0001193125-23-039127.txt : 20230214 0001193125-23-039127.hdr.sgml : 20230214 20230214161223 ACCESSION NUMBER: 0001193125-23-039127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230214 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230214 DATE AS OF CHANGE: 20230214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVON ENERGY CORP/DE CENTRAL INDEX KEY: 0001090012 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731567067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32318 FILM NUMBER: 23629350 BUSINESS ADDRESS: STREET 1: 333 W. SHERIDAN AVENUE CITY: OKLAHOMA CITY STATE: OK ZIP: 73102 BUSINESS PHONE: 4055528183 MAIL ADDRESS: STREET 1: 333 W. SHERIDAN AVENUE CITY: OKLAHOMA CITY STATE: OK ZIP: 73102 FORMER COMPANY: FORMER CONFORMED NAME: DEVON DELAWARE CORP DATE OF NAME CHANGE: 19990707 8-K 1 d453066d8k.htm 8-K 8-K
DEVON ENERGY CORP/DE DE OK false 0001090012 0001090012 2023-02-14 2023-02-14

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 14, 2023

 

 

Devon Energy Corporation

(Exact name of registrant as specified in its charter)

 

 

 

DELAWARE   001-32318   73-1567067

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

333 W. SHERIDAN AVE.,
OKLAHOMA CITY, OKLAHOMA 		    73102-5015
(Address of principal executive offices)     (Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

 

Title of each class

  

Trading

Symbol(s)

  

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On February 14, 2023, Devon Energy Corporation (the “Company”) announced its financial and operational results for the year and quarter ended December 31, 2022. In connection with this announcement, the Company provided an earnings release and certain supplemental financial information (including guidance and hedging information). Copies of these documents are furnished as Exhibits 99.1 and 99.2, respectively, to this report and, along with certain other materials, will be available on the Company’s website at www.devonenergy.com.

The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d)    Exhibits

 

Exhibit
No.		   

Description of Exhibits

99.1    Earnings release, dated February 14, 2023.
99.2    Supplemental financial information (including guidance and hedging information).
 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

DEVON ENERGY CORPORATION
By:  

/s/ Jeffrey L. Ritenour

  Jeffrey L. Ritenour
  Executive Vice President and Chief Financial Officer

Date: February 14, 2023

EX-99.1 2 d453066dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO  

Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK 73102-5015

Devon Energy Reports Fourth-Quarter and Full-Year 2022 Results; Declares Quarterly Dividend and Raises Fixed Dividend by 11 Percent in 2023

OKLAHOMA CITY – Feb. 14, 2023 – Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the fourth-quarter and full year 2022. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

 

  •  

Operating cash flow increased 74 percent in 2022 and free cash flow reached highest level in Devon history

 

  •  

Fixed-plus-variable dividend payout more than doubled in 2022 to $5.17 per share

 

  •  

Board approved an 11 percent increase to the fixed quarterly dividend in 2023

 

  •  

Share-repurchase program on track to decrease share count by 5 percent

 

  •  

Oil production reached all-time high of 316,000 barrels per day in the fourth quarter

 

  •  

Proved reserves increased 12 percent to 1.8 billion Boe at year-end 2022

CEO PERSPECTIVE

“2022 was another year of outstanding accomplishment for Devon that resulted in record-setting operating results and the best financial performance in our company’s prestigious 52-year history,” said Rick Muncrief, president and CEO.

“With our powerful suite of assets and financially driven strategy, our oil production reached a new all-time high, our streamlined cost structure captured the full benefit of rising commodity prices, and our disciplined reinvestment rates allowed us to generate a record-setting amount of free cash flow during the year.

“This free cash flow generation allowed us to reward shareholders by more than doubling our dividend payout and we expanded our share-repurchase program twice during the year to further compound per-share growth. We also deployed a portion of our excess cash towards strengthening our asset portfolio by closing on two highly accretive bolt-on acquisitions.

“As I look to 2023, there will be no change to our disciplined approach to the business,” Muncrief commented. “We have designed a capital program to efficiently sustain production, deliver high returns on capital employed and generate significant free cash flow that can once again be harvested for shareholders.”

FINANCIAL RESULTS

Devon reported net earnings of $1.2 billion, or $1.83 per diluted share, in the fourth quarter of 2022. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $1.1 billion, or $1.66 per diluted share.

Operating cash flow totaled $1.9 billion in the fourth quarter, an 18 percent increase versus the year-ago period. This level of cash flow funded all capital requirements and resulted in $1.1 billion of free cash flow for the quarter. For the full-year 2022, operating cash flow totaled $8.5 billion, a 74 percent increase versus 2021. Devon’s free cash flow reached $6.0 billion in the year, representing the highest amount in the company’s 52-year history.

The company’s investment-grade financial position continued to strengthen in the fourth quarter with cash balances increasing by $144 million to a total of $1.5 billion. Devon exited the quarter with an outstanding debt balance of $6.4 billion and a net debt-to-EBITDAX ratio of 0.5 times.

 

1

RETURN OF CAPITAL

Based on the fourth-quarter financial performance, Devon declared a fixed-plus-variable dividend of $0.89 per share. The dividend is payable on March 31, 2023, to shareholders of record at the close of business on March 15, 2023. For the full-year 2022, the company’s dividend payout more than doubled compared to 2021 to a record high of $5.17 per share.

As part of the fourth-quarter dividend announcement, the board approved an increase in the fixed dividend of 11 percent, or $0.02 per share. After the fixed dividend is funded, up to 50 percent of the excess free cash flow each quarter will be distributed to shareholders through the variable dividend.

Devon also returned capital to shareholders through the ongoing execution of its $2.0 billion share-repurchase authorization. To date, the company has repurchased 26 million shares since the commencement of the program, at a total cost of $1.3 billion. With this repurchase program, Devon is on track to decrease its outstanding share count by 5 percent.

OPERATING RESULTS

Production averaged 636,000 oil-equivalent barrels (Boe) per day in the fourth quarter, with oil volumes reaching a record high of 316,000 barrels per day. The company’s production in the quarter was reduced by 2 percent due to the impact of severe winter weather across its portfolio.

Devon’s upstream program for the fourth quarter averaged 25 operated drilling rigs and 114 gross operated wells were placed online. Total upstream capital spending was $874 million in the fourth quarter. Midstream, environmental, and other capital totaled $61 million in the quarter.

