Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Cash flows from operating activities: | |||
Net earnings (loss) | $ (2,671) | $ (353) | $ 3,224 |
Adjustments to reconcile net earnings (loss) to net cash from operating activities: | |||
Net (earnings) loss from discontinued operations, net of income taxes | 128 | 274 | (2,510) |
Depreciation, depletion and amortization | 1,300 | 1,497 | 1,228 |
Asset impairments | 2,693 | 156 | |
Leasehold impairments | 152 | 18 | 94 |
Accretion on discounted liabilities | 32 | 33 | 27 |
Total (gains) losses on commodity derivatives | (155) | 454 | (457) |
Cash settlements on commodity derivatives | 316 | 166 | (420) |
Gains on asset dispositions | (1) | (48) | (278) |
Deferred income tax expense (benefit) | (328) | (25) | 247 |
Share-based compensation | 88 | 115 | 137 |
Early retirement of debt | 312 | ||
Other | 5 | (6) | (19) |
Changes in assets and liabilities, net | (95) | (82) | (158) |
Net cash from operating activities - continuing operations | 1,464 | 2,043 | 1,583 |
Cash flows from investing activities: | |||
Capital expenditures | (1,153) | (1,910) | (2,116) |
Acquisitions of property and equipment | (8) | (31) | (55) |
Divestitures of property and equipment | 34 | 390 | 500 |
Net cash from investing activities - continuing operations | (1,127) | (1,551) | (1,671) |
Cash flows from financing activities: | |||
Repayments of long-term debt | (162) | (922) | |
Early retirement of debt | (304) | ||
Repurchases of common stock | (38) | (1,849) | (2,956) |
Dividends paid on common stock | (257) | (140) | (149) |
Contributions from noncontrolling interests | 21 | 116 | |
Distributions to noncontrolling interests | (14) | ||
Shares exchanged for tax withholdings | (18) | (25) | (39) |
Other | (1) | (7) | |
Net cash from financing activities - continuing operations | (306) | (2,061) | (4,377) |
Net change in cash, cash equivalents and restricted cash of continuing operations | 31 | (1,569) | (4,465) |
Cash flows from discontinued operations: | |||
Operating activities | (110) | 28 | 1,121 |
Investing activities | 481 | 2,472 | 2,726 |
Financing activities | 0 | (1,578) | 174 |
Effect of exchange rate changes on cash | (9) | 45 | 206 |
Net change in cash, cash equivalents and restricted cash of discontinued operations | 362 | 967 | 4,227 |
Net change in cash, cash equivalents and restricted cash | 393 | (602) | (238) |
Cash, cash equivalents and restricted cash at beginning of period | 1,844 | 2,446 | 2,684 |
Cash, cash equivalents and restricted cash at end of period | 2,237 | 1,844 | 2,446 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 2,047 | 1,464 | 2,414 |
Restricted cash | 190 | 380 | 32 |
Cash, cash equivalents and restricted cash at end of period | $ 2,237 | $ 1,844 | $ 2,446 |
Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
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ASSETS | ||||
Cash, cash equivalents and restricted cash | $ 2,237 | $ 1,844 | ||
Accounts receivable | 601 | 832 | ||
Current assets associated with discontinued operations | 896 | |||
Income taxes receivable | 174 | 47 | ||
Other current assets | 248 | 232 | ||
Total current assets | 3,260 | 3,851 | ||
Oil and gas property and equipment, based on successful efforts accounting, net | 4,436 | 7,558 | ||
Other property and equipment, net ($102 million and $80 million related to CDM in 2020 and 2019, respectively) | [1] | 957 | 1,035 | |
Total property and equipment, net | 5,393 | 8,593 | ||
Goodwill | 753 | 753 | ||
Right-of-use assets | 223 | 243 | ||
Other long-term assets | 283 | 196 | ||
Long-term assets associated with discontinued operations | 81 | |||
Total assets | 9,912 | 13,717 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 242 | 428 | ||
Revenues and royalties payable | 662 | 730 | ||
Current liabilities associated with discontinued operations | 459 | |||
Other current liabilities | 536 | 310 | ||
Total current liabilities | 1,440 | 1,927 | ||
Long-term debt | 4,298 | 4,294 | ||
Lease liabilities | 246 | 244 | ||
Asset retirement obligations | 358 | 380 | ||
Other long-term liabilities | 551 | 426 | ||
Long-term liabilities associated with discontinued operations | 185 | |||
Deferred income taxes | 341 | |||
Stockholders' equity: | ||||
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 382 million and 382 million shares in 2020 and 2019, respectively | 38 | 38 | ||
Additional paid-in capital | 2,766 | 2,735 | ||
Retained earnings | 208 | 3,148 | ||
Accumulated other comprehensive loss | (127) | (119) | ||
Total stockholders’ equity attributable to Devon | 2,885 | 5,802 | ||
Noncontrolling interests | 134 | 118 | ||
Total equity | 3,019 | 5,920 | ||
Total liabilities and equity | $ 9,912 | $ 13,717 | ||
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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
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Other property and equipment, net | [1] | $ 957 | $ 1,035 | |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | ||
Common stock, shares authorized (in shares) | 1,000,000,000.0 | 1,000,000,000.0 | ||
Common stock, shares issued (in shares) | 382,000,000 | 382,000,000 | ||
CDM [Member] | ||||
Other property and equipment, net | $ 102 | $ 80 | ||
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Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions |
Total |
Effect of Adoption of Lease Accounting [Member] |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Retained Earning [Member] |
Retained Earning [Member]
Effect of Adoption of Lease Accounting [Member]
|
Other Comprehensive Earnings (Loss) [Member] |
Treasury Stock [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2017 | $ 14,104 | $ 53 | $ 7,333 | $ 702 | $ 1,166 | $ 4,850 | |||
Balance, shares at Dec. 31, 2017 | 525 | ||||||||
Net earnings (loss) | 3,224 | 3,064 | 160 | ||||||
Other comprehensive earnings (loss), net of tax | (108) | (108) | |||||||
Restricted stock grants, net of cancellations, shares | 3 | ||||||||
Common stock repurchased | (3,017) | $ (3,017) | |||||||
Common stock retired | $ (8) | (2,987) | 2,995 | ||||||
Common stock retired, shares | (79) | ||||||||
Common stock dividends | (149) | (149) | |||||||
Share-based compensation | 140 | 140 | |||||||
Share-based compensation, shares | 1 | ||||||||
Divestment of subsidiary equity investment | (4,861) | 2 | (4,863) | ||||||
Subsidiary equity transactions | 72 | 72 | |||||||
Distributions to noncontrolling interests | (219) | (219) | |||||||
Other | 33 | (33) | |||||||
Balance at Dec. 31, 2018 | 9,186 | $ (7) | $ 45 | 4,486 | 3,650 | $ (7) | 1,027 | (22) | |
Balance, shares at Dec. 31, 2018 | 450 | ||||||||
Net earnings (loss) | (353) | (355) | 2 | ||||||
Other comprehensive earnings (loss), net of tax | (1,146) | (1,146) | |||||||
Restricted stock grants, net of cancellations, shares | 3 | ||||||||
Common stock repurchased | (1,852) | (1,852) | |||||||
Common stock retired | $ (7) | (1,867) | 1,874 | ||||||
Common stock retired, shares | (71) | ||||||||
Common stock dividends | (140) | (140) | |||||||
Share-based compensation | 116 | 116 | |||||||
Contributions from noncontrolling interests | 116 | 116 | |||||||
Balance at Dec. 31, 2019 | 5,920 | $ 38 | 2,735 | 3,148 | (119) | 118 | |||
Balance, shares at Dec. 31, 2019 | 382 | ||||||||
Net earnings (loss) | (2,671) | (2,680) | 9 | ||||||
Other comprehensive earnings (loss), net of tax | (8) | (8) | |||||||
Restricted stock grants, net of cancellations, shares | 3 | ||||||||
Common stock repurchased | (57) | (57) | |||||||
Common stock retired | (57) | $ 57 | |||||||
Common stock retired, shares | (3) | ||||||||
Common stock dividends | (260) | (260) | |||||||
Share-based compensation | 88 | 88 | |||||||
Contributions from noncontrolling interests | 21 | 21 | |||||||
Distributions to noncontrolling interests | (14) | (14) | |||||||
Balance at Dec. 31, 2020 | $ 3,019 | $ 38 | $ 2,766 | $ 208 | $ (127) | $ 134 | |||
Balance, shares at Dec. 31, 2020 | 382 |
Summary Of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies |
Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s operations are concentrated in various onshore areas in the U.S. As further discussed in Note 19, Devon sold its Barnett Shale assets on October 1, 2020, sold its Canadian operations on June 27, 2019 and sold its ownership interests in EnLink and the General Partner on July 18, 2018. Prior to December 31, 2020, activity relating to Devon’s Barnett Shale assets, inclusive of properties divested as partial sales of the Barnett Shale common operating field in previous reporting periods located primarily in Johnson and Wise counties, Texas, Canadian operations and EnLink and the General Partner are classified as discontinued operations within Devon’s consolidated statements of comprehensive earnings and consolidated statements of cash flows. Additionally, prior to December 31, 2020, the associated assets and liabilities of Devon’s Barnett Shale assets and Canadian operations are presented as assets and liabilities associated with discontinued operations on the consolidated balance sheets. Under the terms of the Canadian and Barnett disposition agreements, Devon retained certain long-term obligations for firm transportation, office leases and potential income tax matters. Appropriate assets and liabilities related to these obligations have been recognized on Devon’s consolidated balance sheet. Because these amounts will be settled over a period extending as far as 13 years in the future, these assets and liabilities have been reclassified as part of Devon’s continuing operations as of December 31, 2020. Accounting policies used by Devon and its subsidiaries conform to accounting principles generally accepted in the U.S. and reflect industry practices. The more significant of such policies are discussed below. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Devon, entities in which it holds a controlling interest and VIEs for which Devon is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in non-controlled entities, over which Devon has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for Devon’s proportionate share of earnings, losses, contributions and distributions. Investments accounted for using the equity method and cost method are reported as a component of other long-term assets. Devon entered into an agreement in the fourth quarter of 2019 to form Cotton Draw Midstream, L.L.C. or, “CDM”, a partnership in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). As part of this transaction, Devon contributed gathering system and compression assets in the Cotton Draw area to CDM in exchange for a $100 million cash distribution funded by QLCP. Devon will continue to operate the assets pursuant to the management services agreement. QLCP also committed $40 million of expansion capital to CDM to fund the build out of the assets over the next several years. As of December 31, 2020, QLCP has funded approximately $37 million of the $40 million committed expansion capital to CDM. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. Devon, through its controlling interest in CDM, has the power to direct the activities that significantly affect the economic performance of CDM and the obligation to absorb losses or the right to receive benefits that could be significant to CDM; therefore, Devon is considered the primary beneficiary and consolidates CDM. CDM maintains its own capital structure that is separate from Devon. During 2020, QLCP contributions to and distributions from CDM were approximately $21 million and $14 million, respectively. During 2019, QLCP contributions to CDM were approximately $116 million. The assets of CDM cannot be used by Devon for general corporate purposes and are included in and disclosed parenthetically on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in and disclosed parenthetically on Devon's consolidated balance sheets, if material.
Segment Information
Subsequent to the sale of Devon’s Canadian business in 2019 discussed in Note 19, Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of its business.
Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following:
Revenue Recognition Upstream Revenues Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, by calendar month based on volumes at contractually based rates with payment typically received within 30 days of the end of the production month. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying consolidated statements of comprehensive earnings. Oil sales Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received. Alternatively, production is delivered to the purchaser at a contractually agreed-upon delivery point where the purchaser takes custody, title and risk of loss of the product. Under this arrangement, a third party is paid to transport the product and Devon receives a specified index price from the purchaser with no transportation deduction. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The third-party costs are recorded as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings. Natural gas and NGL sales Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction. Devon has concluded it is the principal under these contracts and the ultimate third party is the customer. Revenue is recognized on a gross basis, with gathering, processing and transportation fees presented as a component of production expenses in the consolidated statements of comprehensive earnings. In certain natural gas processing agreements, Devon may elect to take residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point, and Devon receives a specified index price from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings. Marketing Revenues Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing revenues and expenses attributable to oil, gas and NGL purchases are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership. Midstream Revenues
Devon’s midstream activity relates entirely to its interest in CDM. CDM provides gathering, compression and dehydration services to Devon and other producers’ natural gas production. An evaluation is performed to determine whether CDM is a principal or agent in these transactions. Under the terms of these gathering, compression and dehydration contracts, CDM has concluded it is the agent as title to the gas production remains with the CDM affiliate producer or a third-party producer. Revenue is recognized on a net basis since CDM is strictly providing a service. Costs to maintain CDM’s assets are presented as marketing and midstream expenses in the consolidated statements of comprehensive earnings. Revenue is recognized for sales at the time the gathering, compression and dehydration service has been rendered or performed. Satisfaction of Performance Obligations and Revenue Recognitions Because Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon recognizes revenue for sales at the time the crude oil, natural gas or NGLs are delivered at a fixed or determinable price. Transaction Price Allocated to Remaining Performance Obligations Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
Contract Balances
Cash received relating to future performance obligations is deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of December 31, 2020. Devon’s product sales and marketing contracts do not give rise to contract assets.
