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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Earnings
(Loss) from Continuing Operations
The fourth quarter of 2008 includes reductions of the carrying
values of oil and gas properties totaling $10.4 billion
($7.1 billion after income taxes, or $16.10 per diluted
share).
The first and second quarters of 2008 include unrealized losses
on our commodity hedges of $780 million ($499 million
after income taxes, or $1.11 per diluted share) and
$912 million ($584 million after income taxes, or
$1.30 per diluted share), respectively, as a result of increases
in gas prices subsequent to our trade dates. The third quarter
of 2008 includes a net unrealized gain of $1.8 billion
($1.2 billion after income taxes, or $2.63 per diluted
share), resulting from a decrease in gas prices.
The second quarter of 2008 includes an increase to income tax
expense from continuing operations of $312 million (or
$0.70 per diluted share) due to repatriations from certain
foreign subsidiaries to the United States and tax policy
election changes.
The second and fourth quarters 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.
Earnings
from Discontinued Operations
The second quarter of 2008 includes a $623 million gain
($529 million after income taxes, or $1.17 per diluted
share) as a result of completing the sale of Devon’s
Equatorial Guinea operations. Also, during the second quarter of
2008, Devon closed the sale of its Gabon operations, which
resulted in a $114 million gain ($111 million after
income taxes, or $0.25 per diluted share).
The third quarter of 2008 includes an $83 million gain
($101 million after income taxes, or $0.23 per diluted
share) as a result of completing the sale of Devon’s assets
in Cote d’Ivoire.
The second quarter of 2007 includes a reduction of carrying
value of oil and gas properties of $64 million
($13 million after income taxes, or $0.03 per diluted
share).
The fourth quarter of 2007 includes a $90 million gain
($90 million after income taxes, or $0.20 per diluted
share) as a result of completing the sale of Devon’s assets
in Egypt in October 2007.
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Table of Contents
Not Applicable.
Earnings
(Loss) from Continuing Operations
The fourth quarter of 2008 includes reductions of the carrying
values of oil and gas properties totaling $10.4 billion
($7.1 billion after income taxes, or $16.10 per diluted
share).
The first and second quarters of 2008 include unrealized losses
on our commodity hedges of $780 million ($499 million
after income taxes, or $1.11 per diluted share) and
$912 million ($584 million after income taxes, or
$1.30 per diluted share), respectively, as a result of increases
in gas prices subsequent to our trade dates. The third quarter
of 2008 includes a net unrealized gain of $1.8 billion
($1.2 billion after income taxes, or $2.63 per diluted
share), resulting from a decrease in gas prices.
The second quarter of 2008 includes an increase to income tax
expense from continuing operations of $312 million (or
$0.70 per diluted share) due to repatriations from certain
foreign subsidiaries to the United States and tax policy
election changes.
The second and fourth quarters 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.
Earnings
from Discontinued Operations
The second quarter of 2008 includes a $623 million gain
($529 million after income taxes, or $1.17 per diluted
share) as a result of completing the sale of Devon’s
Equatorial Guinea operations. Also, during the second quarter of
2008, Devon closed the sale of its Gabon operations, which
resulted in a $114 million gain ($111 million after
income taxes, or $0.25 per diluted share).
The third quarter of 2008 includes an $83 million gain
($101 million after income taxes, or $0.23 per diluted
share) as a result of completing the sale of Devon’s assets
in Cote d’Ivoire.
The second quarter of 2007 includes a reduction of carrying
value of oil and gas properties of $64 million
($13 million after income taxes, or $0.03 per diluted
share).
The fourth quarter of 2007 includes a $90 million gain
($90 million after income taxes, or $0.20 per diluted
share) as a result of completing the sale of Devon’s assets
in Egypt in October 2007.
139
Table of Contents
Not Applicable.
Earnings (Loss) from Continuing Operations The fourth quarter of 2008 includes reductions of the carrying values of oil and gas properties totaling $10.4 billion ($7.1 billion after income taxes, or $16.10 per diluted share). The first and second quarters of 2008 include unrealized losses on our commodity hedges of $780 million ($499 million after income taxes, or $1.11 per diluted share) and $912 million ($584 million after income taxes, or $1.30 per diluted share), respectively, as a result of increases in gas prices subsequent to our trade dates. The third quarter of 2008 includes a net unrealized gain of $1.8 billion ($1.2 billion after income taxes, or $2.63 per diluted share), resulting from a decrease in gas prices. The second quarter of 2008 includes an increase to income tax expense from continuing operations of $312 million (or $0.70 per diluted share) due to repatriations from certain foreign subsidiaries to the United States and tax policy election changes. The second and fourth quarters 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. Earnings from Discontinued Operations The second quarter of 2008 includes a $623 million gain ($529 million after income taxes, or $1.17 per diluted share) as a result of completing the sale of Devon’s Equatorial Guinea operations. Also, during the second quarter of 2008, Devon closed the sale of its Gabon operations, which resulted in a $114 million gain ($111 million after income taxes, or $0.25 per diluted share). The third quarter of 2008 includes an $83 million gain ($101 million after income taxes, or $0.23 per diluted share) as a result of completing the sale of Devon’s assets in Cote d’Ivoire. The second quarter of 2007 includes a reduction of carrying value of oil and gas properties of $64 million ($13 million after income taxes, or $0.03 per diluted share). The fourth quarter of 2007 includes a $90 million gain ($90 million after income taxes, or $0.20 per diluted share) as a result of completing the sale of Devon’s assets in Egypt in October 2007.
Table of Contents
Not Applicable.
Earnings (Loss) from Continuing Operations The fourth quarter of 2008 includes reductions of the carrying values of oil and gas properties totaling $10.4 billion ($7.1 billion after income taxes, or $16.10 per diluted share). The first and second quarters of 2008 include unrealized losses on our commodity hedges of $780 million ($499 million after income taxes, or $1.11 per diluted share) and $912 million ($584 million after income taxes, or $1.30 per diluted share), respectively, as a result of increases in gas prices subsequent to our trade dates. The third quarter of 2008 includes a net unrealized gain of $1.8 billion ($1.2 billion after income taxes, or $2.63 per diluted share), resulting from a decrease in gas prices. The second quarter of 2008 includes an increase to income tax expense from continuing operations of $312 million (or $0.70 per diluted share) due to repatriations from certain foreign subsidiaries to the United States and tax policy election changes. The second and fourth quarters 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. Earnings from Discontinued Operations The second quarter of 2008 includes a $623 million gain ($529 million after income taxes, or $1.17 per diluted share) as a result of completing the sale of Devon’s Equatorial Guinea operations. Also, during the second quarter of 2008, Devon closed the sale of its Gabon operations, which resulted in a $114 million gain ($111 million after income taxes, or $0.25 per diluted share). The third quarter of 2008 includes an $83 million gain ($101 million after income taxes, or $0.23 per diluted share) as a result of completing the sale of Devon’s assets in Cote d’Ivoire. The second quarter of 2007 includes a reduction of carrying value of oil and gas properties of $64 million ($13 million after income taxes, or $0.03 per diluted share). The fourth quarter of 2007 includes a $90 million gain ($90 million after income taxes, or $0.20 per diluted share) as a result of completing the sale of Devon’s assets in Egypt in October 2007.
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