Production costs declined 6 percent compared to the previous quarter averaging $12.22 per Boe. The improved cost structure was driven by lower production taxes, resulting in field-level cash margins of $41.44 per Boe in the fourth quarter.

The company’s general and administrative expenses for the full-year 2022 increased 1 percent year over year. The increase was driven by higher personnel costs incurred in the fourth quarter.

ASSET-LEVEL HIGHLIGHTS

Delaware Basin: Production averaged 407,000 Boe per day (50 percent oil) in the quarter, with volumes growing 11 percent in 2022 compared to the prior year. Devon exited the year operating 16 rigs and 3 completion crews, resulting in 55 gross wells placed online in the fourth quarter across the company’s 400,000 net acres in the basin.

A top highlight was the co-development of multiple intervals within the Upper Wolfcamp at the company’s Todd area. The 14-well project, targeting three intervals in the Upper Wolfcamp flow unit, achieved initial production rates as high as 4,200 Boe per day. These highly commercial results further validate Devon’s stacked-pay resource potential in this portion of the field.

In 2023, the Delaware Basin will be the top funded asset in the company’s portfolio, representing 60 percent of total companywide capital spending. Of the 200-plus new wells planned for the upcoming year, roughly two-thirds of the activity will be directed toward development opportunities in New Mexico, with the remaining investment allocated to high-return projects across the company’s acreage in Texas.

First-quarter production in the Delaware will be impacted by infrastructure downtime resulting from an outage at a compressor station in the Stateline area along with minor third-party midstream downtime across the basin. The company estimates these temporary outages will curtail first-quarter volumes by approximately 10,000 Boe per day and expects to resume normal operations by the end of the first quarter.

Eagle Ford: Production averaged 68,000 Boe per day (62 percent oil), a 75 percent increase compared to the previous quarter. This volume growth was driven by integration of the Validus bolt-on acquisition and the commencement of 28 gross wells to production. In 2023, Devon plans to run 3 rigs and expects to bring online nearly 90 wells across its 82,000 net acre position.

 

2

Anadarko Basin: Production averaged 77,000 Boe per day (51 percent gas). In the fourth quarter, Devon placed 23 new wells online supported by a $100 million drilling carry with Dow. In 2023, the company expects to operate a 4-rig program and bring online more than 40 wells across its 300,000 net acre position in the basin.

Williston Basin: Production averaged 57,000 Boe per day (65 percent oil). Fourth-quarter production was limited by severe winter weather conditions that temporarily resulted in well shut-ins, facility downtime and delays in completion activity. Devon has restored the affected production and plans to bring online approximately 40 gross wells in 2023 across its 123,000 net acres.

Powder River Basin: Production averaged 22,000 Boe per day (71 percent oil), a 15 percent year-over-year increase in volumes. This growth was driven by the company’s Niobrara-focused drilling program that resulted in 16 wells placed online during the year. For 2023, Devon will continue to appraise this emerging oil resource, with plans to drill approximately 20 new wells across its 300,000 net acre position.

PROVED RESERVES

Devon’s estimated proved reserves increased 12 percent to 1.8 billion Boe at year-end 2022, of which 71 percent was oil and natural gas liquids. Proved undeveloped reserves accounted for 22 percent of the total.

Extensions and discoveries from the company’s drilling program added 278 million Boe of reserves in 2022, equating to a replacement rate of 125 percent of production. The capital costs incurred to deliver these extensions and discoveries totaled $2.6 billion, resulting in a finding and development cost of $9.37 per Boe. Acquisitions also contributed 153 million Boe of proved reserves at year-end 2022, at a total cost of $2.6 billion.

2023 OUTLOOK

For the full-year 2023, Devon expects to sustain production in the range of 643,000 to 663,000 Boe per day. Total capital investment for the year is expected to range from $3.6 billion to $3.8 billion. These capital requirements in 2023 are estimated to be self-funded at pricing levels as low as a $40 WTI oil price.

The company’s capital program in 2023 is weighted towards the first half of the year due to completion timing in the Delaware Basin and is expected to drive production higher throughout 2023.

First-quarter production is expected to approximate 635,000 Boe per day. Volumes in the quarter are temporarily impacted by infrastructure outages in the Delaware Basin, timing of wells placed online and ethane rejection.

Additional details of Devon’s forward-looking guidance for the first quarter and full-year 2023 are available on the company’s website at www.devonenergy.com.

SUSTAINABILITY UPDATE

Devon recently released its 2022 sustainability report highlighting efforts to deliver industry-leading results while being a good neighbor, valued and effective community partner, responsible environmental steward, and supportive employer. This report also details the progress Devon has made toward achieving key environmental targets such as reducing Scope 1 & 2 GHG emissions intensity and includes enhanced disclosures on air emissions and water management practices. For more details, please refer to the sustainability report at www.devonenergy.com/sustainability.

CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS MATERIALS

Also provided with today’s release is the company’s detailed earnings presentation that is available on the company’s website at www.devonenergy.com. The company’s fourth-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Wednesday, February 15, 2023, and will serve primarily as a forum for analyst and investor questions and answers.

 

3

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

 

Investor Contacts

    Media Contact
Scott Coody, 405-552-4735    Lisa Adams, 405-228-1732
Chris Carr, 405-228-2496   

NON-GAAP DISCLOSURES

This press release includes non-GAAP (generally accepted accounting principles) financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of results as reported under GAAP. Reconciliations of these non-GAAP measures and other disclosures are provided within the supplemental financial tables that are available on the company’s website and in the related Form 10-K filed with the Securities and Exchange Commission (the “SEC”).

FORWARD LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. 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 press release 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; risks related to regulatory, social and market efforts to address climate change; governmental interventions in energy markets; risks relating to the COVID-19 pandemic or other future pandemics; counterparty credit risks; risks relating to our indebtedness; cyberattack risks; 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 Devon’s 2022 Annual Report on Form 10-K (the “2022 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2022 Form 10-K 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 the 2022 Form 10-K 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.

 

4

EX-99.2 3 d453066dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

Devon Energy Fourth-Quarter 2022

Supplemental Tables

 

TABLE OF CONTENTS:    PAGE:  

Consolidated Statements of Earnings

      2  

Supplemental Information for Consolidated Statements of Earnings

      3  

Consolidated Statements of Cash Flows

      4  

Consolidated Balance Sheets

      5  

Production

      6  

Capital Expenditures, Costs Incurred and Reserves Reconciliation

      7  

Supplemental Information for Capital Expenditures

      8  

Realized Pricing

      9  

Asset Margins

      10  

Core Earnings

      11  

Return on Capital Employed and EBITDAX

      12  

Net Debt, Net Debt-to-EBITDAX, Field-Level Cash Margin and Free Cash Flow

      13  

Reinvestment Rate and Variable Dividend

      14  

 

1

CONSOLIDATED STATEMENTS OF EARNINGS

 

 

(in millions, except per share amounts)    2022     2021  
   Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Oil, gas and NGL sales

    $ 3,139     $ 3,668     $ 4,100     $ 3,175     $ 2,985  

Oil, gas and NGL derivatives (1)

      (53 )      248       (170 )      (683 )      22  

Marketing and midstream revenues

      1,213       1,516       1,696       1,320       1,266  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      4,299       5,432       5,626       3,812       4,273  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Production expenses (2)

      715       735       729       618       605  

Exploration expenses

      13       4       10       2       5  

Marketing and midstream expenses

      1,231       1,525       1,700       1,324       1,266  

Depreciation, depletion and amortization

      625       581       528       489       577  

Asset dispositions

      (29 )      —         (14 )      (1 )      (49 ) 

General and administrative expenses

      122       95       84       94       95  

Financing costs, net (3)

      73       67       84       85       86  

Restructuring and transaction costs

      —         —         —         —         28  

Other, net

      (4 )      (40 )      10       (61 )      (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

      2,746       2,967       3,131       2,550       2,611  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before income taxes

      1,553       2,465       2,495       1,262       1,662  

Income tax expense (4)

      349       565       557       267       150  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings

      1,204       1,900       1,938       995       1,512  

Net earnings attributable to noncontrolling interests

      3       7       6       6       6  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings attributable to Devon

    $ 1,201     $ 1,893     $ 1,932     $ 989     $ 1,506  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings per share:

           

Basic net earnings per share

    $ 1.84     $ 2.89     $ 2.94     $ 1.48     $ 2.24  

Diluted net earnings per share

    $ 1.83     $ 2.88     $ 2.93     $ 1.48     $ 2.23  

Weighted average common shares outstanding:

           

Basic

      653       655       658       663       671  

Diluted

      655       656       660       665       673  

 

2

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

 

(1) OIL, GAS AND NGL DERIVATIVES

 

(in millions)    2022     2021  
   Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Derivative cash settlements

    $ (177 )    $ (363 )    $ (472 )    $ (344 )    $ (493 ) 

Derivative valuation changes

      124       611       302       (339 )      515  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Oil, gas and NGL derivatives

    $ (53 )    $ 248     $ (170 )    $ (683 )    $ 22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(2) PRODUCTION EXPENSES

 

(in millions)    2022      2021  
   Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Lease operating expense

    $ 308      $ 284      $ 255      $ 224      $ 235  

Gathering, processing & transportation

      178        177        177        161        173  

Production taxes

      210        252        278        214        197  

Property taxes

      19        22        19        19        —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Production expenses

    $ 715      $ 735      $ 729      $ 618      $ 605  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

(3) FINANCING COSTS, NET

 

(in millions)    2022     2021  
   Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Interest based on outstanding debt

    $ 93     $ 92     $ 93     $ 92     $ 92  

Interest income

      (16 )      (19 )      (2 )      (1 )      —    

Other

      (4 )      (6 )      (7 )      (6 )      (6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Financing costs, net

    $ 73     $ 67     $ 84     $ 85     $ 86  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(4) INCOME TAX EXPENSE

 

(in millions)    2022      2021  
   Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Current expense

    $ 84      $ 120      $ 252      $ 103      $ 1  

Deferred expense

      265        445        305        164        149  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Income tax expense

    $ 349      $ 565      $ 557      $ 267      $ 150  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

3

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

     2022     2021  
(in millions)    Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Cash flows from operating activities:

           

Net earnings

    $ 1,204     $ 1,900     $ 1,938     $ 995     $ 1,512  

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

           

Depreciation, depletion and amortization

      625       581       528       489       577  

Leasehold impairments

      2       2       7       1       1  

Amortization of liabilities

      (8 )      (8 )      (9 )      (6 )      (6 ) 

Total (gains) losses on commodity derivatives

      53       (248 )      170       683       (22 ) 

Cash settlements on commodity derivatives

      (177 )      (363 )      (472 )      (344 )      (493 ) 

Gains on asset dispositions

      (29 )      —         (14 )      (1 )      (49 ) 

Deferred income tax expense

      265       445       305       164       149  

Share-based compensation

      23       22       23       20       19  

Other

      (1 )      8       4       (21 )      2  

Changes in assets and liabilities, net

      (46 )      (235 )      198       (143 )      (74 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from operating activities

      1,911       2,104       2,678       1,837       1,616  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

           

Capital expenditures

      (804 )      (628 )      (573 )      (537 )      (512 ) 

Acquisitions of property and equipment

      (17 )      (2,465 )      (100 )      (1 )      (3 ) 

Divestitures of property and equipment

      —         4       9       26       14  

Distributions from investments

      9       7       15       8       8  

Contributions to investments

      (17 )      (16 )      (21 )      (22 )      (25 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from investing activities

      (829 )      (3,098 )      (670 )      (526 )      (518 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from financing activities:

           

Repurchases of common stock

      (57 )      (126 )      (324 )      (211 )      (589 ) 

Dividends paid on common stock

      (875 )      (1,007 )      (830 )      (667 )      (554 ) 

Distributions to noncontrolling interests

      (8 )      (9 )      (5 )      (8 )      (6 ) 

Shares exchanged for tax withholdings and other

      —         (1 )      (12 )      (73 )      —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash from financing activities

      (940 )      (1,143 )      (1,171 )      (959 )      (1,149 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Effect of exchange rate changes on cash

      2       (10 )      (5 )      2       1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net change in cash, cash equivalents and restricted cash

      144       (2,147 )      832       354       (50 ) 

Cash, cash equivalents and restricted cash at beginning of period

      1,310       3,457       2,625       2,271       2,321  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash, cash equivalents and restricted cash at end of period

    $ 1,454     $ 1,310     $ 3,457     $ 2,625     $ 2,271  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of cash, cash equivalents and restricted cash:

           

Cash and cash equivalents

    $ 1,314     $ 1,166     $ 3,300     $ 2,459     $ 2,099  

Restricted cash

      140       144       157       166       172  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total cash, cash equivalents and restricted cash

    $ 1,454     $ 1,310     $ 3,457     $ 2,625     $ 2,271  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

4

CONSOLIDATED BALANCE SHEETS

 

 

(in millions)    December 31,
2022		     December 31,
2021		  

Current assets:

     

Cash, cash equivalents and restricted cash

    $ 1,454     $ 2,271  

Accounts receivable

      1,767       1,543  

Inventory

      201       114  

Other current assets

      469       321  
  

 

 

    

 

 

  

Total current assets

      3,891       4,249  

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

      16,567       13,536  

Other property and equipment, net

      1,539       1,472  
  

 

 

    

 

 

  

Total property and equipment, net

      18,106       15,008  

Goodwill

      753       753  

Right-of-use assets

      224       235  

Investments

      440       402  

Other long-term assets

      307       378  
  

 

 

    

 

 

  

Total assets

    $ 23,721     $ 21,025  
  

 

 

    

 

 

  

Current liabilities:

     

Accounts payable

    $ 859     $ 500  

Revenues and royalties payable

      1,506       1,456  

Short-term debt

      251       —    

Other current liabilities

      489       1,131  
  

 

 

    

 

 

  

Total current liabilities

      3,105       3,087  

Long-term debt

      6,189       6,482  

Lease liabilities

      257       252  

Asset retirement obligations

      511       468  

Other long-term liabilities

      900       1,050  

Deferred income taxes

      1,463       287  

Stockholders’ equity:

     

Common stock

      65       66  

Additional paid-in capital

      6,921       7,636  

Retained earnings

      4,297       1,692  

Accumulated other comprehensive loss

      (116 )      (132 ) 
  

 

 

    

 

 

  

Total stockholders’ equity attributable to Devon

      11,167       9,262  

Noncontrolling interests

      129       137  
  

 

 

    

 

 

  

Total equity

      11,296       9,399  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 23,721     $ 21,025  
  

 

 

    

 

 

  

Common shares outstanding

      653       663  

 

5

PRODUCTION

 

 

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Oil (MBbls/d)

               

Delaware Basin

      201        210        222        209        213  

Anadarko Basin

      15        13        14        14        14  

Williston Basin

      37        35        27        32        36  

Eagle Ford

      42        19        19        17        19  

Powder River Basin

      16        13        14        12        14  

Other

      5        4        4        4        4  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      316        294        300        288        300  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Natural gas liquids (MBbls/d)

               

Delaware Basin

      101        108        111        92        107  

Anadarko Basin

      23        27        25        25        27  

Williston Basin

      9        8        9        8        9  

Eagle Ford

      12        9        9        9        9  

Powder River Basin

      3        2        2        2        2  

Other

      —          —          —          —          —    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      148        154        156        136        154  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Gas (MMcf/d)

               

Delaware Basin

      626        623        618        561        577  

Anadarko Basin

      238        224        212        210        222  

Williston Basin

      64        71        52        54        64  

Eagle Ford

      84        63        60        61        60  

Powder River Basin

      21        18        18        19        19  

Other

      1        1        1        1        1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      1,034        1,000        961        906        943  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total oil equivalent (MBoe/d)

               

Delaware Basin

      407        421        436        394        416  

Anadarko Basin

      77        77        74        75        78  

Williston Basin

      57        55        45        48        55  

Eagle Ford

      68        39        38        36        38  

Powder River Basin

      22        18        19        18        19  

Other

      5        4        4        4        5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      636        614        616        575        611  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

6

CAPITAL EXPENDITURES

 

 

     2022      2021  
(in millions)    Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Delaware Basin

    $ 518      $ 444      $ 374      $ 413      $ 392  

Anadarko Basin

      59        55        42        16        19  

Williston Basin

      90        57        21        17        25  

Eagle Ford

      160        38        37        27        21  

Powder River Basin

      46        44        37        27        27  

Other

      1        1        2        1        2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total upstream capital

    $ 874      $ 639      $ 513      $ 501      $ 486  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Environmental (1)

      20        27        22        16        —    

Midstream and Corporate

      28        22        32        46        31  

Acquisitions (2)

      13        2,534        13        1        4  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total capital

    $ 935      $ 3,222      $ 580      $ 564      $ 521  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

Devon began tracking environmental capital separately in 2022.

(2)

Q3 2022 includes $2,532 million related to Validus and RimRock acquisitions.

COSTS INCURRED AND RESERVES RECONCILIATION

 

COSTS INCURRED

 

     Year Ended December 31,  
(in millions)    2022      2021  

Property acquisition costs:

      

Proved properties

    $ 1,760      $ 7,017  

Unproved properties

      803        2,381  

Exploration costs

      472        212  

Development costs

      2,132        1,643  
  

 

 

     

 

 

  

Costs incurred

    $ 5,167      $ 11,253  
  

 

 

     

 

 

  

RESERVES RECONCILIATION

 

     Oil
(MMBbls)		      Gas
(Bcf)		      NGL
(MMBbls)		      Total
(MMBoe)		  

As of December 31, 2021:

            

Proved developed

      544        2,361        348        1,285  

Proved undeveloped

      165        517        89        340  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Proved

      709        2,878        437        1,625  
  

 

 

     

 

 

     

 

 

     

 

 

  

Revisions due to prices

      15        61        8        34  

Revisions other than price

      (55 )       13        3        (49 ) 

Extensions and discoveries

      127        449        76        278  

Purchase of reserves

      106        137        24        153  

Production

      (109 )       (356 )       (54 )       (223 ) 

Sale of reserves

      —          (7 )       (1 )       (3 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

As of December 31, 2022:

            

Proved developed

      596        2,595        391        1,419  

Proved undeveloped

      197        580        102        396  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Proved

      793        3,175        493        1,815  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

7

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

 

GROSS OPERATED SPUDS

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Delaware Basin

      60        50        46        59        54  

Anadarko Basin

      8        13        14        13        6  

Williston Basin

      9        10        5        —          9  

Eagle Ford

      31        7        4        11        9  

Powder River Basin

      4        6        1        —          4  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      112        86        70        83        82  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

GROSS OPERATED WELLS TIED-IN

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Delaware Basin

      55        59        52        52        65  

Anadarko Basin

      23        13        1        —          12  

Williston Basin

      5        14        —          —          —    

Eagle Ford

      28        8        14        8        7  

Powder River Basin

      3        9        —          4        2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      114        103        67        64        86  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

