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Sankey diagram of Devon Energy Corporation. A complete text table follows the diagram.
One Permian engine supplies most production and cash margin, while a smaller South Texas position earns the portfolio's richest field economics
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Field-level cash margin is management's non-GAAP measure. The Sankey treats the $839M capital program as funded from the $2,083M field-margin pool to illustrate reinvestment intensity; Devon does not trace specific field-margin dollars to projects, and corporate cash is fungible. The $1,244M retained amount is an arithmetic residual, not free cash flow.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Delaware Basin field margin | 1 | $1.3B | 60% of production; $27.77 per BOE |
| Rockies field margin | 1 | $451M | 23% of production; $26.80 per BOE |
| Eagle Ford field margin | 1 | $238M | 8% of production; $40.18 per BOE |
| Anadarko field margin | 1 | $129M | 9% of production; $19.18 per BOE |
| Other field margin | 1 | $12M | Small residual properties |
| Portfolio field cash margin | 2 | $2.1B | $27.78 per BOE |
| Current capital reinvestment | 3 | $839M | 40% of field margin |
| Field margin after current capex | 3 | $1.2B | Before corporate, interest, tax and working capital |
| Delaware drilling & completion | 4 | $449M | 54% of capital program |
| Rockies development | 4 | $223M | 27% of capital program |
| Eagle Ford development | 4 | $116M | 14% of capital program |
| Anadarko development | 4 | $29M | 3% of capital program |
| Other & midstream capital | 4 | $22M | Oil properties, gathering and corporate |
| From | To | Value |
|---|---|---|
| Delaware Basin field margin | Portfolio field cash margin | $1.3B |
| Rockies field margin | Portfolio field cash margin | $451M |
| Eagle Ford field margin | Portfolio field cash margin | $238M |
| Anadarko field margin | Portfolio field cash margin | $129M |
| Other field margin | Portfolio field cash margin | $12M |
| Portfolio field cash margin | Current capital reinvestment | $839M |
| Portfolio field cash margin | Field margin after current capex | $1.2B |
| Current capital reinvestment | Delaware drilling & completion | $449M |
| Current capital reinvestment | Rockies development | $223M |
| Current capital reinvestment | Eagle Ford development | $116M |
| Current capital reinvestment | Anadarko development | $29M |
| Current capital reinvestment | Other & midstream capital | $22M |