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Devon Energy Corpde (DVN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Devon Energy Corpde

CIK: 1090012 Ticker: DVN

Exhibit 99.1

 

LOGO           Devon Energy Corporation
      333 West Sheridan Avenue
      Oklahoma City, OK 73102-5015

NEWS RELEASE

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

OKLAHOMA CITY – Feb. 14, 2017

– Devon Energy Corp. (NYSE: DVN) today reported operational and financial results for the fourth quarter and full-year 2016. Also included within the release is the company’s guidance outlook for the first quarter and full-year 2017.

Highlights

 

    Exceeded fourth-quarter production expectations

 

    Achieved record-setting well productivity in 2016

 

    Reduced operating expenses in U.S. by 42 percent from peak rates

 

    Attained $1.3 billion in annual cost savings

 

    Delivered proved reserves growth at attractive finding costs

 

    Improved growth outlook driven by accelerated capital investment

“For Devon, 2016 was a transformational year,” said Dave Hager, president and CEO. “We successfully reshaped our asset portfolio to focus on our top two franchise assets, the STACK and Delaware Basin, providing us a sustainable, multi-decade growth platform. With these world-class assets, we delivered outstanding operational performance throughout the year. Our drilling programs generated the best well productivity in Devon’s 45-year history and we maximized the value of every barrel produced with cost-reduction efforts that reached $1.3 billion of annual savings.”

“We also took important steps during the year to strengthen our investment-grade financial position with the timely completion of our $3.2 billion asset divestiture program,” Hager said. “These accretive transactions provided us with the financial capacity to further accelerate investment across our best-in-class U.S. resource plays in 2017 and beyond. This increased drilling activity will continue to rapidly shift our production mix to higher-margin products, positioning us to deliver peer-leading cash flow expansion at today’s market prices.”

Fourth-Quarter Production Exceeds Midpoint Guidance

Devon’s reported oil production averaged 244,000 barrels per day in the fourth quarter of 2016. With the shift to higher-margin production, oil accounted for the largest component of the company’s product mix at 45 percent of total volumes.

Total companywide production in the fourth quarter reached 537,000 oil-equivalent barrels (Boe) per day, exceeding the midpoint of guidance by 2,000 Boe per day. In an effort to maximize profitability, Devon chose to reject approximately 12,000 barrels per day of ethane in the fourth quarter.

Record-Setting Well Productivity in U.S. Resource Plays

The majority of the company’s production was attributable to its U.S. resource plays, which averaged 396,000 Boe per day during the fourth quarter. Production within the U.S. during 2016 benefited from drilling activity that achieved the best new well productivity in Devon’s 45-year history. Led by results from the STACK, Delaware Basin and Eagle Ford assets, the company’s initial 90-day production rates in the U.S. increased for the fourth consecutive year, advancing more than 300 percent from 2012.

 

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The following information was filed by Devon Energy Corpde (DVN) on Tuesday, February 14, 2017 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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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 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 Unaudited Pro Forma Information For General Partner And Enlink And Geosouthern) (details)
Acquisitions And Divestitures (summary Of Gain Computation) (details)
Acquisitions And Divestitures (tables)
Asset Impairments
Asset Impairments (components Of Asset Impairments) (details)
Asset Impairments (narrative) (details)
Asset Impairments (tables)
Asset Retirement Obligations
Asset Retirement Obligations (narrative) (details)
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 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 (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 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)
Noncontrolling Interests (summary Of Ownership Interest Activity In The General Partner And Enlink) (details)
Noncontrolling Interests (tables)
Other Comprehensive Earnings
Other Comprehensive Earnings (components Of Other Comprehensive Earnings) (details)
Other Comprehensive Earnings (tables)
Other Current Liabilities
Other Current Liabilities (schedule Of Other Current Liabilities) (details)
Other Current Liabilities (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 (schedule Of The Components Of Restructuring And Transaction Costs Included In The Consolidated Comprehensive Statements Of Earnings) (details)
Restructuring And Transaction 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 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 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 Of Restricted Stock, Performance-based Restricted Stock And Performance Shares, Awards And Units, That Vested During The Period) (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 (summary Of Unvested Restricted Stock Awards And Units, 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 (tables)
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 (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)
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: 0001564590-17-001607
Submitted to the SEC: Wed Feb 15 2017 12:02:34 PM EST
Accepted by the SEC: Wed Feb 15 2017
Period: Saturday, December 31, 2016
Industry: Crude Petroleum And Natural Gas

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