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Devon Energy Corpde (DVN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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

  
  

NEWS RELEASE

Devon Energy Reports Fourth-Quarter and Full-Year 2015 Results; Provides 2016 Capital and Production Outlook

 

    Delivered oil production growth of 26 percent from year-ago quarter

 

    Reduced field-level costs by nearly $400 million in 2015

 

    Maintained significant financial flexibility with nearly $4 billion of liquidity

 

    Decreased 2016 E&P capital spending outlook by 75 percent

 

    Reduced operating and G&A expense outlook by $800 million annually

 

    Adjusted quarterly dividend to improve cash flow by $320 million annually

OKLAHOMA CITY – Feb. 16, 2016 – Devon Energy Corp. (NYSE: DVN) today announced core earnings of $319 million, or $0.77 per diluted share, for the fourth quarter of 2015. On a reported basis, due to non-cash, asset-impairment charges, the Company had a net loss of $4.5 billion, or $11.12 per diluted share, for the fourth quarter of 2015.

Devon’s operating cash flow totaled $1.1 billion in the quarter, a 12 percent increase compared to the fourth quarter of 2014. For the full-year 2015, operating cash flows reached $5.4 billion. Combined with the $761 million of cash received from the sale of EnLink units and asset divestitures, Devon’s total cash inflows reached $6.1 billion for 2015.

“With the challenging industry conditions, Devon continues to be highly focused on delivering meaningful cost reductions and efficiency gains across our asset portfolio,” said Dave Hager, president and CEO. “These efforts drove down field-level operating costs nearly $400 million in 2015. Additionally, our drilling programs consistently generated top-tier industry results that exceeded type-curve expectations through higher production rates and rapidly declining capital costs.”

“Last year was also pivotal for Devon’s portfolio as we continued to sharpen our focus on the very best resource plays in North America,” said Hager. “In December, we announced material additions to our STACK and Powder River Basin positions, two of the best emerging plays in the U.S., and we announced our intent to divest of $2 billion to $3 billion of non-core E&P properties, as well as our 50 percent interest in the Access pipeline. These strategic actions will further strengthen our financial position and provide Devon with a resource-rich asset base able to generate differentiating value for many years.”

“Devon’s top priority in 2016 is to protect the balance sheet,” said Hager. “We are tailoring activity to current market conditions and are prepared to adjust capital plans throughout the year to ensure we balance capital investment with cash inflows. Additionally, we anticipate further enhancing our financial strength by utilizing upstream asset divestiture proceeds to reduce debt, have plans in place to reduce our operating and G&A costs by around $800 million annually, have significant flexibility around our capital program, and we are reducing our dividend by 75 percent. All these efforts are targeted at strengthening Devon’s financial position to take advantage of our top-tier assets when prices recover.”

