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These excerpts taken from the DVN 10-K filed Jun 9, 2008. Earnings
from Continuing Operations
The second quarter and fourth quarter of 2007 include a
reduction to income tax expense from continuing operations of
$30 million (or $0.07 per diluted share) and
$231 million (or $0.52 per diluted share), respectively,
due to statutory rate reductions in Canada.
The second quarter of 2006 included a reduction to income tax
expense from continuing operations of $243 million (or
$0.55 per diluted share) due to statutory rate reductions in
Canada and additional income tax expense of $39 million (or
$0.09 per diluted share) due to a new income-based tax enacted
by the state of Texas.
The second and third quarters of 2006 include $16 million
and $20 million, respectively, of reductions of carrying
values of oil and gas properties. The after-tax effects of these
amounts were $16 million (or $0.04 per share) and
$10 million (or $0.02 per share), respectively.
Earnings
from Discontinued Operations
The second quarter of 2007 earnings from discontinued operations
includes a reduction of carrying value of oil and gas properties
of $64 million ($13 million after-tax) or $0.03 per
diluted share.
The fourth quarter of 2007 earnings from discontinued operations
includes a $90 million gain ($90 million after-tax) or
$0.20 per diluted share as a result of completing the sale of
Devon’s Egyptian operations in October 2007.
Revenues for the first, second, third and fourth quarters of
2007 in the table above exclude $175 million,
$215 million, $206 million and $185 million,
respectively, related to discontinued operations in West Africa
and Egypt.
The first quarter of 2006 earnings from discontinued operations
includes a reduction of carrying value of oil and gas properties
of $85 million ($85 million after-tax) or $0.19 per
share.
Revenues for the first, second, third and fourth quarters of
2006 in the table above exclude $218 million,
$267 million, $223 million and $221 million,
respectively, related to discontinued operations in West Africa
and Egypt.
Table of Contents
Not Applicable.
Earnings from Continuing Operations The second quarter and fourth quarter of 2007 include a reduction to income tax expense from continuing operations of $30 million (or $0.07 per diluted share) and $231 million (or $0.52 per diluted share), respectively, due to statutory rate reductions in Canada. The second quarter of 2006 included a reduction to income tax expense from continuing operations of $243 million (or $0.55 per diluted share) due to statutory rate reductions in Canada and additional income tax expense of $39 million (or $0.09 per diluted share) due to a new income-based tax enacted by the state of Texas. The second and third quarters of 2006 include $16 million and $20 million, respectively, of reductions of carrying values of oil and gas properties. The after-tax effects of these amounts were $16 million (or $0.04 per share) and $10 million (or $0.02 per share), respectively. Earnings from Discontinued Operations The second quarter of 2007 earnings from discontinued operations includes a reduction of carrying value of oil and gas properties of $64 million ($13 million after-tax) or $0.03 per diluted share. The fourth quarter of 2007 earnings from discontinued operations includes a $90 million gain ($90 million after-tax) or $0.20 per diluted share as a result of completing the sale of Devon’s Egyptian operations in October 2007. Revenues for the first, second, third and fourth quarters of 2007 in the table above exclude $175 million, $215 million, $206 million and $185 million, respectively, related to discontinued operations in West Africa and Egypt. The first quarter of 2006 earnings from discontinued operations includes a reduction of carrying value of oil and gas properties of $85 million ($85 million after-tax) or $0.19 per share. Revenues for the first, second, third and fourth quarters of 2006 in the table above exclude $218 million, $267 million, $223 million and $221 million, respectively, related to discontinued operations in West Africa and Egypt.
Table of Contents
Not Applicable.
These excerpts taken from the DVN 10-K filed Feb 28, 2008. Earnings
from Continuing Operations
The second quarter and fourth quarter of 2007 include a
reduction to income tax expense from continuing operations of
$30 million (or $0.07 per diluted share) and
$231 million (or $0.52 per diluted share), respectively,
due to statutory rate reductions in Canada.
The second quarter of 2006 included a reduction to income tax
expense from continuing operations of $243 million (or
$0.55 per diluted share) due to statutory rate reductions in
Canada and additional income tax expense of $39 million (or
$0.09 per diluted share) due to a new income-based tax enacted
by the state of Texas.
The second and third quarters of 2006 include $16 million
and $20 million, respectively, of reductions of carrying
values of oil and gas properties. The after-tax effects of these
amounts were $16 million (or $0.04 per share) and
$10 million (or $0.02 per share), respectively.
Earnings
from Discontinued Operations
The second quarter of 2007 earnings from discontinued operations
includes a reduction of carrying value of oil and gas properties
of $64 million ($13 million after-tax) or $0.03 per
diluted share.
The fourth quarter of 2007 earnings from discontinued operations
includes a $90 million gain ($90 million after-tax) or
$0.20 per diluted share as a result of completing the sale of
Devon’s Egyptian operations in October 2007.
Revenues for the first, second, third and fourth quarters of
2007 in the table above exclude $175 million,
$215 million, $206 million and $185 million,
respectively, related to discontinued operations in West Africa
and Egypt.
The first quarter of 2006 earnings from discontinued operations
includes a reduction of carrying value of oil and gas properties
of $85 million ($85 million after-tax) or $0.19 per
share.
Revenues for the first, second, third and fourth quarters of
2006 in the table above exclude $218 million,
$267 million, $223 million and $221 million,
respectively, related to discontinued operations in West Africa
and Egypt.
Table of Contents
Not Applicable.
Earnings from Continuing Operations The second quarter and fourth quarter of 2007 include a reduction to income tax expense from continuing operations of $30 million (or $0.07 per diluted share) and $231 million (or $0.52 per diluted share), respectively, due to statutory rate reductions in Canada. The second quarter of 2006 included a reduction to income tax expense from continuing operations of $243 million (or $0.55 per diluted share) due to statutory rate reductions in Canada and additional income tax expense of $39 million (or $0.09 per diluted share) due to a new income-based tax enacted by the state of Texas. The second and third quarters of 2006 include $16 million and $20 million, respectively, of reductions of carrying values of oil and gas properties. The after-tax effects of these amounts were $16 million (or $0.04 per share) and $10 million (or $0.02 per share), respectively. Earnings from Discontinued Operations The second quarter of 2007 earnings from discontinued operations includes a reduction of carrying value of oil and gas properties of $64 million ($13 million after-tax) or $0.03 per diluted share. The fourth quarter of 2007 earnings from discontinued operations includes a $90 million gain ($90 million after-tax) or $0.20 per diluted share as a result of completing the sale of Devon’s Egyptian operations in October 2007. Revenues for the first, second, third and fourth quarters of 2007 in the table above exclude $175 million, $215 million, $206 million and $185 million, respectively, related to discontinued operations in West Africa and Egypt. The first quarter of 2006 earnings from discontinued operations includes a reduction of carrying value of oil and gas properties of $85 million ($85 million after-tax) or $0.19 per share. Revenues for the first, second, third and fourth quarters of 2006 in the table above exclude $218 million, $267 million, $223 million and $221 million, respectively, related to discontinued operations in West Africa and Egypt.
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