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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 001-32318

 

DEVON ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

73-1567067

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

identification No.)

 

 

333 West Sheridan Avenue, Oklahoma City, Oklahoma

 

73102-5015

(Address of principal executive offices)

 

(Zip code)

Registrant’s telephone number, including area code: (405235-3611

Former name, address and former fiscal year, if changed from last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.10 per share

DVN

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

On April 21, 2021, 676.9 million shares of common stock were outstanding.

 


Table of Contents

 

DEVON ENERGY CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

Part I. Financial Information

 

Item 1.

 

Financial Statements

6

 

 

Consolidated Statements of Comprehensive Earnings

6

 

 

Consolidated Statements of Cash Flows

7

 

 

Consolidated Balance Sheets

8

 

 

Consolidated Statements of Equity

9

 

 

Notes to Consolidated Financial Statements

10

 

 

Note 1 – Summary of Significant Accounting Policies

10

 

 

Note 2 – Acquisitions and Divestitures

11

 

 

Note 3 – Derivative Financial Instruments

13

 

 

Note 4 – Share-Based Compensation

15

 

 

Note 5 – Asset Impairments

16

 

 

Note 6 – Restructuring and Transaction Costs

17

 

 

Note 7 – Income Taxes

18

 

 

Note 8 – Net Earnings (Loss) Per Share From Continuing Operations

19

 

 

Note 9 – Other Comprehensive Earnings (Loss)

19

 

 

Note 10 – Supplemental Information to Statements of Cash Flows

20

 

 

Note 11 – Accounts Receivable

20

 

 

Note 12 – Property, Plant and Equipment

20

 

 

Note 13 – Debt and Related Expenses

21

 

 

Note 14 – Leases

22

 

 

Note 15 – Asset Retirement Obligations

22

 

 

Note 16 – Other Long-Term Liabilities

23

 

 

Note 17 – Stockholders’ Equity

23

 

 

Note 18 – Discontinued Operations

24

 

 

Note 19 – Commitments and Contingencies

25

 

 

Note 20 – Fair Value Measurements

26

Item 2.

 

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

28

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

 

Controls and Procedures

44

 

 

 

 

Part II. Other Information

 

Item 1.

 

Legal Proceedings

45

Item 1A.

 

Risk Factors

45

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

 

Defaults Upon Senior Securities

45

Item 4.

 

Mine Safety Disclosures

45

Item 5.

 

Other Information

45

Item 6.

 

Exhibits

46

 

 

 

 

Signatures

 

 

47

 

 

 

2


Table of Contents

 

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 Quarterly Report on Form 10-Q:

“ASU” means Accounting Standards Update.

“Bbl” or “Bbls” means barrel or barrels.

“BKV” means Banpu Kalnin Ventures.

“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. 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.

“Canada” means the division of Devon encompassing oil and gas properties located in Canada. On June 27, 2019, all of Devon’s Canadian operating assets and operations were divested. All dollar amounts associated with Canada are in U.S. dollars, unless stated otherwise.

“Catalyst” means Catalyst Midstream Partners, LLC.

“CDM” means Cotton Draw Midstream, L.L.C.

“DD&A” means depreciation, depletion and amortization expenses.

“Devon Plan” means Devon Energy Corporation Incentive Savings Plan.

“Federal Funds Rate” means the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“HEP” means Howard Energy Partners.

“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.

“LOE” means lease operating expenses.

“MBbls” means thousand barrels.

“MBoe” means thousand Boe.

“Mcf” means thousand cubic feet.

“Merger” means the merger of Merger Sub with and into WPX, with WPX continuing as the surviving corporation and a wholly-owned subsidiary of the Company, pursuant to the terms of the Merger Agreement.

“Merger Agreement” means that certain Agreement and Plan of Merger, dated September 26, 2020, by and among the Company, Merger Sub and WPX.

“Merger Sub” means East Merger Sub, Inc., a wholly-owned subsidiary of the Company.

3


Table of Contents

MMBoe” means million Boe.

“MMBtu” means million Btu.

“MMcf” means million cubic feet.

“N/M” means not meaningful.

“NGL” or “NGLs” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“OPEC” means Organization of the Petroleum Exporting Countries.

“QLCP” means QL Capital Partners, LP

“SEC” means United States Securities and Exchange Commission.

“Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit, effective as of October 5, 2018.

“TSR” means total shareholder return.

“U.S.” means United States of America.

“VIE” means variable interest entity.

“WPX” means WPX Energy, Inc.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/d” means per day.

“/MMBtu” means per MMBtu.