Disaggregation of Revenue
The following table presents revenue from contracts with customers that are disaggregated based on the type of good.
Customers
During 2020, Devon had two customers that accounted for approximately 13% and 10% of Devon’s consolidated sales revenue, respectively.
During 2019, no purchaser accounted for more than 10% of Devon’s consolidated sales revenue.
During 2018, Devon had one purchaser that accounted for approximately 11% of Devon’s consolidated sales revenue.
Derivative Financial Instruments Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices and interest rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes. Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. These instruments are used to manage the inherent uncertainty of future revenues resulting from commodity price volatility. Devon’s derivative financial instruments typically include financial price swaps, basis swaps and costless price collars. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. For price collars, Devon utilizes two-way price collars. The two-way price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of December 31, 2020, Devon did not have any open interest rate swap contracts. All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2020, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon’s derivative financial instruments are also recorded in earnings. By using derivative financial instruments to hedge exposures to changes in commodity prices and interest rates, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally require cash collateral to be posted if either its or the counterparty’s credit rating falls below certain credit rating levels. As of December 31, 2020, Devon held no cash collateral of its counterparties nor posted collateral to its counterparties. General and Administrative Expenses G&A is reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon. Share-Based Compensation Devon grants share-based awards to members of its Board of Directors, management and employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of G&A in the accompanying consolidated statements of comprehensive earnings over the applicable requisite service periods. As a result of Devon’s restructuring activity discussed in Note 6, certain share-based awards were accelerated and recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings. Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are generally available to be issued as part of Devon’s share-based awards. However, Devon has historically canceled these shares upon repurchase. Income Taxes Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of the deferred tax assets is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Devon periodically weighs the positive and negative evidence to determine if it is more likely than not that some or all of the deferred tax assets will be realized. Forming a conclusion that a valuation allowance is not required is difficult when there is significant negative evidence, such as cumulative losses in recent years. See Note 8 for further discussion. Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense. Devon estimates its annual effective income tax rate in recording its provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the period in which they occur. Net Earnings (Loss) Per Share Attributable to Devon Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Basic earnings per share includes the effect of participating securities, which primarily consist of Devon’s outstanding restricted stock awards, as well as performance-based restricted stock awards that have met the requisite performance targets. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of unvested performance share units. Cash, Cash Equivalents and Restricted Cash Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. Subsequent to the sale of its Canadian operations in June 2019 and the sale of its Barnett Shale assets in October 2020, management presented approximately $190 million of Devon’s cash balance as of December 31, 2020, as restricted to fund retained long-term obligations related to the disposed assets. These obligations primarily relate to abandoned Canadian firm transportation and office lease agreements. This cash is not legally restricted and can be used by Devon for other general corporate purposes. Additionally, this restricted cash is included within continuing operations on the consolidated balance sheets at December 31, 2020. Accounts Receivable Devon’s accounts receivable balance primarily consists of oil and gas sales receivables, marketing and midstream revenue receivables and joint interest receivables for which Devon does not require collateral security. Devon records an allowance for credit losses based on a forward-looking “expected loss” model. Credit risk is assessed by class of account type, which includes cash equivalents and oil and gas, marketing and midstream, joint interest and other accounts receivable. These classes are further evaluated using a probability-weighted scenario assessment based on historical losses and a probability of future default. This evaluation is supported by an assessment of risk factors such as the age of the receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate. Property and Equipment Oil and Gas Property and Equipment Devon follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with nonproductive exploratory wells, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling successful exploratory wells along with acquisition costs and the costs of drilling development wells, including those that are unsuccessful, are capitalized. Devon groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing DD&A, assessing proved property impairments and accounting for asset dispositions. Exploratory drilling costs and exploratory-type stratigraphic test wells are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory well costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. Devon reviews the status of all suspended exploratory drilling costs quarterly.
Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six Mcf of gas to one Bbl of oil. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of wells and related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production. Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Significant unproved properties are assessed individually. Proved properties are assessed for impairment when events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating field. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax reserve cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of earnings. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. Devon capitalizes interest costs incurred that are attributable to material unproved oil and gas properties and major development projects of oil and gas properties. Other Property and Equipment Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using the straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major corporate construction projects are also capitalized.
Asset Retirement Obligations Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. Leases
Devon adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019, using the modified retrospective transition approach. ASC 842 supersedes the previous lease accounting requirements in ASC 840 and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASC 842 establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. At adoption, using the modified retrospective transition approach, Devon recorded right-of-use lease assets of $410 million and lease liabilities of $380 million. Additionally, Devon recorded a $8 million before tax, $7 million net of tax, cumulative-effect adjustment to reduce retained earnings. Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s lease agreements do not contain any material residual value guarantees or restrictive covenants. Goodwill Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of goodwill may not be recoverable. Such test includes a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a quantitative goodwill impairment test is performed. The quantitative goodwill impairment test requires the fair value of the reporting unit be compared to the carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, an impairment charge will be recognized for the amount by which the carrying amount exceeds the fair value. The fair value of the reporting unit is estimated based upon market capitalization, comparable transactions of similar companies and premiums paid. Devon performed impairment tests of goodwill in the fourth quarters of 2020, 2019 and 2018. No impairment was required as a result of the annual tests in these time periods. Additionally, because the trading price of our common stock decreased 73% during the first quarter of 2020 in response to the COVID-19 pandemic, we performed a goodwill impairment test as of March 31, 2020. While the cushion narrowed significantly since the 2019 impairment evaluation, we concluded an impairment was not required as of March 31, 2020. Due to substantial recovery in the price of Devon’s common stock subsequent to the first quarter of 2020, there was no risk associated with the impairment of goodwill as of December 31, 2020. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon’s accounting policy for property and equipment. Fair Value Measurements Certain of Devon’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:
Foreign Currency Translation Adjustments The U.S. dollar is the functional currency for Devon’s consolidated operations. Devon’s divested Canadian operations used the Canadian dollar as the functional currency. Prior to completing the divestiture in 2019, assets and liabilities of the Canadian operations were translated to U.S. dollars using the applicable exchange rate as of the end of a reporting period. Revenues, expenses and cash flow were translated using an average exchange rate during the reporting period. The disposition of substantially all of Devon’s Canadian oil and gas assets and operations in 2019 resulted in Devon releasing its historical cumulative foreign currency translation adjustment of $1.2 billion from accumulated other comprehensive earnings to be included within the gain computation.
Noncontrolling Interests Noncontrolling interests represent third-party ownership in the net assets of Devon’s consolidated subsidiaries and are presented as a component of equity. Changes in Devon’s ownership interests in subsidiaries that do not result in deconsolidation are recognized in equity.
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Acquisitions and Divestitures |
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Dec. 31, 2020 | |||
Business Combinations [Abstract] | |||
Acquisition and Divestitures |
WPX Merger On January 7, 2021, Devon and WPX completed an all-stock merger of equals. WPX is an oil and gas exploration and production company with assets in the Delaware Basin in Texas and New Mexico and the Williston Basin in North Dakota. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. No fractional shares of Devon’s common stock were issued in the Merger, and holders of WPX common stock instead received cash in lieu of fractional shares of Devon common stock, if any. Based on the closing price of Devon’s common stock on January 7, 2021, the total value of Devon common stock issued to holders of WPX common stock as part of this transaction was approximately $5.4 billion. The transaction will be accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of WPX and its subsidiaries will be recorded at their respective fair values as of the date of completion of the Merger and added to Devon’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the Merger. Determining the fair value of the assets and liabilities of WPX requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of WPX’s oil and gas properties. The Merger is structured as a tax-free reorganization for United States federal income tax purposes. In February 2021, Devon redeemed bonds issued by WPX with a maturity date of 2022 pursuant to a make whole provision in the related indenture. The total principal related to this redemption was approximately $43 million, with an additional $2 million cash premium paid to complete the make whole redemption.
Discontinued Operations
On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million, including a $170 million deposit previously received in April 2020. The agreement with BKV also provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commences on January 1, 2021 and has a term of four years. Devon recognized a $748 million asset impairment related to these assets in the fourth quarter of 2019 and incremental asset impairments totaling $182 million during 2020. Additional information can be found in Note 19.
In June 2019, Devon completed the sale of substantially all of its oil and gas assets and operations in Canada to Canadian Natural Resources Limited for proceeds, net of purchase price adjustments, of $2.6 billion ($3.4 billion Canadian dollars), and recognized a pre-tax gain of $223 million ($425 million, net of tax, primarily due to a significant deferred tax benefit) in 2019. Additional information can be found in Note 19. During 2018, Devon received proceeds of approximately $500 million and recognized a $26 million net gain on asset dispositions from the sales of non-core assets in the Barnett Shale, located primarily in Johnson and Wise counties, Texas. In conjunction with these divestitures, Devon settled certain gas processing contracts and recognized $40 million in settlement expense, which is included in asset dispositions within discontinued operations. For additional information, see Note 19.
During the third quarter of 2018, Devon completed the sale of its aggregate ownership interests in EnLink and the General Partner for $3.125 billion and recognized a gain of approximately $2.6 billion ($2.2 billion after-tax). The proceeds from the sale were utilized to increase Devon’s share repurchase activities, which are discussed further in Note 18. Additional information on these discontinued operations can be found in Note 19. Continuing Operations In the fourth quarter of 2020, Devon entered into an agreement to divest non-core assets in the Rockies for proceeds of approximately $12 million. The transaction includes contingent earnout payments of up to approximately $8 million and is expected to close in the first quarter of 2021. As of December 31, 2020, the associated assets and liabilities were classified as assets held for sale and included in other current assets and other current liabilities, respectively, in the accompanying consolidated balance sheet. Estimated total proved reserves related to these assets were approximately 3 MMBoe as of December 31, 2020. The December 31, 2020 assets and liabilities held for sale primarily relate to oil and gas property and equipment and asset retirement obligations, respectively.
During the first quarter of 2020, Devon entered into a farmout agreement in which the third party to the agreement can participate in the development of certain Devon-owned, non-operated interests in the Delaware Basin. Under the agreement, Devon will periodically transfer working interests to the third party, who will then fund its share of operating and development costs. Once certain investment hurdles are met, a portion of the working interest held by the third party will revert to Devon. No material activity occurred during 2020.
During 2019, Devon received proceeds of approximately $390 million and recognized a $48 million net gain on asset dispositions, primarily from sales of non-core assets in the Permian Basin. In aggregate, the total estimated proved reserves associated with these divested assets were approximately 54 MMBoe. During 2018, Devon received proceeds totaling approximately $500 million, primarily from the sales of non-core assets in the Delaware Basin, and recognized a net gain on asset dispositions of $278 million. In aggregate, the total estimated proved reserves associated with these divested assets were approximately 24 MMBoe. |
Derivative Financial Instruments |
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Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments |
Commodity Derivatives As of December 31, 2020, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
As of December 31, 2020, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
As of December 31, 2020, Devon did not have any open NGL derivative positions.
Financial Statement Presentation The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption.
The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.
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Share-Based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
In 2017, Devon’s stockholders approved the 2017 Plan. Subject to the terms of the 2017 Plan, awards may be made for a total of 33.5 million shares of Devon common stock, plus the number of shares available for issuance under the 2015 Plan (including shares subject to outstanding awards that were transferred to the 2017 Plan in accordance with its terms). The 2017 Plan authorizes the Compensation Committee, which consists of independent, non-management members of Devon’s Board of Directors, to grant nonqualified and incentive stock options, restricted stock awards or units, performance units and stock appreciation rights to eligible employees. The 2017 Plan also authorizes the grant of nonqualified stock options, restricted stock awards or units and stock appreciation rights to non-employee directors. To calculate the number of shares that may be granted in awards under the 2017 Plan, options and stock appreciation rights represent one share and other awards represent 2.3 shares. The vesting for certain share-based awards was accelerated in 2020, 2019 and 2018 in conjunction with the reduction of workforce activities described in Note 6 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.
The following table presents a summary of Devon’s unvested restricted stock awards, performance-based restricted stock awards and performance share units granted under the plans.
The following table presents the aggregate fair value of awards and units that vested during the indicated period.
The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of December 31, 2020.
Restricted Stock Awards Restricted stock awards are subject to the terms, conditions, restrictions and limitations, if any, that the Compensation Committee deems appropriate, including restrictions on continued employment. Generally, the service requirement for vesting ranges from one to four years. Dividends declared during the vesting period with respect to restricted stock awards will not be paid until the underlying award vests. Devon estimates the fair values of restricted stock awards as the closing price of Devon’s common stock on the grant date of the award, which is expensed over the applicable vesting period. Performance-Based Restricted Stock Awards Performance-based restricted stock awards were granted to certain members of Devon’s senior management. Vesting of the awards is dependent on Devon meeting certain internal performance targets and the recipient meeting certain service requirements. Generally, the service requirement for vesting ranges from one to four years. In order for awards to vest, the performance target must be met in the first year. If the performance target is met, the recipient is entitled to dividends under the same terms described above for nonperformance-based restricted stock. If the performance target and service period requirements are not met, the award does not vest. Devon estimates the fair values of the awards as the closing price of Devon’s common stock on the grant date of the award, which is expensed over the applicable vesting period. No performance-based restricted stock awards were granted in 2020, 2019 and 2018. Performance Share Units Performance share units are granted to certain members of Devon’s management and employees. Each unit that vests entitles the recipient to one share of Devon common stock. The vesting of these units is based on comparing Devon’s TSR to the TSR of a predetermined group of peer companies over the specified performance period. The vesting of units may be between zero and 200% of the units granted depending on Devon’s TSR as compared to the peer group on the vesting date.At the end of the vesting period, recipients receive dividend equivalents with respect to the number of units vested. The fair value of each performance share unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a risk-free interest rate based on U.S. Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of Devon and the designated peer group; and (iii) an estimated ranking of Devon among the designated peer group. The fair value of the unit on the date of grant is expensed over the applicable vesting period. The following table presents the assumptions related to performance share units granted.
