Devon Energy First-Quarter 2024 | |
Supplemental Tables | |
TABLE OF CONTENTS: | PAGE: |
Consolidated Statements of Earnings | 2 |
Supplemental Information for Consolidated Statements of Earnings | 3 |
Consolidated Balance Sheets | 4 |
Consolidated Statements of Cash Flows | 5 |
Production | 6 |
Capital Expenditures and Supplemental Information for Capital Expenditures | 7 |
Realized Pricing | 8 |
Asset Margins | 9 |
Core Earnings and EBITDAX | 10 |
Net Debt, Net Debt-to-EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Reinvestment Rate | 11 |
1
CONSOLIDATED STATEMENTS OF EARNINGS
(in millions, except per share amounts) | 2024 | 2023 | |||||||||||||
Oil, gas and NGL sales | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||
$ | 2,629 | $ | 2,737 | $ | 2,882 | $ | 2,493 | $ | 2,679 | ||||||
Oil, gas and NGL derivatives (1) | (145) | 324 | (194) | (76) | 64 | ||||||||||
Marketing and midstream revenues | 1,112 | 1,084 | 1,148 | 1,037 | 1,080 | ||||||||||
Total revenues | 3,823 | ||||||||||||||
3,596 | 4,145 | 3,836 | 3,454 | ||||||||||||
Production expenses (2) | |||||||||||||||
751 | 759 | 757 | 719 | 693 | |||||||||||
Exploration expenses | 9 | 4 | 3 | 10 | 3 | ||||||||||
Marketing and midstream expenses | 1,133 | 1,093 | 1,160 | 1,051 | 1,105 | ||||||||||
Depreciation, depletion and amortization | 722 | 650 | 651 | 638 | 615 | ||||||||||
Asset dispositions | 1 | 11 | - | (41) | - | ||||||||||
General and administrative expenses | 114 | 111 | 99 | 92 | 106 | ||||||||||
Financing costs, net (3) | 76 | 77 | 81 | 78 | 72 | ||||||||||
Other, net | 22 | 10 | 13 | 10 | 5 | ||||||||||
Total expenses | |||||||||||||||
2,828 | 2,715 | 2,764 | 2,557 | 2,599 | |||||||||||
Earnings before income taxes | 1,224 | ||||||||||||||
768 | 1,430 | 1,072 | 897 | ||||||||||||
Income tax expense (4) | 159 | 269 | 152 | 199 | 221 | ||||||||||
Net earnings | |||||||||||||||
609 | 1,161 | 920 | 698 | 1,003 | |||||||||||
Net earnings attributable to noncontrolling interests | 13 | 9 | 10 | 8 | 8 | ||||||||||
Net earnings attributable to Devon | $ | 596 | $ | 1,152 | $ | 910 | $ | 690 | $ | 995 | |||||
Net earnings per share: | |||||||||||||||
Basic net earnings per share | $ | 0.95 | $ | 1.81 | $ | 1.43 | $ | 1.08 | $ | 1.53 | |||||
Diluted net earnings per share | $ | 0.94 | $ | 1.81 | $ | 1.42 | $ | 1.07 | $ | 1.53 | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 629 | 635 | 637 | 638 | 645 | ||||||||||
Diluted | 632 | 638 | 639 | 639 | 647 |
2
SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS
(1) OIL, GAS AND NGL DERIVATIVES | 2024 | 2023 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Derivative cash settlements | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||
$ | 24 | $ | 8 | $ | (11) | $ | 37 | $ | 13 | ||||||||||||
Derivative valuation changes | (169) | 316 | (183) | (113) | 51 | ||||||||||||||||
Oil, gas and NGL derivatives | |||||||||||||||||||||
$ | (145) | $ | 324 | $ | (194) | $ | (76) | $ | 64 | ||||||||||||
