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![DEVON ENERGY CORP/DE [DVN] reports annual net loss of $3.8 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FDVN.png&w=1200&q=75)
DEVON ENERGY CORP/DE [DVN] has reported a net loss of $3.8 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $15.3 billion
Based in OKLAHOMA CITY, Oklahoma, DEVON ENERGY CORP/DE operates in the MINING sector.
In the Consolidated Statements of Comprehensive Earnings of Devon, for the 12 months ended December 31, 2023, revenue from contracts with customers was $15,140 million compared to $19,827 million in the same period of 2022 and $13,750 million in 2021. Total revenues for the current period were $15,258 million, which decreased from $19,169 million in 2022 but increased from $12,206 million in 2021.
Cost items for the current period include production expenses of $2,928 million, exploration expenses of $20 million, and depreciation, depletion, and amortization expenses of $2,554 million. In comparison, these expenses were lower or relatively stable compared to the previous periods.
The earnings (loss) from continuing operations before income taxes were $4,623 million in the current period, lower than $7,775 million in 2022 but significantly higher than $2,898 million in 2021. Net earnings for the current period were $3,782 million, down from $6,037 million in 2022 but higher than $2,833 million in 2021.
The basic net earnings per share for the current period were $5.86, lower than $9.15 in 2022 and higher than $4.20 in 2021. Similarly, diluted net earnings per share were $5.84 for the current period, compared to $9.12 in 2022 and $4.19 in 2021.
In terms of comprehensive earnings (loss), net earnings for the current period were $3,782 million, other comprehensive earnings (loss) net of tax stood at ($8) million, resulting in comprehensive earnings of $3,774 million. Comprehensive earnings attributable to Devon were $3,739 million for the current period, compared to $6,031 million in 2022 and $2,808 million in 2021.
In the Oil, Gas and NGL Sales segment, revenues from contracts with customers were $10,791 million for the current period. In comparison, in the Marketing and Midstream Revenues segment, revenues from contracts with customers were $4,349 million. Marketing and midstream expenses for the current period were $4,409 million.
Devon's financial performance in the current period showed a decline in revenue and net earnings compared to the previous year but remained relatively strong compared to 2021. Despite facing challenges, the company managed to maintain its operational efficiency and control expenses to achieve overall profitability.
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