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Asset Impairments |
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Asset Impairment Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairments |
The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings.
Proved Oil and Gas and Other Asset Impairments Reduced demand from the COVID-19 pandemic caused an unprecedented downturn in the price of oil. As a result, Devon reduced 2020 planned capital spend by 45% in March 2020. With materially lower commodity prices and reduced near-term investment, Devon assessed all of its oil and gas common operating fields for impairment as of March 31, 2020. For impairment determination, Devon historically utilized NYMEX forward strip prices for the first five years and applied internally generated price forecasts for subsequent years. In response to the COVID-19 pandemic, the NYMEX forward market became highly illiquid as evidenced by materially reduced trading volumes for periods beyond 2021. Therefore, Devon supplemented the NYMEX forward strip prices with price forecasts published by reputable investment banks and reservoir engineering firms to estimate future revenues as of March 31, 2020. For WTI, the range of pricing utilized in the first ten years of impairment reserve cash flows was approximately $23 to $50, and the weighted average of WTI pricing was approximately $39. For Henry Hub pricing utilized in the first ten years of impairment reserve cash flows, the range was approximately $1.29 - $2.63, with a weighted average Henry Hub price of approximately $1.85. To measure the indicated impairment in the first quarter of 2020, Devon used a market-based weighted-average cost of capital of 9% to discount the future net cash flows. These inputs are categorized as level 3 in the fair value hierarchy.
Unproved Impairments
Due to the downturn in the commodity price environment and reduced near-term investment as discussed above, Devon recognized $152 million of unproved impairments in 2020. Of these unproved impairments, $116 million related primarily to the Rockies field and $36 million related to certain non-core acreage Devon no longer intends to pursue for exploration opportunities. In 2019 and 2018, Devon allowed certain non-core acreage to expire without plans for development resulting in unproved impairments. |
Restructuring and Transaction Costs |
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Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Transaction Costs |
The following table summarizes Devon’s restructuring and transaction costs.
Restructuring 2020 Workforce Reductions In the third quarter of 2020, Devon announced a cost reduction plan designed to deliver sustainable cost savings by year-end 2020. As a result, Devon recognized $41 million of restructuring expenses during 2020. Of these expenses, $11 million and $9 million resulted from accelerated vesting of share-based grants and settlements and curtailments of defined retirement benefits, respectively, which are both noncash charges. Prior Years’ Restructurings During 2019 and 2018, Devon recognized restructuring expenses of $84 million and $97 million, respectively. Of these expenses recognized in 2019, $31 million and $7 million resulted from accelerated vesting of share-based grants and settlements of defined retirement benefits, respectively. Of these expenses recognized in 2018, $31 million and $14 million resulted from accelerated vesting of share-based grants and settlements of defined retirement benefits, respectively. The following table summarizes Devon’s restructuring liabilities presented in the accompanying consolidated balance sheets.
As of December 31, 2020, approximately $30 million and $136 million of liabilities were reclassified from liabilities associated with discontinued operations to other current and long-term liabilities, respectively, on the consolidated balance sheets. Transaction Costs On September 26, 2020, Devon and WPX entered into the Merger Agreement, providing for an all-stock merger of equals which was completed on January 7, 2021. Devon incurred approximately $8 million in bank, legal and accounting fees in the fourth quarter of 2020 related to the Merger. Devon expects to incur additional transaction costs in connection with the Merger closing in 2021. |
Other, Net |
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Other Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, Net |
7. Other, Net The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.
During 2020 and 2018, Devon received severance tax refunds related to prior periods of $40 million and $5 million, respectively.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
Income Tax Expense (Benefit)
The following table presents Devon’s income tax components.
Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes as a result of the following:
Devon and its subsidiaries are subject to U.S. federal income tax as well as income or capital taxes in various state and foreign jurisdictions. Devon’s tax reserves are related to tax years that may be subject to examinations by the relevant taxing authority. Devon is under audit in the U.S. and various foreign jurisdictions as part of its normal course of business.
Devon assesses the realizability of its deferred tax assets. If Devon concludes that it is more likely than not that some portion or all of the deferred tax assets will not be realized, the asset is reduced by a valuation allowance. Numerous judgments and assumptions are inherent in the determination of future taxable income, including factors such as future operating conditions (particularly as related to prevailing oil and gas prices) and changing tax laws.
2020
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law on March 27, 2020. The CARES Act allows net operating losses generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to be carried back five years to offset taxable income and recoup previously paid taxes. As a result, Devon intends to carry net operating losses generated in 2019 and 2020 back to 2014 and 2015, respectively, and recorded a $220 million current income tax benefit, partially offset by a $107 million deferred income tax expense. The net $113 million income tax benefit recorded in 2020 is the result of the higher U.S. federal income tax rate in the carry back periods.
Throughout 2019, Devon maintained a valuation allowance against certain deferred tax assets, including certain tax credits and state net operating losses. Since then, reduced demand from the COVID-19 pandemic has caused an unprecedented downturn in the commodity price environment. As a result, Devon recorded significant impairments during the first quarter of 2020 and is now in a net deferred tax asset position. Devon reassessed its position and recorded a 100% valuation allowance against all U.S. federal and state net deferred tax assets and has maintained a full valuation allowance position throughout 2020.
2019
On June 27, 2019, Devon completed the sale of substantially all of its oil and gas assets and operations in Canada. Devon’s foreign earnings have not been considered indefinitely reinvested since the announcement of the plan to separate the assets in the first quarter of 2019. As the separation took the form of an asset sale and Devon retained certain non-operating obligations to be settled over time, Devon did not record a deferred tax asset or corresponding valuation allowance related to its Canadian investment in 2019. Devon recorded tax impacts related to the Barnett Shale and Canadian assets in discontinued operations. During 2019, Devon recorded a tax expense of $14 million related to unrecognized tax benefits, due to a change in tax positions taken in prior periods.
In the fourth quarter of 2019, Devon entered into an audit agreement with the Canada Revenue Agency. The Canadian income tax expense resulting from this agreement is reflected in discontinued operations. However, the agreement also resulted in a $16 million tax benefit to Devon’s U.S. continuing operations.
The “other” effect is composed of permanent differences, including stock compensation, for which the dollar amounts do not increase or decrease in relation to the change in pre-tax earnings. Generally, permanent adjustments, as well as the state income tax, have an insignificant impact on Devon’s effective income tax rate. However, these items had a more noticeable impact to the rate in 2019 due to the low relative net loss in the period.
2018
Through the first six months of 2018, Devon maintained a 100% valuation allowance against its deferred tax assets resulting from prior year cumulative financial losses, oil and gas impairments and significant net operating losses for U.S. federal and state income tax. However, upon closing the EnLink divestiture in the third quarter of 2018, Devon realized a pre-tax gain of $2.6 billion. Based on its net deferred tax liability position, current period projected net operating loss utilization, and projections of future taxable income, Devon reassessed its position and determined that it was no longer in a full valuation allowance position, maintaining only valuation allowances against certain deferred tax assets, including certain tax credits and state net operating losses. As part of its reassessment, Devon determined that apart from the sale of EnLink and the General Partner, Devon would have remained in a full valuation allowance position. Accordingly, the deferred tax benefit resulting from the release of the valuation allowance that was generated in the first two quarters was allocated to continuing operations, while the $259 million of the deferred tax benefit resulting from the release of the remainder of the full valuation allowance position was allocated entirely to discontinued operations. Deferred Tax Assets and Liabilities The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.
The $16 million net Canadian deferred tax asset as of December 31, 2020, is expected to be realized by the end of 2022. Included in Devon’s Canadian net deferred tax asset balance are $593 million of deferred tax assets primarily related to capital loss carryforwards and a $577 million valuation allowance against Canadian deferred tax assets.
Devon has a deductible outside basis difference in its investment in its consolidated Canadian subsidiary. In the fourth quarter of 2020, it became apparent that this basis difference would reverse within the foreseeable future. As such, Devon recorded a $441 million deferred tax asset with a corresponding increase to its U.S. deferred tax asset valuation allowance. The tax benefit associated with recording this deferred tax asset and the offsetting tax expense associated with the corresponding change in valuation allowance are recorded in discontinued operations.
At December 31, 2020, Devon has recognized $238 million of deferred tax assets related to various net operating loss carryforwards available to offset future taxable income. Devon has $581 million of U.S. federal net operating loss carryforwards ($431 million expiring in 2037 with the remainder having an indefinite life) and $2.5 billion of U.S. state net operating loss carryforwards expiring between 2021 and 2040. In the current environment, Devon currently does not anticipate utilizing all of its U.S. federal or state net operating loss carryforwards, as indicated by the full valuation allowance against its U.S. deferred tax assets. Unrecognized Tax Benefits The following table presents changes in Devon’s unrecognized tax benefits.
Devon recognized no net interest or penalties in 2020 and its unrecognized tax benefit balance included no interest and penalties at December 31, 2020. Devon recognized a net interest benefit of $5 million in 2019 and its unrecognized tax benefit balance included no interest and penalties at December 31, 2019. At December 31, 2020 and December 31, 2019, there were $23 million and $65 million, respectively, of unrecognized tax benefits that if recognized would affect the annual effective tax rate. Due to regulatory changes during 2020, $42 million of Devon’s current unrecognized tax benefits were reclassified as deferred unrecognized tax benefits. The deferred unrecognized tax benefits of $50 million and $7 million, respectively, at December 31, 2020 and December 31, 2019 are not included in the table above but are accounted for in Devon’s deferred tax disclosure above. Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities.
Certain statute of limitation expirations are scheduled to occur in the next twelve months. However, Devon is currently in various stages of the administrative review process for certain open tax years. In addition, Devon is currently subject to various income tax audits that have not reached the administrative review process.
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Net Earnings (Loss) Per Share from Continuing Operations |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share from Continuing Operations |
The following table reconciles net earnings (loss) from continuing operations and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings (loss) per share from continuing operations.
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Other Comprehensive Earnings |
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Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Earnings |
Components of other comprehensive earnings consist of the following:
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Supplemental Information To Statements Of Cash Flows |
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Supplemental Information To Statements Of Cash Flows |
As of December 31, 2020 and 2019, Devon had approximately $100 million and $250 million, respectively, of accrued capital expenditures included in “Total property and equipment, net” and “Accounts payable” on the consolidated balance sheets. |
Accounts Receivable |
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Accounts Receivable |
Components of accounts receivable include the following:
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Property, Plant and Equipment |
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Extractive Industries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
13.Property, Plant and Equipment
Capitalized Costs
The following table reflects the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.
During 2020, Devon recognized asset impairments of $2.7 billion primarily related to proved oil and gas assets and $152 million of unproved impairments, which significantly reduced the carrying value of its property and equipment, net. See Note 5 for additional details.
Suspended Exploratory Well Costs The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2020.
Devon had no projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling as of December 31, 2020, 2019 and 2018, respectively. |
Debt And Related Expenses |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Related Expenses |
See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.
Debt maturities as of December 31, 2020, excluding debt issuance costs, premiums and discounts, are as follows:
Credit Lines Devon has a $3.0 billion Senior Credit Facility. As of December 31, 2020, Devon had $2 million in outstanding letters of credit under the Senior Credit Facility. There were no borrowings under the Senior Credit Facility as of December 31, 2020. In connection with the closing of the sale of its Canadian business, Devon reallocated and terminated all Canadian commitments under the Senior Credit Facility in accordance with the terms of the credit agreement governing the Senior Credit Facility. The termination of the Canadian subfacility was effective as of June 27, 2019, and such termination did not decrease the $3.0 billion in total revolving commitments under, or otherwise modify the terms of, the Senior Credit Facility. Subsequent to Devon’s divestment of substantially all of its oil and gas assets and operations in Canada, Devon entered into an amendment and extension agreement on December 13, 2019 to, among other things, (i) effect the extension of the maturity date of the Senior Credit Facility from October 5, 2023 to October 5, 2024 with respect to the consenting lenders, (ii) modify the maximum number of maturity extension requests during the term of the Senior Credit Facility from two to three and (iii) eliminate various references to the terminated Canadian subfacility. As a result of this amendment, Devon has the option to extend the October 5, 2024 maturity date by two additional one-year periods subject to lender consent, and the maximum borrowing capacity of the Senior Credit Facility becomes $2.8 billion after October 5, 2023. Amounts borrowed under the Senior Credit Facility may, at the election of Devon, bear interest at various fixed rate options for periods of up to twelve months. Such rates are generally less than the prime rate. However, Devon may elect to borrow at the prime rate. The Senior Credit Facility currently provides for an annual facility fee of $6 million. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. The credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying consolidated financial statements. For example, total capitalization is adjusted to add back noncash financial write-downs such as asset impairments. As of December 31, 2020, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 25%. Commercial Paper Devon’s Senior Credit Facility supports its $3.0 billion of short-term credit under its commercial paper program. Commercial paper debt generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is generally based on a standard index such as the Federal Funds Rate, LIBOR or the money market rate as found in the commercial paper market. As of December 31, 2020, Devon had no outstanding commercial paper borrowings. Financing Costs, Net The following schedule includes the components of net financing costs.
