DEVON ENERGY CORP/DE Segments Disclosure
Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.
Devon’s chief operating decision maker is the executive committee, which includes the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.
The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Total revenues |
|
$ |
17,188 |
|
|
$ |
15,940 |
|
|
$ |
15,258 |
|
|
|
|
|
|
|
|
|
|
|
|||
LOE |
|
|
1,922 |
|
|
|
1,574 |
|
|
|
1,428 |
|
Gathering, processing & transportation |
|
|
831 |
|
|
|
790 |
|
|
|
702 |
|
Production and property taxes |
|
|
814 |
|
|
|
819 |
|
|
|
798 |
|
Total significant expenses |
|
|
3,567 |
|
|
|
3,183 |
|
|
|
2,928 |
|
Marketing and midstream expenses |
|
|
5,635 |
|
|
|
4,792 |
|
|
|
4,409 |
|
DD&A |
|
|
3,595 |
|
|
|
3,255 |
|
|
|
2,554 |
|
G&A |
|
|
492 |
|
|
|
500 |
|
|
|
408 |
|
Financing costs, net |
|
|
455 |
|
|
|
363 |
|
|
|
308 |
|
Income tax expense |
|
|
785 |
|
|
|
770 |
|
|
|
841 |
|
Other segment items (1) |
|
|
(22 |
) |
|
|
135 |
|
|
|
28 |
|
Total expenses |
|
|
14,507 |
|
|
|
12,998 |
|
|
|
11,476 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net earnings |
|
$ |
2,681 |
|
|
$ |
2,942 |
|
|
$ |
3,782 |
|
|
|
|
|
|
|
|
|
|
|
|||
Total assets |
|
$ |
31,599 |
|
|
$ |
30,489 |
|
|
$ |
24,490 |
|
|
|
|
|
|
|
|
|
|
|
|||
Capital expenditures, including acquisitions |
|
$ |
4,000 |
|
|
$ |
8,919 |
|
|
$ |
3,907 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2017 | Feb 21, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.