Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Devon Energy Corp., short-term (operating) activity 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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Devon Energy Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Devon Energy Corp. payables turnover ratio decreased from 2020 to 2021 and from 2021 to 2022. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Devon Energy Corp. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Devon Energy Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Devon Energy Corp. number of days of payables outstanding increased from 2020 to 2021 and from 2021 to 2022. |
Inventory Turnover
Devon Energy Corp., inventory turnover 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) | ||||||
| Cost of revenues | 8,577) | 6,369) | 3,136) | 4,009) | 6,588) | |
| Inventory | 201) | 114) | —) | —) | —) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 42.67 | 55.87 | — | — | — | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Chevron Corp. | 28.58 | 24.68 | 16.64 | 23.92 | — | |
| ConocoPhillips | 64.39 | 37.94 | 18.75 | 31.74 | — | |
| Exxon Mobil Corp. | 16.32 | 14.73 | 9.47 | 13.79 | — | |
| Occidental Petroleum Corp. | 17.79 | 14.06 | 9.38 | 14.09 | — | |
| Inventory Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 20.84 | 17.91 | 11.29 | 16.70 | — | |
| Inventory Turnover, Industry | ||||||
| Energy | 19.33 | 16.66 | 10.74 | 15.40 | — | |
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
Inventory turnover = Cost of revenues ÷ Inventory
= 8,577 ÷ 201 = 42.67
2 Click competitor name to see calculations.
Receivables Turnover
Devon Energy Corp., receivables turnover 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) | ||||||
| Revenues | 19,169) | 12,206) | 4,828) | 6,220) | 10,734) | |
| Accounts receivable | 1,767) | 1,543) | 601) | 832) | 885) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 10.85 | 7.91 | 8.03 | 7.48 | 12.13 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Chevron Corp. | 11.52 | 8.45 | 8.24 | 10.50 | — | |
| ConocoPhillips | 11.09 | 7.00 | 7.13 | 9.97 | — | |
| Exxon Mobil Corp. | 12.14 | 10.29 | 10.93 | 12.11 | — | |
| Occidental Petroleum Corp. | 8.56 | 6.17 | 8.42 | 3.20 | — | |
| Receivables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.59 | 8.99 | 9.51 | 10.18 | — | |
| Receivables Turnover, Industry | ||||||
| Energy | 10.85 | 8.59 | 8.81 | 9.29 | — | |
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
Receivables turnover = Revenues ÷ Accounts receivable
= 19,169 ÷ 1,767 = 10.85
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Devon Energy Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Payables Turnover
Devon Energy Corp., payables turnover 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) | ||||||
| Cost of revenues | 8,577) | 6,369) | 3,136) | 4,009) | 6,588) | |
| Accounts payable | 859) | 500) | 242) | 428) | 662) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 9.98 | 12.74 | 12.96 | 9.37 | 9.95 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Chevron Corp. | 12.44 | 9.46 | 8.63 | 9.92 | — | |
| ConocoPhillips | 12.84 | 9.16 | 7.04 | 10.25 | — | |
| Exxon Mobil Corp. | 12.02 | 10.39 | 10.20 | 10.35 | — | |
| Occidental Petroleum Corp. | 9.09 | 6.66 | 5.96 | 2.91 | — | |
| Payables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 12.04 | 9.70 | 9.08 | 9.15 | — | |
| Payables Turnover, Industry | ||||||
| Energy | 11.67 | 9.48 | 8.93 | 8.87 | — | |
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
Payables turnover = Cost of revenues ÷ Accounts payable
= 8,577 ÷ 859 = 9.98
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Devon Energy Corp. payables turnover ratio decreased from 2020 to 2021 and from 2021 to 2022. |
Working Capital Turnover
Devon Energy Corp., working capital turnover 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) | ||||||
| Current assets | 3,891) | 4,249) | 3,260) | 3,851) | 4,437) | |
| Less: Current liabilities | 3,105) | 3,087) | 1,440) | 1,927) | 2,226) | |
| Working capital | 786) | 1,162) | 1,820) | 1,924) | 2,211) | |
| Revenues | 19,169) | 12,206) | 4,828) | 6,220) | 10,734) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 24.39 | 10.50 | 2.65 | 3.23 | 4.85 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Chevron Corp. | 14.61 | 22.40 | 24.25 | 77.75 | — | |
| ConocoPhillips | 13.30 | 11.37 | 2.80 | 3.30 | — | |
| Exxon Mobil Corp. | 13.95 | 110.19 | — | — | — | |
| Occidental Petroleum Corp. | 32.45 | 13.76 | 29.88 | 5.46 | — | |
| Working Capital Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 14.48 | 32.79 | — | 306.29 | — | |
| Working Capital Turnover, Industry | ||||||
| Energy | 14.21 | 29.83 | 155.07 | 123.54 | — | |
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
Working capital turnover = Revenues ÷ Working capital
= 19,169 ÷ 786 = 24.39
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Devon Energy Corp. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Average Inventory Processing Period
Devon Energy Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 42.67 | 55.87 | — | — | — | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 9 | 7 | — | — | — | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Chevron Corp. | 13 | 15 | 22 | 15 | — | |
| ConocoPhillips | 6 | 10 | 19 | 11 | — | |
| Exxon Mobil Corp. | 22 | 25 | 39 | 26 | — | |
| Occidental Petroleum Corp. | 21 | 26 | 39 | 26 | — | |
| Average Inventory Processing Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 18 | 20 | 32 | 22 | — | |