During 2018, Devon recognized a $312 million charge on early retirement of debt, consisting of $304 million in cash retirement costs and $8 million of noncash charges. These costs, along with other charges associated with retiring the debt, are included in net financing costs in the consolidated statements of comprehensive earnings.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s lease agreements do not contain any material residual value guarantees or restrictive covenants.
The following table presents Devon’s right-of-use assets and lease liabilities.
The following table presents Devon’s total lease cost.
The following table presents Devon’s additional lease information.
The following table presents Devon’s maturity analysis as of December 31, 2020 for leases expiring in each of the next 5 years and thereafter.
Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2020 for each of the next 5 years and thereafter.
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Asset Retirement Obligations |
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Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations |
The following table presents the changes in asset retirement obligations.
During 2019, Devon reduced its asset retirement obligations by $61 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. During 2019, Devon also reduced its asset retirement obligations by $42 million as a result of Devon’s 2019 divestitures. For additional information, see Note 2.
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Retirement Plans |
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans |
Defined Contribution Plans Devon sponsors defined contribution plans covering its employees. Such plans include its 401(k) plan and enhanced contribution plan. Contributions are primarily based upon percentages of annual compensation and years of service. In addition, each plan is subject to regulatory limitations by the U.S. government. Devon contributed $33 million, $34 million and $40 million to these plans in 2020, 2019 and 2018, respectively. Defined Benefit Plans Devon has various non-contributory defined benefit pension plans, including qualified plans and nonqualified plans covering eligible employees and former employees meeting certain age and service requirements. Benefits under the defined benefit plans have been closed to new employees; however, eligible employees have continued to accrue benefits based upon years of service and compensation. However, effective December 31, 2020, Devon’s benefits committee approved a freeze of all future benefit accruals under the Plan. Benefits are primarily funded from assets held in the plans’ trusts. Devon’s investment objective for its plans’ assets is to achieve stability of the funded status while providing long-term growth of invested capital and income to ensure benefit payments can be funded when required. Devon has established certain investment strategies, including target allocation percentages and permitted and prohibited investments, designed to mitigate risks inherent with investing. Devon’s target allocations for its plan assets are 85% fixed income and 15% equity. See the following discussion for Devon’s pension assets by asset class. Fixed-income – Devon’s fixed-income securities consist of U.S. Treasury obligations, bonds issued by investment-grade companies from diverse industries and asset-backed securities. These fixed-income securities are actively traded securities that can be redeemed upon demand. The fair values of these Level 1 securities are based upon quoted market prices and were $617 million and $240 million at December 31, 2020 and 2019, respectively. Also included in 2019 were commingled funds that primarily invest in long-term bonds and U.S. Treasury securities. These fixed income securities can be redeemed on demand but are not actively traded. The fair values of these securities are based upon the net asset values provided by the investment managers and were $233 million at December 31, 2019. Equity – Devon’s equity securities include commingled global equity funds that invest in large, mid and small capitalization stocks across the world’s developed and emerging markets and international large cap equity securities. These equity securities can be sold on demand but are not actively traded. The fair values of these securities are based upon the net asset values provided by the investment managers and were $110 million and $112 million at December 31, 2020 and 2019, respectively. Other – Devon’s other securities include short-term investment funds and a hedge fund that invest both long and short term using a variety of investment strategies. The fair value of these securities is based upon the net asset values provided by investment managers and were $18 million and $109 million at December 31, 2020 and 2019, respectively. Defined Postretirement Plans Devon also has defined benefit postretirement plans that provide benefits for substantially all qualifying retirees. Benefit obligations for such plans are estimated based on Devon’s future cost-sharing intentions. Devon’s funding policy for the plans is to fund the benefits as they become payable with available cash and cash equivalents. Benefit Obligations and Funded Status The following table summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with Devon’s defined pension and postretirement plans. Devon’s benefit obligations and plan assets are measured each year as of December 31. The accumulated benefit obligation for pension plans approximated the projected benefit obligation at December 31, 2020 and 2019.
During 2020, Devon’s qualified plan experienced a partial plan settlement due to ongoing lump sum payments. Devon’s qualified and non-qualified plans experienced curtailments due to plan freezes and reductions in force. Certain of Devon’s pension plans have a combined projected benefit obligation or accumulated benefit obligation in excess of plan assets at December 31, 2020 and December 31, 2019, as presented in the table below.
The following table presents the components of net periodic benefit cost and other comprehensive earnings.
Assumptions
Discount rate - Future pension and post-retirement obligations are discounted based on the rate at which obligations could be effectively settled, considering the timing of expected future cash flows related to the plans. This rate is based on high-quality bond yields, after allowing for call and default risk. Expected return on plan assets – This was determined by evaluating input from external consultants and economists, as well as long-term inflation assumptions and consideration of target allocation of investment types. Mortality rate – Devon utilized the Society of Actuaries produced mortality tables. Other assumptions – For measurement of the 2020 benefit obligation for the other postretirement medical plans, a 6.9% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2021. The rate was assumed to decrease annually to an ultimate rate of 5% in the year 2029 and remain at that level thereafter.
Expected Cash Flows Devon expects benefit plan payments to average approximately $57 million a year for the next five years and $264 million total for the five years thereafter. Of these payments to be paid in 2021, $17 million is expected to be funded from Devon’s available cash, cash equivalents and other assets. |
Stockholders' Equity |
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Stockholders Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity |
The authorized capital stock of Devon consists of 1.0 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors. Share Repurchase Program
In 2018, Devon announced a share repurchase program totaling $4.0 billion. In February 2019, Devon announced a further expansion to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a new $1.0 billion share repurchase program with a December 31, 2020 expiration date.
The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).
Dividends
The table below summarizes the dividends Devon paid on its common stock.
Devon raised its quarterly dividend by 22%, to $0.11 per share, beginning in the second quarter of 2020. Devon also increased its quarterly dividend rate in both the second quarter of 2019 from $0.08 to $0.09 and in 2018 from $0.06 to $0.08. On October 1, 2020, Devon paid a $0.26 per share special dividend to holders of record as of August 14, 2020. In February 2021, Devon announced an approximately $128 million variable cash dividend in the amount of $0.19 per share payable in the first quarter of 2021. |
Discontinued Operations |
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Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations |
Barnett Shale
On December 17, 2019, Devon announced that it had entered into an agreement to sell its Barnett Shale assets to BKV. Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations upon the authorization to enter the agreement by Devon’s Board of Directors. As part of its assessment, Devon effectively exited its last natural gas focused asset and the transaction resulted in a material reduction to total assets, revenues, net earnings and total proved reserves. Estimated proved reserves associated with Devon’s Barnett Shale assets were approximately 45% of the total proved reserves. As a result, Devon classified the results of operations and cash flows related to its Barnett Shale assets, inclusive of Barnett properties divested in previous reporting periods located primarily in Johnson and Wise counties, Texas, as discontinued operations on its consolidated financial statements.
In conjunction with the divestiture agreement, which was amended in April 2020, Devon recognized a $182 million and $748 million asset impairment related to the Barnett Shale assets in 2020 and 2019, respectively, primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualifies as a level 2 fair value measurement. Approximately $88 million of the U.S. reporting unit goodwill was allocated to the Barnett Shale assets. Additionally, Devon ceased depreciation for all plant, property and equipment classified as assets held for sale on the date the sales agreement was approved by the Board of Directors.
On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million, including a $170 million deposit previously received in April 2020. Additionally, the agreement provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commences on January 1, 2021 and has a term of four years. The valuation of the future contingent earnout payments included within other current assets in the December 31, 2020 balance sheet was $66 million. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement.
As of December 31, 2020, Devon has classified approximately $20 million of cash as restricted cash on the consolidated balance sheets for obligations associated with the abandonment of certain gas processing contracts related to divestitures of other Barnett Shale assets that occurred in 2018. Cash payments for these charges total approximately $2 million per quarter.
Canada In the second quarter of 2019, Devon completed the sale of its Canadian business for $2.6 billion ($3.4 billion Canadian dollars), net of purchase price adjustments, and recognized a pre-tax gain of $223 million ($425 million net of tax, primarily due to a significant deferred tax benefit) in 2019. Current (cash) income and withholding taxes associated with the Canadian business were approximately $175 million and were paid in the first half of 2020. Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations based upon the following: 1) Devon was exiting its entire heavy oil and Canadian operations; 2) Devon’s Canadian operations were a separate reportable segment and a component of Devon’s business; and 3) the transaction resulted in a material reduction in total assets, revenues, net earnings and total proved reserves. The disposition of substantially all of Devon’s Canadian oil and gas assets resulted in Devon releasing its historical cumulative foreign currency translation adjustment of $1.2 billion from accumulated other comprehensive earnings to be included within the gain computation. The historical cumulative foreign currency translation portion of the gain is not taxable. During the third quarter of 2019, Devon utilized a portion of the sales proceeds to early retire $500 million of the 4.00% senior notes due July 15, 2021 and $1.0 billion of the 3.25% senior notes due May 15, 2022. Devon recognized a charge on the early retirement of these notes consisting of $52 million in cash retirement costs and $6 million of noncash charges. As of December 31, 2020, Devon has classified approximately $170 million of cash as restricted cash on the consolidated balance sheets for obligations retained related to the Canadian business. The remaining obligations consist of a firm transportation agreement and office leases. Cash payments for these charges total approximately $8 million per quarter. EnLink
On June 6, 2018, Devon announced that it had entered into an agreement to sell its aggregate ownership interests in EnLink and the General Partner for $3.125 billion. Upon entering into the agreement to sell its ownership interest in June 2018, Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations. As a result, Devon classified the results of operations and cash flows related to EnLink and the General Partner as discontinued operations on its consolidated financial statements.
On July 18, 2018, Devon completed the sale of its aggregate ownership interests in EnLink and the General Partner for $3.125 billion and recognized a gain of approximately $2.6 billion ($2.2 billion after-tax). Current (cash) income tax associated with the transaction was approximately $12 million. The vast majority of the tax effect relates to deferred tax expense offset by the valuation allowance adjustment.
As part of the sale agreement, Devon extended its fixed-fee gathering and processing contracts with respect to the Bridgeport and Cana plants with EnLink through 2029. Although the agreements were extended to 2029, the minimum volume commitments for the Bridgeport and Cana plants expired at the end of 2018. Devon had minimum volume commitments for gathering and processing of 77-128 MMcf/d with EnLink at the Chisholm plant which expired at the end of 2020.
Prior to the divestment of Devon’s aggregate ownership of EnLink and the General Partner, certain activity between Devon and EnLink were eliminated in consolidation. Subsequent to the divestment, all activity related to EnLink represent third-party transactions and are no longer eliminated in consolidation. During 2020, 2019 and from the period of July 19, 2018 through December 31, 2018, Devon had net outflows of approximately $430 million, $560 million and $380 million with EnLink, respectively, which primarily related to gathering and processing expenses. These net outflows represent gross cash amounts and not net working interest amounts.
The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
Prior to December 31, 2020, activity on the consolidated statement of comprehensive earnings and assets and liabilities on the consolidated balance sheet related to Devon’s Barnett Shale and Canadian operations were classified as discontinued operations. Under the terms of the Canadian and Barnett disposition agreements, Devon retained certain long-term obligations for firm transportation, office leases and potential income tax matters. Appropriate assets and liabilities related to these obligations have been recognized on Devon's consolidated balance sheet. Because these amounts will be settled over a period extending as far as 13 years in the future, these assets and liabilities have been reclassified as part of Devon's continuing operations as of December 31, 2020.
The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheet as of December 31, 2019.
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Commitments And Contingencies |
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Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies |
Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. Royalty Matters Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. As of December 31, 2020, Devon has accrued approximately $40 million in other current liabilities pertaining to such royalty matters. Environmental and Other Matters Devon is subject to certain laws and regulations relating to environmental remediation activities associated with past operations, such as the federal Comprehensive Environmental Response, Compensation, and Liability Act and similar state statutes. In response to liabilities associated with these activities, loss accruals primarily consist of estimated uninsured remediation costs. Devon’s monetary exposure for environmental matters is not expected to be material. Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon believes these claims to be baseless and intends to vigorously defend against the proceedings. Various states, municipalities and other governmental and private parties have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctions to address the alleged impacts of climate change. Although Devon cannot predict the ultimate outcome of these matters, Devon believes these claims to be baseless and intends to vigorously defend against the proceedings.
In November 2020, the Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including Devon, to perform decommissioning and reclamation activities related to two California offshore oil and gas production platforms and related facilities. The current operator and owner of the platforms contends that it does not have the financial ability to perform these obligations and relinquished the related federal lease in October 2020. In response to the apparent insolvency of the current operator, the government has ordered the former operators and alleged former lease record title owners to decommission the platforms. The government contends that an alleged corporate predecessor of Devon owned a partial interest in the subject lease and platforms. Although Devon cannot predict the ultimate outcome of this matter, Devon denies any obligation to decommission the subject platforms, has appealed the order, and believes any decommissioning obligation related to the subject platforms should be assumed by others. Commitments The following table presents Devon’s commitments that have initial or remaining noncancelable terms in excess of one year as of December 31, 2020.