4


Table of Contents

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

 

This report includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this report that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to:

 

the volatility of oil, gas and NGL prices;

 

risks relating to the COVID-19 pandemic or other future pandemics;

 

uncertainties inherent in estimating oil, gas and NGL reserves;

 

the extent to which we are successful in acquiring and discovering additional reserves;

 

regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters;

 

risks related to regulatory, social and market efforts to address climate change;

 

the uncertainties, costs and risks involved in our operations, including as a result of employee misconduct;

 

risks related to our hedging activities;

 

counterparty credit risks;

 

risks relating to our indebtedness;

 

cyberattack risks;

 

our limited control over third parties who operate some of our oil and gas properties;

 

midstream capacity constraints and potential interruptions in production;

 

the extent to which insurance covers any losses we may experience;

 

competition for assets, materials, people and capital;

 

risks related to investors attempting to effect change;

 

our ability to successfully complete mergers, acquisitions and divestitures;

 

risks related to the Merger, including the risk that we may not realize the anticipated benefits of the Merger or successfully integrate the two legacy businesses; and

 

any of the other risks and uncertainties discussed in this report, our 2020 Annual Report on Form 10-K and our other filings with the SEC.

All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise our forward-looking statements based on new information, future events or otherwise.

5


Table of Contents

Part I.  Financial Information

Item 1.  Financial Statements

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

Oil, gas and NGL sales

 

$

1,788

 

 

$

807

 

Oil, gas and NGL derivatives

 

 

(528

)

 

 

720

 

Marketing and midstream revenues

 

 

502

 

 

 

560

 

Total revenues

 

 

1,762

 

 

 

2,087

 

Production expenses

 

 

489

 

 

 

318

 

Exploration expenses

 

 

3

 

 

 

112

 

Marketing and midstream expenses

 

 

523

 

 

 

578

 

Depreciation, depletion and amortization

 

 

467

 

 

 

401

 

Asset impairments

 

 

 

 

 

2,666

 

Asset dispositions

 

 

(32

)

 

 

 

General and administrative expenses

 

 

107

 

 

 

102

 

Financing costs, net

 

 

77

 

 

 

65

 

Restructuring and transaction costs

 

 

189

 

 

 

 

Other, net

 

 

(29

)

 

 

(48

)

Total expenses

 

 

1,794

 

 

 

4,194

 

Loss from continuing operations before income taxes

 

 

(32

)

 

 

(2,107

)

Income tax benefit

 

 

(248

)

 

 

(417

)

Net earnings (loss) from continuing operations

 

 

216

 

 

 

(1,690

)

Net loss from discontinued operations, net of income taxes

 

 

 

 

 

(125

)

Net earnings (loss)

 

 

216

 

 

 

(1,815

)

Net earnings attributable to noncontrolling interests

 

 

3

 

 

 

1

 

Net earnings (loss) attributable to Devon

 

$

213

 

 

$

(1,816

)

Basic net earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic earnings (loss) from continuing operations per share

 

$

0.33

 

 

$

(4.48

)

Basic loss from discontinued operations per share

 

 

 

 

 

(0.34

)

Basic net earnings (loss) per share

 

$

0.33

 

 

$

(4.82

)

Diluted net earnings (loss) per share:

 

 

 

 

 

 

 

 

Diluted earnings (loss) from continuing operations per share

 

$

0.32

 

 

$

(4.48

)

Diluted loss from discontinued operations per share

 

 

 

 

 

(0.34

)

Diluted net earnings (loss) per share

 

$

0.32

 

 

$

(4.82

)

Comprehensive earnings (loss):

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

216

 

 

$

(1,815

)

Other comprehensive earnings (loss), net of tax:

 

 

 

 

 

 

 

 

Pension and postretirement plans

 

 

23

 

 

 

1

 

Other comprehensive earnings, net of tax

 

 

23

 

 

 

1

 

Comprehensive earnings (loss):

 

$

239

 

 

$

(1,814

)

Comprehensive earnings attributable to noncontrolling interests

 

 

3

 

 

 

1

 

Comprehensive earnings (loss) attributable to Devon

 

$

236

 

 

$

(1,815

)

 

See accompanying notes to consolidated financial statements

6


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

216

 

 

$

(1,815

)

Adjustments to reconcile net earnings (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

Net loss from discontinued operations, net of income taxes

 

 

 

 

 

125

 

Depreciation, depletion and amortization

 

 

467

 

 

 

401

 

Asset impairments

 

 

 

 

 

2,666

 

Leasehold impairments

 

 

1

 

 

 

110

 

(Amortization) accretion of liabilities

 

 

(54

)

 

 

8

 

Total (gains) losses on commodity derivatives

 

 

528

 

 

 

(720

)

Cash settlements on commodity derivatives

 

 

(232

)

 

 

101

 

Gains on asset dispositions

 

 

(32

)

 

 

 

Deferred income tax benefit

 

 

(243

)

 

 

(311

)

Share-based compensation

 

 

41

 

 

 

20

 

Early retirement of debt

 

 

27

 

 

 

 

Changes in assets and liabilities, net

 

 

(127

)

 

 

(56

)

Net cash from operating activities - continuing operations

 

 

592

 

 

 

529

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(499

)

 

 

(425

)

Acquisitions of property and equipment

 

 

 

 

 

(4

)

Divestitures of property and equipment

 

 

15

 

 

 

25

 

WPX acquired cash

 

 

344

 

 

 

 

Distributions from equity method investments

 

 

10

 

 

 

 

Net cash from investing activities - continuing operations

 

 

(130

)

 

 

(404

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repayments of long-term debt

 

 

(533

)

