Devon Energy Corporation (DVN)

Debt-to-equity ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	5,672,000	5,675,000	6,169,000	6,175,000	6,189,000	6,196,000	6,461,000	6,471,000	6,482,000	6,492,000	6,502,000	7,042,000	4,298,000	4,297,000	4,296,000	4,295,000	4,294,000	4,295,000	4,294,000	5,786,000
Total stockholders’ equity	US$ in thousands	12,061,000	11,639,000	11,021,000	10,977,000	11,167,000	10,873,000	10,090,000	9,300,000	9,262,000	8,924,000	8,399,000	8,353,000	2,885,000	3,023,000	3,227,000	3,919,000	5,802,000	6,542,000	6,994,000	7,857,000
Debt-to-equity ratio		0.47	0.49	0.56	0.56	0.55	0.57	0.64	0.70	0.70	0.73	0.77	0.84	1.49	1.42	1.33	1.10	0.74	0.66	0.61	0.74

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $5,672,000K ÷ $12,061,000K
= 0.47

The debt-to-equity ratio of Devon Energy Corp. has exhibited a downward trend over the last eight quarters, decreasing from 0.72 in Q1 2022 to 0.53 in Q4 2023. This indicates that the company has been gradually reducing its reliance on debt financing in relation to equity. The declining trend suggests that Devon Energy Corp. has been effectively managing its debt levels or improving its equity position during this period. It is worth noting that a lower debt-to-equity ratio generally signifies lower financial risk and a stronger financial position for the company. Overall, the trend in the debt-to-equity ratio of Devon Energy Corp. reflects a positive trajectory in its capital structure management.