AVERAGE LATERAL LENGTH

(based on wells tied-in)

 

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Delaware Basin

      9,600’        10,900’        9,100’        8,900’        10,100’  

Anadarko Basin

      8,700’        9,500’        10,100’        —          11,700’  

Williston Basin

      9,900’        10,500’        —          —          —    

Eagle Ford

      6,500’        7,800’        5,800’        7,500’        7,100’  

Powder River Basin

      9,600’        11,800’        —          10,400’        9,600’  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

      8,700’        10,500’        8,400’        8,800’        10,100’  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

8

REALIZED PRICING

 

BENCHMARK PRICES

(average prices)

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Oil ($/Bbl)—West Texas Intermediate (Cushing)

    $ 82.53      $ 91.87      $ 108.70      $ 94.45      $ 76.91  

Natural Gas ($/Mcf)—Henry Hub

    $ 6.26      $ 8.20      $ 7.17      $ 4.96      $ 5.84  

NGL ($/Bbl)—Mont Belvieu Blended

    $ 30.46      $ 39.67      $ 46.44      $ 43.99      $ 40.39  

REALIZED PRICES

 

     2022     2021  
     Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Oil (Per Bbl)

           

Delaware Basin

    $ 82.48     $ 93.60     $ 109.05     $ 93.12     $ 75.67  

Anadarko Basin

      82.57       91.42       108.15       92.70       76.07  

Williston Basin

      81.05       91.30       109.85       90.87       74.02  

Eagle Ford

      83.23       91.53       109.77       94.51       75.35  

Powder River Basin

      81.29       91.33       104.75       92.69       72.86  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price without hedges

      82.31       92.98       108.93       92.94       75.36  

Cash settlements

      (4.87 )      (8.60 )      (13.13 )      (11.32 )      (13.14 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price, including cash settlements

    $ 77.44     $ 84.38     $ 95.80     $ 81.62     $ 62.22  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Natural gas liquids (Per Bbl)

           

Delaware Basin

    $ 23.68     $ 34.37     $ 40.75     $ 38.43     $ 35.56  

Anadarko Basin

      29.58       35.52       41.64       38.38       35.66  

Williston Basin

      7.97       25.41       23.88       20.71       24.97  

Eagle Ford

      29.06       35.55       41.98       39.68       38.17  

Powder River Basin

      34.91       44.85       55.62       52.49       47.30  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price without hedges

      24.32       34.44       40.28       37.76       35.36  

Cash settlements

      —         —         —         —         (0.54 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price, including cash settlements

    $ 24.32     $ 34.44     $ 40.28     $ 37.76     $ 34.82  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gas (Per Mcf)

           

Delaware Basin

    $ 4.30     $ 7.06     $ 6.41     $ 3.83     $ 4.60  

Anadarko Basin

      5.37       8.89       7.11       4.00       5.37  

Williston Basin

      0.44       3.23       1.56       0.74       1.53  

Eagle Ford

      5.02       7.53       7.10       4.91       5.76  

Powder River Basin

      5.57       8.23       7.93       4.24       6.10  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price without hedges

      4.39       7.25       6.37       3.77       4.68  

Cash settlements

      (0.38 )      (1.42 )      (1.31 )      (0.62 )      (1.42 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price, including cash settlements

    $ 4.01     $ 5.83     $ 5.06     $ 3.15     $ 3.26  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total oil equivalent (Per Boe)

           

Delaware Basin

    $ 53.34     $ 65.80     $ 75.02     $ 63.75     $ 54.28  

Anadarko Basin

      41.25       53.72       54.46       42.08       41.39  

Williston Basin

      54.51       66.65       73.15       63.31       53.44  

Eagle Ford

      62.92       65.49       75.07       62.74       56.06  

Powder River Basin

      67.59       78.58       89.84       75.75       63.45  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price without hedges

      53.66       64.89       73.13       61.40       53.12  

Cash settlements

      (3.04 )      (6.41 )      (8.43 )      (6.65 )      (8.78 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Realized price, including cash settlements

    $ 50.62     $ 58.48     $ 64.70     $ 54.75     $ 44.34  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

9

ASSET MARGINS

 

BENCHMARK PRICES

(average prices)

     2022      2021  
     Quarter 4      Quarter 3      Quarter 2      Quarter 1      Quarter 4  

Oil ($/Bbl)—West Texas Intermediate (Cushing)

    $ 82.53      $ 91.87      $ 108.70      $ 94.45      $ 76.91  

Natural Gas ($/Mcf)—Henry Hub

    $ 6.26      $ 8.20      $ 7.17      $ 4.96      $ 5.84  

NGL ($/Bbl)—Mont Belvieu Blended

    $ 30.46      $ 39.67      $ 46.44      $ 43.99      $ 40.39  

PER-UNIT CASH MARGIN BY ASSET (per Boe)

 

     2022     2021  
     Quarter 4     Quarter 3     Quarter 2     Quarter 1     Quarter 4  

Delaware Basin

           

Realized price

    $ 53.34     $ 65.80     $ 75.02     $ 63.75     $ 54.28  

Lease operating expenses

      (4.55 )      (4.39 )      (3.98 )      (3.79 )      (4.02 ) 

Gathering, processing & transportation

      (2.52 )      (2.40 )      (2.37 )      (2.32 )      (2.27 ) 

Production & property taxes

      (3.89 )      (4.81 )      (5.35 )      (4.65 )      (3.40 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 42.38     $ 54.20     $ 63.32     $ 52.99     $ 44.59  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Anadarko Basin

           

Realized price

    $ 41.25     $ 53.72     $ 54.46     $ 42.08     $ 41.39  

Lease operating expenses

      (3.59 )      (3.46 )      (3.49 )      (2.75 )      (2.70 ) 

Gathering, processing & transportation

      (6.84 )      (6.91 )      (6.65 )      (6.67 )      (6.60 ) 

Production & property taxes

      (2.29 )      (3.26 )      (3.17 )      (2.35 )      (2.44 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 28.53     $ 40.09     $ 41.15     $ 30.31     $ 29.65  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Williston Basin

           

Realized price

    $ 54.51     $ 66.65     $ 73.15     $ 63.31     $ 53.44  

Lease operating expenses

      (9.93 )      (9.97 )      (9.40 )      (7.67 )      (5.76 ) 

Gathering, processing & transportation

      (1.92 )      (2.40 )      (2.44 )      (2.32 )      (2.09 ) 