(2) PRODUCTION EXPENSES | 2024 | 2023 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Lease operating expense | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||
$ | 380 | $ | 381 | $ | 367 | $ | 353 | $ | 327 | ||||||||||||
Gathering, processing & transportation | 180 | 181 | 178 | 177 | 166 | ||||||||||||||||
Production taxes | 175 | 182 | 191 | 165 | 175 | ||||||||||||||||
Property taxes | 16 | 15 | 21 | 24 | 25 | ||||||||||||||||
Production expenses | $ | 751 | $ | 759 | $ | 757 | $ | 719 | $ | 693 | |||||||||||
(3) FINANCING COSTS, NET | 2024 | 2023 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Interest based on outstanding debt | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||
$ | 87 | $ | 87 | $ | 93 | $ | 96 | $ | 93 | ||||||||||||
Interest income | (13) | (12) | (11) | (15) | (17) | ||||||||||||||||
Other | 2 | 2 | (1) | (3) | (4) | ||||||||||||||||
Financing costs, net | $ | 76 | $ | 77 | $ | 81 | $ | 78 | $ | 72 | |||||||||||
(4) INCOME TAX EXPENSE | 2024 | 2023 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Current expense | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||
$ | 119 | $ | 105 | $ | 139 | $ | 80 | $ | 141 | ||||||||||||
Deferred expense | 40 | 164 | 13 | 119 | 80 | ||||||||||||||||
Income tax expense | $ | 159 | $ | 269 | $ | 152 | $ | 199 | $ | 221 | |||||||||||
3
CONSOLIDATED BALANCE SHEETS
(in millions) | 2024 | 2023 | |||||||||||||||
Current assets: | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 1,149 | $ | 875 | $ | 761 | $ | 488 | $ | 887 | |||||||
Accounts receivable | 1,670 | 1,573 | 1,853 | 1,519 | 1,615 | ||||||||||||
Inventory | 234 | 249 | 233 | 201 | 212 | ||||||||||||
Other current assets | 345 | 460 | 365 | 397 | 475 | ||||||||||||
Total current assets | 3,398 | 3,157 | 3,212 | 2,605 | 3,189 | ||||||||||||
Oil and gas property and equipment, based on successful efforts | |||||||||||||||||
accounting, net | 18,033 | 17,825 | 17,563 | 17,317 | 16,932 | ||||||||||||
Other property and equipment, net | 1,551 | 1,503 | 1,468 | 1,446 | 1,583 | ||||||||||||
Total property and equipment, net | 19,584 | 19,328 | 19,031 | 18,763 | 18,515 | ||||||||||||
Goodwill | 753 | 753 | 753 | 753 | 753 | ||||||||||||
Right-of-use assets | 276 | 267 | 261 | 266 | 219 | ||||||||||||
Investments | 713 | 666 | 671 | 675 | 469 | ||||||||||||
Other long-term assets | 254 | 319 | 313 | 293 | 275 | ||||||||||||
Total assets | $ | 24,978 | $ | 24,490 | $ | 24,241 | $ | 23,355 | $ | 23,420 | |||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 879 | $ | 760 | $ | 812 | $ | 843 | $ | 935 | |||||||
Revenues and royalties payable | 1,268 | 1,222 | 1,434 | 1,199 | 1,266 | ||||||||||||
Short-term debt | 479 | 483 | 487 | 244 | 247 | ||||||||||||
Income taxes payable | 189 | 67 | 58 | 1 | 154 | ||||||||||||
Other current liabilities | 451 | 417 | 539 | 382 | 329 | ||||||||||||
Total current liabilities | 3,266 | 2,949 | 3,330 | 2,669 | 2,931 | ||||||||||||
Long-term debt | 5,668 | 5,672 | 5,675 | 6,169 | 6,175 | ||||||||||||
Lease liabilities | 301 | 295 | 290 | 299 | 256 | ||||||||||||
