Devon Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Devon Energy Corp. has submitted its comprehensive 2023 10-K annual report detailing financial performance and operational activities.</b>

AI Summary

DEVON ENERGY CORP/DE (DVN) filed a Annual Report (10-K) with the SEC on February 28, 2024. Devon Energy Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial data and operational details for the fiscal year are presented. The report includes information on various segments such as Upstream Revenues and Oil, Gas, and NGL Sales. Specific dates related to financial reporting and events are noted, including a subsequent event on February 1, 2024.

Why It Matters

For investors and stakeholders tracking DEVON ENERGY CORP/DE, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of Devon Energy's financial health, operational strategies, and risk factors for the 2023 fiscal year. Investors and analysts can use this report to assess the company's performance, compare it against industry peers, and make informed investment decisions based on the disclosed financial data and forward-looking statements.

Risk Assessment

Risk Level: medium — DEVON ENERGY CORP/DE shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by the numerous risk factors typically associated with this sector in a 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Devon Energy's exposure to commodity price volatility and its strategies for managing operational and market risks.

Key Numbers

• 20231231 — Fiscal Year End (Reporting period)
• 20240228 — Filing Date (Date of submission)
• 145 — Public Document Count (Number of documents in the filing)
• 001-32318 — SEC File Number (SEC registration number)

Key Players & Entities

• DEVON ENERGY CORP/DE (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240228 (date) — Filing date
• 0000950170-24-021781 (filing_id) — Accession number
• OKLAHOMA CITY (location) — Business address city
• DE (location) — State of incorporation
• 1311 (industry_code) — Standard Industrial Classification
• DVN (ticker) — Ticker symbol

FAQ

Industry Context

Devon Energy operates within the crude petroleum and natural gas industry, a sector characterized by significant capital investment, commodity price volatility, and evolving regulatory landscapes.

Regulatory Implications

The company is subject to regulations governing the exploration, production, and sale of oil and natural gas, including environmental standards and reporting requirements mandated by the SEC and other governmental bodies.

What Investors Should Do

1. Analyze the financial statements within the 10-K to understand revenue streams, cost structures, and profitability for the 2023 fiscal year.
2. Review the 'Risk Factors' section to identify potential challenges and uncertainties facing Devon Energy, such as commodity price fluctuations, regulatory changes, and operational risks.
3. Examine the company's operational highlights and segment performance to gauge its strategic focus and execution in key business areas.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.10 — ch registered Common stock, par value $0.10 per share DVN The New York Stock Ex
• $48.34 — illion, based upon the closing price of $48.34 per share as reported by the New York S
• $115 million — ental footprint, we spent approximately $115 million in 2023 on capital projects that will d
• $280,000 — , Oklahoma, Texas and Wyoming, totaling $280,000. Compliance Culture Devon reinforce

Filing Documents

• dvn-20231231.htm (10-K) — 4962KB
• dvn-ex4_23.htm (EX-4.23) — 25KB
• dvn-ex10_9.htm (EX-10.9) — 11KB
• dvn-ex10_16.htm (EX-10.16) — 9KB
• dvn-ex10_18.htm (EX-10.18) — 9KB
• dvn-ex21.htm (EX-21) — 10KB
• dvn-ex23_1.htm (EX-23.1) — 2KB
• dvn-ex23_2.htm (EX-23.2) — 7KB
• dvn-ex31_1.htm (EX-31.1) — 13KB
• dvn-ex31_2.htm (EX-31.2) — 13KB
• dvn-ex32_1.htm (EX-32.1) — 6KB
• dvn-ex32_2.htm (EX-32.2) — 7KB
• dvn-ex97.htm (EX-97) — 29KB
• dvn-ex99.htm (EX-99) — 85KB
• img130220623_0.jpg (GRAPHIC) — 10KB
• img130220623_1.jpg (GRAPHIC) — 66KB
• img130220623_2.jpg (GRAPHIC) — 73KB
• img130220623_3.jpg (GRAPHIC) — 22KB
• img130220623_4.jpg (GRAPHIC) — 22KB
• img130220623_5.jpg (GRAPHIC) — 27KB
• img130220623_6.jpg (GRAPHIC) — 22KB
• img257677354_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-021781.txt (&nbsp;) — 21580KB
• dvn-20231231.xsd (EX-101.SCH) — 2257KB
• dvn-20231231_htm.xml (XML) — 4932KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II 26

Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92

Controls and Procedures

Item 9A. Controls and Procedures 92

Other Information

Item 9B. Other Information 92

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III 93

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 93

Executive Compensation

Item 11. Executive Compensation 93

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 93

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 93 PART IV 94

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 94

Form 10-K Summary

Item 16. Form 10-K Summary 101

Signatures

Signatures 102 2 Table of Contents Index to Financial Statements DEFINITIONS Unless the context otherwise indicates, references to "us," "we," "our," "ours," "Devon," the "Company" and "Registrant" refer to Devon Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Annual Report on Form 10-K: "2017 Plan" means the Devon Energy Corporation 2017 Long-Term Incentive Plan. "2018 Senior Credit Facility" means Devon's syndicated unsecured revolving line of credit, effective as of October 5, 2018. "2022 Plan" means the Devon Energy Corporation 2022 Long-Term Incentive Plan. "2023 Senior Credit Facility" means Devon's syndicated unsecured revolving line of credit, effective as of March 24, 2023. "AFSI" means adjusted financial statement income. "ASU" means Accounting Standards Update. "Bbl" or "Bbls" means barrel or barrels. "Bcf" means billion cubic feet. "BLM" means the United States Bureau of Land Management. "Boe" means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. Bitumen and NGL proved reserves and production are converted to Boe on a one-to-one basis with oil. "Btu" means British thermal units, a measure of heating value. "CAMT" means corporate alternative minimum tax. "Catalyst" means Catalyst Midstream Partners, LLC. "CDM" means Cotton Draw Midstream, L.L.C. "DD&A" means depreciation, depletion and amortization expenses. "EHS" means environmental, health and safety. "EPA" means the United States Environmental Protection Agency. "ESG" means env

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View this 10-K filing on SEC EDGAR