Production & property taxes

      (5.64 )      (6.33 )      (6.75 )      (5.67 )      (4.64 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 37.02     $ 47.95     $ 54.56     $ 47.65     $ 40.95  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Eagle Ford

           

Realized price

    $ 62.92     $ 65.49     $ 75.07     $ 62.74     $ 56.06  

Lease operating expenses

      (5.63 )      (4.94 )      (4.98 )      (4.63 )      (3.78 ) 

Gathering, processing & transportation

      (3.08 )      (4.94 )      (6.39 )      (5.67 )      (6.65 ) 

Production & property taxes

      (2.97 )      (3.79 )      (3.99 )      (3.52 )      (2.93 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 51.24     $ 51.82     $ 59.71     $ 48.92     $ 42.70  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Powder River Basin

           

Realized price

    $ 67.59     $ 78.58     $ 89.84     $ 75.75     $ 63.45  

Lease operating expenses

      (7.15 )      (7.03 )      (7.04 )      (9.01 )      (7.49 ) 

Gathering, processing & transportation

      (2.98 )      (3.24 )      (3.50 )      (3.19 )      (2.86 ) 

Production & property taxes

      (8.13 )      (9.50 )      (10.89 )      (9.23 )      (7.49 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 49.33     $ 58.81     $ 68.41     $ 54.32     $ 45.61  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Devon—Total

           

Realized price

    $ 53.66     $ 64.89     $ 73.13     $ 61.40     $ 53.12  

Lease operating expenses

      (5.26 )      (5.02 )      (4.56 )      (4.33 )      (4.18 ) 

Gathering, processing & transportation

      (3.05 )      (3.13 )      (3.15 )      (3.11 )      (3.08 ) 

Production & property taxes

      (3.91 )      (4.84 )      (5.30 )      (4.51 )      (3.49 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Field-level cash margin

    $ 41.44     $ 51.90     $ 60.12     $ 49.45     $ 42.37  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

10

NON-GAAP MEASURES

 

(all monetary values in millions, except per share amounts)

Devon’s earnings materials include non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in the earnings materials, including reconciliations to their most directly comparable GAAP measure.

The earnings materials may include forward-looking non-GAAP measures. The company is unable to provide reconciliations of these forward-looking non-GAAP measures, because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, the timing of changes in capital accruals, unknown future events and estimating certain future GAAP measures. The inability to reliably quantify certain components of the calculation would significantly affect the usefulness and accuracy of a reconciliation.

CORE EARNINGS

Devon’s reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings and core earnings per share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following table summarizes the effects of these items on full year and fourth-quarter 2022 earnings.

 

     Year Ended December 31, 2022     Quarter Ended December 31, 2022  
     Before-
tax		     After-
tax		     After
NCI		     Per
Diluted
Share		     Before-
tax		     After-
tax		     After
NCI		     Per
Diluted
Share		  

Total

                 

Earnings (GAAP)

    $ 7,775     $ 6,037     $ 6,015     $ 9.12     $ 1,553     $ 1,204     $ 1,201     $ 1.83  

Adjustments:

                 

Asset dispositions

      (44 )      (34 )      (34 )      (0.05 )      (29 )      (22 )      (22 )      (0.02 ) 

Asset and exploration impairments

      13       10       10       0.02       4       3       3       —    

Deferred tax asset valuation allowance

      —         17       17       0.03       —         2       2       —    

Fair value changes in financial instruments

      (690 )      (532 )      (532 )      (0.81 )      (125 )      (99 )      (99 )      (0.15 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Core earnings (Non-GAAP)

    $ 7,054     $ 5,498     $ 5,476     $ 8.31     $ 1,403     $ 1,088     $ 1,085     $ 1.66  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

*

The tax impact for the adjustments to core earnings in the tables above are all deferred.

 

11

RETURN ON CAPITAL EMPLOYED

Devon defines return on capital employed as pre-interest core earnings divided by averaged capital employed. Devon believes return on capital employed provides a useful measure of how efficiently the company is using its capital to generate profits. Average capital employed is the average of the capital employed as of the beginning and ending of the relevant period, with capital employed calculated as debt plus stockholders’ equity attributable to Devon less cash and cash equivalents.

 

     Year Ended
December 31, 2022		  

Earnings (GAAP)

    $ 6,015  

Non-GAAP adjustments

      (539 ) 
  

 

 

  

Core earnings (Non-GAAP)

      5,476  

Net financing costs (GAAP)

      309  

Less tax impact (22%)

      (69 ) 
  

 

 

  

Pre-interest core earnings (Non-GAAP)

    $ 5,716  
  

 

 

  

Beginning balance:

   

Gross debt

    $ 6,482  

Stockholders’ equity

      9,262  

Less cash

      (2,271 ) 
  

 

 

  

Beginning capital employed

    $ 13,473  
  

 

 

  

Ending balance:

   

Gross debt

    $ 6,440  

Stockholders’ equity

      11,167  

Less cash

      (1,454 ) 
  

 

 

  

Ending capital employed

    $ 16,153  
  

 

 

  

Average capital employed

    $ 14,813  
  

 

 

  

ROCE

      39 % 
  

 

 

  

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings before income tax expense; financing costs, net; exploration expenses; depreciation, depletion and amortization; asset impairments; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; restructuring and transaction costs; accretion on discounted liabilities; and other items not related to normal operations. EBITDAX as defined by Devon may not be comparable to similarly titled measures used by other companies.

 

     FY ‘22     Q4 ‘22     Q3 ‘22     Q2 ‘22     Q1 ‘22     Q4 ‘21     Q3 ‘21     Q2 ‘21     Q1 ‘21  

Net earnings (GAAP)

    $ 6,037     $ 1,204     $ 1,900     $ 1,938     $ 995     $ 1,512     $ 844     $ 261     $ 216  

Financing costs, net

      309       73       67       84       85       86       86       80       77  

Income tax expense (benefit)

      1,738       349       565       557       267       150       120       43       (248 ) 

Exploration expenses

      29       13       4       10       2       5       3       3       3  

Depreciation, depletion and amortization

      2,223       625       581       528       489       577       578       536       467  

Asset dispositions

      (44 )      (29 )      —         (14 )      (1 )      (49 )      —         (87 )      (32 ) 

Share-based compensation

      87       22       22       22       20       19       18       20       20  

Derivative & financial instrument non-cash val. changes

      (698 )      (122 )      (613 )      (302 )      339       (515 )      (35 )      336       296  

Restructuring and transaction costs

      —         —         —         —         —         28       18       23       189  

Accretion on discounted liabilities and other

      (95 )      (6 )      (38 )      10       (61 )      (2 )      2       (14 )      (29 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

EBITDAX (Non-GAAP)

    $ 9,586     $ 2,130     $ 2,488     $ 2,833     $ 2,135     $ 1,811     $ 1,634     $ 1,201     $ 959  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

12

NET DEBT

Devon defines net debt as debt (includes short-term and long-term debt) less cash, cash equivalents and cash restricted for discontinued operations. Devon believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash from Devon to repay debt.

