Devon Energy’s Revenue by Segment (2018-2021)

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This statistic highlights Devon Energy’s Revenue by Segment, split across Marketing and midstream, Oil, gas, and NGL derivatives, Oil, gas and NGL sales, reported on a quarterly basis from Q1 2018 onwards.
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This statistic highlights Devon Energy’s Revenue by Segment, split across Marketing and midstream, Oil, gas, and NGL derivatives, Oil, gas and NGL sales, reported on a quarterly basis from Q1 2018 onwards.

Devon Energy’s Revenue by Segment

The following table highlights Devon Energy’s Revenue by Segment for Q3 2021, Q2 2021, and Q3 2020.

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution for Q3 2021
Oil, gas, and NGL sales $678 $2,154 $2,365 74%
Marketing and midstream $476 $966 $1,166 36.48%
Oil, gas, and NGL derivatives ($87) ($703) ($335) -10.48%
Total  $1,067 $2,417 $3,196 100.00%

(All figures in millions, except percentages)

Oil, gas, and NGL sales

Oil sales – Company’s oil sales are primarily structured in one of two ways.

  • The production is sold at the wellhead at a previously specified index price after deducting pricing differentials. Revenue, in this scenario, is recognized when the control is transferred to the customer at the net price received at the wellhead.
  • The required production is supplied to the customer at an agreed-upon delivery point, where the title, custody, and risk associated with the product are transferred to the customers. In this scenario, a third party is paid to deliver the product and the company in return obtains a specific index price with no transportation cost deduction. Revenue is recognized under this segment when the authority is transferred to the purchaser at the delivery point.

Natural gas and NGL sales – Under natural gas processing contracts, natural gas is supplied to a midstream processing entity at the wellhead or the inlet of its system. The midstream processing entity processes and gathers the natural gas and produces NGLs and residue gas. In this scenario, revenue is recognized on a gross basis, with processing, gathering, and transportation fees being recorded as components of production expense in the consolidated statements.

In certain processing agreements of natural gas, the company may take residue gas and NGLs in-kind at the tailgate of the midstream entity’s processing plant and thereafter markets the product. Revenue earned is recognized in such cases, when the authority is transferred to the customer at the specified point and index price is received from the purchaser.

Marketing and Midstream 

Revenue from the marketing segment is generated mainly through the sales of commodities purchased from third parties. Revenues associated with this segment are recognized when the performance obligations are furnished. This happens when the contract-specified products are sold to third parties at previously specified prices, delivery is made at a specified point of time, control is transferred, and collection of revenue is probable. Its marketing expenses and revenues attributable to gas, oil, and NGL purchases are reported on a gross basis after the company takes control of products and has the risk and rewards of ownership.

The company’s midstream segment primarily relates to its interest in CDM. CDM provides compression, gathering, and dehydration services to Devon and other producers’ natural gas production. Revenue generated by this segment is recognized on a net basis as CDM strictly delivers a service. The costs related to CDM’s assets are presented in the consolidated statements of comprehensive earnings as marketing and midstream expenses.

Oil, gas, and NGL derivatives

The company indulges in derivative financial instruments, in consideration of a portion of its oil, gas, and NGL production, to hedge future prices. Besides, it occasionally enters into derivative financial instruments in regard to a part of its oil, gas, and NGL marketing activities. These are primarily used to manage the inherent uncertainty of prospective earnings arising due to volatility in commodity prices. Devon’s derivative instruments generally comprise basis swaps, price swaps, and costless price collars.

  • Under price swaps, the company receives a specified price for its production and pays a variable market price to the counterparty associated with the contract.
  • Under basis swaps, the company receives a specified differential between two regional index prices and expends a variable differential to the counterparty on the same index prices.
  • Under price collars, the company employs two-way price collars by fixing ceiling and floor prices for hedge production. Monthly price indices, if applicable, are outside of the ranges fixed by the ceiling and floor prices.

The commodity derivative’s fair value is assessed using internal discounted cash flow calculations. It is generally evaluated through forward curves and data acquired from autonomous third parties dealing in contracts on similar terms or data acquired from counterparties to the contracts.

About the company

Founded in 1971, Devon Energy Corporation is an independent energy company employed principally in the development, exploration, and production of oil, natural gas, and NGLs. Its key operating region is concentrated in various onshore areas in the United States. Its common stock is traded on New York Stock Exchange (NYSE) under the ticker symbol “DVN”. Some of its competitors are Pioneer Natural Resources, EOG Resources, Canadian Natural Resources, Occidental Petroleum, ConocoPhillips.

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