Quarterly Dividend Adjusted

Devon today announced that its board of directors declared a quarterly cash dividend of $0.06 per share on the Company’s common stock for the second quarter of 2016. This compares to the previous quarterly dividend of $0.24 per share. The adjusted dividend is payable on June 30, 2016, to stockholders of record at the close of business on June 15, 2016.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, February 16, 2016 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Comprehensive Statements Of Earnings
Consolidated Statements Of Cash Flows
Consolidated Statements Of Stockholders' Equity
Accounts Receivable
Accounts Receivable (schedule Of Components Of Accounts Receivable) (details)
Accounts Receivable (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (components Of Business Formation For General Partner And Enlink) (details)
Acquisitions And Divestitures (narrative) (details)
Acquisitions And Divestitures (schedule Of Enlink's Acquisition Activity) (details)
Acquisitions And Divestitures (schedule Of Purchase Price Allocation For Enlink And General Partner) (details)
Acquisitions And Divestitures (schedule Of Purchase Price Allocation For Geosouthern Intermediate Holdings) (details)
Acquisitions And Divestitures (schedule Of Unaudited Proforma Information For General Partner And Enlink And Geosouthern) (details)
Acquisitions And Divestitures (tables)
Asset Impairments
Asset Impairments (schedule 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 (narrative) (details)
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 Assumed) (details)
Debt And Related Expenses (schedule Of Debt Instruments) (details)
Debt And Related Expenses (schedule Of Debt Maturities) (details)
Debt And Related Expenses (schedule Of Enlink's Debt) (details)
Debt And Related Expenses (schedule Of Net Financing Cost Components) (details)
Debt And Related Expenses (schedule Of Other Debt And Debentures) (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 Derivative Financial Instruments Included In The Consolidated Comprehensive Statements Of Earnings) (details)
Derivative Financial Instruments (schedule Of Gas Processing And Fractionation Open Positions) (details)
Derivative Financial Instruments (schedule Of Open Foreign Exchange Rate Derivative Positions) (details)
Derivative Financial Instruments (schedule Of Open Interest Rate Swap Derivative Positions) (details)
Derivative Financial Instruments (schedule Of Open Natural Gas Derivative Positions) (details)
Derivative Financial Instruments (schedule Of Open Oil Derivative Positions) (details)
Derivative Financial Instruments (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)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (schedule Of General Partner And Enlink Goodwill By Reporting Units) (details)
Goodwill And Other Intangible Assets (schedule Of Other Intangible Assets) (details)
Goodwill And Other Intangible Assets (summary Of Goodwill) (details)
Goodwill And Other Intangible Assets (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)
Net Earnings (loss) Per Share Attributable To Devon
Net Earnings (loss) Per Share Attributable To Devon (earnings Per Share Computations) (details)
Net Earnings (loss) Per Share Attributable To Devon (tables)
Noncontrolling Interests
Noncontrolling Interests (narrative) (details)
Other Comprehensive Earnings
Other Comprehensive Earnings (components Of Other Comprehensive Earnings) (details)
Other Comprehensive Earnings (tables)
Restructuring Costs
Restructuring Costs (narrative) (details)
Restructuring Costs (schedule Of The Activity And Balances Associated With Restructuring Liabilities) (details)
Restructuring Costs (schedule Of The Components Of Restructuring Costs Included In The Comprehensive Consolidated Statements Of Earnings) (details)
Restructuring Costs (tables)
Retirement Plans
Retirement Plans (narrative) (details)
Retirement Plans (schedule Of Changes In Defined Benefit Plan Obligations) (details)
Retirement Plans (schedule Of Changes In Level 3 Plan Assets) (details)
Retirement Plans (schedule Of Estimated Net Actuarial Loss And Prior Service Cost For The Pension And Other Postretirement Plans That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost During 2016) (details)
Retirement Plans (schedule Of Expected Cash Flow Information For Pension And Other Postretirement Benefit Plans) (details)
Retirement Plans (schedule Of Expense Related To These Defined Contribution Plans) (details)
Retirement Plans (schedule Of Fair Value Of Pension Assets By Asset Class) (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 Pension Plan Assets Target Allocation) (details)
Retirement Plans (schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (details)
Retirement Plans (schedule Of Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Costs) (details)
Retirement Plans (tables)
Segment Information
Segment Information (condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments) (details)
Segment Information (tables)
Share-based Compensation
Share-based Compensation (narrative) (details)
Share-based Compensation (schedule Of Aggregate Fair Value Restricted Stock, Performance-based Restricted Stock And Performance Shares, Awards And Units) (details)
Share-based Compensation (schedule Of The Effects Of Share Based Compensation Included In The Consolidated Comprehensive Statement Of Earnings) (details)
Share-based Compensation (summary Of Outstanding Stock Options, Including Changes During The Year) (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 General Partner And Enlink ) (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 And Units, Performance-based Restricted Stock Awards And Performance Share Units) (details)
Share-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Supplemental Information On Oil And Gas Operations
Supplemental Information On Oil And Gas Operations (capitalized Costs) (details)
Supplemental Information On Oil And Gas Operations (costs Incurred) (details)
Supplemental Information On Oil And Gas Operations (narrative) (details)
Supplemental Information On Oil And Gas Operations (oil And Gas Properties Not Subject To Amortization) (details)
Supplemental Information On Oil And Gas Operations (proved Bitumen Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Natural Gas Liquids Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Natural Gas Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Oil Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Total Mmboe Reserves) (details)
Supplemental Information On Oil And Gas Operations (proved Undeveloped Reserves) (details)
Supplemental Information On Oil And Gas Operations (results Of Operations) (details)
Supplemental Information On Oil And Gas Operations (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 (standardized Measure Of Discounted Future Net Cash Flows Related To Interest In Proved Reserves) (details)
Supplemental Information On Oil And Gas Operations (tables)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (schedule Of Supplemental Information To Statements Of Cash Flows) (details)
Supplemental Information To Statements Of Cash Flows (schedule Of Supplemental Information To Statements Of Cash Flows) (narrative) (details)
Supplemental Information To Statements Of Cash Flows (tables)
Supplemental Quarterly Financial Information
Supplemental Quarterly Financial Information (narrative) (details)
Supplemental Quarterly Financial Information (schedule Of Unaudited Interim Results Of Operations) (details)
Supplemental Quarterly Financial Information (tables)
Ticker: DVN
CIK: 1090012
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-466687
Submitted to the SEC: Wed Feb 17 2016 1:00:59 PM EST
Accepted by the SEC: Wed Feb 17 2016
Period: Thursday, December 31, 2015
Industry: Crude Petroleum And Natural Gas

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