Asset retirement obligations | 683 | 643 | 641 | 548 | 546 | ||||||||||||
Other long-term liabilities | 841 | 876 | 850 | 858 | 866 | ||||||||||||
Deferred income taxes | 1,878 | 1,838 | 1,676 | 1,662 | 1,543 | ||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock | 63 | 64 | 64 | 64 | 64 | ||||||||||||
Additional paid-in capital | 5,718 | 5,939 | 6,153 | 6,131 | 6,344 | ||||||||||||
Retained earnings | 6,509 | 6,195 | 5,535 | 4,940 | 4,712 | ||||||||||||
Accumulated other comprehensive loss | (123) | (124) | (113) | (114) | (115) | ||||||||||||
Treasury stock | - | (13) | - | - | (28) | ||||||||||||
Total stockholders' equity attributable to Devon | 12,167 | 12,061 | 11,639 | 11,021 | 10,977 | ||||||||||||
Noncontrolling interests | 174 | 156 | 140 | 129 | 126 | ||||||||||||
Total equity | 12,341 | 12,217 | 11,779 | 11,150 | 11,103 | ||||||||||||
Total liabilities and equity | $ | 24,978 | $ | 24,490 | $ | 24,241 | $ | 23,355 | $ | 23,420 | |||||||
4
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) | 2024 | 2023 | ||||||||||||||||
Cash flows from operating activities: | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||
Net earnings | $ | 609 | $ | 1,161 | $ | 920 | $ | 698 | $ | 1,003 | ||||||||
Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||||||||||||
Depreciation, depletion and amortization | 722 | 650 | 651 | 638 | 615 | |||||||||||||
Leasehold impairments | - | 1 | 1 | 3 | - | |||||||||||||
Accretion (amortization) of liabilities | - | 1 | (2) | (8) | (7) | |||||||||||||
Total (gains) losses on commodity derivatives | 145 | (324) | 194 | 76 | (64) | |||||||||||||
Cash settlements on commodity derivatives | 24 | 8 | (11) | 37 | 13 | |||||||||||||
(Gains) losses on asset dispositions | 1 | 11 | - | (41) | - | |||||||||||||
Deferred income tax expense | 40 | 164 | 13 | 119 | 80 | |||||||||||||
Share-based compensation | 24 | 23 | 22 | 25 | 23 | |||||||||||||
Other | 3 | (3) | (2) | (2) | 2 | |||||||||||||
Changes in assets and liabilities, net | 170 | 45 | (61) | (140) | 12 | |||||||||||||
Net cash from operating activities | 1,738 | 1,737 | 1,725 | 1,405 | 1,677 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Capital expenditures | (894) | (910) | (882) | (1,079) | (1,012) | |||||||||||||
Acquisitions of property and equipment | (8) | (10) | (23) | (18) | (13) | |||||||||||||
Divestitures of property and equipment | 17 | 3 | 1 | 1 | 21 | |||||||||||||
Distributions from investments | 11 | 8 | 7 | 9 | 8 | |||||||||||||
Contributions to investments and other | (47) | (1) | - | (15) | (37) | |||||||||||||
Net cash from investing activities | ||||||||||||||||||
(921) | (910) | (897) | (1,102) | (1,033) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||
Repayments of long-term debt | - | - | (242) | - | - | |||||||||||||
Repurchases of common stock | (205) | (234) | - | (228) | (517) | |||||||||||||
Dividends paid on common stock | (299) | (488) | (312) | (462) | (596) | |||||||||||||
Contributions from noncontrolling interests | 12 | 19 | 10 | 8 | - | |||||||||||||
