Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Devon Energy Corp., solvency ratios
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Devon Energy Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Devon Energy Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Devon Energy Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Devon Energy Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Devon Energy Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Devon Energy Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Devon Energy Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Devon Energy Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Devon Energy Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
Devon Energy Corp., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Stockholders’ equity attributable to Devon | 11,167) | 9,262) | 2,885) | 5,802) | 9,186) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.60 | 0.73 | 1.58 | 0.78 | 0.65 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Chevron Corp. | 0.15 | 0.23 | 0.34 | 0.19 | — | |
| ConocoPhillips | 0.35 | 0.44 | 0.51 | 0.43 | — | |
| Exxon Mobil Corp. | 0.21 | 0.28 | 0.43 | 0.24 | — | |
| Marathon Petroleum Corp. | 0.96 | 0.97 | 1.42 | 0.86 | — | |
| Occidental Petroleum Corp. | 0.66 | 1.46 | 1.95 | 1.13 | — | |
| Valero Energy Corp. | 0.49 | 0.75 | 0.78 | 0.44 | — | |
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.29 | 0.40 | 0.55 | 0.36 | — | |
| Debt to Equity, Industry | ||||||
| Energy | 0.30 | 0.42 | 0.58 | 0.37 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity attributable to Devon
= 6,697 ÷ 11,167 = 0.60
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Devon Energy Corp. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
Devon Energy Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Current operating lease liabilities | 13) | 18) | 1) | 10) | —) | |
| Long-term operating lease liabilities | 8) | 5) | 2) | 4) | —) | |
| Total debt (including operating lease liability) | 6,718) | 6,760) | 4,553) | 4,555) | 5,947) | |
| Stockholders’ equity attributable to Devon | 11,167) | 9,262) | 2,885) | 5,802) | 9,186) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.60 | 0.73 | 1.58 | 0.79 | 0.65 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.17 | 0.25 | 0.37 | 0.21 | — | |
| ConocoPhillips | 0.36 | 0.45 | 0.54 | 0.45 | — | |
| Exxon Mobil Corp. | 0.24 | 0.31 | 0.46 | 0.27 | — | |
| Marathon Petroleum Corp. | 1.01 | 1.03 | 1.49 | 0.93 | — | |
| Occidental Petroleum Corp. | 0.69 | 1.49 | 2.01 | 1.17 | — | |
| Valero Energy Corp. | 0.54 | 0.82 | 0.84 | 0.50 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.32 | 0.43 | 0.59 | 0.39 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | 0.33 | 0.45 | 0.62 | 0.41 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity attributable to Devon
= 6,718 ÷ 11,167 = 0.60
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Devon Energy Corp. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
Devon Energy Corp., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Stockholders’ equity attributable to Devon | 11,167) | 9,262) | 2,885) | 5,802) | 9,186) | |
| Total capital | 17,864) | 15,999) | 7,435) | 10,343) | 15,133) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.37 | 0.42 | 0.61 | 0.44 | 0.39 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Chevron Corp. | 0.13 | 0.18 | 0.25 | 0.16 | — | |
| ConocoPhillips | 0.26 | 0.31 | 0.34 | 0.30 | — | |
| Exxon Mobil Corp. | 0.17 | 0.22 | 0.30 | 0.20 | — | |
| Marathon Petroleum Corp. | 0.49 | 0.49 | 0.59 | 0.46 | — | |
| Occidental Petroleum Corp. | 0.40 | 0.59 | 0.66 | 0.53 | — | |
| Valero Energy Corp. | 0.33 | 0.43 | 0.44 | 0.31 | — | |
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.22 | 0.29 | 0.36 | 0.26 | — | |
| Debt to Capital, Industry | ||||||
| Energy | 0.23 | 0.30 | 0.37 | 0.27 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 6,697 ÷ 17,864 = 0.37
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Devon Energy Corp. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
