EX-12 3 dvn-ex12_11.htm EX-12 dvn-ex12_11.htm

 

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

December 31, 2017

 

 

 

Years Ended December 31,

 

 

 

2017

 

 

2016*

 

 

2015*

 

 

2014*

 

 

2013*

 

 

 

(Millions, except ratio amounts)

 

Earnings (loss) from continuing operations before income taxes

 

$

896

 

 

$

(1,317

)

 

$

(19,858

)

 

$

604

 

 

$

(1,291

)

Capitalized interest, net of amortization

 

 

(71

)

 

 

(63

)

 

 

(53

)

 

 

(59

)

 

 

(53

)

 

 

 

825

 

 

 

(1,380

)

 

 

(19,911

)

 

 

545

 

 

 

(1,344

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

 

592

 

 

 

986

 

 

 

587

 

 

 

613

 

 

 

493

 

Estimate of interest within rental expense

 

 

22

 

 

 

26

 

 

 

29

 

 

 

20

 

 

 

8

 

Total fixed charges

 

 

614

 

 

 

1,012

 

 

 

616

 

 

 

633

 

 

 

501

 

Earnings available (insufficient) for payment of fixed charges

 

$

1,439

 

 

$

(368

)

 

$

(19,295

)

 

$

1,178

 

 

$

(843

)

Ratio of earnings to fixed charges

 

 

2.34

 

 

N/A

 

 

N/A

 

 

 

1.86

 

 

N/A

 

Insufficient earnings to fixed charges

 

N/A

 

 

$

1,380

 

 

$

19,911

 

 

N/A

 

 

$

1,344

 

 

  *

Prior year amounts have been recast due to change in accounting principle. See Note 2 in “Item 8. Financial Statements and Supplementary Data” within Devon’s annual report on Form 10-K for the year ended December 31, 2017.

N/A

Not applicable.