Distributions to noncontrolling interests | (7) | (12) | (9) | (13) | (11) | |||||||||||||
Shares exchanged for tax withholdings and other | (42) | (1) | - | (9) | (87) | |||||||||||||
Net cash from financing activities | ) | |||||||||||||||||
(541) | (716) | (553) | (704) | (1,211 | ||||||||||||||
Effect of exchange rate changes on cash | ||||||||||||||||||
(2) | 3 | (2) | 2 | - | ||||||||||||||
Net change in cash, cash equivalents and restricted cash | ||||||||||||||||||
274 | 114 | 273 | (399) | (567) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 875 | 761 | 488 | 887 | 1,454 | |||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 1,149 | $ | 875 | $ | 761 | $ | 488 | $ | 887 | ||||||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||||||||
Cash and cash equivalents | $ | 1,126 | $ | 853 | $ | 654 | $ | 372 | $ | 761 | ||||||||
Restricted cash | 23 | 22 | 107 | 116 | 126 | |||||||||||||
Total cash, cash equivalents and restricted cash | $ | 1,149 | $ | 875 | $ | 761 | $ | 488 | $ | 887 | ||||||||
5
PRODUCTION
2024 | 2023 | ||||||||||||
Oil (MBbls/d) | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||
Delaware Basin | 208 | 208 | 215 | 209 | 211 | ||||||||
Eagle Ford | 43 | 43 | 40 | 45 | 40 | ||||||||
Anadarko Basin | 11 | 13 | 14 | 15 | 15 | ||||||||
Williston Basin | 40 | 36 | 35 | 36 | 36 | ||||||||
Powder River Basin | 13 | 13 | 13 | 14 | 14 | ||||||||
Other | 4 | 4 | 4 | 4 | 4 | ||||||||
Total | 319 | 317 | 321 | 323 | 320 | ||||||||
Natural gas liquids (MBbls/d) | |||||||||||||
Delaware Basin | 113 | 112 | 112 | 105 | 97 | ||||||||
Eagle Ford | 14 | 15 | 15 | 16 | 15 | ||||||||
Anadarko Basin | 26 | 29 | 27 | 31 | 26 | ||||||||
Williston Basin | 10 | 10 | 9 | 9 | 8 | ||||||||
Powder River Basin | 2 | 3 | 2 | 2 | 2 | ||||||||
Other | - | - | 1 | 1 | 1 | ||||||||
Total | 165 | 169 | 166 | 164 | 149 | ||||||||
Gas (MMcf/d) | |||||||||||||
Delaware Basin | 695 | 673 | 680 | 636 | 640 | ||||||||
Eagle Ford | 79 | 81 | 78 | 86 | 82 | ||||||||
Anadarko Basin | 223 | 225 | 235 | 254 | 237 | ||||||||
Williston Basin | 63 | 61 | 58 | 59 | 54 | ||||||||
Powder River Basin | 18 | 20 | 18 | 18 | 16 | ||||||||
Other | 1 | 1 | 1 | 1 | 1 | ||||||||
Total | 1,079 | 1,061 | 1,070 | 1,054 | 1,030 | ||||||||
Total oil equivalent (MBoe/d) | |||||||||||||
Delaware Basin | 437 | 433 | 440 | 420 | 415 | ||||||||
Eagle Ford | 70 | 72 | 68 | 74 | 68 | ||||||||
Anadarko Basin | 74 | 79 | 80 | 89 | 81 | ||||||||
Williston Basin | 61 | 55 | 54 | 56 | 53 | ||||||||
Powder River Basin | 18 | 19 | 19 | 19 | 19 | ||||||||
Other | 4 | 4 | 4 | 4 | 5 | ||||||||
Total | 664 | 662 | 665 | 662 | 641 | ||||||||
6
CAPITAL EXPENDITURES
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | ||||||||||||||||||
$ | 555 | $ | 506 | $ | 503 | $ | 583 | $ | 572 | ||||||||||||||
Eagle Ford | 156 | 194 | 198 | 179 | 188 | ||||||||||||||||||
Anadarko Basin | 59 | 51 | 13 | 67 | 66 | ||||||||||||||||||
Williston Basin | 27 | 55 | 69 | 89 | 73 | ||||||||||||||||||