| Average Inventory Processing Period, Industry | ||||||
| Energy | 19 | 22 | 34 | 24 | — | |
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 42.67 = 9
2 Click competitor name to see calculations.
Average Receivable Collection Period
Devon Energy Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 10.85 | 7.91 | 8.03 | 7.48 | 12.13 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 34 | 46 | 45 | 49 | 30 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Chevron Corp. | 32 | 43 | 44 | 35 | — | |
| ConocoPhillips | 33 | 52 | 51 | 37 | — | |
| Exxon Mobil Corp. | 30 | 35 | 33 | 30 | — | |
| Occidental Petroleum Corp. | 43 | 59 | 43 | 114 | — | |
| Average Receivable Collection Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 31 | 41 | 38 | 36 | — | |
| Average Receivable Collection Period, Industry | ||||||
| Energy | 34 | 43 | 41 | 39 | — | |
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.85 = 34
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Devon Energy Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Operating Cycle
Devon Energy Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 9 | 7 | — | — | — | |
| Average receivable collection period | 34 | 46 | 45 | 49 | 30 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 43 | 53 | — | — | — | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Chevron Corp. | 45 | 58 | 66 | 50 | — | |
| ConocoPhillips | 39 | 62 | 70 | 48 | — | |
| Exxon Mobil Corp. | 52 | 60 | 72 | 56 | — | |
| Occidental Petroleum Corp. | 64 | 85 | 82 | 140 | — | |
| Operating Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 49 | 61 | 70 | 58 | — | |
| Operating Cycle, Industry | ||||||
| Energy | 53 | 65 | 75 | 63 | — | |
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
Operating cycle = Average inventory processing period + Average receivable collection period
= 9 + 34 = 43
2 Click competitor name to see calculations.
Average Payables Payment Period
Devon Energy Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 9.98 | 12.74 | 12.96 | 9.37 | 9.95 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 37 | 29 | 28 | 39 | 37 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Chevron Corp. | 29 | 39 | 42 | 37 | — | |
| ConocoPhillips | 28 | 40 | 52 | 36 | — | |
| Exxon Mobil Corp. | 30 | 35 | 36 | 35 | — | |
| Occidental Petroleum Corp. | 40 | 55 | 61 | 126 | — | |
| Average Payables Payment Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 30 | 38 | 40 | 40 | — | |
| Average Payables Payment Period, Industry | ||||||
| Energy | 31 | 38 | 41 | 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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 9.98 = 37
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Devon Energy Corp. number of days of payables outstanding increased from 2020 to 2021 and from 2021 to 2022. |
Cash Conversion Cycle
Devon Energy Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 9 | 7 | — | — | — | |
| Average receivable collection period | 34 | 46 | 45 | 49 | 30 | |
| Average payables payment period | 37 | 29 | 28 | 39 | 37 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 6 | 24 | — | — | — | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Chevron Corp. | 16 | 19 | 24 | 13 | — | |
| ConocoPhillips | 11 | 22 | 18 | 12 | — | |
| Exxon Mobil Corp. | 22 | 25 | 36 | 21 | — | |
| Occidental Petroleum Corp. | 24 | 30 | 21 | 14 | — | |
| Cash Conversion Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 19 | 23 | 30 | 18 | — | |
| Cash Conversion Cycle, Industry | ||||||
| Energy | 22 | 27 | 34 | 22 | — | |
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 9 + 34 – 37 = 6
2 Click competitor name to see calculations.