NON-GAAP FINANCIAL MEASURES

Devon believes that using net debt for the calculation of “net debt to adjusted capitalization” provides a better measure than using debt. Devon defines net debt as debt less cash, cash equivalents and short-term investments. Devon believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash to repay debt.
 
RECONCILIATION TO GAAP INFORMATION
(in millions)            
  December 31,
2012 2011
Total debt (GAAP) $ 11,644 $ 9,780
Adjustments:
Cash and short-term investments   6,980   7,058
Net debt (Non-GAAP) $ 4,664 $ 2,722
 
Total debt $ 11,644 $ 9,780
Stockholders' equity   21,278   21,430
Total capitalization (GAAP) $ 32,922 $ 31,210
 
Net debt $ 4,664 $ 2,722
Stockholders' equity   21,278   21,430
Adjusted capitalization (Non-GAAP) $ 25,942 $ 24,152
 
 

DEVON ENERGY CORPORATIONFINANCIAL AND OPERATIONAL INFORMATION

If you liked this article you might like

Smaller Oil Outfits' Prospects Energize Me

Dow Explodes, Apple Ahead - 5 Things You Must Know Before the Market Opens Tuesday

Devon Energy's Steep Slide Appears Over

Tesla and Apple Better Deliver Big-Time or Look Out Below -- Week Ahead