Powder River Basin | 43 | 55 | 45 | 39 | 32 | ||||||||||||||||||
Other | 2 | 3 | 2 | 1 | 2 | ||||||||||||||||||
Total upstream capital | $ | 842 | $ | 864 | $ | 830 | $ | 958 | $ | 933 | |||||||||||||
Carbon capital | |||||||||||||||||||||||
32 | 31 | 25 | 30 | 27 | |||||||||||||||||||
Midstream and Corporate | 63 | 45 | 41 | 30 | 28 | ||||||||||||||||||
Acquisitions | 8 | 11 | 23 | 18 | 13 | ||||||||||||||||||
Total capital | $ | 945 | $ | 951 | $ | 919 | $ | 1,036 | $ | 1,001 | |||||||||||||
SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES
GROSS OPERATED SPUDS | 2024 | 2023 | ||||||||||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||||||||||
76 | 60 | 64 | 65 | 60 | ||||||||||||||||||||||||||
Eagle Ford | 30 | 26 | 28 | 18 | 23 | |||||||||||||||||||||||||
Anadarko Basin | 4 | 17 | 10 | 9 | 19 | |||||||||||||||||||||||||
Williston Basin | 1 | - | 7 | 8 | 6 | |||||||||||||||||||||||||
Powder River Basin | 3 | 5 | 4 | 3 | 3 | |||||||||||||||||||||||||
Total | 114 | 108 | 113 | 103 | 111 | |||||||||||||||||||||||||
GROSS OPERATED WELLS TIED-IN | 2024 | 2023 | ||||||||||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||||||||||
59 | 62 | 59 | 76 | 42 | ||||||||||||||||||||||||||
Eagle Ford | 26 | 24 | 13 | 29 | 26 | |||||||||||||||||||||||||
Anadarko Basin | 5 | 4 | - | 16 | 7 | |||||||||||||||||||||||||
Williston Basin | 10 | 6 | 6 | 8 | 17 | |||||||||||||||||||||||||
Powder River Basin | 2 | 4 | 3 | 2 | 5 | |||||||||||||||||||||||||
Total | 102 | 100 | 81 | 131 | 97 | |||||||||||||||||||||||||
NET OPERATED WELLS TIED-IN | 2024 | 2023 | ||||||||||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||||||||||
50 | 47 | 49 | 61 | 40 | ||||||||||||||||||||||||||
Eagle Ford | 21 | 20 | 12 | 25 | 18 | |||||||||||||||||||||||||
Anadarko Basin | 2 | 1 | - | 7 | 3 | |||||||||||||||||||||||||
Williston Basin | 10 | 3 | 4 | 6 | 15 | |||||||||||||||||||||||||
Powder River Basin | 2 | 4 | 3 | 2 | 4 | |||||||||||||||||||||||||
Total | 85 | 75 | 68 | 101 | 80 | |||||||||||||||||||||||||
AVERAGE LATERAL LENGTH | 2024 | 2023 | ||||||||||||||||||||||||||||
(based on wells tied-in) | ||||||||||||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||||||||||
10,300' | 10,300' | 9,700' | 10,100' | 9,900' | ||||||||||||||||||||||||||
Eagle Ford | 6,700' | 7,900' | 5,000' | 6,200' | 6,700' | |||||||||||||||||||||||||
Anadarko Basin | 10,000' | 12,500' | - | 9,100' | 9,300' | |||||||||||||||||||||||||
Williston Basin | 9,600' | 12,300' | 12,300' | 10,000' | 11,500' | |||||||||||||||||||||||||
Powder River Basin | 9,600' | 9,600' | 13,300' | 15,000' | 10,700' | |||||||||||||||||||||||||
Total | 9,300' | 9,900' | 9,300' | 9,200' | 9,300' | |||||||||||||||||||||||||
7 |
REALIZED PRICING
BENCHMARK PRICES | 2024 | 2023 | ||||||||||||||||||||
(average prices) | ||||||||||||||||||||||
Oil ($/Bbl) - West Texas Intermediate (Cushing) | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||
$ | 77.01 | $ | 78.48 | $ | 82.06 | $ | 73.76 | $ | 76.17 | |||||||||||||
