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Devon Energy Corpde (DVN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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DVN Annual Reports

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

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Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK 73102-5015

Devon Energy Reports Fourth-Quarter and Full-Year 2021 Financial and Operational Results

OKLAHOMA CITY – Feb. 15, 2022

– Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the fourth-quarter and full year 2021. 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 tripled in 2021 and free cash flow reached the highest level in Devon’s 50-year history

 

   

Disciplined capital allocation limited reinvestment rates to 32 percent of operating cash flow in the fourth quarter

 

   

Delaware Basin production growth and margin expansion drove fourth-quarter operating results

 

   

Fourth-quarter dividend payout improved to record high of $1.00 per share

 

   

Board approved a 45 percent increase to the fixed quarterly dividend

 

   

Share-repurchase program retired 14 million shares at a total cost of $589 million in the fourth quarter

 

   

Board increased share-repurchase authorization by 60 percent to $1.6 billion

CEO PERSPECTIVE

“2021 was a breakout year for Devon that can best be defined by our bold strategic consolidation, unyielding commitment to capital discipline and the successful deployment of our industry leading cash-return business model,” said Rick Muncrief, president and CEO.

“With our powerful suite of assets and financially-driven strategy, we delivered on exactly what we promised to do by generating a record-setting amount of free cash flow that was returned to shareholders through market-leading dividend payouts, opportunistic share buybacks, and improvements to our investment-grade financial strength during the year,” Muncrief commented.

“As I look ahead, the value proposition of Devon only strengthens,” Muncrief added. “Our business is streamlined to capture the benefits of higher commodity prices and we will remain extremely disciplined by prioritizing value over the pursuit of volume. This shareholder-friendly approach will once again translate into differentiated cash returns and excellent returns on capital employed.”

FINANCIAL SUMMARY

Devon reported net earnings of $1.5 billion, or $2.23 per diluted share, in the fourth quarter of 2021. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $935 million, or $1.39 per diluted share.

Operating cash flow was $1.6 billion in the fourth quarter, a 173 percent increase from the first quarter of 2021 when the WPX merger closed. This level of cash flow funded all capital requirements and resulted in $1.1 billion of free cash flow in the quarter. For the full-year 2021, operating cash flow totaled $4.9 billion, a more than three-fold increase versus 2020, and Devon generated $2.9 billion of free cash flow, representing the highest total in the company’s 50-year history.

Based on the fourth-quarter financial performance, Devon declared a record high fixed-plus-variable dividend payout of $1.00 per share. The dividend is payable on Mar. 31, 2022 to shareholders of record at the close of business on Mar. 14, 2022.

As part of the fourth-quarter dividend announcement, the board approved an increase in the fixed dividend of 45 percent or $0.05 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.

The company also accelerated cash returns through the execution of its share-repurchase program. In the fourth quarter, Devon repurchased 14 million shares at a total cost of $589 million. Given this substantial progress, the board has expanded the company’s share-repurchase authorization by 60 percent to $1.6 billion, which is equivalent to 5 percent of Devon’s market capitalization.

 