Devon has certain drilling and facility obligations under contractual agreements with third-party service providers to procure drilling rigs and other related services for developmental and exploratory drilling and facilities construction. The value of the drilling obligations reported is based on gross contractual value. Devon has certain operational agreements whereby Devon has committed to transport or process certain volumes of oil, gas and NGLs for a fixed fee. Devon has entered into these agreements to aid the movement of its production to downstream markets. Devon leases certain office space and equipment under financing and operating lease arrangements. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, restricted cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at December 31, 2020 and December 31, 2019, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.
The following methods and assumptions were used to estimate the fair values in the table above.
Level 1 Fair Value Measurements Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value. Level 2 Fair Value Measurements
Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.
Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. |
Supplemental Information on Oil and Gas Operations (Unaudited) |
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Oil And Gas Exploration And Production Industries Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information on Oil and Gas Operations (Unaudited) |
Supplemental unaudited information regarding Devon’s oil and gas activities is presented in this note. All of Devon’s reserves are located within the U.S.
The supplemental information in the tables below excludes amounts for all periods presented related to Devon’s discontinued operations, which consist of Devon’s Canadian operations that were sold in 2019 and its Barnett Shale assets, inclusive of properties divested in previous reporting periods located primarily in Johnson and Wise counties, Texas, which were sold in October 2020. Amounts excluded for 2019 and 2018 consisted of 612 MMBoe and 1,104 MMBoe, respectively, of estimated proved reserves and $940 million and $3,042 million, respectively, of discounted future net cash flows, which related to both Devon’s Canadian operations and its Barnett Shale assets. For additional information on these discontinued operations, see Note 19. Costs Incurred The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.
Development costs in the tables above include additions and revisions to Devon’s asset retirement obligations. Results of Operations The following tables include revenues and expenses associated with Devon’s oil and gas producing activities. They do not include any allocation of Devon’s interest costs or general corporate overhead and, therefore, are not necessarily indicative of the contribution to net earnings of Devon’s oil and gas operations. Income tax expense has been calculated by applying statutory income tax rates to oil, gas and NGL sales after deducting costs, including DD&A and after giving effect to permanent differences.
Proved Reserves The following table presents Devon’s estimated proved reserves by product.
Price Revisions Reserves decreased 78 MMBoe in 2020 primarily due to price decreases in the trailing 12 month averages for oil, gas and NGLs. Reserves decreased 28 MMBoe in 2019 primarily due to price decreases in the trailing 12 month averages for oil, gas and NGLs. Reserves increased 15 MMBoe in 2018 primarily due to price increases in the trailing 12 month averages for oil, gas and NGLs. Revisions Other Than Price 2020 – Total revisions other than price (55 MMBoe) were primarily due to well performance exceeding previous estimates (75 MMBoe) and the removal of proved undeveloped locations as noted below (-20 MMBoe). The most significant well performance revisions were attributable to the Delaware Basin (40 MMBoe) and the STACK region of the Anadarko Basin (22 MMBoe). 2019 – Total revisions other than price in 2019 were primarily due to changes in previously adopted development plans in the STACK region of the Anadarko Basin (-9 MMBoe) and in the Delaware Basin (-6 MMBoe). An additional downward revision of 5 MMBoe was the result of reduced recovery estimates attributable to continued evaluation of analogous offset well performance primarily in the STACK region of the Anadarko Basin. 2018 – Total revisions other than price primarily related to Devon’s development programs evaluation of certain oil and dry gas regions, with the largest revisions being made in the STACK region of the Anadarko Basin. Extensions and Discoveries Each year, Devon’s proved reserves extensions and discoveries consist of adding proved undeveloped reserves to locations classified as undeveloped at year-end and adding proved developed reserves from successful development wells drilled on locations outside the areas classified as proved at the previous year-end. Therefore, it is not uncommon for Devon’s total proved extensions and discoveries to differ from the extensions and discoveries for Devon’s proved undeveloped reserves. Furthermore, because annual additions are classified according to reserve determinations made at the previous year-end and because Devon operates a multi-basin portfolio with assets at varying stages of maturity, extensions and discoveries for proved developed and proved undeveloped reserves can differ significantly in any particular year. 2020 – Of the 135 MMBoe of additions from extensions and discoveries, 117 MMBoe were in the Delaware Basin, 8 MMBoe were in the STACK region of the Anadarko Basin, 5 MMBoe in the Powder River Basin and 5 MMBoe in Eagle Ford. 2019 – Of the 160 MMBoe of additions from extensions and discoveries, 77 MMBoe were in the Delaware Basin, 37 MMBoe were in the STACK region of the Anadarko Basin, 28 MMBoe in the Powder River Basin and 18 MMBoe in Eagle Ford. In 2019, there were no additions related to infill drilling activities. 2018 – Approximately 85% of the additions were through focused efforts in the STACK region of the Anadarko Basin (87 MMBoe) and the Delaware Basin (88 MMBoe). The remaining extensions were added throughout the remainder of Devon’s portfolio. The 2018 extensions and discoveries included 21 MMBoe related to additions from Devon’s infill drilling activities, primarily relating to the STACK region of the Anadarko Basin. Sale of Reserves During 2020, 2019 and 2018, Devon had U.S. non-core asset divestitures. For additional information on these divestitures, see Note 2.
Proved Undeveloped Reserves The following table presents the changes in Devon’s total proved undeveloped reserves during 2020 (MMBoe).
Total proved undeveloped reserves increased 6% from 2019 to 2020 with the year-end 2020 balance representing 24% of total proved reserves. Over 87% of the 105 MMBoe in extensions and discoveries were the result of Devon’s focus on drilling and development activities in the Delaware Basin. This continued development in the Delaware Basin also led to the conversion of 68 MMBoe, or 40% of the 2019 proved undeveloped reserves. Costs incurred to develop and convert Devon’s proved undeveloped reserves were approximately $448 million for 2020. Proved undeveloped reserves revisions other than price were primarily due to changes in previously adopted development plans in the STACK region of the Anadarko Basin (-12 MMBoe) and the Delaware Basin (-8 MMBoe). Standardized Measure The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.
Future cash inflows, development costs and production costs were computed using the same assumptions for prices and costs that were used to estimate Devon’s proved oil and gas reserves at the end of each year. For 2020 estimates, Devon’s future realized prices were assumed to be $37.35 per Bbl of oil, $1.37 per Mcf of gas and $10.76 per Bbl of NGLs. Of the $1.7 billion of future development costs as of the end of 2020, $0.6 billion, $0.4 billion and $0.2 billion are estimated to be spent in 2021, 2022 and 2023, respectively. Future development costs include not only development costs but also future asset retirement costs. Included as part of the $1.7 billion of future development costs are $0.3 billion of future asset retirement costs. The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws.
The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:
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Summary Of Significant Accounting Policies (Policies) |
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Principles Of Consolidation |
Principles of Consolidation The accompanying consolidated financial statements include the accounts of Devon, entities in which it holds a controlling interest and VIEs for which Devon is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in non-controlled entities, over which Devon has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for Devon’s proportionate share of earnings, losses, contributions and distributions. Investments accounted for using the equity method and cost method are reported as a component of other long-term assets. Devon entered into an agreement in the fourth quarter of 2019 to form Cotton Draw Midstream, L.L.C. or, “CDM”, a partnership in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). As part of this transaction, Devon contributed gathering system and compression assets in the Cotton Draw area to CDM in exchange for a $100 million cash distribution funded by QLCP. Devon will continue to operate the assets pursuant to the management services agreement. QLCP also committed $40 million of expansion capital to CDM to fund the build out of the assets over the next several years. As of December 31, 2020, QLCP has funded approximately $37 million of the $40 million committed expansion capital to CDM. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. Devon, through its controlling interest in CDM, has the power to direct the activities that significantly affect the economic performance of CDM and the obligation to absorb losses or the right to receive benefits that could be significant to CDM; therefore, Devon is considered the primary beneficiary and consolidates CDM. CDM maintains its own capital structure that is separate from Devon. During 2020, QLCP contributions to and distributions from CDM were approximately $21 million and $14 million, respectively. During 2019, QLCP contributions to CDM were approximately $116 million. The assets of CDM cannot be used by Devon for general corporate purposes and are included in and disclosed parenthetically on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in and disclosed parenthetically on Devon's consolidated balance sheets, if material. |
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Segment Information |
Segment Information
Subsequent to the sale of Devon’s Canadian business in 2019 discussed in Note 19, Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of its business. |
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Use Of Estimates |
Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following:
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Revenue Recognition |
Revenue Recognition Upstream Revenues Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, by calendar month based on volumes at contractually based rates with payment typically received within 30 days of the end of the production month. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying consolidated statements of comprehensive earnings. Oil sales Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received. Alternatively, production is delivered to the purchaser at a contractually agreed-upon delivery point where the purchaser takes custody, title and risk of loss of the product. Under this arrangement, a third party is paid to transport the product and Devon receives a specified index price from the purchaser with no transportation deduction. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The third-party costs are recorded as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings. Natural gas and NGL sales Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction. Devon has concluded it is the principal under these contracts and the ultimate third party is the customer. Revenue is recognized on a gross basis, with gathering, processing and transportation fees presented as a component of production expenses in the consolidated statements of comprehensive earnings. In certain natural gas processing agreements, Devon may elect to take residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point, and Devon receives a specified index price from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings. Marketing Revenues Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing revenues and expenses attributable to oil, gas and NGL purchases are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership. Midstream Revenues
Devon’s midstream activity relates entirely to its interest in CDM. CDM provides gathering, compression and dehydration services to Devon and other producers’ natural gas production. An evaluation is performed to determine whether CDM is a principal or agent in these transactions. Under the terms of these gathering, compression and dehydration contracts, CDM has concluded it is the agent as title to the gas production remains with the CDM affiliate producer or a third-party producer. Revenue is recognized on a net basis since CDM is strictly providing a service. Costs to maintain CDM’s assets are presented as marketing and midstream expenses in the consolidated statements of comprehensive earnings. Revenue is recognized for sales at the time the gathering, compression and dehydration service has been rendered or performed. Satisfaction of Performance Obligations and Revenue Recognitions Because Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon recognizes revenue for sales at the time the crude oil, natural gas or NGLs are delivered at a fixed or determinable price. Transaction Price Allocated to Remaining Performance Obligations Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.
Contract Balances
Cash received relating to future performance obligations is deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of December 31, 2020. Devon’s product sales and marketing contracts do not give rise to contract assets.
Disaggregation of Revenue
The following table presents revenue from contracts with customers that are disaggregated based on the type of good.
Customers
During 2020, Devon had two customers that accounted for approximately 13% and 10% of Devon’s consolidated sales revenue, respectively.
During 2019, no purchaser accounted for more than 10% of Devon’s consolidated sales revenue.
During 2018, Devon had one purchaser that accounted for approximately 11% of Devon’s consolidated sales revenue. |
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Derivative Financial Instruments |
Derivative Financial Instruments Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices and interest rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes. Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. These instruments are used to manage the inherent uncertainty of future revenues resulting from commodity price volatility. Devon’s derivative financial instruments typically include financial price swaps, basis swaps and costless price collars. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. For price collars, Devon utilizes two-way price collars. The two-way price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of December 31, 2020, Devon did not have any open interest rate swap contracts. All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2020, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon’s derivative financial instruments are also recorded in earnings. By using derivative financial instruments to hedge exposures to changes in commodity prices and interest rates, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally require cash collateral to be posted if either its or the counterparty’s credit rating falls below certain credit rating levels. As of December 31, 2020, Devon held no cash collateral of its counterparties nor posted collateral to its counterparties. |
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General And Administrative Expenses |
General and Administrative Expenses G&A is reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon. |
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Share-Based Compensation |
Share-Based Compensation Devon grants share-based awards to members of its Board of Directors, management and employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of G&A in the accompanying consolidated statements of comprehensive earnings over the applicable requisite service periods. As a result of Devon’s restructuring activity discussed in Note 6, certain share-based awards were accelerated and recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings. Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are generally available to be issued as part of Devon’s share-based awards. However, Devon has historically canceled these shares upon repurchase. |
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Income Taxes |
Income Taxes Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of the deferred tax assets is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Devon periodically weighs the positive and negative evidence to determine if it is more likely than not that some or all of the deferred tax assets will be realized. Forming a conclusion that a valuation allowance is not required is difficult when there is significant negative evidence, such as cumulative losses in recent years. See Note 8 for further discussion. Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense. Devon estimates its annual effective income tax rate in recording its provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the period in which they occur. |
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Net Earnings (Loss) Per Share Attributable To Devon |
Net Earnings (Loss) Per Share Attributable to Devon Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Basic earnings per share includes the effect of participating securities, which primarily consist of Devon’s outstanding restricted stock awards, as well as performance-based restricted stock awards that have met the requisite performance targets. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of unvested performance share units. |
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Cash, Cash Equivalents, and Restricted Cash |
Cash, Cash Equivalents and Restricted Cash Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. Subsequent to the sale of its Canadian operations in June 2019 and the sale of its Barnett Shale assets in October 2020, management presented approximately $190 million of Devon’s cash balance as of December 31, 2020, as restricted to fund retained long-term obligations related to the disposed assets. These obligations primarily relate to abandoned Canadian firm transportation and office lease agreements. This cash is not legally restricted and can be used by Devon for other general corporate purposes. Additionally, this restricted cash is included within continuing operations on the consolidated balance sheets at December 31, 2020. |
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Accounts Receivable |
Accounts Receivable Devon’s accounts receivable balance primarily consists of oil and gas sales receivables, marketing and midstream revenue receivables and joint interest receivables for which Devon does not require collateral security. Devon records an allowance for credit losses based on a forward-looking “expected loss” model. Credit risk is assessed by class of account type, which includes cash equivalents and oil and gas, marketing and midstream, joint interest and other accounts receivable. These classes are further evaluated using a probability-weighted scenario assessment based on historical losses and a probability of future default. This evaluation is supported by an assessment of risk factors such as the age of the receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate. |
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Property And Equipment |
Property and Equipment Oil and Gas Property and Equipment Devon follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with nonproductive exploratory wells, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling successful exploratory wells along with acquisition costs and the costs of drilling development wells, including those that are unsuccessful, are capitalized. Devon groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing DD&A, assessing proved property impairments and accounting for asset dispositions. Exploratory drilling costs and exploratory-type stratigraphic test wells are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved when drilling is completed, costs continue to be capitalized as suspended exploratory well costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. Devon reviews the status of all suspended exploratory drilling costs quarterly.
Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six Mcf of gas to one Bbl of oil. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of wells and related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production. Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Significant unproved properties are assessed individually. Proved properties are assessed for impairment when events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating field. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax reserve cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of earnings. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. Devon capitalizes interest costs incurred that are attributable to material unproved oil and gas properties and major development projects of oil and gas properties. Other Property and Equipment Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using the straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major corporate construction projects are also capitalized.
Asset Retirement Obligations Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. |
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Leases |
Leases
Devon adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019, using the modified retrospective transition approach. ASC 842 supersedes the previous lease accounting requirements in ASC 840 and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASC 842 establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. At adoption, using the modified retrospective transition approach, Devon recorded right-of-use lease assets of $410 million and lease liabilities of $380 million. Additionally, Devon recorded a $8 million before tax, $7 million net of tax, cumulative-effect adjustment to reduce retained earnings. Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s lease agreements do not contain any material residual value guarantees or restrictive covenants. |
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Goodwill |
Goodwill Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of goodwill may not be recoverable. Such test includes a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a quantitative goodwill impairment test is performed. The quantitative goodwill impairment test requires the fair value of the reporting unit be compared to the carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, an impairment charge will be recognized for the amount by which the carrying amount exceeds the fair value. The fair value of the reporting unit is estimated based upon market capitalization, comparable transactions of similar companies and premiums paid. Devon performed impairment tests of goodwill in the fourth quarters of 2020, 2019 and 2018. No impairment was required as a result of the annual tests in these time periods. Additionally, because the trading price of our common stock decreased 73% during the first quarter of 2020 in response to the COVID-19 pandemic, we performed a goodwill impairment test as of March 31, 2020. While the cushion narrowed significantly since the 2019 impairment evaluation, we concluded an impairment was not required as of March 31, 2020. Due to substantial recovery in the price of Devon’s common stock subsequent to the first quarter of 2020, there was no risk associated with the impairment of goodwill as of December 31, 2020. |
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Commitments And Contingencies |
Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon’s accounting policy for property and equipment. Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. |
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Fair Value Measurements |
Fair Value Measurements Certain of Devon’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:
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Foreign Currency Translation Adjustments |
Foreign Currency Translation Adjustments The U.S. dollar is the functional currency for Devon’s consolidated operations. Devon’s divested Canadian operations used the Canadian dollar as the functional currency. Prior to completing the divestiture in 2019, assets and liabilities of the Canadian operations were translated to U.S. dollars using the applicable exchange rate as of the end of a reporting period. Revenues, expenses and cash flow were translated using an average exchange rate during the reporting period. The disposition of substantially all of Devon’s Canadian oil and gas assets and operations in 2019 resulted in Devon releasing its historical cumulative foreign currency translation adjustment of $1.2 billion from accumulated other comprehensive earnings to be included within the gain computation. |
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Noncontrolling Interests |
Noncontrolling Interests Noncontrolling interests represent third-party ownership in the net assets of Devon’s consolidated subsidiaries and are presented as a component of equity. Changes in Devon’s ownership interests in subsidiaries that do not result in deconsolidation are recognized in equity. |
Summary Of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good |
The following table presents revenue from contracts with customers that are disaggregated based on the type of good.
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Derivative Financial Instruments (Tables) |
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Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Financial Instruments Included In Consolidated Statements Of Comprehensive Earnings And Consolidated Balance Sheets |
The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption.
The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.
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Open Oil Derivative Positions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Open Derivative Positions |
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Open Natural Gas Derivative Positions [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule Of Open Derivative Positions | The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
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Share-Based Compensation (Tables) |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units |
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Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Aggregate Fair Value Of Awards And Units Table Text Block |
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Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition |
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Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions |
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Asset Impairments (Tables) |
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Asset Impairment Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Asset Impairments |
The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings.
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Restructuring and Transaction Costs (Tables) |
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Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Restructuring And Transaction Costs |
The following table summarizes Devon’s restructuring and transaction costs.
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Schedule Of The Activity And Balances Associated With Restructuring Liabilities |
The following table summarizes Devon’s restructuring liabilities presented in the accompanying consolidated balance sheets.
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Other, Net (Tables) |
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Other Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Expenses |
The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.
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Income Taxes (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Income Tax Expense (Benefit) |
The following table presents Devon’s income tax components.
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Schedule Of Effective Income Tax Rate Reconciliation |
Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes as a result of the following:
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Schedule Of Deferred Tax Assets And Liabilities |
The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.
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Schedule Of Changes In Unrecognized Tax Benefits |
The following table presents changes in Devon’s unrecognized tax benefits.
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Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities | Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities
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Net Earnings (Loss) Per Share from Continuing Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share Computations from Continuing Operations |
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Other Comprehensive Earnings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Other Comprehensive Earnings |
Components of other comprehensive earnings consist of the following:
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Supplemental Information To Statements Of Cash Flows (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Supplemental Information To Statements Of Cash Flows |
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Accounts Receivable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Components Of Accounts Receivable |
Components of accounts receivable include the following:
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Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extractive Industries [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table of Property and Equipment, net |
The following table reflects the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.
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Summary of Changes in Suspended Exploratory Well Costs |
The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2020.
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Debt And Related Expenses (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Instruments and Balances | See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.
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Schedule of Debt Maturities |
Debt maturities as of December 31, 2020, excluding debt issuance costs, premiums and discounts, are as follows:
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Schedule Of Net Financing Cost Components |
The following schedule includes the components of net financing costs.
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Leases (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Right-of-use Assets and Lease Liabilities |
The following table presents Devon’s right-of-use assets and lease liabilities.
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Schedule of Total Lease Cost |
The following table presents Devon’s total lease cost.
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Schedule of Additional Lease Information |
The following table presents Devon’s additional lease information.
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Maturities of Lease Liabilities |
The following table presents Devon’s maturity analysis as of December 31, 2020 for leases expiring in each of the next 5 years and thereafter.
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Schedule of Expected Lease Income |
Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2020 for each of the next 5 years and thereafter.
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Asset Retirement Obligations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes In Asset Retirement Obligations |
The following table presents the changes in asset retirement obligations.
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Retirement Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Defined Benefit Plan Obligations |
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Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets |
Certain of Devon’s pension plans have a combined projected benefit obligation or accumulated benefit obligation in excess of plan assets at December 31, 2020 and December 31, 2019, as presented in the table below.
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Schedule Of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Postretirement Benefit Plans |
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Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost |
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Purchases of Common Stock |
The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).
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Summary Of Dividends Paid On Common Stock |
The table below summarizes the dividends Devon paid on its common stock.
|
Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amounts Reported as Discontinued Operations in the Consolidated Comprehensive Statements of Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets |
The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheet as of December 31, 2019.
|
Commitments And Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Commitments And Contingencies |
|
Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities |
|
Supplemental Information on Oil and Gas Operations (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Incurred |
The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.
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Results Of Operations |
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Proved Reserves |
The following table presents Devon’s estimated proved reserves by product.
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Proved Undeveloped Reserves |
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Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves |
The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.
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Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves |
|
Summary Of Significant Accounting Policies (Narrative) (Details) |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jan. 01, 2019
USD ($)
|
Mar. 31, 2020 |
Jun. 30, 2019
USD ($)
|
Dec. 31, 2020
USD ($)
Customer
|
Dec. 31, 2019
USD ($)
Customer
|
Dec. 31, 2018
USD ($)
Customer
|
|||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Settlement of long-term obligations duration | 13 years | |||||||
Number of customers | Customer | 2 | 0 | 1 | |||||
Derivative collateral held | $ 0 | |||||||
Cash collateral posted | 0 | |||||||
Restricted cash | 190,000,000 | $ 380,000,000 | $ 32,000,000 | |||||
Right-of-use assets | 223,000,000 | 243,000,000 | ||||||
Lease liabilities | 255,000,000 | 261,000,000 | ||||||
Decrease in trading price of common stock | 0.73 | |||||||
Foreign currency translation adjustment | [1] | $ 1,237,000,000 | ||||||
Canadian Business Segment [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Restricted cash | $ 170,000,000 | |||||||
Foreign currency translation adjustment | $ 1,200,000,000 | |||||||
ASU 2016-02 [Member] | Effect of Adoption of Lease Accounting [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Right-of-use assets | $ 410,000,000 | |||||||
Lease liabilities | 380,000,000 | |||||||
Cumulative effect on retained earnings, before tax | 8,000,000 | |||||||
Cumulative effect on retained earnings | $ 7,000,000 | |||||||
Minimum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Other property and equipment, useful life | 3 years | |||||||
Maximum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Other property and equipment, useful life | 60 years | |||||||
Customer Concentration Risk [Member] | One Customer [Member] | Consolidated Sales Revenue [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 13.00% | 10.00% | 11.00% | |||||
Customer Concentration Risk [Member] | Two Customer [Member] | Consolidated Sales Revenue [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Concentration risk percentage | 10.00% | |||||||
Upstream Revenues [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of days allowed for payment from end of production month | 30 days | |||||||