Natural Gas ($/Mcf) - Henry Hub | $ | 2.25 | $ | 2.88 | $ | 2.54 | $ | 2.09 | $ | 3.44 | ||||||||||||
NGL ($/Bbl) - Mont Belvieu Blended | $ | 27.51 | $ | 25.52 | $ | 26.62 | $ | 23.99 | $ | 29.48 | ||||||||||||
REALIZED PRICES | 2024 | 2023 | ||||||||||||||||||||
Oil (Per Bbl) | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||
Delaware Basin | $ | 76.23 | $ | 77.75 | $ | 80.72 | $ | 71.86 | $ | 74.43 | ||||||||||||
Eagle Ford | 76.51 | 78.51 | 80.85 | 72.36 | 74.06 | |||||||||||||||||
Anadarko Basin | 74.91 | 77.09 | 79.86 | 71.52 | 74.14 | |||||||||||||||||
Williston Basin | 71.13 | 74.26 | 79.50 | 70.80 | 74.09 | |||||||||||||||||
Powder River Basin | 71.93 | 74.58 | 78.51 | 70.75 | 74.30 | |||||||||||||||||
Realized price without hedges | 75.40 | 77.32 | 80.48 | 71.74 | 74.32 | |||||||||||||||||
Cash settlements | (0.25) | (0.34) | (0.67) | - | (0.10) | |||||||||||||||||
Realized price, including cash settlements | $ | 75.15 | $ | 76.98 | $ | 79.81 | $ | 71.74 | $ | 74.22 | ||||||||||||
Natural gas liquids (Per Bbl) | ||||||||||||||||||||||
Delaware Basin | $ | 20.55 | $ | 19.93 | $ | 20.76 | $ | 18.07 | $ | 23.72 | ||||||||||||
Eagle Ford | 23.67 | 22.67 | 23.70 | 20.22 | 26.18 | |||||||||||||||||
Anadarko Basin | 24.77 | 21.44 | 23.37 | 19.42 | 27.88 | |||||||||||||||||
Williston Basin | 6.27 | 2.95 | 4.09 | 2.52 | 8.97 | |||||||||||||||||
Powder River Basin | 32.91 | 28.80 | 29.63 | 24.52 | 35.72 | |||||||||||||||||
Realized price without hedges | 20.81 | 19.67 | 20.72 | 17.79 | 24.12 | |||||||||||||||||
Cash settlements | (0.08) | - | - | - | - | |||||||||||||||||
Realized price, including cash settlements | $ | 20.73 | $ | 19.67 | $ | 20.72 | $ | 17.79 | $ | 24.12 | ||||||||||||
Gas (Per Mcf) | ||||||||||||||||||||||
Delaware Basin | $ | 1.19 | $ | 1.76 | $ | 1.94 | $ | 1.18 | $ | 1.90 | ||||||||||||
Eagle Ford | 1.89 | 2.44 | 2.31 | 1.80 | 2.99 | |||||||||||||||||
Anadarko Basin | 1.92 | 2.38 | 2.17 | 1.72 | 3.14 | |||||||||||||||||
Williston Basin | N/M | N/M | N/M | N/M | 1.57 | |||||||||||||||||
Powder River Basin | 2.29 | 2.52 | 2.53 | 2.41 | 4.25 | |||||||||||||||||
Realized price without hedges | 1.30 | 1.83 | 1.92 | 1.27 | 2.29 | |||||||||||||||||
Cash settlements | 0.32 | 0.19 | 0.09 | 0.39 | 0.18 | |||||||||||||||||
Realized price, including cash settlements | $ | 1.62 | $ | 2.02 | $ | 2.01 | $ | 1.66 | $ | 2.47 | ||||||||||||
Total oil equivalent (Per Boe) | ||||||||||||||||||||||
Delaware Basin | $ | 43.55 | $ | 45.38 | $ | 47.68 | $ | 42.05 | $ | 46.35 | ||||||||||||
Eagle Ford | 53.81 | 54.64 | 55.71 | 49.69 | 52.81 | |||||||||||||||||
Anadarko Basin | 25.48 | 26.96 | 27.88 | 24.04 | 32.16 | |||||||||||||||||
Williston Basin | 47.37 | 47.77 | 52.64 | 45.94 | 52.94 | |||||||||||||||||
Powder River Basin | 57.60 | 57.99 | 62.21 | 56.33 | 63.01 | |||||||||||||||||
Realized price without hedges | 43.52 | 44.93 | 47.10 | 41.39 | 46.44 | |||||||||||||||||
Cash settlements | 0.39 | 0.14 | (0.18) | 0.61 | 0.22 | |||||||||||||||||
Realized price, including cash settlements | $ | 43.91 | $ | 45.07 | $ | 46.92 | $ | 42.00 | $ | 46.66 | ||||||||||||
