Devon Energy : Q2 Supplemental Tables

(in millions, except per share amounts)

2023

2022

Oil, gas and NGL sales

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

$

2,493

$

2,679

$

3,139

$

3,668

$

4,100

Oil, gas and NGL derivatives (1)

(76)

64

(53)

248

(170)

Marketing and midstream revenues

1,037

1,080

1,213

1,516

1,696

Total revenues

5,626

3,454

3,823

4,299

5,432

Production expenses (2)

719

693

715

735

729

Exploration expenses

10

3

13

4

10

Marketing and midstream expenses

1,051

1,105

1,231

1,525

1,700

Depreciation, depletion and amortization

638

615

625

581

528

Asset dispositions

(41)

-

(29)

-

(14)

General and administrative expenses

92

106

122

95

84

Financing costs, net (3)

78

72

73

67

84

Other, net

10

5

(4)

(40)

10

Total expenses

2,557

2,599

2,746

2,967

3,131

Earnings before income taxes

2,495

897

1,224

1,553

2,465

Income tax expense (4)

199

221

349

565

557

Net earnings

698

1,003

1,204

1,900

1,938

Net earnings attributable to noncontrolling interests

8

8

3

7

6

Net earnings attributable to Devon

$

690

$

995

$

1,201

$

1,893

$

1,932

Net earnings per share:

Basic net earnings per share

$

1.08

$

1.53

$

1.84

$

2.89

$

2.94

Diluted net earnings per share

$

1.07

$

1.53

$

1.83

$

2.88

$

2.93

Weighted average common shares outstanding:

Basic

642

651

653

655

658

Diluted

643

653

655

656

660

(1) OIL, GAS AND NGL DERIVATIVES

2023

2022

(in millions)

Derivative cash settlements

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

$

37

$

13

$

(177)

$

(363)

$

(472)

Derivative valuation changes

(113)

51

124

611

302

Oil, gas and NGL derivatives

$

(76)

$

64

$

(53)

$

248

$

(170)

(2) PRODUCTION EXPENSES

2023

2022

(in millions)

Lease operating expense

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

$

353

$

327

$

308

$

284

$

255

Gathering, processing & transportation

177

166

178

177

177

Production taxes

165

175

210

252

278

Property taxes

24

25

19

22

19

Production expenses

$

719

$

693

$

715

$

735

$

729

(3) FINANCING COSTS, NET

2023

2022

(in millions)

Interest based on outstanding debt

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

$

96

$

93

$

93

$

92

$

93

Interest income

(15)

(17)

(16)

(19)

(2)

Other

(3)

(4)

(4)

(6)

(7)

Financing costs, net

$

78

$

72

$

73

$

67

$

84

(4) INCOME TAX EXPENSE

2023

2022

(in millions)

Current expense

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

$

80

$

141

$

84

$

120

$

252

Deferred expense

119

80

265

445

305

Income tax expense

$

199

$

221

$

349

$

565

$

557

(in millions)

June 30,

December 31,

Current assets:

2023

2022

Cash, cash equivalents and restricted cash

$

488

$

1,454

Accounts receivable

1,519

1,767

Inventory

201

201

Other current assets

397

469

Total current assets

2,605

3,891

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

17,317

16,567

Other property and equipment, net

1,446

1,539

Total property and equipment, net

18,763

18,106

Goodwill

753

753

Right-of-use assets

266

224

Investments

675

440

Other long-term assets

293

307

Total assets

$

23,355

$

23,721

Current liabilities:

Accounts payable

$

843

$

859

Revenues and royalties payable

1,199

1,506

Short-term debt

244

251

Other current liabilities

383

489

Total current liabilities

2,669

3,105

Long-term debt

6,169

6,189

Lease liabilities

299

257

Asset retirement obligations

548

511

Other long-term liabilities

858

900

Deferred income taxes

1,662

1,463

Stockholders' equity:

Common stock

64

65

Additional paid-in capital

6,131

6,921

Retained earnings

4,940

4,297

Accumulated other comprehensive loss

(114)

(116)

Total stockholders' equity attributable to Devon

11,021

11,167

Noncontrolling interests

129

129

Total equity

11,150

11,296

Total liabilities and equity

$

23,355

$

23,721

Common shares outstanding

641

653

(in millions)

2023

2022

Cash flows from operating activities:

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Net earnings

$

698

$

1,003

$

1,204

$

1,900

$

1,938

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

Depreciation, depletion and amortization

638

615

625

581

528

Leasehold impairments

3

-

2

2

7

Amortization of liabilities

(8)

(7)

(8)

(8)

(9)

Total (gains) losses on commodity derivatives

76

(64)

53

(248)

170

Cash settlements on commodity derivatives

37

13

(177)

(363)

(472)

Gains on asset dispositions

(41)

-

(29)

-

(14)

Deferred income tax expense

119

80

265

445

305

Share-based compensation

25

23

23

22

23

Other

(2)

2

(1)

8

4

Changes in assets and liabilities, net

(140)

12

(46)

(235)

198

Net cash from operating activities

1,405

1,677

1,911

2,104

2,678

Cash flows from investing activities:

Capital expenditures

(1,079)

(1,012)

(804)

(628)

(573)

Acquisitions of property and equipment

(18)

(13)

(17)

(2,465)

(100)

Divestitures of property and equipment

1

21

-

4

9

Distributions from investments

9

8

9

7

15

Contributions to investments and other

(15)

(37)

(17)

(16)

(21)

Net cash from investing activities

(1,102)

(1,033)

(829)

(3,098)

(670)

Cash flows from financing activities:

Repurchases of common stock

(228)

(517)

(57)

(126)

(324)

Dividends paid on common stock

(462)

(596)

(875)

(1,007)

(830)

Contributions from noncontrolling interests

8

-

-

-

-

Distributions to noncontrolling interests

(13)

(11)

(8)

(9)

(5)

Shares exchanged for tax withholdings and other

(9)

(87)

-

(1)

(12)

Net cash from financing activities

(704)

(1,211)

(940)

(1,143)

(1,171)

Effect of exchange rate changes on cash

2

-

2

(10)

(5)

Net change in cash, cash equivalents and restricted cash

(399)

(567)

144

(2,147)

832

Cash, cash equivalents and restricted cash at beginning of period

887

1,454

1,310

3,457

2,625

Cash, cash equivalents and restricted cash at end of period

$

488

$

887

$

1,454

$

1,310

$

3,457

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

$

372

$

761

$

1,314

$

1,166

$

3,300

Restricted cash

116

126

140

144

157

Total cash, cash equivalents and restricted cash

$

488

$

887

$

1,454

$

1,310

$

3,457