v2.4.0.6
Segment Information
 12 Months Ended
Dec. 31, 2011
Segment Information [Abstract]  
Segment Information

21. Segment Information

 

Devon manages its operations through distinct operating segments, or divisions, which are defined primarily by geographic areas. For financial reporting purposes, Devon aggregates its U.S. divisions into one reporting segment due to the similar nature of the businesses. However, Devon's Canadian division is reported as a separate reporting segment primarily due to the significant differences in the regulatory environment. Devon's segments are all primarily engaged in oil and gas producing activities, and certain information regarding such activities for each segment is included in Note 22. Following is certain financial information regarding Devon's segments. Revenues are all from external customers.

 

U.S.

Canada

Total

 

(In millions)

Year Ended December 31, 2011:

 

Oil, gas and NGL sales

$     5,418

$     2,897

$     8,315

Oil, gas and NGL derivatives

$         881

$           —

$         881

Marketing and midstream revenues

$     2,059

$         199

$     2,258

Interest expense

$         204

$         148

$         352

Depreciation, depletion and amortization

$     1,439

$         809

$     2,248

Earnings from continuing operations before income taxes

$     3,477

$         813

$     4,290

Income tax expense

$     1,958

$         198

$     2,156

Earnings from continuing operations

$     1,519

$         615

$     2,134

Property and equipment, net

$   16,989

$     7,785

$   24,774

Total continuing assets (1)

$   22,622

$   18,342

$   40,964

Capital expenditures

$     6,112

$     1,708

$     7,820

Year Ended December 31, 2010:

 

 

 

Oil, gas and NGL sales

$     4,742

$     2,520

$     7,262

Oil, gas and NGL derivatives

$         809

$             2

$         811

Marketing and midstream revenues

$     1,742

$         125

$     1,867

Interest expense

$         159

$         204

$         363

Depreciation, depletion and amortization

$     1,229

$         701

$     1,930

Earnings from continuing operations before income taxes

$     2,943

$         625

$     3,568

Income tax expense

$     1,062

$         173

$     1,235

Earnings from continuing operations

$     1,881

$         452

$     2,333

Property and equipment, net

$   12,379

$     7,273

$   19,652

Total continuing assets (1)

$   18,320

$   13,185

$   31,505

Capital expenditures

$     5,007

$     2,107

$     7,114

 

Year Ended December 31, 2009:

 

 

 

Oil, gas and NGL sales

$     3,958

$     2,139

$     6,097

Oil, gas and NGL derivatives

$         382

$             2

$         384

Marketing and midstream revenues

$     1,498

$           36

$     1,534

Interest expense

$         125

$         224

$         349

Depreciation, depletion and amortization

$     1,498

$         610

$     2,108

(Loss) earnings from continuing operations before income taxes

$    (4,961)

$         435

$    (4,526)

Income tax (benefit) expense

$    (1,894)

$         121

$    (1,773)

(Loss) earnings from continuing operations

$    (3,067)

$         314

$    (2,753)

Reduction of carrying value of oil and gas properties

$     6,408

$           —

$     6,408

Capital expenditures

$     3,584

$     1,099

$     4,683

____________________________

(1)   Total assets in the table above do not include assets held for sale related to Devon's discontinued operations, which totaled $153 million, $1.4 billion, and $1.9 billion in 2011, 2010 and 2009, respectively.