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Analyzing Devon Energy's Performance in 2Q17

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Analyzing Devon Energy's Performance in 2Q17 PART 1 OF 8

Devon Energy’s Profit Rose More than 436% in 2Q17

2Q17 adjusted net income

Devon Energy (DVN) announced its 2Q17 earnings on August 1, 2017, after the market closed. According to Devon Energy’s earnings press release, it reported a better-than-expected profit of ~$177 million in 2Q17. Wall Street analysts were expecting a profit of ~$167 million. On a YoY (year-over-year) basis, Devon Energy increased its profit by more than 436%—compared to a profit of only ~$33 million in 2Q16. On a sequential basis and excluding any one-time items, Devon Energy’s profit fell ~18%—compared to a profit of ~$217 million in 1Q17.

Devon Energy’s Profit Rose More than 436% in 2Q17

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2Q17 reported net income

Devon Energy’s 2Q17 adjusted net income excludes one-time benefits and charges totaling $248 million. Most of the benefits and charges are related to the gain on fair value changes in foreign currency and financial instruments, the gain on asset sale, and the gain due to the deferred tax asset valuation allowance. Including these one-time items, Devon Energy’s reported net income on GAAP basis was higher at $425 million, or $0.80 per share, in 2Q17—compared to -$1.57 billion, or -$3.04 per share, in 2Q16.

Devon Energy’s quarterly net income 

In 1Q17, Devon Energy reported a better-than-expected profit of ~$217 million. Wall Street analysts were expecting a profit of ~$210 million. On a YoY basis, Devon Energy turned its losses into profits. In 1Q16, Devon Energy reported a loss of $249 million. However, on a sequential basis and excluding any one-time items, Devon Energy increased its profits ~66% in 1Q17 from a profit of ~$131 million in 4Q16.

Devon Energy’s peers Southwestern Energy (SWN) and Marathon Oil (MRO) reported an adjusted net income of ~$87 million and approximately -$57 million, respectively, in 1Q17. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) usually invests at least 80.0% of its total assets in oil and gas exploration companies.

In this series

In this series, we’ll look at Devon Energy’s revenues, production, cash flows, and Wall Street analysts’ ratings.

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