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

Stocks in this article: DVN


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  


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