR" means secured overnight financing rate.

“TSR” means total shareholder return.

“U.S.” means United States of America.

“VIE” means variable interest entity.

“Water JV” means NDB Midstream L.L.C.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/d” means per day.

“/MMBtu” means per MMBtu.

 

4


Table of Contents

 

 

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This report includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this report that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to:

the volatility of oil, gas and NGL prices;
uncertainties inherent in estimating oil, gas and NGL reserves;
the extent to which we are successful in acquiring and discovering additional reserves;
the uncertainties, costs and risks involved in our operations;
risks related to our hedging activities;
our limited control over third parties who operate some of our oil and gas properties;
midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure;
competition for assets, materials, people and capital;
regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and seismicity;
climate change and risks related to regulatory, social and market efforts to address climate change;
governmental interventions in energy markets;
counterparty credit risks;
risks relating to our indebtedness;
cybersecurity risks;
risks relating to global pandemics;
the extent to which insurance covers any losses we may experience;
risks related to stockholder activism;
our ability to successfully complete mergers, acquisitions and divestitures;
our ability to pay dividends and make share repurchases; and
any of the other risks and uncertainties discussed in this report, our 2023 Annual Report on Form 10-K and our other filings with the SEC.

The forward-looking statements included in this filing speak only as of the date of this report, represent management’s current reasonable expectations as of the date of this filing and are subject to the risks and uncertainties identified above as well as those described elsewhere in this report and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in this report and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

5


Table of Contents

 

 

Part I. Financial Information

Item 1. Financial Statements

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

Oil, gas and NGL sales

 

$

2,665

 

 

$

2,882

 

 

$

8,090

 

 

$

8,054

 

Oil, gas and NGL derivatives

 

 

227

 

 

 

(194

)

 

 

105

 

 

 

(206

)

Marketing and midstream revenues

 

 

1,132

 

 

 

1,148

 

 

 

3,342

 

 

 

3,265

 

Total revenues

 

 

4,024

 

 

 

3,836

 

 

 

11,537

 

 

 

11,113

 

Production expenses

 

 

763

 

 

 

757

 

 

 

2,302

 

 

 

2,169

 

Exploration expenses

 

 

4

 

 

 

3

 

 

 

16

 

 

 

16

 

Marketing and midstream expenses

 

 

1,149

 

 

 

1,160

 

 

 

3,390

 

 

 

3,316

 

Depreciation, depletion and amortization

 

 

794

 

 

 

651

 

 

 

2,284

 

 

 

1,904

 

Asset dispositions

 

 

 

 

 

 

 

 

16

 

 

 

(41

)

General and administrative expenses

 

 

117

 

 

 

99

 

 

 

345

 

 

 

297

 

Financing costs, net

 

 

88

 

 

 

81

 

 

 

240

 

 

 

231

 

Restructuring and transaction costs

 

 

8

 

 

 

 

 

 

8

 

 

 

 

Other, net

 

 

37

 

 

 

13

 

 

 

64

 

 

 

28

 

Total expenses

 

 

2,960

 

 

 

2,764

 

 

 

8,665

 

 

 

7,920

 

Earnings before income taxes

 

 

1,064

 

 

 

1,072

 

 

 

2,872

 

 

 

3,193

 

Income tax expense

 

 

239

 

 

 

152

 

 

 

583

 

 

 

572

 

Net earnings

 

 

825

 

 

 

920

 

 

 

2,289

 

 

 

2,621

 

Net earnings attributable to noncontrolling interests

 

 

13

 

 

 

10

 

 

 

37

 

 

 

26

 

Net earnings attributable to Devon

 

$

812

 

 

$

910

 

 

$

2,252

 

 

$

2,595

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

 

$

1.31

 

 

$

1.43

 

 

$

3.60

 

 

$

4.05

 

Diluted net earnings per share

 

$

1.30

 

 

$

1.42

 

 

$

3.59

 

 

$

4.03

 

Comprehensive earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

825

 

 

$

920

 

 

$

2,289

 

 

$

2,621

 

Other comprehensive earnings, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Pension and postretirement plans

 

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

Other comprehensive earnings, net of tax

 

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

Comprehensive earnings:

 

 

826

 

 

 

921

 

 

 

2,292

 

 

 

2,624

 

Comprehensive earnings attributable to noncontrolling interests

 

 

13

 

 

 

10

 

 

 

37

 

 

 

26

 

Comprehensive earnings attributable to Devon

 

$

813

 

 

$

911

 

 

$

2,255

 

 

$

2,598

 

 

See accompanying notes to consolidated financial statements.

