Devon Energy Corp., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Proved	42,734)	38,051)	27,589)	27,668)	46,805)
Unproved and properties under development	1,548)	1,081)	392)	583)	2,267)
Oil and gas	44,282)	39,132)	27,981)	28,251)	49,072)
Other property and equipment	2,280)	2,139)	1,737)	1,725)	1,832)
Property and equipment, gross	46,562)	41,271)	29,718)	29,976)	50,904)
Accumulated DD&A	(28,456)	(26,263)	(24,325)	(21,383)	(36,969)
Property and equipment, net	18,106)	15,008)	5,393)	8,593)	13,935)

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Item	Description	The company
Property and equipment, gross	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Devon Energy Corp. property and equipment, gross increased from 2020 to 2021 and from 2021 to 2022.
Property and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Devon Energy Corp. property and equipment, net increased from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp., asset age ratios

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Average age ratio	61.11%	63.64%	81.85%	71.33%	72.62%

Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Devon Energy Corp. average age ratio of depreciable property, plant and equipment improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Accumulated DD&A	28,456)	26,263)	24,325)	21,383)	36,969)
Property and equipment, gross	46,562)	41,271)	29,718)	29,976)	50,904)
Asset Age Ratio
Average age¹	61.11%	63.64%	81.85%	71.33%	72.62%

2022 Calculations

¹ Average age = 100 × Accumulated DD&A ÷ Property and equipment, gross
= 100 × 28,456 ÷ 46,562 = 61.11%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Devon Energy Corp. average age ratio of depreciable property, plant and equipment improved from 2020 to 2021 and from 2021 to 2022.

Devon Energy Corp. (NYSE:DVN)

Analysis of Property, Plant and Equipment