Devon Energy (DVN) FY2023 results: revenue $15.3 billion, down 20.4% on the year
Devon Energy Corp. (DVN) reported revenue of $15.3 billion for fiscal 2023, the year ended 31 December 2023, down 20.4% on the year before. Net income was $3.7 billion, down 38.0%, and diluted earnings per share $5.84. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$15.3 billion
-20.4% on the year
FY2016FY2023
Operating margin
24.8%
31.5% a year earlier
FY2016FY2023
Net income
$3.7 billion
-38.0% on the year
FY2016FY2023
Diluted EPS
$5.84
-36.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
6,544
8,530
4,899
-23.3%
Capital expenditure
3,883
2,542
1,989
+52.8%
Free cash flow
2,661
5,988
2,910
-55.6%
Free cash flow margin
17.4%
31.2%
23.8%
Cash from investing
-3,942
-5,123
-1,574
Cash from financing
-3,184
-4,213
-3,292
Depreciation and amortisation
2,554
2,223
2,158
+14.9%
Share-based compensation
93.0
88.0
99.0
+5.7%
Buybacks
979
718
589
+36.4%
Dividends paid
1,858
3,379
1,315
-45.0%
Diluted shares, weighted
642m
653m
665m
-1.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
12,061
11,167
9,262
+8.0%
Non-controlling interest
156
129
137
+20.9%
Short-term borrowings
483
251
0.0
+92.4%
Debt
6,155
6,440
6,482
-4.4%
Operating lease liabilities
9.0
8.0
5.0
+12.5%
Finance lease liabilities
286
249
247
+14.9%
Other liabilities
5,340
5,027
4,892
+6.2%
Total liabilities and equity
24,490
23,271
21,025
+5.2%
Fixed assets
19,328
18,106
15,008
+6.7%
Goodwill
753
753
753
0.0%
Cash and equivalents
853
1,314
2,099
-35.1%
Receivables
1,573
1,767
1,543
-11.0%
Inventory
249
201
114
+23.9%
Other assets
1,734
1,130
1,508
+53.5%
Total assets
24,490
23,271
21,025
+5.2%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.