6


Table of Contents

 

 

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

676

 

 

$

875

 

Accounts receivable

 

 

1,779

 

 

 

1,573

 

Inventory

 

 

293

 

 

 

249

 

Other current assets

 

 

484

 

 

 

460

 

Total current assets

 

 

3,232

 

 

 

3,157

 

Oil and gas property and equipment, based on successful efforts accounting, net

 

 

23,155

 

 

 

17,825

 

Other property and equipment, net ($164 million and $136 million related to CDM in
   2024 and 2023, respectively)

 

 

1,795

 

 

 

1,503

 

Total property and equipment, net

 

 

24,950

 

 

 

19,328

 

Goodwill

 

 

753

 

 

 

753

 

Right-of-use assets

 

 

317

 

 

 

267

 

Investments

 

 

718

 

 

 

666

 

Other long-term assets

 

 

293

 

 

 

319

 

Total assets

 

$

30,263

 

 

$

24,490

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

995

 

 

$

760

 

Revenues and royalties payable

 

 

1,423

 

 

 

1,222

 

Short-term debt

 

 

 

 

 

483

 

Other current liabilities

 

 

488

 

 

 

484

 

Total current liabilities

 

 

2,906

 

 

 

2,949

 

Long-term debt

 

 

8,884

 

 

 

5,672

 

Lease liabilities

 

 

328

 

 

 

295

 

Asset retirement obligations

 

 

765

 

 

 

643

 

Other long-term liabilities

 

 

820

 

 

 

876

 

Deferred income taxes

 

 

2,082

 

 

 

1,838

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued
   
658 million and 636 million shares in 2024 and 2023, respectively

 

 

66

 

 

 

64

 

Additional paid-in capital

 

 

6,662

 

 

 

5,939

 

Retained earnings

 

 

7,670

 

 

 

6,195

 

Accumulated other comprehensive loss

 

 

(121

)

 

 

(124

)

Treasury stock, at cost, 0.3 million shares in 2023

 

 

 

 

 

(13

)

Total stockholders’ equity attributable to Devon

 

 

14,277

 

 

 

12,061

 

Noncontrolling interests

 

 

201

 

 

 

156

 

Total equity

 

 

14,478

 

 

 

12,217

 

Total liabilities and equity

 

$

30,263

 

 

$

24,490

 

 

See accompanying notes to consolidated financial statements.

7


Table of Contents

 

 

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

825

 

 

$

920

 

 

$

2,289

 

 

$

2,621

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

794

 

 

 

651

 

 

 

2,284

 

 

 

1,904

 

Leasehold impairments

 

 

1

 

 

 

1

 

 

 

2

 

 

 

4

 

Accretion (amortization) of liabilities

 

 

2

 

 

 

(2

)

 

 

2

 

 

 

(17

)

Total (gains) losses on commodity derivatives

 

 

(227

)

 

 

194

 

 

 

(105

)

 

 

206

 

Cash settlements on commodity derivatives

 

 

61

 

 

 

(11

)

 

 

139

 

 

 

39

 

(Gains) losses on asset dispositions

 

 

 

 

 

 

 

 

16

 

 

 

(41

)

Deferred income tax expense

 

 

164

 

 

 

13

 

 

 

243

 

 

 

212

 

Share-based compensation

 

 

24

 

 

 

22

 

 

 

75

 

 

 

70

 

Other

 

 

3

 

 

 

(2

)

 

 

6

 

 

 

(2

)

Changes in assets and liabilities, net

 

 

16

 

 

 

(61

)

 

 

(15

)

 

 

(189

)

Net cash from operating activities

 

 

1,663

 

 

 

1,725

 

 

 

4,936

 

 

 

4,807

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(877

)

 

 

(882

)

 

 

(2,719

)

 

 

(2,973

)

Acquisitions of property and equipment

 

 

(3,602

)

 

 

(23

)

 

 

(3,692

)

 

 

(54

)

Divestitures of property and equipment

 

 

 

 

 

1

 

 

 

18

 

 

 

23

 

Grayson Mill acquired cash

 

 

147

 

 

 

 

 

 

147

 

 

 

 

