Devon Energy : Q1 2025 Earnings Supplemental Tables

Published: 2025-05-07 12:23:08 ET DVN

Published on 05/07/2025 at 12:23

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 ............................................................................................................................................................................. 10

EBITDAX ....................................................................................................................................................................................... 11

Net Debt, Net Debt-to-EBITDAX, Free Cash Flow and Reinvestment Rate ....................................................................... 12

Quarter 1

3,126

(98)

1,424

4,452

912

10

1,436

912

254

2

130

123

27

3,806

646

137

509

15

494

0.77

0.77

643

645

(in millions, except per share amounts) 2025 2024

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil, gas and NGL sales $

$ 3,086

$ 2,665

$ 2,796

$ 2,629

Oil, gas and NGL derivatives (1)

(84 )

227

23

(145 )

Marketing and midstream revenues

1,401

1,132

1,098

1,112

Total revenues

4,403

4,024

3,917

3,596

Production expenses (2)

881

763

788

751

Exploration expenses

12

4

3

9

Marketing and midstream expenses

1,402

1,149

1,108

1,133

Depreciation, depletion and amortization

971

794

768

722

Asset impairments

-

-

-

-

Asset dispositions

(5 )

-

15

1

General and administrative expenses

155

117

114

114

Financing costs, net (3)

123

88

76

76

Other, net

24

45

5

22

Total expenses

3,563

2,960

2,877

2,828

Earnings before income taxes

840

1,064

1,040

768

Income tax expense (4)

187

239

185

159

Net earnings

653

825

855

609

Net earnings attributable to noncontrolling interests

14

13

11

13

Net earnings attributable to Devon $

$ 639

$ 812

$ 844

$ 596

Net earnings per share:

Basic net earnings per share $

$ 0.98

$ 1.31

$ 1.35

$ 0.95

Diluted net earnings per share $

$ 0.98

$ 1.30

$ 1.34

$ 0.94

Weighted average common shares outstanding:

Basic 650

622

626

629

Diluted 651

623

628

632

(1) OIL, GAS AND NGL DERIVATIVES

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Derivative cash settlements

$ 58

$ 61

$ 54

$ 24

Derivative valuation changes

(142 )

166

(31 )

(169 )

Oil, gas and NGL derivatives

$ (84 )

$ 227

$ 23

$ (145 )

(2) PRODUCTION EXPENSES

(in millions)

2025

2024

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Lease operating expense

$ 445

$ 366

$ 383

$ 380

Gathering, processing & transportation

213

200

197

180

Production taxes

206

179

188

175

Property taxes

17

18

20

16

Production expenses

$ 881

$ 763

$ 788

$ 751

(3) FINANCING COSTS, NET

(in millions)

2025

2024

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Interest based on debt outstanding

$ 128

$ 98

$ 88

$ 87

Interest income

(16 )

(19

)

(14 )

(13 )

Other

11

9

2

2

Financing costs, net

$ 123

$ 88

$ 76

$ 76

(4) INCOME TAX EXPENSE

(in millions)

2025

2024

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Current expense

$ 119

$ 75

$ 146

$ 119

Deferred expense

68

164

39

40

Income tax expense

$ 187

$ 239

$ 185

$ 159

(in millions) 2025 2024

Quarter 1

$ (10 )

(88 )

$

(98 )

Quarter 1

479

204

212

17

912

$

$

Quarter 1

127

(10 )

6

123

$

$

Quarter 1

96

41

137

$

$

Quarter 1

$ 1,234

2,036

332

303

3,905

23,429

1,653

25,082

753

127

713

348

$

30,928

$ 923

1,588

485

622

3,618

8,395

77

835

1,041

2,189

64

6,096

8,506

(121 )

14,545

228

14,773

$ 30,928

(in millions) 2025 2024

Quarter 4 Quarter 3 Quarter 2 Quarter 1

Current assets:

Cash, cash equivalents and restricted cash Accounts receivable

Inventory

Other current assets Total current assets

Oil and gas property and equipment, based on successful efforts

accounting, net

Other property and equipment, net Total property and equipment, net

Goodwill

Right-of-use assets Investments

Other long-term assets Total assets

Current liabilities:

Accounts payable

Revenues and royalties payable Short-term debt

Other current liabilities Total current liabilities

Long-term debt

Lease liabilities

Asset retirement obligations Other long-term liabilities Deferred income taxes Stockholders' equity:

Common stock Additional paid-in capital Retained earnings

Accumulated other comprehensive loss

Total stockholders' equity attributable to Devon Noncontrolling interests

Total equity

Total liabilities and equity

$ 846 $ 676 $ 1,169 $ 1,149

1,972 1,779 1,589 1,670

294 293 258 234

315 484 343 345 3,427 3,232 3,359 3,398

23,198 23,155 18,216 18,033

1,813 1,795 1,569 1,551 25,011 24,950 19,785 19,584

753 753 753 753

303 317 297 276

727 718 704 713

268 293 264 254

$ 30,489 $ 30,263 $ 25,162 $ 24,978

$ 806 $ 995 $ 754 $ 879

1,432 1,423 1,363 1,268

485 - 475 479

586 488 424 640 3,309 2,906 3,016 3,266

8,398 8,884 5,665 5,668

320 328 315 301

770 765 691 683

840 820 829 841

2,148 2,082 1,917 1,878

65 66 63 63

6,387 6,662 5,478 5,718

8,166 7,670 7,132 6,509

(122 ) (121 ) (122 ) (123 ) 14,496 14,277 12,551 12,167

208 201 178 174

14,704 14,478 12,729 12,341

$ 30,489 $ 30,263 $ 25,162 $ 24,978

$ 509

912

254

5

6

98

(10 )

2

41

30

(22 )

117

1,942

(934 )

(8 )

133

-

9

(2 )

(802 )

-

-

(301 )

(163 )

14

(9 )

(274 )

(19 )

(752 )

$

1,234

$

$

1,198

36

1,234

-

388

846

(in millions) 2025 2024

Quarter 4 Quarter 3 Quarter 2 Quarter 1

Cash flows from operating activities:

Net earnings

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

Depreciation, depletion and amortization Asset impairments

Leasehold impairments Accretion of liabilities

Total (gains) losses on commodity derivatives Cash settlements on commodity derivatives (Gains) losses on asset dispositions

Deferred income tax expense Share-based compensation Other

Changes in assets and liabilities, net Net cash from operating activities

Cash flows from investing activities:

Capital expenditures

Acquisitions of property and equipment Divestitures of property and equipment Grayson Mill acquired cash Distributions from investments Contributions to investments and other Net cash from investing activities

Cash flows from financing activities:

Borrowings of long-term debt, net of issuance costs Repayments of long-term debt

Repurchases of common stock Dividends paid on common stock

Contributions from noncontrolling interests Distributions to noncontrolling interests Lease extinguishment payment

Shares exchanged for tax withholdings and other Net cash from financing activities

Effect of exchange rate changes on cash

Net change in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period

$ 653 $ 825 $ 855 $ 609

971 794 768 722

- - - -

3 1 1 -

6 2 - -

84 (227 ) (23 ) 145

58 61 54 24

(5 ) - 15 1

68 164 39 40

24 24 27 24

4 3 - 3

(202 ) 16 (201 ) 170

1,664 1,663 1,535 1,738

(926 ) (877 ) (948 ) (894 )

(116 ) (3,602) (82 ) (8 )

6 - 1 17

- 147 - -

33 13 11 11

(40 ) (30 ) (1 ) (47 )

(1,043 ) (4,349) (1,019) (921 )

- 3,219 - -

- (472 ) - -

(301 ) (295 ) (256 ) (205 )

(143 ) (272 ) (223 ) (299 )

8 20 12 12

(15 ) (10 ) (19 ) (7 )

- - - -

1 2 (9 ) (42 )

(450 ) 2,192 (495 ) (541 )

(1 ) 1 (1 ) (2 )

170 (493 ) 20 274

676 1,169 1,149 875

$ 846 $ 676 $ 1,169 $ 1,149

Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents

Restricted cash

Total cash, cash equivalents and restricted cash

$ 811 $ 645 $ 1,140 $ 1,126

35 31 29 23

$ 846 $ 676 $ 1,169 $ 1,149

Disclaimer

Devon Energy Corporation published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 16:22 UTC.