8
ASSET MARGINS
BENCHMARK PRICES | 2024 | 2023 | ||||||||||||||||||||
(average prices) | ||||||||||||||||||||||
Oil ($/Bbl) - West Texas Intermediate (Cushing) | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||
$ | 77.01 | $ | 78.48 | $ | 82.06 | $ | 73.76 | $ | 76.17 | |||||||||||||
Natural Gas ($/Mcf) - Henry Hub | $ | 2.25 | $ | 2.88 | $ | 2.54 | $ | 2.09 | $ | 3.44 | ||||||||||||
NGL ($/Bbl) - Mont Belvieu Blended | $ | 27.51 | $ | 25.52 | $ | 26.62 | $ | 23.99 | $ | 29.48 | ||||||||||||
PER-UNIT CASH MARGIN BY ASSET (per Boe) | 2024 | 2023 | ||||||||||||||||||||
Delaware Basin | Quarter 1 | Quarter 4 | Quarter 3 | Quarter 2 | Quarter 1 | |||||||||||||||||
Realized price | $ | 43.55 | $ | 45.38 | $ | 47.68 | $ | 42.05 | $ | 46.35 | ||||||||||||
Lease operating expenses | (5.54) | (5.46) | (5.03) | (4.96) | (4.58) | |||||||||||||||||
Gathering, processing & transportation | (2.79) | (2.75) | (2.63) | (2.63) | (2.63) | |||||||||||||||||
Production & property taxes | (3.16) | (3.24) | (3.48) | (3.18) | (3.43) | |||||||||||||||||
Field-level cash margin | $ | 32.06 | $ | 33.93 | $ | 36.54 | $ | 31.28 | $ | 35.71 | ||||||||||||
Eagle Ford | ||||||||||||||||||||||
Realized price | $ | 53.81 | $ | 54.64 | $ | 55.71 | $ | 49.69 | $ | 52.81 | ||||||||||||
Lease operating expenses | (7.59) | (7.05) | (7.52) | (6.18) | (6.32) | |||||||||||||||||
Gathering, processing & transportation | (1.67) | (1.62) | (1.63) | (1.67) | (1.49) | |||||||||||||||||
Production & property taxes | (2.73) | (2.95) | (3.18) | (2.97) | (3.25) | |||||||||||||||||
Field-level cash margin | $ | 41.82 | $ | 43.02 | $ | 43.38 | $ | 38.87 | $ | 41.75 | ||||||||||||
Anadarko Basin | ||||||||||||||||||||||
Realized price | $ | 25.48 | $ | 26.96 | $ | 27.88 | $ | 24.04 | $ | 32.16 | ||||||||||||
Lease operating expenses | (3.33) | (3.26) | (3.43) | (3.13) | (3.41) | |||||||||||||||||
Gathering, processing & transportation | (6.27) | (5.98) | (6.11) | (5.97) | (5.93) | |||||||||||||||||
Production & property taxes | (1.24) | (1.40) | (1.36) | (1.22) | (1.73) | |||||||||||||||||
Field-level cash margin | $ | 14.64 | $ | 16.32 | $ | 16.98 | $ | 13.72 | $ | 21.09 | ||||||||||||
Williston Basin | ||||||||||||||||||||||
Realized price | $ | 47.37 | $ | 47.77 | $ | 52.64 | $ | 45.94 | $ | 52.94 | ||||||||||||
Lease operating expenses | (10.88) | (13.07) | (13.04) | (13.43) | (13.25) | |||||||||||||||||
Gathering, processing & transportation | (2.03) | (2.34) | (2.31) | (2.29) | (2.19) | |||||||||||||||||
Production & property taxes | (4.72) | (4.78) | (5.13) | (4.68) | (4.85) | |||||||||||||||||
Field-level cash margin | $ | 29.74 | $ | 27.58 | $ | 32.16 | $ | 25.54 | $ | 32.65 | ||||||||||||
Powder River Basin | ||||||||||||||||||||||
Realized price | $ | 57.60 | $ | 57.99 | $ | 62.21 | $ | 56.33 | $ | 63.01 | ||||||||||||
Lease operating expenses | (11.66) | (8.65) | (8.45) | (10.03) | (11.07) | |||||||||||||||||
Gathering, processing & transportation | (3.03) | (3.17) | (3.02) | (2.97) | (2.73) | |||||||||||||||||