 

     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021  

Total debt (GAAP)

    $ 6,440     $ 6,451     $ 6,461     $ 6,471     $ 6,482     $ 6,492  

Less:

             

Cash, cash equivalents and restricted cash

      (1,454 )      (1,310 )      (3,457 )      (2,625 )      (2,271 )      (2,321 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net debt (Non-GAAP)

    $ 4,986     $ 5,141     $ 3,004     $ 3,846     $ 4,211     $ 4,171  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

NET DEBT-TO-EBITDAX

Devon defines net debt-to-EBITDAX as net debt divided by an annualized EBITDAX measure. Devon believes this ratio provides information useful to investors in assessing the company’s credit position and debt leverage.

 

     Dec. 31, 2022      Sep. 30, 2022      Jun. 30, 2022      Mar. 31, 2022      Dec. 31, 2021      Sep. 30, 2021  

Net debt (Non-GAAP)

    $ 4,986      $ 5,141      $ 3,004      $ 3,846      $ 4,211      $ 4,171  

EBITDAX (Non-GAAP) (1)

    $ 9,586      $ 9,267      $ 8,413      $ 6,781      $ 5,605      $ 5,059  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net debt-to-EBITDAX (Non-GAAP)

      0.5        0.6        0.4        0.6        0.8        0.8  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

EBITDAX is an annualized measure using a trailing twelve-month calculation. Due to the merger with WPX closing in the first quarter of 2021, third quarter 2021 EBITDAX was calculated using annualized September YTD 2021 results.

FIELD-LEVEL CASH MARGIN

Devon defines field-level cash margin as oil, gas and NGL revenues less production expenses. Devon believes field-level cash margin provides a useful measure of value generated for shareholders.

 

     Full Year
2022		      Six Months Ended
Dec. 31, 2021		      Six Months Ended
Jun. 30, 2021		      Full Year
2020		  

Realized price

    $ 63.20      $ 50.10      $ 40.54      $ 22.10  

Production expenses

      (12.55 )       (10.33 )       (10.06 )       (9.21 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Field-level cash margin

    $ 50.65      $ 39.77      $ 30.48      $ 12.89  
  

 

 

     

 

 

     

 

 

     

 

 

  

FREE CASH FLOW

Devon defines free cash flow as total operating cash flow less capital expenditures. Devon believes free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.

 

     Quarter Ended
Dec. 31, 2022		     Quarter Ended
Sep. 30, 2022		     Quarter Ended
Jun. 30, 2022		     Quarter Ended
Mar. 31, 2022		     Quarter Ended
Dec. 31, 2021		  

Total operating cash flow (GAAP)

    $ 1,911     $ 2,104     $ 2,678     $ 1,837     $ 1,616  

Less capital expenditures:

           

Capital expenditures

      (804 )      (628 )      (573 )      (537 )      (512 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow (Non-GAAP)

    $ 1,107     $ 1,476     $ 2,105     $ 1,300     $ 1,104  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Full Year 2022      Full Year 2021  

Total operating cash flow (GAAP)

    $ 8,530      $ 4,899  

Less capital expenditures:

      

Capital expenditures

      (2,542 )       (1,989 ) 
  

 

 

     

 

 

  

Free cash flow (Non-GAAP)

    $ 5,988      $ 2,910  
  

 

 

     

 

 

  

 

13

REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures (excluding acquisitions) divided by operating cash flow. Devon believes this measure provides useful information to our investors as an indicator of the capital demands of our business relative to the cash flow generated from normal business operations.

 

     Year Ended
Dec. 31, 2022		     Year Ended
Dec. 31, 2021		  

Capital expenditures (excludes acquisitions)

    $ 2,740     $ 1,998  

Operating cash flow

    $ 8,530     $ 4,899  
  

 

 

    

 

 

  

Reinvestment rate (Non-GAAP)

      32 %      41 % 
  

 

 

    

 

 

  

VARIABLE DIVIDEND

Devon may pay a variable dividend of up to 50 percent of its excess cash flow. Each quarter’s excess cash flow is computed as adjusted cash flow less capital expenditures and the fixed dividend.

 

     Quarter Ended
December 31, 2022		  

Operating cash flow (GAAP)

    $ 1,911  

Changes in assets and liabilities, net

      46  
  

 

 

  

Adjusted cash flow (Non-GAAP)

      1,957  

Capital expenditures (Accrued)

      (935 ) 
  

 

 

  

Adjusted free cash flow (Non-GAAP)

      1,022  

Fixed quarterly dividend

      (117 ) 
  

 

 

  

Excess free cash flow (Non-GAAP)

    $ 905  

~50% Pay out (Board Discretion: Up to 50%)

      50 % 
  

 

 

  

Total variable dividend

    $ 449  
  

 

 

  

 

14

FIRST-QUARTER AND FULL-YEAR 2023 GUIDANCE    LOGO

 

PRODUCTION GUIDANCE

 

     Quarter 1 (1)      Full Year  
     Low      High      Low      High  

Oil (MBbls/d)

      315        321        320        326  

Natural gas liquids (MBbls/d)

      143        149        156        162  

Gas (MMcf/d)

      1,000        1,050        1,000        1,050  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total oil equivalent (MBoe/d) (1)

      625        645        643        663  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

First-quarter volumes are temporarily impacted by:

 

  •

Infrastructure outages in the Delaware Basin (~10,000 Boe per day)

 

  •

Timing of wells placed online (90 wells in Q1; ~400 for full-year 2023)

 

  •

Ethane rejection (~10,000 Boe per day)

CAPITAL EXPENDITURES GUIDANCE

 

     Quarter 1 (2)      Full Year  
(in millions)    Low      High      Low      High  

Upstream capital (2)

    $ 900      $ 940      $ 3,440      $ 3,560  

Environmental capital

      25        35        80        120  

Midstream & other capital

      25        35        80        120  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total capital

    $ 950      $ 1,010      $ 3,600      $ 3,800  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(2)

Upstream capital is expected to be higher in the first half of 2023 due to a temporary fourth frac crew added in the Delaware Basin. Activity from this incremental frac crew is expected to be completed around mid-year, resulting in lower capital spending over the second half of 2023.