Devon Energy Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Current operating lease liabilities | 13) | 18) | 1) | 10) | —) | |
| Long-term operating lease liabilities | 8) | 5) | 2) | 4) | —) | |
| Total debt (including operating lease liability) | 6,718) | 6,760) | 4,553) | 4,555) | 5,947) | |
| Stockholders’ equity attributable to Devon | 11,167) | 9,262) | 2,885) | 5,802) | 9,186) | |
| Total capital (including operating lease liability) | 17,885) | 16,022) | 7,438) | 10,357) | 15,133) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.38 | 0.42 | 0.61 | 0.44 | 0.39 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.15 | 0.20 | 0.27 | 0.18 | — | |
| ConocoPhillips | 0.26 | 0.31 | 0.35 | 0.31 | — | |
| Exxon Mobil Corp. | 0.19 | 0.24 | 0.32 | 0.22 | — | |
| Marathon Petroleum Corp. | 0.50 | 0.51 | 0.60 | 0.48 | — | |
| Occidental Petroleum Corp. | 0.41 | 0.60 | 0.67 | 0.54 | — | |
| Valero Energy Corp. | 0.35 | 0.45 | 0.46 | 0.33 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.24 | 0.30 | 0.37 | 0.28 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | 0.25 | 0.31 | 0.38 | 0.29 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 6,718 ÷ 17,885 = 0.38
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Devon Energy Corp. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
Devon Energy Corp., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Total assets | 23,721) | 21,025) | 9,912) | 13,717) | 19,566) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.28 | 0.32 | 0.46 | 0.33 | 0.30 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Chevron Corp. | 0.09 | 0.13 | 0.18 | 0.11 | — | |
| ConocoPhillips | 0.18 | 0.22 | 0.25 | 0.21 | — | |
| Exxon Mobil Corp. | 0.11 | 0.14 | 0.20 | 0.13 | — | |
| Marathon Petroleum Corp. | 0.30 | 0.30 | 0.37 | 0.29 | — | |
| Occidental Petroleum Corp. | 0.27 | 0.39 | 0.45 | 0.35 | — | |
| Valero Energy Corp. | 0.19 | 0.24 | 0.28 | 0.18 | — | |
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.15 | 0.19 | 0.25 | 0.18 | — | |
| Debt to Assets, Industry | ||||||
| Energy | 0.15 | 0.20 | 0.25 | 0.18 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 6,697 ÷ 23,721 = 0.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Devon Energy Corp. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
Devon Energy Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Short-term debt | 251) | —) | —) | —) | 162) | |
| Current finance lease liabilities | 8) | 8) | 8) | 7) | —) | |
| Long-term debt | 6,189) | 6,482) | 4,298) | 4,294) | 5,785) | |
| Long-term finance lease liabilities | 249) | 247) | 244) | 240) | —) | |
| Total debt | 6,697) | 6,737) | 4,550) | 4,541) | 5,947) | |
| Current operating lease liabilities | 13) | 18) | 1) | 10) | —) | |
| Long-term operating lease liabilities | 8) | 5) | 2) | 4) | —) | |
| Total debt (including operating lease liability) | 6,718) | 6,760) | 4,553) | 4,555) | 5,947) | |
| Total assets | 23,721) | 21,025) | 9,912) | 13,717) | 19,566) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.28 | 0.32 | 0.46 | 0.33 | 0.30 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | 0.11 | 0.15 | 0.20 | 0.13 | — | |
| ConocoPhillips | 0.18 | 0.23 | 0.26 | 0.22 | — | |
| Exxon Mobil Corp. | 0.13 | 0.16 | 0.22 | 0.15 | — | |
| Marathon Petroleum Corp. | 0.31 | 0.32 | 0.39 | 0.32 | — | |
| Occidental Petroleum Corp. | 0.29 | 0.40 | 0.47 | 0.37 | — | |
| Valero Energy Corp. | 0.21 | 0.26 | 0.31 | 0.20 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.16 | 0.20 | 0.26 | 0.19 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | 0.17 | 0.21 | 0.27 | 0.20 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 6,718 ÷ 23,721 = 0.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Devon Energy Corp. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
Devon Energy Corp., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 23,721) | 21,025) | 9,912) | 13,717) | 19,566) | |
| Stockholders’ equity attributable to Devon | 11,167) | 9,262) | 2,885) | 5,802) | 9,186) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 2.12 | 2.27 | 3.44 | 2.36 | 2.13 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Chevron Corp. | 1.62 | 1.72 | 1.82 | 1.65 | — | |