Marketing Revenues [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of days allowed for payment of invoiced amount | 30 days | |||||||
Canadian Natural Resources Limited [Member] | Canadian Business Segment [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Foreign currency translation adjustment | $ 1,200,000,000 | |||||||
CDM [Member] | QL Capital Partners, LP [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Cash distribution received | $ 14,000,000 | 100,000,000 | ||||||
Future capital commitments | 40,000,000 | |||||||
Capital Increase Commitment Received | 37,000,000,000 | |||||||
Cash contributed to entities | $ 21,000,000 | $ 116,000,000,000 | ||||||
|
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 4,673 | $ 6,674 | $ 8,439 |
Revenues | 4,673 | 6,674 | 8,439 |
Oil, Gas and NGL Sales [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 2,695 | 3,809 | 4,085 |
Revenues | 2,695 | 3,809 | 4,085 |
Oil, Gas and NGL Sales [Member] | Oil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 2,034 | 2,988 | 2,941 |
Revenues | 2,034 | 2,988 | 2,941 |
Oil, Gas and NGL Sales [Member] | Gas [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 326 | 391 | 482 |
Revenues | 326 | 391 | 482 |
Oil, Gas and NGL Sales [Member] | NGL [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 335 | 430 | 662 |
Revenues | 335 | 430 | 662 |
Marketing and Midstream Revenues [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,978 | 2,865 | 4,354 |
Revenues | 1,978 | 2,865 | 4,354 |
Marketing and Midstream Revenues [Member] | Oil [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 936 | 1,534 | 2,745 |
Revenues | 936 | 1,534 | 2,745 |
Marketing and Midstream Revenues [Member] | Gas [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 488 | 645 | 738 |
Revenues | 488 | 645 | 738 |
Marketing and Midstream Revenues [Member] | NGL [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenues from contracts with customers | 554 | 686 | 871 |
Revenues | $ 554 | $ 686 | $ 871 |
Acquisition and Divestitures (Narrative) (Details) $ in Millions, $ in Billions |
3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2021
USD ($)
|
Oct. 01, 2020
USD ($)
$ / MMBTU
$ / bbl
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
MMBoe
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
CAD ($)
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
CAD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2020
USD ($)
MMBoe
|
Dec. 31, 2019
USD ($)
MMBoe
|
Dec. 31, 2018
USD ($)
MMBoe
|
Dec. 31, 2024 |
Jan. 07, 2021
USD ($)
shares
|
Apr. 30, 2020
USD ($)
|
|||
Business Acquisition [Line Items] | ||||||||||||||||||
Common Stock Shares Issued | $ 38 | $ 38 | $ 38 | $ 38 | ||||||||||||||
Asset impairment charges | 182 | 785 | ||||||||||||||||
Gain recognized on sale of business, pre tax | $ (1) | $ 222 | $ 2,593 | |||||||||||||||
Total estimated proved reserves | MMBoe | [1] | 2 | 54 | 24 | ||||||||||||||
Gain on asset dispositions | $ 1 | $ 48 | $ 278 | |||||||||||||||
Non Core Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Divestitures of property and equipment | $ 12 | $ 390 | $ 500 | |||||||||||||||
Total estimated proved reserves | MMBoe | 3 | 54 | 24 | |||||||||||||||
Gain on asset dispositions | $ 48 | $ 278 | ||||||||||||||||
Non Core Assets [Member] | Johnson County and Wise County Texas [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Divestitures of property and equipment | 500 | |||||||||||||||||
Gain recognized on sale of business, pre tax | 26 | |||||||||||||||||
Settlement expenses relating to gas processing contracts | 40 | |||||||||||||||||
EnLink and General Partner [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Proceeds from sale of business | $ 3,125 | 3,125 | ||||||||||||||||
Gain recognized on sale of business, pre tax | 2,600 | 2,600 | ||||||||||||||||
Gain recognized on sale of business, net of tax | $ 2,200 | $ 2,200 | ||||||||||||||||
Barnett Shale [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Cash deposit received | $ 170 | |||||||||||||||||
Divestitures of property and equipment | $ 490 | |||||||||||||||||
Contingent earnout payments | $ 260 | |||||||||||||||||
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU | 2.75 | |||||||||||||||||
WTI oil price for contingent earnout payment upside | $ / bbl | 50 | |||||||||||||||||
Asset impairment charges | $ 748 | $ 182 | 748 | |||||||||||||||
Canadian Business Segment [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Proceeds from sale of business | $ 2,600 | $ 3.4 | ||||||||||||||||
Gain recognized on sale of business, pre tax | 223 | |||||||||||||||||
Gain recognized on sale of business, net of tax | $ 425 | |||||||||||||||||
Canadian Business Segment [Member] | Canadian Natural Resources Limited [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Proceeds from sale of business | $ 2,600 | $ 3.4 | ||||||||||||||||
Gain recognized on sale of business, pre tax | 223 | |||||||||||||||||
Gain recognized on sale of business, net of tax | $ 425 | |||||||||||||||||
Scenario Forecast [Member] | Non Core Assets [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Contingent earnout payments | $ 8 | |||||||||||||||||
Scenario Forecast [Member] | Barnett Shale [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Contingent earnout payment period | The contingent payment period commences on January 1, 2021 and has a term of four years. | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Common Stock Shares Issued | $ 5,400 | |||||||||||||||||
Devon and WPX Agreement [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Date of Agreement | Jan. 07, 2021 | |||||||||||||||||
Common Stock Shares Issued | $ 5,400 | $ 5,400 | ||||||||||||||||
Devon and WPX Agreement [Member] | Scenario Forecast [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Redemption of bond | $ 43 | |||||||||||||||||
Premium paid on redemption of bonds | $ 2 | |||||||||||||||||
Devon and WPX Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Per share conversion | shares | 0.5165 | |||||||||||||||||
|
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020
$ / bbl
bbl
| |
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 28,040 |
Weighted Average Price Swap | 37.60 |
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,249 |
Weighted Average Price Swap | 45.16 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 32,726 |
Weighted Average Floor Price | 40.77 |
Weighted Average Ceiling Price | 50.77 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 9,856 |
Weighted Average Floor Price | 38.24 |
Weighted Average Ceiling Price | 48.24 |
Argus MEH Basis Swaps Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 7,000 |
Weighted Average Differential To WTI | 1.27 |
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020
MMBTU
$ / MMBTU
| |
F E R C Henry Hub Prices Collars Natural Gas Q1 Q42021 | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 179,055 |
Weighted Average Floor Price | 2.45 |
Weighted Average Ceiling Price | 2.95 |
F E R C Henry Hub Price Collars Natural Gas Q1 Q42022 | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 54,901 |
Weighted Average Floor Price | 2.66 |
Weighted Average Ceiling Price | 3.16 |
F E R C Henry Hub Price Swaps Natural Gas Q1 Q42021 | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 32,699 |
Weighted Average Price Swap | 2.76 |
F E R C Henry Hub Price Swaps Natural Gas1 Q1 Q42022 | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 6,961 |
Weighted Average Price Swap | 2.85 |
El Paso Natural Gas Basis Swaps Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 35,000 |
Weighted Average Differential To Henry Hub | (0.92) |
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative [Line Items] | |||
Oil, gas and NGL derivatives | $ 155 | $ (453) | $ 521 |
Commodity Contract [Member] | Oil, Gas and NGL Sales [Member] | |||
Derivative [Line Items] | |||
Oil, gas and NGL derivatives | $ 155 | (454) | 457 |
Commodity Contract [Member] | Marketing and Midstream Revenues [Member] | |||
Derivative [Line Items] | |||
Oil, gas and NGL derivatives | $ 1 | (1) | |
Interest Rate Derivatives [Member] | Other Expenses [Member] | |||
Derivative [Line Items] | |||
Oil, gas and NGL derivatives | $ 65 |
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | $ 6 | $ 50 |
Fair value of derivative liabilities | 148 | 31 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 5 | 49 |
Commodity Contract [Member] | Other Long-Term Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 1 | 1 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | 143 | 30 |
Commodity Contract [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 5 | $ 1 |
Share-Based Compensation (Narrative) (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2017 |
|
Restricted Stock Awards And Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted, awards and units | 3,056,000 | ||
Performance-Based Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted, awards and units | 0 | 0 | |
Performance Share Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted, awards and units | 688,000 | ||
Comparison period of peer companies for performance awards | 3 years | ||
Minimum [Member] | Restricted Stock Awards And Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Minimum [Member] | Performance-Based Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Minimum [Member] | Performance Share Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of vesting units to units granted | 0.00% | ||
Maximum [Member] | Restricted Stock Awards And Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Maximum [Member] | Performance-Based Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Maximum [Member] | Performance Share Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of vesting units to units granted | 200.00% | ||
2017 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares authorized for issuance | 33,500,000 | ||
Number of shares used to calculate shares that may be granted under the Long-Term Incentive Plan, options and stock appreciation rights | 1 | ||
Number of shares used to calculate shares that may be granted under the Long-Term Incentive Plan, other awards | 2.3 |
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 88 | $ 115 | $ 137 |
Related income tax benefit | 13 | 17 | |
G&A [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | 76 | 83 | 104 |
Exploration Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | 1 | 1 | 2 |
Restructuring and Transaction Costs [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Accelerated share-based compensation expense | $ 11 | $ 31 | $ 31 |
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Details) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
||||
Restricted Stock Awards And Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested at December 31, 2018 | 4,984,000 | ||||
Granted, awards and units | 3,056,000 | ||||
Vested, awards and units | (2,388,000) | ||||
Forfeited, awards and units | (336,000) | ||||
Unvested at December 31, 2019 | 5,316,000 | 4,984,000 | |||
Unvested weighted average grant-date fair value at December 31, 2018 | $ 29.65 | ||||
Granted, weighted average grant-date fair value | 21.90 | ||||
Vested, weighted average grant-date fair value | 28.96 | ||||
Forfeited, weighted average grant-date fair value | 24.52 | ||||
Unvested weighted average grant-date fair value at December 31, 2019 | $ 25.82 | $ 29.65 | |||
Performance-Based Restricted Stock Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested at December 31, 2018 | 153,000 | ||||
Granted, awards and units | 0 | 0 | |||
Vested, awards and units | (109,000) | ||||
Unvested at December 31, 2019 | 44,000 | 153,000 | |||
Unvested weighted average grant-date fair value at December 31, 2018 | $ 33.88 | ||||
Vested, weighted average grant-date fair value | 29.51 | ||||
Unvested weighted average grant-date fair value at December 31, 2019 | $ 44.70 | $ 33.88 | |||
Performance Share Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested at December 31, 2018 | 2,155,000 | ||||
Granted, awards and units | 688,000 | ||||
Vested, awards and units | (455,000) | ||||
Forfeited, awards and units | (394,000) | ||||
Unvested at December 31, 2019 | 1,994,000 | [1] | 2,155,000 | ||
Unvested weighted average grant-date fair value at December 31, 2018 | $ 40.35 | ||||
Granted, weighted average grant-date fair value | 27.89 | ||||
Vested, weighted average grant-date fair value | 52.56 | ||||
Forfeited, weighted average grant-date fair value | 47.30 | ||||
Unvested weighted average grant-date fair value at December 31, 2019 | $ 31.89 | $ 40.35 | |||
|
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions |
12 Months Ended |
---|---|
Dec. 31, 2020
shares
| |
Performance Share Units [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum common shares that could be awarded based upon total shareholder return | 3.2 |
Share-Based Compensation (Schedule Of Aggregate Fair Value Of Restricted Stock, Performance-Based Restricted Stock And Performance Shares, Awards And Units, That Vested During The Period) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Restricted Stock Awards And Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of awards and units, vested | $ 44 | $ 127 | $ 111 |
Performance-Based Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of awards and units, vested | 2 | 4 | 10 |
Performance Share Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value of awards and units, vested | $ 10 | $ 4 | $ 20 |
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Restricted Stock Awards And Units [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 70 |
Weighted average period for recognition (years) | 2 years 4 months 24 days |
Performance-Based Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Weighted average period for recognition (years) | 4 months 24 days |
Performance Share Units [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 10 |
Weighted average period for recognition (years) | 1 year 8 months 12 days |
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant-date fair value | $ 27.89 | ||
Risk-free interest rate | 1.36% | 2.48% | 2.28% |
Volatility factor | 38.40% | 39.10% | 45.80% |
Contractual term (years) | 2 years 10 months 20 days | 2 years 10 months 20 days | 2 years 10 months 20 days |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant-date fair value | $ 28.43 | $ 36.23 | |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant-date fair value | $ 27.89 | $ 29.53 | $ 37.88 |
Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Impaired Long Lived Assets Held And Used [Line Items] | |||
Asset impairment charges | $ 2,693 | $ 156 | |
Unproved impairments | 167 | $ 58 | 128 |
Proved Oil and Gas Assets [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Asset impairment charges | 2,664 | 109 | |
Other Assets [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Asset impairment charges | 29 | 47 | |
Unproved Impairments [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Unproved impairments | $ 152 | $ 18 | $ 95 |
Asset Impairments (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
$ / bbl
$ / Mcf
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Capital investment percentage | 45.00% | |||
Percentage of weighted average cost inventory | 9.00% | |||
Asset impairments | $ 2,693 | $ 156 | ||
Exploration expenses | 167 | $ 58 | 128 | |
Proved Asset Impairments [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Asset impairments | $ 2,700 | 2,700 | 109 | |
Non-oil and Gas Asset Impairments [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Asset impairments | $ 29 | 47 | ||
Unproved Impairments [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Exploration expenses | 152 | $ 18 | $ 95 | |
Impairments charges related to non-core acreage | 36 | |||
Rockies [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Exploration expenses | $ 116 | |||
WTI [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / bbl | 39 | |||
WTI [Member] | Minimum [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / bbl | 23 | |||
WTI [Member] | Maximum [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / bbl | 50 | |||
