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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Interest
Rate Risk
At December 31, 2008, we had debt outstanding of
$5.8 billion. Of this amount, $4.8 billion, or 83%,
bears interest at fixed rates averaging 7.2%. Additionally, we
had $1.0 billion of outstanding commercial paper, bearing
interest at floating rates which averaged 3.0%.
We also have interest rate swaps to mitigate a portion of the
fair value effects of interest rate fluctuations on our
fixed-rate debt. Under the terms of these swaps, we receive a
fixed rate and pay a variable rate on a total notional amount of
$1.05 billion. The key terms of these interest rate swaps
are presented in the following table.
Table of Contents
The fair values of our interest rate instruments are largely
determined by estimates of the forward curves of the Federal
Funds rate and LIBOR. At December 31, 2008, a 10% increase
in these forward curves would have decreased our net assets by
approximately $3 million.
Interest
Rate Risk
At December 31, 2008, we had debt outstanding of
$5.8 billion. Of this amount, $4.8 billion, or 83%,
bears interest at fixed rates averaging 7.2%. Additionally, we
had $1.0 billion of outstanding commercial paper, bearing
interest at floating rates which averaged 3.0%.
We also have interest rate swaps to mitigate a portion of the
fair value effects of interest rate fluctuations on our
fixed-rate debt. Under the terms of these swaps, we receive a
fixed rate and pay a variable rate on a total notional amount of
$1.05 billion. The key terms of these interest rate swaps
are presented in the following table.
Table of Contents
The fair values of our interest rate instruments are largely
determined by estimates of the forward curves of the Federal
Funds rate and LIBOR. At December 31, 2008, a 10% increase
in these forward curves would have decreased our net assets by
approximately $3 million.
Interest Rate Risk At December 31, 2008, we had debt outstanding of $5.8 billion. Of this amount, $4.8 billion, or 83%, bears interest at fixed rates averaging 7.2%. Additionally, we had $1.0 billion of outstanding commercial paper, bearing interest at floating rates which averaged 3.0%. We also have interest rate swaps to mitigate a portion of the fair value effects of interest rate fluctuations on our fixed-rate debt. Under the terms of these swaps, we receive a fixed rate and pay a variable rate on a total notional amount of $1.05 billion. The key terms of these interest rate swaps are presented in the following table.
Table of ContentsThe fair values of our interest rate instruments are largely determined by estimates of the forward curves of the Federal Funds rate and LIBOR. At December 31, 2008, a 10% increase in these forward curves would have decreased our net assets by approximately $3 million. Interest Rate Risk At December 31, 2008, we had debt outstanding of $5.8 billion. Of this amount, $4.8 billion, or 83%, bears interest at fixed rates averaging 7.2%. Additionally, we had $1.0 billion of outstanding commercial paper, bearing interest at floating rates which averaged 3.0%. We also have interest rate swaps to mitigate a portion of the fair value effects of interest rate fluctuations on our fixed-rate debt. Under the terms of these swaps, we receive a fixed rate and pay a variable rate on a total notional amount of $1.05 billion. The key terms of these interest rate swaps are presented in the following table.
Table of ContentsThe fair values of our interest rate instruments are largely determined by estimates of the forward curves of the Federal Funds rate and LIBOR. At December 31, 2008, a 10% increase in these forward curves would have decreased our net assets by approximately $3 million. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Interest
Rate Risk
At December 31, 2007, we had debt outstanding of
$7.9 billion. Of this amount, $5.5 billion, or 69%,
bears interest at fixed rates averaging 7.3%. Additionally, we
had $1.0 billion of outstanding commercial paper and
$1.4 billion of credit facility borrowings bearing interest
at floating rates, which averaged 5.07% and 5.27%, respectively.
At the end of 2007 and as of February 15, 2008, we did not
have any interest rate hedging instruments.
Interest Rate Risk At December 31, 2007, we had debt outstanding of $7.9 billion. Of this amount, $5.5 billion, or 69%, bears interest at fixed rates averaging 7.3%. Additionally, we had $1.0 billion of outstanding commercial paper and $1.4 billion of credit facility borrowings bearing interest at floating rates, which averaged 5.07% and 5.27%, respectively. At the end of 2007 and as of February 15, 2008, we did not have any interest rate hedging instruments. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Interest
Rate Risk
At December 31, 2007, we had debt outstanding of
$7.9 billion. Of this amount, $5.5 billion, or 69%,
bears interest at fixed rates averaging 7.3%. Additionally, we
had $1.0 billion of outstanding commercial paper and
$1.4 billion of credit facility borrowings bearing interest
at floating rates, which averaged 5.07% and 5.27%, respectively.
At the end of 2007 and as of February 15, 2008, we did not
have any interest rate hedging instruments.
Interest Rate Risk At December 31, 2007, we had debt outstanding of $7.9 billion. Of this amount, $5.5 billion, or 69%, bears interest at fixed rates averaging 7.3%. Additionally, we had $1.0 billion of outstanding commercial paper and $1.4 billion of credit facility borrowings bearing interest at floating rates, which averaged 5.07% and 5.27%, respectively. At the end of 2007 and as of February 15, 2008, we did not have any interest rate hedging instruments. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Interest
Rate Risk
At December 31, 2006, we had debt outstanding of
$7.8 billion. Of this amount, $5.6 billion, or 72%,
bears interest at fixed rates averaging 7.3%. Additionally, we
had $1.8 billion of outstanding commercial paper
Table of Contents
bearing interest at floating rates which averaged 5.37% at
December 31, 2006. The remaining debt consists of
$400 million 4.375% senior notes due in October of
2007. Through the use of an interest rate swap, this fixed-rate
debt has been converted to floating-rate debt bearing interest
equal to LIBOR plus 40 basis points.
We use a sensitivity analysis technique to evaluate the
hypothetical effect that changes in interest rates may have on
the fair value of any outstanding interest rate swap
instruments. At December 31, 2006, a 10% increase in the
underlying interest rates would have decreased the fair value of
our interest rate swap by $2 million.
The above sensitivity analysis for interest rate risk excludes
accounts receivable, accounts payable and accrued liabilities
because of the short-term maturity of such instruments.
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