| ConocoPhillips | 1.95 | 2.00 | 2.10 | 2.02 | — | |
| Exxon Mobil Corp. | 1.89 | 2.01 | 2.12 | 1.89 | — | |
| Marathon Petroleum Corp. | 3.24 | 3.26 | 3.84 | 2.93 | — | |
| Occidental Petroleum Corp. | 2.41 | 3.69 | 4.31 | 3.19 | — | |
| Valero Energy Corp. | 2.59 | 3.14 | 2.75 | 2.47 | — | |
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.95 | 2.12 | 2.25 | 2.02 | — | |
| Financial Leverage, Industry | ||||||
| Energy | 1.97 | 2.15 | 2.29 | 2.04 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity attributable to Devon
= 23,721 ÷ 11,167 = 2.12
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Devon Energy Corp. financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Interest Coverage
Devon Energy Corp., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) attributable to Devon | 6,015) | 2,813) | (2,680) | (355) | 3,064) | |
| Add: Net income attributable to noncontrolling interest | 22) | 20) | 9) | 2) | 160) | |
| Less: Net earnings (loss) from discontinued operations, net of income taxes | —) | —) | (128) | (274) | 2,460) | |
| Add: Income tax expense | 1,738) | 65) | (547) | (30) | 156) | |
| Add: Interest based on debt outstanding | 370) | 388) | 259) | 260) | 298) | |
| Earnings before interest and tax (EBIT) | 8,145) | 3,286) | (2,831) | 151) | 1,218) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 22.01 | 8.47 | -10.93 | 0.58 | 4.09 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Chevron Corp. | 97.27 | 31.39 | -9.69 | 7.94 | — | |
| ConocoPhillips | 36.07 | 15.38 | -2.90 | 13.24 | — | |
| Exxon Mobil Corp. | 98.43 | 33.98 | -23.94 | 25.16 | — | |
| Marathon Petroleum Corp. | 18.13 | 3.22 | -9.21 | 4.50 | — | |
| Occidental Petroleum Corp. | 14.71 | 3.30 | -10.03 | 1.17 | — | |
| Valero Energy Corp. | 28.24 | 3.56 | -2.57 | 8.68 | — | |
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 42.90 | 13.22 | -10.84 | 9.35 | — | |
| Interest Coverage, Industry | ||||||
| Energy | 39.88 | 12.58 | -11.55 | 6.66 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= 8,145 ÷ 370 = 22.01
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Devon Energy Corp. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
Devon Energy Corp., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net earnings (loss) attributable to Devon | 6,015) | 2,813) | (2,680) | (355) | 3,064) | |
| Add: Net income attributable to noncontrolling interest | 22) | 20) | 9) | 2) | 160) | |
| Less: Net earnings (loss) from discontinued operations, net of income taxes | —) | —) | (128) | (274) | 2,460) | |
| Add: Income tax expense | 1,738) | 65) | (547) | (30) | 156) | |
| Add: Interest based on debt outstanding | 370) | 388) | 259) | 260) | 298) | |
| Earnings before interest and tax (EBIT) | 8,145) | 3,286) | (2,831) | 151) | 1,218) | |
| Add: Operating lease cost | 22) | 25) | 10) | 40) | 11) | |
| Earnings before fixed charges and tax | 8,167) | 3,311) | (2,821) | 191) | 1,229) | |
| Interest based on debt outstanding | 370) | 388) | 259) | 260) | 298) | |
| Operating lease cost | 22) | 25) | 10) | 40) | 11) | |
| Fixed charges | 392) | 413) | 269) | 300) | 309) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 20.83 | 8.02 | -10.49 | 0.64 | 3.98 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Chevron Corp. | 18.28 | 8.43 | -1.29 | 2.62 | — | |
| ConocoPhillips | 28.76 | 11.94 | -1.79 | 9.51 | — | |
| Exxon Mobil Corp. | 20.62 | 9.13 | -5.68 | 5.66 | — | |
| Marathon Petroleum Corp. | 13.15 | 2.52 | -5.84 | 3.13 | — | |
| Occidental Petroleum Corp. | 6.42 | 1.78 | -4.00 | 0.91 | — | |
| Valero Energy Corp. | 17.27 | 2.57 | -1.02 | 4.90 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | 16.86 | 6.12 | -3.78 | 4.01 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Energy | 15.31 | 5.71 | -3.89 | 2.96 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 8,167 ÷ 392 = 20.83
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Devon Energy Corp. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |