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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Other
Sources of Cash
As needed, we utilize cash on hand and access our credit
facilities and commercial paper program as sources of cash to
supplement the liquidity provided by our operating cash flow.
Additionally, we sometimes acquire short-term investments to
maximize our income on available cash balances. As needed, we
may reduce such short-term investment balances to further
supplement our operating cash flow.
During 2008, we reduced our short-term investment balances by
$250 million. We also received $280 million from the
exchange of our investment in Chevron common stock,
$117 million from the sale of non-oil and gas property and
equipment and $116 million from stock option exercises.
Another significant source of cash was our African divestiture
program. In the second and third quarters of 2008, we received
$2.6 billion in proceeds ($1.9 billion net of income
taxes and purchase price adjustments) from sales of assets
located in Equatorial Guinea and other West African countries.
Also, in conjunction with these asset sales, we repatriated an
additional $2.6 billion of earnings from certain foreign
subsidiaries to the United States.
We used these combined sources of cash in 2008 to fund debt
repayments, common stock repurchases, redemptions of preferred
stock and dividends on common and preferred stock.
During 2007, we borrowed $1.5 billion under our unsecured
revolving line of credit and reduced our short-term investment
balances by $202 million. We also received
$341 million of proceeds from the sale of our Egyptian
operations. These sources of cash were used primarily to fund
net commercial paper repayments, long-term debt repayments,
common stock repurchases and dividends on common and preferred
stock.
During 2006, we borrowed $1.8 billion under our commercial
paper program and reduced our short-term investment balances by
$106 million. These sources of cash were largely used to
fund the $2.0 billion acquisition of Chief in June 2006.
Also during 2006, we supplemented operating cash flow with cash
on hand, which was used to fund scheduled long-term debt
maturities, common stock repurchases and dividends on common and
preferred stock.
Other
Sources of Cash
As needed, we utilize cash on hand and access our credit
facilities and commercial paper program as sources of cash to
supplement the liquidity provided by our operating cash flow.
Additionally, we sometimes acquire short-term investments to
maximize our income on available cash balances. As needed, we
may reduce such short-term investment balances to further
supplement our operating cash flow.
During 2008, we reduced our short-term investment balances by
$250 million. We also received $280 million from the
exchange of our investment in Chevron common stock,
$117 million from the sale of non-oil and gas property and
equipment and $116 million from stock option exercises.
Another significant source of cash was our African divestiture
program. In the second and third quarters of 2008, we received
$2.6 billion in proceeds ($1.9 billion net of income
taxes and purchase price adjustments) from sales of assets
located in Equatorial Guinea and other West African countries.
Also, in conjunction with these asset sales, we repatriated an
additional $2.6 billion of earnings from certain foreign
subsidiaries to the United States.
We used these combined sources of cash in 2008 to fund debt
repayments, common stock repurchases, redemptions of preferred
stock and dividends on common and preferred stock.
During 2007, we borrowed $1.5 billion under our unsecured
revolving line of credit and reduced our short-term investment
balances by $202 million. We also received
$341 million of proceeds from the sale of our Egyptian
operations. These sources of cash were used primarily to fund
net commercial paper repayments, long-term debt repayments,
common stock repurchases and dividends on common and preferred
stock.
During 2006, we borrowed $1.8 billion under our commercial
paper program and reduced our short-term investment balances by
$106 million. These sources of cash were largely used to
fund the $2.0 billion acquisition of Chief in June 2006.
Also during 2006, we supplemented operating cash flow with cash
on hand, which was used to fund scheduled long-term debt
maturities, common stock repurchases and dividends on common and
preferred stock.
Other Sources of Cash As needed, we utilize cash on hand and access our credit facilities and commercial paper program as sources of cash to supplement the liquidity provided by our operating cash flow. Additionally, we sometimes acquire short-term investments to maximize our income on available cash balances. As needed, we may reduce such short-term investment balances to further supplement our operating cash flow. During 2008, we reduced our short-term investment balances by $250 million. We also received $280 million from the exchange of our investment in Chevron common stock, $117 million from the sale of non-oil and gas property and equipment and $116 million from stock option exercises. Another significant source of cash was our African divestiture program. In the second and third quarters of 2008, we received $2.6 billion in proceeds ($1.9 billion net of income taxes and purchase price adjustments) from sales of assets located in Equatorial Guinea and other West African countries. Also, in conjunction with these asset sales, we repatriated an additional $2.6 billion of earnings from certain foreign subsidiaries to the United States. We used these combined sources of cash in 2008 to fund debt repayments, common stock repurchases, redemptions of preferred stock and dividends on common and preferred stock. During 2007, we borrowed $1.5 billion under our unsecured revolving line of credit and reduced our short-term investment balances by $202 million. We also received $341 million of proceeds from the sale of our Egyptian operations. These sources of cash were used primarily to fund net commercial paper repayments, long-term debt repayments, common stock repurchases and dividends on common and preferred stock. During 2006, we borrowed $1.8 billion under our commercial paper program and reduced our short-term investment balances by $106 million. These sources of cash were largely used to fund the $2.0 billion acquisition of Chief in June 2006. Also during 2006, we supplemented operating cash flow with cash on hand, which was used to fund scheduled long-term debt maturities, common stock repurchases and dividends on common and preferred stock. Other Sources of Cash As needed, we utilize cash on hand and access our credit facilities and commercial paper program as sources of cash to supplement the liquidity provided by our operating cash flow. Additionally, we sometimes acquire short-term investments to maximize our income on available cash balances. As needed, we may reduce such short-term investment balances to further supplement our operating cash flow. During 2008, we reduced our short-term investment balances by $250 million. We also received $280 million from the exchange of our investment in Chevron common stock, $117 million from the sale of non-oil and gas property and equipment and $116 million from stock option exercises. Another significant source of cash was our African divestiture program. In the second and third quarters of 2008, we received $2.6 billion in proceeds ($1.9 billion net of income taxes and purchase price adjustments) from sales of assets located in Equatorial Guinea and other West African countries. Also, in conjunction with these asset sales, we repatriated an additional $2.6 billion of earnings from certain foreign subsidiaries to the United States. We used these combined sources of cash in 2008 to fund debt repayments, common stock repurchases, redemptions of preferred stock and dividends on common and preferred stock. During 2007, we borrowed $1.5 billion under our unsecured revolving line of credit and reduced our short-term investment balances by $202 million. We also received $341 million of proceeds from the sale of our Egyptian operations. These sources of cash were used primarily to fund net commercial paper repayments, long-term debt repayments, common stock repurchases and dividends on common and preferred stock. During 2006, we borrowed $1.8 billion under our commercial paper program and reduced our short-term investment balances by $106 million. These sources of cash were largely used to fund the $2.0 billion acquisition of Chief in June 2006. Also during 2006, we supplemented operating cash flow with cash on hand, which was used to fund scheduled long-term debt maturities, common stock repurchases and dividends on common and preferred stock. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Other
Sources of Cash
As needed, we utilize cash on hand and access our available
credit under our credit facilities and commercial paper program
as sources of cash to supplement our operating cash flow.
Additionally, we invest in highly liquid, short-term investments
to maximize our income on available cash balances. As needed, we
may reduce such short-term investment balances to further
supplement our operating cash flow.
During 2007, we borrowed $1.5 billion under our unsecured
revolving line of credit and reduced our short-term investment
balances by $202 million. We also received
$341 million of proceeds from the sale of our Egyptian
operations. These sources of cash were used primarily to fund
net commercial paper repayments, long-term debt repayments,
common stock repurchases and dividends on common and preferred
stock.
During 2006, we borrowed $1.8 billion under our commercial
paper program and reduced our short-term investment balances by
$106 million. These sources of cash were largely used to
fund the $2.0 billion acquisition of Chief in June 2006.
Also during 2006, we supplemented operating cash flow with cash
on hand, which was used to fund scheduled long-term debt
maturities, common stock repurchases and dividends on common and
preferred stock.
During 2005, we generated $2.2 billion in pre-tax proceeds
from sales of property and equipment. These consisted of
$2.0 billion related to the sale of non-core oil and gas
properties and $164 million related to the sale of non-core
midstream assets. Net of related income taxes, these proceeds
were $2.0 billion. During 2005, we also reduced short-term
investment balances by $287 million. These sources of cash
were used primarily to repurchase $2.3 billion of common
stock.
