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


Drill-bit capital is defined as costs incurred less asset retirement costs and proved acquisition costs. Drill-bit capital is a Non-GAAP measure. Devon believes drill-bit capital is relevant because it provides additional insight into costs associated with current year exploration and development activities. Certain securities analysts also use this methodology to measure Devon’s performance. It should be noted that the actual costs of reserves added through Devon’s drilling program will differ, sometimes significantly, from the direct comparison of capital spent and reserves added in any given period due to the timing of capital expenditures and reserve bookings.
(in millions)            
Year Ended December 31,
2012 2011
Costs Incurred (GAAP) $ 8,005 $ 6,943  
Asset retirement costs 415


Proved acquisition costs   73   48  
Drill-bit capital (Non-GAAP) $ 7,517


United States
Year Ended December 31,
2012 2011
Costs Incurred (GAAP) $ 5,896 $ 5,287  
Asset retirement costs 146


Proved acquisition costs   2   34  
Drill-bit capital (Non-GAAP) $ 5,748


Year Ended December 31,
2012 2011
Costs Incurred (GAAP) $ 2,109 $ 1,656  
Asset retirement costs 269

Proved acquisition costs   71   14  
Drill-bit capital (Non-GAAP) $ 1,769



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