PRICE REALIZATIONS GUIDANCE

 

     Quarter 1     Full Year  
     Low     High     Low     High  

Oil - % of WTI

      95 %      100 %      95 %      100 % 

NGL - % of WTI

      25 %      35 %      25 %      35 % 

Natural gas - % of Henry Hub

      60 %      70 %      60 %      75 % 

OTHER GUIDANCE ITEMS

 

     Quarter 1     Full Year  
($ millions, except Boe and %)    Low     High     Low     High  

Marketing & midstream operating profit

    $ (30 )    $ (20 )    $ (60 )    $ (50 ) 

LOE & GP&T per BOE

    $ 8.60     $ 9.00     $ 8.30     $ 8.80  

Production & property taxes as % of upstream sales

      7.0 %      8.0 %      7.0 %      8.0 % 

Exploration expenses

    $ —       $ 5     $ 5     $ 15  

Depreciation, depletion and amortization

    $ 600     $ 640     $ 2,500     $ 2,600  

General & administrative expenses

    $ 100     $ 110     $ 390     $ 410  

Net financing costs, net

    $ 70     $ 80     $ 290     $ 310  

Other expenses

    $ —       $ 5     $ —       $ 20  

INCOME TAX GUIDANCE

 

(% of pre-tax earnings)    Quarter 1     Full Year  

Current income tax rate

      15 %      15 % 

Deferred income tax rate

      7 %      7 % 
  

 

 

    

 

 

  

Total income tax rate

      22 %      22 % 
  

 

 

    

 

 

  

 

1

CONTINGENT PAYMENTS FOR BARNETT SHALE DIVESTITURE (4-year period beginning in 2021)    LOGO

 

 

WTI Threshold     WTI Annual Earnout Amount     Henry Hub Threshold     Henry Hub Annual Earnout
Amount		  
$ 50.00     $ 10,000,000     $ 2.75     $ 20,000,000  
$ 55.00     $ 12,500,000     $ 3.00     $ 25,000,000  
$ 60.00     $ 15,000,000     $ 3.25     $ 35,000,000  
$ 65.00     $ 20,000,000     $ 3.50     $ 45,000,000  

2023 & 2024 HEDGING POSITIONS

 

Oil Commodity Hedges

 

     Price Swaps      Price Collars  

Period

    Volume (Bbls/d)      Weighted
Average Price
($/Bbl)		      Volume
(Bbls/d)		      Weighted
Average Floor
Price ($/Bbl)		      Weighted
Average Ceiling
Price ($/Bbl)		  

Q1 2023

      —        $ —          95,000      $ 67.82      $ 94.68  

Q2 2023

      —        $ —          84,500      $ 69.41      $ 94.84  

Q3 2023

      —        $ —          84,500      $ 69.41      $ 94.84  

Q4 2023

      —        $ —          81,000      $ 69.63      $ 94.29  

Oil Basis Swaps

 

Period

   

Index

    Volume (Bbls/d)      Weighted Average
Differential to WTI
($/Bbl)		  

Q1 2023

    Midland Sweet      6,311      $ 0.69  

Q2 2023

    Midland Sweet      25,000      $ 0.90  

Q3 2023

    Midland Sweet      45,000      $ 0.98  

Q4 2023

    Midland Sweet      45,000      $ 0.98  

Q1-Q4 2024

    Midland Sweet      29,500      $ 1.14  

Natural Gas Commodity Hedges—Henry Hub

 

     Price Swaps      Price Collars  

Period

    Volume (MMBtu/d)      Weighted
Average Price
($/MMBtu)		      Volume
(MMBtu/d)		      Weighted
Average Floor
Price ($/MMBtu)		      Weighted
Average Ceiling
Price ($/MMBtu)		  
Q1 2023      35,000      $ 5.99        237,000      $ 4.16      $ 10.68  
Q2 2023      20,000      $ 3.60        220,000      $ 3.60      $ 7.00  
Q3 2023      10,000      $ 3.55        195,000      $ 3.61      $ 7.29  
Q4 2023      10,000      $ 3.55        147,000      $ 3.67      $ 7.62  
Q1-Q4 2024      7,486      $ 3.55        40,527      $ 3.78      $ 7.05  

Natural Gas Basis Swaps

 

Period

   

Index

    Volume (MMBtu/d)      Weighted Average
Differential to Henry
Hub ($/MMBtu)		  

Q1 - Q2 2023

    El Paso Permian      135,000      $ (1.59 ) 

Q3 - Q4 2023

    El Paso Permian      145,000      $ (1.58 ) 

Q1 2023

    Houston Ship Channel      120,000      $ (0.17 ) 

Q2 - Q4 2023

    Houston Ship Channel      130,000      $ (0.19 ) 

Q1-Q4 2023

    WAHA      70,000      $ (0.51 ) 

Q1-Q4 2024

    El Paso Permian      10,000      $ (1.00 ) 

Q1-Q4 2024

    Houston Ship Channel      10,000      $ (0.37 ) 
Q1-Q4 2024    WAHA      44,973      $ (0.58 ) 

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon’s natural gas derivatives settle against the Inside FERC end of the month NYMEX index. Commodity hedge positions are shown as of February 8, 2023.

 

2

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Document and Entity Information
Feb. 14, 2023
Cover [Abstract]  
Entity Registrant Name DEVON ENERGY CORP/DE
Entity Incorporation State Country Code DE
Entity Address, State or Province OK
Amendment Flag false
Entity Central Index Key 0001090012
Document Type 8-K
Document Period End Date Feb. 14, 2023
Entity File Number 001-32318
Entity Tax Identification Number 73-1567067
Entity Address, Address Line One 333 W. SHERIDAN AVE.
Entity Address, City or Town OKLAHOMA CITY
Entity Address, Postal Zip Code 73102-5015
City Area Code (405)
Local Phone Number 235-3611
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.10 per share
Trading Symbol DVN
Security Exchange Name NYSE
Entity Emerging Growth Company false
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