 

 

 

Early retirement of debt

 

 

(27

)

 

 

 

Repurchases of common stock

 

 

 

 

 

(38

)

Dividends paid on common stock

 

 

(203

)

 

 

(34

)

Contributions from noncontrolling interests

 

 

 

 

 

5

 

Distributions to noncontrolling interests

 

 

(4

)

 

 

(3

)

Acquisition of noncontrolling interests

 

 

(24

)

 

 

 

Shares exchanged for tax withholdings

 

 

(33

)

 

 

(17

)

Net cash from financing activities - continuing operations

 

 

(824

)

 

 

(87

)

Effect of exchange rate changes on cash - continuing operations

 

 

3

 

 

 

 

Net change in cash, cash equivalents and restricted cash of continuing operations

 

 

(359

)

 

 

38

 

Cash flows from discontinued operations:

 

 

 

 

 

 

 

 

Operating activities

 

 

 

 

 

(131

)

Investing activities

 

 

 

 

 

(1

)

Financing activities

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

 

 

 

(23

)

Net change in cash, cash equivalents and restricted cash of discontinued operations

 

 

 

 

 

(155

)

Net change in cash, cash equivalents and restricted cash

 

 

(359

)

 

 

(117

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

2,237

 

 

 

1,844

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,878

 

 

$

1,727

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,683

 

 

$

1,527

 

Restricted cash

 

 

195

 

 

 

200

 

Total cash, cash equivalents and restricted cash

 

$

1,878

 

 

$

1,727

 

 

See accompanying notes to consolidated financial statements

7


Table of Contents

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

1,878

 

 

$

2,237

 

Accounts receivable

 

 

1,089

 

 

 

601

 

Income taxes receivable

 

 

166

 

 

 

174

 

Other current assets

 

 

334

 

 

 

248

 

Total current assets

 

 

3,467

 

 

 

3,260

 

Oil and gas property and equipment, based on successful efforts

   accounting, net

 

 

13,826

 

 

 

4,436

 

Other property and equipment, net ($106 million and $102 million related to CDM in 2021 and 2020, respectively)

 

 

1,448

 

 

 

957

 

Total property and equipment, net

 

 

15,274

 

 

 

5,393

 

Goodwill

 

 

753

 

 

 

753

 

Right-of-use assets

 

 

255

 

 

 

223

 

Investments

 

 

402

 

 

 

12

 

Other long-term assets

 

 

306

 

 

 

271

 

Total assets

 

$

20,457

 

 

$

9,912

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

564

 

 

$

242

 

Revenues and royalties payable

 

 

909

 

 

 

662

 

Short-term debt

 

 

226

 

 

 

 

Other current liabilities

 

 

1,246

 

 

 

536

 

Total current liabilities

 

 

2,945

 

 

 

1,440

 

Long-term debt

 

 

7,042

 

 

 

4,298

 

Lease liabilities

 

 

260

 

 

 

246

 

Asset retirement obligations

 

 

455

 

 

 

358

 

Other long-term liabilities

 

 

1,269

 

 

 

551

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued

   675 million and 382 million shares in 2021 and 2020, respectively

 

 

67

 

 

 

38

 

Additional paid-in capital

 

 

8,172

 

 

 

2,766

 

Retained earnings

 

 

218

 

 

 

208

 

Accumulated other comprehensive loss

 

 

(104

)

 

 

(127

)

Total stockholders’ equity attributable to Devon

 

 

8,353

 

 

 

2,885

 

Noncontrolling interests

 

 

133

 

 

 

134

 

Total equity

 

 

8,486

 

 

 

3,019

 

Total liabilities and equity

 

$

20,457

 

 

$

9,912

 

 

See accompanying notes to consolidated financial statements

 

 

 

 


8


Table of Contents

 

 

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-In

 

 

(Accumulated

 

 

Earnings

 

 

Treasury

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

(Loss)

 

 

Stock

 

 

Interests

 

 

Equity

 

 

 

(Unaudited)

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

382

 

 

$

38

 

 

$

2,766

 

 

$

208

 

 

$

(127

)

 

$

 

 

$

134

 

 

$

3,019

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

3

 

 

 

216

 

Other comprehensive earnings, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

23

 

Restricted stock grants, net of cancellations

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

 

 

 

(38

)

Common stock retired

 

 

(2

)

 

 

 

 

 

(38

)

 

 

 

 

 

 

 

 

38

 

 

 

 

 

 

 

Common stock dividends

 

 

 

 

 

 

 

 

 

 

 

(203

)

 

 

 

 

 

 

 

 

 

 

 

(203

)

Common stock issued

 

 

290

 

 

 

29

 

 

 

5,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,432

 

Share-based compensation

 

 

1

 

 

 

 

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

Contributions from noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

(4

)

Balance as of March 31, 2021

 

 

675

 

 

$

67

 

 

$

8,172

 

 

$

218

 

 

$

(104

)

 

$

 

 

$

133

 

 

$

8,486

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

382

 

 

$

38

 

 

$

2,735

 

 

$

3,148

 

 

$

(119

)

 

$

 

 

$

118