Distributions from investments

 

 

13

 

 

 

7

 

 

 

35

 

 

 

24

 

Contributions to investments and other

 

 

(30

)

 

 

 

 

 

(78

)

 

 

(52

)

Net cash from investing activities

 

 

(4,349

)

 

 

(897

)

 

 

(6,289

)

 

 

(3,032

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt, net of issuance costs

 

 

3,219

 

 

 

 

 

 

3,219

 

 

 

 

Repayments of long-term debt

 

 

(472

)

 

 

(242

)

 

 

(472

)

 

 

(242

)

Repurchases of common stock

 

 

(295

)

 

 

 

 

 

(756

)

 

 

(745

)

Dividends paid on common stock

 

 

(272

)

 

 

(312

)

 

 

(794

)

 

 

(1,370

)

Contributions from noncontrolling interests

 

 

20

 

 

 

10

 

 

 

44

 

 

 

18

 

Distributions to noncontrolling interests

 

 

(10

)

 

 

(9

)

 

 

(36

)

 

 

(33

)

Shares exchanged for tax withholdings and other

 

 

2

 

 

 

 

 

 

(49

)

 

 

(96

)

Net cash from financing activities

 

 

2,192

 

 

 

(553

)

 

 

1,156

 

 

 

(2,468

)

Effect of exchange rate changes on cash

 

 

1

 

 

 

(2

)

 

 

(2

)

 

 

 

Net change in cash, cash equivalents and restricted cash

 

 

(493

)

 

 

273

 

 

 

(199

)

 

 

(693

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

1,169

 

 

 

488

 

 

 

875

 

 

 

1,454

 

Cash, cash equivalents and restricted cash at end of period

 

$

676

 

 

$

761

 

 

$

676

 

 

$

761

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

645

 

 

$

654

 

 

$

645

 

 

$

654

 

Restricted cash

 

 

31

 

 

 

107

 

 

 

31

 

 

 

107

 

Total cash, cash equivalents and restricted cash

 

$

676

 

 

$

761

 

 

$

676

 

 

$

761

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

8


Table of Contents

 

 

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Earnings

 

 

Treasury

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss)

 

 

Stock

 

 

Interests

 

 

Equity

 

 

 

(Unaudited)

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2024

 

 

628

 

 

$

63

 

 

$

5,478

 

 

$

7,132

 

 

$

(122

)

 

$

 

 

$

178

 

 

$

12,729

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

812

 

 

 

 

 

 

 

 

 

13

 

 

 

825

 

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Common stock repurchased

 

 

 

 

 

(1

)

 

 

4

 

 

 

 

 

 

 

 

 

(295

)

 

 

 

 

 

(292

)

Common stock retired

 

 

(7

)

 

 

 

 

 

(295

)

 

 

 

 

 

 

 

 

295

 

 

 

 

 

 

 

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

(274

)

 

 

 

 

 

 

 

 

 

 

 

(274

)

Common stock issued

 

 

37

 

 

 

4

 

 

 

1,451

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,455

 

Share-based compensation

 

 

 

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

 

 

20

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10

)

 

 

(10

)

Balance as of September 30, 2024

 

 

658

 

 

$

66

 

 

$

6,662

 

 

$

7,670

 

 

$

(121

)

 

$

 

 

$

201

 

 

$

14,478

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2023

 

 

641

 

 

$

64

 

 

$

6,131

 

 

$

4,940

 

 

$

(114

)

 

$

 

 

$

129

 

 

$

11,150

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

910

 

 

 

 

 

 

 

 

 

10

 

 

 

920

 

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

(315

)

 

 

 

 

 

 

 

 

 

 

 

(315

)

Share-based compensation

 

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

10

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

(9

)

Balance as of September 30, 2023

 

 

641

 

 

$

64

 

 

$

6,153

 

 

$

5,535

 

 

$

(113

)

 

$

 

 

$

140

 

 

$

11,779

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

 

636

 

 

$

64

 

 

$

5,939

 

 

$

6,195

 

 

$

(124

)

 

$

(13

)

 

$

156

 

 

$

12,217

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

2,252

 

 

 

 

 

 

 

 

 

37

 

 

 

2,289

 

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Restricted stock grants, net of cancellations

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(792

)

 

 

 

 

 

(792

)

Common stock retired

 

 

(18

)

 

 

(2

)

 

 

(803

)