XML 158 R27.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment Information
 12 Months Ended
Dec. 31, 2014
Segment Information [Abstract]  
Segment Information

21.Segment Information

 

Devon manages its operations through distinct operating segments, which are defined primarily by geographic areas. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of the businesses. However, Devon's Canadian operating segment is reported as a separate reporting segment primarily due to the significant differences between the U.S. and Canadian regulatory environments. Devon's U.S. and Canadian segments are both primarily engaged in oil and gas exploration and production activities, and certain information regarding such activities for each segment is included in Note 22.

 

With the formation of EnLink in the first quarter of 2014, Devon considers EnLink, combined with the General Partner, to be an operating segment that is distinct from its existing operating segments. EnLink’s operations consist of midstream assets and operations located across the U.S. Additionally, EnLink has a management team that is primarily responsible for capital and resource allocation decisions. Therefore, EnLink is presented as a separate reporting segment. For the reporting periods prior to the formation of EnLink, Devon has reclassified, from its U.S. segment to the EnLink segment, all asset-level amounts related to the midstream assets that it contributed to EnLink.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

U.S.

 

Canada

 

EnLink

 

Eliminations

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Year Ended December 31, 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$
14,862 

 

$
2,063 

 

$
2,641 

 

$

 -

 

$
19,566 

Intersegment revenues

 

$

 -

 

$

 -

 

$
859 

 

$
(859)

 

$

 -

Depreciation, depletion and amortization

 

$
2,479 

 

$
560 

 

$
280 

 

$

 -

 

$
3,319 

Asset impairments

 

$
12 

 

$
1,941 

 

$

 -

 

$

 -

 

$
1,953 

Gains and losses on asset sales

 

$
5 

 

$
(1,077)

 

$

 -

 

$

 -

 

$
(1,072)

Interest expense

 

$
441 

 

$
85 

 

$
54 

 

$
(44)

 

$
536 

Earnings (loss) before income taxes

 

$
4,388 

 

$
(657)

 

$
328 

 

$

 -

 

$
4,059 

Income tax expense

 

$
1,797 

 

$
495 

 

$
76 

 

$

 -

 

$
2,368 

Net earnings (loss)

 

$
2,591 

 

$
(1,152)

 

$
252 

 

$

 -

 

$
1,691 

Net earnings attributable to noncontrolling interests

 

$
1 

 

$

 -

 

$
83 

 

$

 -

 

$
84 

Net earnings (loss) attributable to Devon

 

$
2,590 

 

$
(1,152)

 

$
169 

 

$

 -

 

$
1,607 

Property and equipment, net

 

$
24,572 

 

$
6,790 

 

$
4,934 

 

$

 -

 

$
36,296 

Total assets

 

$
32,147 

 

$
8,517 

 

$
10,097 

 

$
(124)

 

$
50,637 

Capital expenditures

 

$
11,245 

 

$
1,344 

 

$
970 

 

$

 -

 

$
13,559 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$
6,807 

 

$
2,656 

 

$
934 

 

$

 -

 

$
10,397 

Intersegment revenues

 

$

 -

 

$

 -

 

$
1,362 

 

$
(1,362)

 

$

 -

Depreciation, depletion and amortization

 

$
1,744 

 

$
849 

 

$
187 

 

$

 -

 

$
2,780 

Asset impairments

 

$
1,133 

 

$
843 

 

$

 -

 

$

 -

 

$
1,976 

Interest expense

 

$
392 

 

$
80 

 

$

 -

 

$
(35)

 

$
437 

Earnings (loss) before income taxes

 

$
495 

 

$
(532)

 

$
186 

 

$

 -

 

$
149 

Income tax expense (benefit)

 

$
258 

 

$
(156)

 

$
67 

 

$

 -

 

$
169 

Net earnings (loss)

 

$
237 

 

$
(376)

 

$
119 

 

$

 -

 

$
(20)

Property and equipment, net

 

$
18,201 

 

$
8,478 

 

$
1,768 

 

$

 -

 

$
28,447 

Total assets

 

$
27,080 

 

$
13,560 

 

$
2,237 

 

$

 -

 

$
42,877 

Capital expenditures

 

$
4,589 

 

$
1,841 

 

$
213 

 

$

 -

 

$
6,643 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from external customers

 

$
6,098 

 

$
2,600 

 

$
803 

 

$

 -

 

$
9,501 

Intersegment revenues

 

$

 -

 

$

 -

 

$
1,105 

 

$
(1,105)

 

$

 -

Depreciation, depletion and amortization

 

$
1,679 

 

$
987 

 

$
145 

 

$

 -

 

$
2,811 

Asset impairments

 

$
1,845 

 

$
163 

 

$
16 

 

$

 -

 

$
2,024 

Interest expense

 

$
343 

 

$
82 

 

$

 -

 

$
(19)

 

$
406 

Earnings (loss) before income taxes

 

$
(372)

 

$
(73)

 

$
128 

 

$

 -

 

$
(317)

Income tax expense (benefit)

 

$
(143)

 

$
(35)

 

$
46 

 

$

 -

 

$
(132)

Net earnings (loss)

 

$
(229)

 

$
(38)

 

$
82 

 

$

 -

 

$
(185)

Property and equipment, net

 

$
16,622 

 

$
8,955 

 

$
1,739 

 

$

 -

 

$
27,316 

Total assets

 

$
22,050 

 

$
19,070 

 

$
2,206 

 

$

 -

 

$
43,326 

Capital expenditures

 

$
6,159 

 

$
1,963 

 

$
352 

 

$

 -

 

$
8,474