The financial information below should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data” of this report.
2019
2018
2017
2016
2015
Statement of Earnings data:
Upstream revenues (1)
$
3,355
$
4,542
$
2,988
$
2,325
$
4,082
Total revenues (1)
$
6,220
$
8,896
$
6,501
$
5,054
$
7,547
Net earnings (loss) from continuing operations (2)
$
(79
)
$
714
$
33
$
(871
)
$
(7,989
)
Net earnings (loss) from continuing operations per share:
Basic (2)
$
(0.21
)
$
1.43
$
0.06
$
(1.72
)
$
(19.66
)
Diluted (2)
$
(0.21
)
$
1.42
$
0.06
$
(1.72
)
$
(19.66
)
Cash dividends per common share
$
0.35
$
0.30
$
0.24
$
0.42
$
0.96
Balance Sheet data:
Total assets (3)
$
13,717
$
19,566
$
30,241
$
28,675
$
29,673
Long-term debt (4)
$
4,294
$
4,292
$
5,258
$
5,359
$
7,488
Stockholders' equity
$
5,920
$
9,186
$
14,104
$
12,722
$
11,111
Common shares outstanding
382
450
525
523
418
(1)
In January 2018, Devon adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective method and has applied the standard to all existing contracts. The impact of adoption is further discussed in Note 1 of “Item 8. Financial Statements and Supplementary Data” of this report. Prior periods have not been restated.
(2)
Material asset impairments and acquisition and divestiture activity had significant impacts on operating results and the carrying value of our oil and gas assets. Specifically, there were asset impairments of $0.3 billion, $0.2 billion, $0.5 billion and $10.3 billion in 2018, 2017, 2016 and 2015, respectively. More discussion on these items can be found in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 2 and Note 5 of “Item 8. Financial Statements and Supplementary Data” of this report.
(3)
Amounts include assets related to our divested Canadian business and aggregate ownership interest in EnLink and the General Partner as well as our recently announced Barnett Shale assets that will be divested in 2020. For additional information, see Note 18 of “Item 8. Financial Statements and Supplementary Data” of this report. These divestitures resulted in the reclassification of the respective assets to assets associated with discontinued operations, which are included within this amount.
(4)
Long-term debt balance excludes amounts that were classified as liabilities associated with discontinued operations in the respective periods related to the sale of Devon’s Canadian business and ownership interests in EnLink and the General Partner. See Note 18 of “Item 8. Financial Statements and Supplementary Data” of this report for additional details.
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