This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Devon Energy Reports Fourth-Quarter And Full-Year 2012 Results


The United States Securities and Exchange Commission has adopted disclosure requirements for public companies such as Devon concerning Non-GAAP financial measures. (GAAP refers to generally accepted accounting principles). The company must reconcile the Non-GAAP financial measure to related GAAP information. Devon's reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company's financial results. The following tables summarize the effects of these items on fourth-quarter and full-year 2012 earnings.

(in millions)            
  Quarter Ended December 31, 2012
Before-Tax After-Tax
Net earnings (GAAP) $ (357 )
Asset impairments 896 589
Restructuring costs 74 49
Income tax accrual adjustments - 17
Oil, gas and NGL derivatives 24 13
Interest rate and other financial instruments 10   5  
Adjusted earnings (Non-GAAP) $ 316  
Diluted share count 405
Adjusted diluted earnings per share (Non-GAAP) $ 0.78  



Year Ended December 31, 2012
Before-Tax After-Tax
Net earnings (GAAP) $ (185 )
Asset impairments 2,024 1,308
Restructuring costs 74 49
Income tax accrual adjustments - 17
Oil, gas and NGL derivatives 177 112
Interest rate and other financial instruments 32   21  
Adjusted earnings (Non-GAAP) $ 1,322  
Diluted share count 404
Adjusted diluted earnings per share (Non-GAAP) $ 3.26  


6 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.70 -0.60%
FB $101.91 0.90%
GOOG $681.92 -0.32%
TSLA $150.47 4.73%
YHOO $26.75 -1.30%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs