8-KOther Events

DEVON ENERGY CORP/DE 8-K Report (Jul 17, 2002)

Filed July 17, 2002For Securities:DVN

Summary

This Form 8-K filing from Devon Energy Corp. (DVN) on July 17, 2002, primarily serves as a supplement to a previous 8-K filed on January 29, 2002, regarding the acquisition of Mitchell Energy & Development Corp. It provides updated audited consolidated financial statements for Mitchell Energy & Development Corp. as of December 31, 2001, and for the years ended December 31, 2001, 2000, and 1999. Additionally, it includes unaudited pro forma combined financial statements for Devon Energy Corporation as of December 31, 2001, and for the year then ended, reflecting the combined entity post-acquisition. For investors, the key takeaway is the detailed financial performance of the acquired Mitchell Energy entity, now fully audited for the period leading up to its acquisition by Devon. This includes balance sheets, income statements, and cash flow statements, offering a comprehensive view of Mitchell's operational and financial standing prior to its integration into Devon Energy. The inclusion of pro forma statements also gives investors insight into the potential combined financial picture of the merged entity.

Key Highlights

  • 1Provides updated audited consolidated financial statements for Mitchell Energy & Development Corp. for the years ended December 31, 2001, 2000, and 1999.
  • 2Includes audited consolidated balance sheets for Mitchell Energy as of December 31, 2001 and 2000.
  • 3Presents unaudited pro forma combined financial statements for Devon Energy Corporation as of December 31, 2001, and for the year then ended, post-acquisition of Mitchell Energy.
  • 4The filing acknowledges the acquisition of Mitchell Energy & Development Corp. by Devon Energy Corporation, which closed on January 24, 2002.
  • 5Arthur Andersen LLP's audit report on Mitchell's financial statements is included, though their consent for inclusion in certain registration statements was dispensed with.
  • 6The report details the financial position and results of operations for Mitchell Energy, covering key financial metrics such as revenues, operating costs, net earnings, and cash flows.

Frequently Asked Questions

This 8-K filing primarily provides updated audited financial statements for the acquired company, Mitchell Energy & Development Corp., for the years ended December 31, 2001, 2000, and 1999, and pro forma financial statements for the combined Devon Energy Corporation post-acquisition. It supplements previous filings related to the acquisition.

The filing includes Mitchell Energy & Development Corp.'s audited consolidated financial statements, encompassing the balance sheets as of December 31, 2001, and 2000, and the statements of earnings, stockholders' equity, and cash flows for the years ended December 31, 2001, 2000, and 1999.

Pro forma financial statements present hypothetical financial results as if a specific event, such as the acquisition of Mitchell Energy by Devon Energy, had occurred at an earlier date. They are included to give investors a clearer picture of the potential financial performance and position of the combined entity.

Arthur Andersen LLP audited Mitchell Energy's consolidated financial statements. The filing notes that Arthur Andersen LLP representatives were not available to re-issue their consent for inclusion in certain registration statements, and Devon relied on Rule 437a, meaning investors may not be able to recover under Section 11 of the Securities Act against Arthur Andersen for misstatements in these audited financials.