Other Sources of Cash As needed, we utilize cash on hand and access our available credit under our credit facilities and commercial paper program as sources of cash to supplement our operating cash flow. Additionally, we invest in highly liquid, short-term investments to maximize our income on available cash balances. As needed, we may reduce such short-term investment balances to further supplement our operating cash flow. During 2007, we borrowed $1.5 billion under our unsecured revolving line of credit and reduced our short-term investment balances by $202 million. We also received $341 million of proceeds from the sale of our Egyptian operations. These sources of cash were used primarily to fund net commercial paper repayments, long-term debt repayments, common stock repurchases and dividends on common and preferred stock. During 2006, we borrowed $1.8 billion under our commercial paper program and reduced our short-term investment balances by $106 million. These sources of cash were largely used to fund the $2.0 billion acquisition of Chief in June 2006. Also during 2006, we supplemented operating cash flow with cash on hand, which was used to fund scheduled long-term debt maturities, common stock repurchases and dividends on common and preferred stock. During 2005, we generated $2.2 billion in pre-tax proceeds from sales of property and equipment. These consisted of $2.0 billion related to the sale of non-core oil and gas properties and $164 million related to the sale of non-core midstream assets. Net of related income taxes, these proceeds were $2.0 billion. During 2005, we also reduced short-term investment balances by $287 million. These sources of cash were used primarily to repurchase $2.3 billion of common stock. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Other
Sources of Cash
As needed, we utilize cash on hand and access our available
credit under our credit facilities and commercial paper program
as sources of cash to supplement our operating cash flow.
Additionally, we invest in highly liquid, short-term investments
to maximize our income on available cash balances. As needed, we
may reduce such short-term investment balances to further
supplement our operating cash flow.
During 2007, we borrowed $1.5 billion under our unsecured
revolving line of credit and reduced our short-term investment
balances by $202 million. We also received
$341 million of proceeds from the sale of our Egyptian
operations. These sources of cash were used primarily to fund
net commercial paper repayments, long-term debt repayments,
common stock repurchases and dividends on common and preferred
stock.
During 2006, we borrowed $1.8 billion under our commercial
paper program and reduced our short-term investment balances by
$106 million. These sources of cash were largely used to
fund the $2.0 billion acquisition of Chief in June 2006.
Also during 2006, we supplemented operating cash flow with cash
on hand, which was used to fund scheduled long-term debt
maturities, common stock repurchases and dividends on common and
preferred stock.
During 2005, we generated $2.2 billion in pre-tax proceeds
from sales of property and equipment. These consisted of
$2.0 billion related to the sale of non-core oil and gas
properties and $164 million related to the sale of non-core
midstream assets. Net of related income taxes, these proceeds
were $2.0 billion. During 2005, we also reduced short-term
investment balances by $287 million. These sources of cash
were used primarily to repurchase $2.3 billion of common
stock.
Other Sources of Cash As needed, we utilize cash on hand and access our available credit under our credit facilities and commercial paper program as sources of cash to supplement our operating cash flow. Additionally, we invest in highly liquid, short-term investments to maximize our income on available cash balances. As needed, we may reduce such short-term investment balances to further supplement our operating cash flow. During 2007, we borrowed $1.5 billion under our unsecured revolving line of credit and reduced our short-term investment balances by $202 million. We also received $341 million of proceeds from the sale of our Egyptian operations. These sources of cash were used primarily to fund net commercial paper repayments, long-term debt repayments, common stock repurchases and dividends on common and preferred stock. During 2006, we borrowed $1.8 billion under our commercial paper program and reduced our short-term investment balances by $106 million. These sources of cash were largely used to fund the $2.0 billion acquisition of Chief in June 2006. Also during 2006, we supplemented operating cash flow with cash on hand, which was used to fund scheduled long-term debt maturities, common stock repurchases and dividends on common and preferred stock. During 2005, we generated $2.2 billion in pre-tax proceeds from sales of property and equipment. These consisted of $2.0 billion related to the sale of non-core oil and gas properties and $164 million related to the sale of non-core midstream assets. Net of related income taxes, these proceeds were $2.0 billion. During 2005, we also reduced short-term investment balances by $287 million. These sources of cash were used primarily to repurchase $2.3 billion of common stock. | EXCERPTS ON THIS PAGE:
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