Production & property taxes | (6.91) | (6.75) | (7.45) | (6.79) | (7.78) | |||||||||||||||||
Field-level cash margin | $ | 36.00 | $ | 39.42 | $ | 43.29 | $ | 36.54 | $ | 41.43 | ||||||||||||
Devon - Total | ||||||||||||||||||||||
Realized price | $ | 43.52 | $ | 44.93 | $ | 47.10 | $ | 41.39 | $ | 46.44 | ||||||||||||
Lease operating expenses | (6.29) | (6.25) | (6.00) | (5.86) | (5.67) | |||||||||||||||||
Gathering, processing & transportation | (2.98) | (2.97) | (2.91) | (2.94) | (2.88) | |||||||||||||||||
Production & property taxes | (3.16) | (3.24) | (3.46) | (3.14) | (3.47) | |||||||||||||||||
Field-level cash margin | $ | 31.09 | $ | 32.47 | $ | 34.73 | $ | 29.45 | $ | 34.42 | ||||||||||||
9
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-lookingnon-GAAP measures. The company is unable to provide reconciliations of these forward-lookingnon-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 first- quarter 2024 earnings.
Quarter Ended March 31, 2024 | ||||||||||||
Per Diluted | ||||||||||||
Total | Before-tax | After-tax | After NCI | Share | ||||||||
Earnings (GAAP) | $ | 768 | $ | 609 | $ | 596 | $ | 0.94 | ||||
Adjustments: | ||||||||||||
Asset dispositions | 1 | 1 | 1 | - | ||||||||
Deferred tax asset valuation allowance | - | (1) | (1) | - | ||||||||
Fair value changes in financial instruments | 172 | 134 | 134 | 0.22 | ||||||||
Core earnings (Non-GAAP) | $ | 941 | $ | 743 | $ | 730 | $ | 1.16 | ||||
EBITDAX
Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings before financing costs, net; income tax expense; exploration expenses; depreciation, depletion and amortization; asset disposition gains and losses; non-cash share- based compensation; non-cash valuation changes for derivatives and financial instruments; 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.
Net earnings (GAAP) | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | TTM | Q1 '23 | |||||||||||||||||||||
$ | 609 | $ | 1,161 | $ | 920 | $ | 698 | $ | 3,388 | $ | 1,003 | ||||||||||||||||
Financing costs, net | 76 | 77 | 81 | 78 | 312 | 72 | |||||||||||||||||||||
Income tax expense | 159 | 269 | 152 | 199 | 779 | 221 | |||||||||||||||||||||
Exploration expenses | 9 | 4 | 3 | 10 | 26 | 3 | |||||||||||||||||||||
Depreciation, depletion and amortization | 722 | 650 | 651 | 638 | 2,661 | 615 | |||||||||||||||||||||
Asset dispositions | 1 | 11 | - | (41) | (29) | - | |||||||||||||||||||||
Share-based compensation | 24 | 22 | 22 | 25 | 93 | 23 | |||||||||||||||||||||
Derivative & financial instrument non-cash val. changes | 169 | (316) | 183 | 113 | 149 | (51) | |||||||||||||||||||||
Accretion on discounted liabilities and other | 22 | 10 | 13 | 10 | 55 | 5 | |||||||||||||||||||||
EBITDAX (Non-GAAP) | $ | 1,791 | $ | 1,888 | $ | 2,025 | $ | 1,730 | $ | 7,434 | $ | 1,891 | |||||||||||||||
10
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Devon Energy Corporation published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2024 20:14:26 UTC.