1


The following information was filed by Devon Energy Corpde (DVN) on Tuesday, February 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Devon Energy Corpde's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Devon Energy Corpde's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Equity
Accounts Receivable
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details)
Accounts Receivable (Tables)
Acquisition And Divestitures (Narrative) (Details)
Acquisition And Divestitures (Schedule Of Preliminary Allocation Of The Total Purchase Price) (Details)
Acquisition And Divestitures (Schedule Of Pro Forma Adjustments To Confirm Acquisition) (Details)
Acquisition And Divestitures (Schedule Of Wpx Revenue And Earnings Included In Devon's Consolidated Comprehensive Statements Of Earnings) (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Asset Impairments
Asset Impairments (Narrative) (Details)
Asset Impairments (Summary Of Asset Impairments) (Details)
Asset Impairments (Tables)
Asset Retirement Obligations
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Schedule Of Commitments And Contingencies) (Details)
Commitments And Contingencies (Tables)
Debt And Related Expenses
Debt And Related Expenses (Narrative) (Details)
Debt And Related Expenses (Schedule Of Debt Instruments And Balances) (Details)
Debt And Related Expenses (Schedule Of Debt Instruments And Balances) (Parenthetical) (Details)
Debt And Related Expenses (Schedule Of Debt Maturities) (Details)
Debt And Related Expenses (Schedule Of Net Financing Cost Components) (Details)
Debt And Related Expenses (Schedule Of Wpx Debt Assumed With The Merger) (Details)
Debt And Related Expenses (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details)
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details)
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
Derivative Financial Instruments (Tables)
Discontinued Operations
Discontinued Operations (Amounts Reported As Discontinued Operations In The Consolidated Statements Of Comprehensive Earnings) (Details)
Discontinued Operations (Narrative) (Details)
Discontinued Operations (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Tax Expense (Benefit) (Details)
Income Taxes (Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (Details)
Income Taxes (Tables)
Leases
Leases (Maturities Of Lease Liabilities) (Details)
Leases (Schedule Of Additional Lease Information) (Details)
Leases (Schedule Of Expected Lease Income ) (Details)
Leases (Schedule Of Right-Of-Use Assets And Lease Liabilities) (Details)
Leases (Schedule Of Total Lease Cost) (Details)
Leases (Tables)
Net Earnings (Loss) Per Share From Continuing Operations
Net Earnings (Loss) Per Share From Continuing Operations (Net Earnings (Loss) Per Share Computations From Continuing Operations) (Details)
Net Earnings (Loss) Per Share From Continuing Operations (Tables)
Other Comprehensive Earnings (Loss)
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details)
Other Comprehensive Earnings (Loss) (Tables)
Other, Net
Other, Net (Tables)
Other, Net -Additional Information (Details)
Other, Net -Summary Of Other Expenses (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Summary Of Changes In Suspended Exploratory Well Costs) (Details)
Property, Plant And Equipment (Table Of Property And Equipment, Net) (Details)
Property, Plant And Equipment (Table Of Property And Equipment, Net) (Parenthetical) (Details)
Property, Plant And Equipment (Tables)
Restructuring And Transaction Costs
Restructuring And Transaction Costs (Narrative) (Details)
Restructuring And Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details)
Restructuring And Transaction Costs (Tables)
Restructuring And Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details)
Retirement Plans
Retirement Plans (Narrative) (Details)
Retirement Plans (Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
Retirement Plans (Schedule Of Changes In Defined Benefit Plan Obligations) (Details)
Retirement Plans (Schedule Of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Other Postretirement Benefit Plans) (Details)
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Details)
Retirement Plans (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Aggregate Fair Value Of Restricted Stock, Performance-Based Restricted Stock And Performance Shares, Awards And Units, That Vested During The Period) (Details)
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details)
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details)
Share-Based Compensation (Summary Of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details)
Share-Based Compensation (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details)
Stockholders' Equity (Summary Of Purchases Of Common Stock) (Details)
Stockholders' Equity (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Schedule Of Additional Investment Information) (Details)
Summary Of Significant Accounting Policies (Schedule Of Components Of Investments) (Details)
Summary Of Significant Accounting Policies (Schedule Of Revenue From Contracts With Customers Disaggregated Based On Type Of Good) (Details)
Summary Of Significant Accounting Policies (Tables)
Supplemental Information On Oil And Gas Operations (Unaudited)
Supplemental Information On Oil And Gas Operations (Unaudited) (Costs Incurred) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Narrative) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Proved Developed And Undeveloped Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Proved Undeveloped Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Results Of Operations) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Standardized Measure Of Discounted Future Net Cash Flows Related To Proved Reserves) (Details)
Supplemental Information On Oil And Gas Operations (Unaudited) (Tables)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (Narrative) (Details)
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details)
Supplemental Information To Statements Of Cash Flows (Tables)
Ticker: DVN
CIK: 1090012
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-005321
Submitted to the SEC: Wed Feb 16 2022 12:02:22 PM EST
Accepted by the SEC: Wed Feb 16 2022
Period: Friday, December 31, 2021
Industry: Crude Petroleum And Natural Gas

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