item 7 . management 2019s discussion and analysis of financial condition and results of operations introduction the following discussion and analysis presents management 2019s perspective of our business , financial condition and overall performance . this information is intended to provide investors with an understanding of our past performance , current financial condition and outlook for the future and should be read in conjunction with 201citem 8 . financial statements and supplementary data 201d of this report . overview of 2017 results during 2017 , we generated solid operating results with our strategy of operating in north america 2019s best resource plays , delivering superior execution , continuing disciplined capital allocation and maintaining a high degree of financial strength . led by our development in the stack and delaware basin , we continued to improve our 90-day initial production rates . with investments in proprietary data tools , predictive analytics and artificial intelligence , we are delivering industry-leading , initial-rate well productivity performance and improving the performance of our established wells . compared to 2016 , commodity prices increased significantly and were the primary driver for improvements in devon 2019s earnings and cash flow during 2017 . we exited 2017 with liquidity comprised of $ 2.7 billion of cash and $ 2.9 billion of available credit under our senior credit facility . we have no significant debt maturities until 2021 . we further enhanced our financial strength by completing approximately $ 415 million of our announced $ 1 billion asset divestiture program in 2017 . we anticipate closing the remaining divestitures in 2018 . in 2018 and beyond , we have the financial capacity to further accelerate investment across our best-in-class u.s . resource plays . we are increasing drilling activity and will continue to shift our production mix to high-margin products . we will continue our premier technical work to drive capital allocation and efficiency and industry- leading well productivity results . we will continue to maximize the value of our base production by sustaining the operational efficiencies we have achieved . finally , we will continue to manage activity levels within our cash flows . we expect this disciplined approach will position us to deliver capital-efficient , cash-flow expansion over the next two years . key measures of our financial performance in 2017 are summarized in the following table . increased commodity prices as well as continued focus on our production expenses improved our 2017 financial performance as compared to 2016 , as seen in the table below . more details for these metrics are found within the 201cresults of operations 2013 2017 vs . 2016 201d , below. .
.
2017 Change 2016* Change 2015*
Net earnings (loss) attributable to Devon $898 +185% $(1,056) +92% $(12,896)
Net earnings (loss) per diluted share attributable to Devon $1.70 +181% $(2.09) +93% $(31.72)
Core earnings (loss) attributable to Devon<sup>(1)</sup> $427 +217% $(367) - 430% $111
Core earnings (loss) per diluted share attributable to Devon<sup>(1)</sup> $0.81 +210% $(0.73) - 382% $0.26
Retained production (MBoe/d) 541 - 4% 563 - 3% 580
Total production (MBoe/d) 543 - 11% 611 - 10% 680
Realized price per Boe<sup>(2)</sup> $25.96 +39% $18.72 - 14% $21.68
Operating cash flow $2,909 +94% $1,500 - 69% $4,898
Capitalized expenditures, including acquisitions $2,937 - 25% $3,908 - 32% $5,712
Shareholder and noncontrolling interests distributions $481 - 8% $525 - 19% $650
Cash and cash equivalents $2,673 +36% $1,959 - 15% $2,310
Total debt $10,406 +2% $10,154 - 22% $13,032
Reserves (MMBoe) 2,152 +5% 2,058 - 6% 2,182
net earnings ( loss ) attributable to devon 2017 $ 898 change +185% ( +185 % ) 2016* $ -1056 ( 1056 ) change +92% ( +92 % ) 2015* $ -12896 ( 12896 )
net earnings ( loss ) per diluted share attributable to devon $ 1.70 +181% ( +181 % ) $ -2.09 ( 2.09 ) +93% ( +93 % ) $ -31.72 ( 31.72 )
core earnings ( loss ) attributable to devon ( 1 ) $ 427 +217% ( +217 % ) $ -367 ( 367 ) - 430% ( 430 % ) $ 111
core earnings ( loss ) per diluted share attributable to devon ( 1 ) $ 0.81 +210% ( +210 % ) $ -0.73 ( 0.73 ) - 382% ( 382 % ) $ 0.26
retained production ( mboe/d ) 541 - 4% ( 4 % ) 563 - 3% ( 3 % ) 580
total production ( mboe/d ) 543 - 11% ( 11 % ) 611 - 10% ( 10 % ) 680
realized price per boe ( 2 ) $ 25.96 +39% ( +39 % ) $ 18.72 - 14% ( 14 % ) $ 21.68
operating cash flow $ 2909 +94% ( +94 % ) $ 1500 - 69% ( 69 % ) $ 4898
capitalized expenditures including acquisitions $ 2937 - 25% ( 25 % ) $ 3908 - 32% ( 32 % ) $ 5712
shareholder and noncontrolling interests distributions $ 481 - 8% ( 8 % ) $ 525 - 19% ( 19 % ) $ 650
cash and cash equivalents $ 2673 +36% ( +36 % ) $ 1959 - 15% ( 15 % ) $ 2310
total debt $ 10406 +2% ( +2 % ) $ 10154 - 22% ( 22 % ) $ 13032
reserves ( mmboe ) 2152 +5% ( +5 % ) 2058 - 6% ( 6 % ) 2182