Henry Hub [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / Mcf | 1.85 | |||
Henry Hub [Member] | Minimum [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / Mcf | 1.29 | |||
Henry Hub [Member] | Maximum [Member] | ||||
Impaired Long Lived Assets Held And Used [Line Items] | ||||
Oil and gas average sale price | $ / Mcf | 2.63 |
Restructuring and Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Restructuring Cost And Reserve [Line Items] | |||
Restructuring cost | $ 49 | $ 84 | $ 97 |
Other Restructuring [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring cost | 41 | $ 84 | $ 97 |
Transaction Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring cost | $ 8 |
Restructuring and Transaction Costs (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and transaction costs | $ 49 | $ 84 | $ 97 |
Current liabilities associated with discontinued operations | 459 | ||
Long-term liabilities associated with discontinued operations | 185 | ||
Reduction of workforce [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and transaction costs | 41 | ||
Expense associated with accelerated awards | 11 | ||
Reduction of workforce [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Expense associated with accelerated awards | 31 | 31 | |
Reduction of workforce [Member] | Defined Benefit Settlements [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and transaction costs | 9 | 7 | 14 |
Reduction of workforce [Member] | Employee Related Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and transaction costs | $ 84 | $ 97 | |
Prior years' restructurings [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Current liabilities associated with discontinued operations | 30 | ||
Long-term liabilities associated with discontinued operations | 136 | ||
Underwriting, bank, legal and accounting fees | $ 8 |
Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 21 | $ 42 |
Restructuring reserve activity | 166 | |
Ending balance | 172 | 21 |
Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (18) | (39) |
Reduction of workforce [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | 3 | 18 |
Other Current Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 20 | 39 |
Restructuring reserve activity | 30 | |
Ending balance | 35 | 20 |
Other Current Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (18) | (37) |
Other Current Liabilities [Member] | Reduction of workforce [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | 3 | 18 |
Other Long-Term Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 1 | 3 |
Restructuring reserve activity | 136 | |
Ending balance | $ 137 | 1 |
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | $ (2) |
Other, Net -Summary Of Other Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Other Expenses [Abstract] | |||
Asset retirement obligation accretion | $ 20 | $ 21 | $ 26 |
Severance tax refunds | (40) | (5) | |
Other | (14) | (17) | (28) |
Total | $ (34) | $ 4 | $ (7) |
Other, Net -Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2018 |
|
Other Expenses [Abstract] | ||
Severance tax refunds | $ 40 | $ 5 |
Income Taxes (Schedule Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Current income tax benefit: | |||
United States federal, current income tax expense (benefit) | $ (219) | $ (3) | $ (14) |
Various states, current income tax expense (benefit) | (2) | (3) | |
Total current income tax benefit | (219) | (5) | (17) |
Deferred income tax expense (benefit): | |||
United States federal, deferred income tax expense (benefit) | (304) | 8 | 184 |
Various states, deferred income tax expense (benefit) | (24) | (33) | 63 |
Total deferred income tax expense (benefit) | (328) | (25) | 247 |
Total income tax expense (benefit) | $ (547) | $ (30) | $ 230 |
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Earnings (loss) from continuing operations before income taxes | $ (3,090) | $ (109) | $ 944 |
U.S. statutory income tax rate | 21.00% | 21.00% | 21.00% |
Change in tax legislation | 4.00% | 0.00% | 0.00% |
State income taxes | 1.00% | 24.00% | 5.00% |
Change in unrecognized tax benefits | 0.00% | (13.00%) | (2.00%) |
Audit settlements | 0.00% | 15.00% | (2.00%) |
Other | (1.00%) | (19.00%) | 2.00% |
Deferred tax asset valuation allowance | (7.00%) | 0.00% | 0.00% |
Effective income tax rate | 18.00% | 28.00% | 24.00% |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Jun. 30, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax [Line Items] | |||||||
Income tax expense (benefit) | $ (547) | $ (30) | $ 230 | ||||
Current income tax expense (benefit) | (219) | (5) | (17) | ||||
Deferred income tax expense (benefit) | $ (328) | (25) | 247 | ||||
Valuation allowance against deferred tax assets, percent | 100.00% | 100.00% | |||||
Unrecognized tax benefits increased | 14 | ||||||
Gain on sale of aggregate ownership interests, before-tax | $ (1) | 222 | 2,593 | ||||
Deferred tax benefit resulting from release of valuation allowance position; allocated to discontinued operations | $ 259 | ||||||
Net operating loss carryforwards, deferred tax assets | $ 306 | 238 | 306 | ||||
Deferred Tax Assets, Net | 16 | ||||||
Capital loss carryforwards | 547 | ||||||
Deferred Tax Assets, Valuation Allowance | 106 | 1,355 | 106 | ||||
Investment in subsidiary | 441 | ||||||
Unrecognized tax benefits, interest expense (benefit) and penalties | 0 | (5) | |||||
Unrecognized tax benefits, interest and penalties | 0 | 0 | 0 | ||||
Unrecognized tax benefit that would impact effective tax rate | 65 | 23 | 65 | ||||
Unrecognized tax benefits, decrease resulting from prior period tax positions | 42 | ||||||
Deferred unrecognized tax benefits | 7 | 50 | $ 7 | ||||
United States Federal [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforwards | 581 | ||||||
United States Federal [Member] | Expiring in 2037 [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforwards | 431 | ||||||
Various U.S. States [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforwards | 2,500 | ||||||
Canada [Member] | |||||||
Income Tax [Line Items] | |||||||
Deferred Tax Assets, Net | 16 | ||||||
Capital loss carryforwards | 593 | ||||||
Deferred Tax Assets, Valuation Allowance | 577 | ||||||
Investment in subsidiary | $ 441 | ||||||
Minimum [Member] | United States Federal [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforward, expiration date | Dec. 31, 2037 | ||||||
Minimum [Member] | Various U.S. States [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforward, expiration date | Dec. 31, 2021 | ||||||
Maximum [Member] | Various U.S. States [Member] | |||||||
Income Tax [Line Items] | |||||||
Net operating loss carryforward, expiration date | Dec. 31, 2040 | ||||||
EnLink and General Partner [Member] | |||||||
Income Tax [Line Items] | |||||||
Effective close date of divestiture | Jul. 18, 2018 | ||||||
Gain on sale of aggregate ownership interests, before-tax | $ 2,600 | $ 2,600 | |||||
U.S. [Member] | |||||||
Income Tax [Line Items] | |||||||
Income tax expense (benefit) | $ (16) | ||||||
Canadian Business Segment [Member] | |||||||
Income Tax [Line Items] | |||||||
Effective close date of divestiture | Jun. 27, 2019 | ||||||
Gain on sale of aggregate ownership interests, before-tax | $ 223 | ||||||
CARES Act [Member] | |||||||
Income Tax [Line Items] | |||||||
Income tax expense (benefit) | $ (113) | ||||||
Current income tax expense (benefit) | (220) | ||||||
Deferred income tax expense (benefit) | $ 107 |
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Capital loss carryforwards | $ 547 | |
Investment in subsidiary | 441 | |
Deferred tax assets, net operating loss carryforwards | 238 | $ 306 |
Deferred tax assets, accrued liabilities | 125 | 35 |
Deferred tax assets, asset retirement obligations | 94 | 123 |
Deferred tax assets, pension benefit obligations | 43 | 39 |
Other | 96 | 66 |
Total deferred tax assets before valuation allowance | 1,584 | 569 |
Less: valuation allowance | (1,355) | (106) |
Net deferred tax assets | 229 | 463 |
Deferred tax liabilities, property and equipment | (213) | (800) |
Deferred tax liabilities, other | (4) | |
Total deferred tax liabilities | (213) | (804) |
Net deferred tax asset (liability) | $ 16 | |
Net deferred tax asset (liability) | $ (341) |
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits, Balance at beginning of year | $ 65 | $ 51 |
Unrecognized tax benefits, Tax positions taken in prior periods (decrease) | (42) | |
Unrecognized tax benefits, Tax positions taken in prior periods (increase) | 14 | |
Unrecognized tax benefits, Balance at end of year | $ 23 | $ 65 |
Income Taxes (Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
Minimum [Member] | United States Federal [Member] | |
Tax years open | 2017 |
Maximum [Member] | United States Federal [Member] | |
Tax years open | 2020 |
Various U.S. States [Member] | Minimum [Member] | |
Tax years open | 2016 |
Various U.S. States [Member] | Maximum [Member] | |
Tax years open | 2020 |
Canada [Member] | Minimum [Member] | |
Tax years open | 2004 |
Canada [Member] | Maximum [Member] | |
Tax years open | 2020 |
Net Earnings (Loss) Per Share from Continuing Operations (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||
Net earnings (loss) from continuing operations: | |||||
Net earnings (loss) from continuing operations | $ (2,552) | $ (81) | $ 714 | ||
Attributable to participating securities | (4) | (2) | (8) | ||
Basic and diluted earnings (loss) from continuing operations | $ (2,556) | $ (83) | $ 706 | ||
Common shares: | |||||
Common shares outstanding - total | 383 | 407 | 499 | ||
Attributable to participating securities | (6) | (6) | (5) | ||
Common shares outstanding - basic | 377 | 401 | 494 | ||
Dilutive effect of potential common shares issuable | 3 | ||||
Common shares outstanding - diluted | 377 | 401 | 497 | ||
Net earnings (loss) per share from continuing operations: | |||||
Basic | $ (6.78) | $ (0.21) | $ 1.43 | ||
Diluted | $ (6.78) | $ (0.21) | $ 1.42 | ||
Antidilutive options | [1] | 1 | 1 | ||
|
Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||
Foreign currency translation: | |||||||||
Beginning accumulated foreign currency translation and other | $ 1,159 | $ 1,309 | |||||||
Change in cumulative translation adjustment | 78 | (166) | |||||||
Release of Canadian cumulative translation adjustment | [1] | (1,237) | |||||||
Income tax benefit (expense) | 14 | ||||||||
Other | 2 | ||||||||
Ending accumulated foreign currency translation and other | 1,159 | ||||||||
Pension and postretirement benefit plans: | |||||||||
Beginning accumulated pension and postretirement benefits | $ (119) | (132) | (143) | ||||||
Net actuarial gain and prior service cost arising in current year | (34) | (10) | (3) | ||||||
Recognition of net actuarial loss and prior service cost in earnings | [2] | 7 | 6 | 12 | |||||
Curtailment and settlement of pension benefits | 16 | 21 | 47 | ||||||
Income tax benefit (expense) | 3 | (4) | (12) | ||||||
Other | [3] | (33) | |||||||
Ending accumulated pension and postretirement benefits | (127) | (119) | (132) | ||||||
Accumulated other comprehensive earnings (loss), net of tax | $ (127) | $ (119) | $ 1,027 | ||||||
|
Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Parenthetical) (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018
USD ($)
| ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Effect of new accounting pronouncement | $ (33) | [1] | ||
ASU 2018-02 [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Effect of new accounting pronouncement | $ (33) | |||
|
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Changes in assets and liabilities, net: | |||
Accounts receivable | $ 231 | $ (3) | $ (69) |
Other current assets | (97) | (7) | (152) |
Other long-term assets | (9) | 17 | (7) |
Accounts payable | (38) | (54) | (3) |
Revenues and royalties payable | (71) | 8 | 106 |
Other current liabilities | (68) | (66) | 3 |
Other long-term liabilities | (43) | 23 | (36) |
Total | (95) | (82) | (158) |
Supplementary cash flow data - total operations: | |||
Interest paid | 259 | 308 | 385 |
Income taxes paid | $ 171 | $ 6 | $ 40 |
Supplemental Information To Statements Of Cash Flows (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Supplemental Cash Flow Elements [Abstract] | ||
Accrued capital expenditures | $ 100 | $ 250 |
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Joint interest billings | $ 57 | $ 168 |
Other | 25 | 13 |
Gross accounts receivable | 612 | 840 |
Allowance for doubtful accounts | (11) | (8) |
Net accounts receivable | 601 | 832 |
Oil, Gas and NGL Sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | 335 | 452 |
Marketing and Midstream Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 195 | $ 207 |
Property, Plant and Equipment (Table of Property and Equipment, net) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Property and equipment: | ||||
Proved | $ 27,589 | $ 27,668 | ||
Unproved and properties under development | 392 | 583 | ||
Total oil and gas | 27,981 | 28,251 | ||
Less accumulated DD&A | (23,545) | (20,693) | ||
Oil and gas property and equipment, net | 4,436 | 7,558 | ||
Other property and equipment | 1,737 | 1,725 | ||
Less accumulated DD&A | (780) | (690) | ||
Other property and equipment, net | [1] | 957 | 1,035 | |
Total property and equipment, net | $ 5,393 | $ 8,593 | ||
|
Property, Plant and Equipment (Table of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | [1] | $ 957 | $ 1,035 | |
CDM [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | $ 102 | $ 80 | ||
|
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Property Plant And Equipment [Line Items] | ||||
Asset impairments | $ 2,693 | $ 156 | ||
Exploration expenses | 167 | $ 58 | 128 | |
Proved Asset Impairments [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Asset impairments | $ 2,700 | 2,700 | 109 | |
Unproved Impairments [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Exploration expenses | $ 152 | $ 18 | $ 95 |
Property, Plant and Equipment (Summary of Changes in Suspended Exploratory Well Costs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Increase Decrease In Capitalized Exploratory Well Costs That Are Pending Determination Of Proved Reserves Roll Forward | |||
Beginning balance | $ 82 | $ 98 | $ 100 |
Additions pending determination of proved reserves | 148 | 278 | 658 |
Charges to exploration expense | (3) | ||
Reclassifications to proved properties | (209) | (294) | (660) |
Ending balance | $ 18 | $ 82 | $ 98 |
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 4,349 | |||
Net discount on debentures and notes | (20) | $ (20) | ||
Debt issuance costs | (31) | (35) | ||
Total long-term debt | 4,298 | 4,294 | ||
5.85% due December 15, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 485 | $ 485 | ||
Debt, maturity date | Dec. 15, 2025 | |||
Debt interest rate, stated percentage | 5.85% | 5.85% | ||
7.50% due September 15, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 73 | $ 73 | |
Debt, maturity date | Sep. 15, 2027 | |||
Debt interest rate, stated percentage | 7.50% | 7.50% | ||
7.875% due September 30, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 675 | $ 675 | ||
Debt, maturity date | Sep. 30, 2031 | |||
Debt interest rate, stated percentage | 7.875% | 7.875% | ||
7.95% due April 15, 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 366 | $ 366 | ||
Debt, maturity date | Apr. 15, 2032 | |||
Debt interest rate, stated percentage | 7.95% | 7.95% | ||
5.60% due July 15, 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,250 | $ 1,250 | ||
Debt, maturity date | Jul. 15, 2041 | |||
Debt interest rate, stated percentage | 5.60% | 5.60% | ||
4.75% due May 15, 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 750 | $ 750 | ||
Debt, maturity date | May 15, 2042 | |||
Debt interest rate, stated percentage | 4.75% | 4.75% | ||
5.00% due June 15, 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 750 | $ 750 | ||
Debt, maturity date | Jun. 15, 2045 | |||
Debt interest rate, stated percentage | 5.00% | 5.00% | ||
|
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) - 7.50% due September 15, 2027 [Member] - Ocean Energy [Member] $ in Millions |
1 Months Ended |
---|---|
Apr. 30, 2003
USD ($)
| |
Debt Instrument [Line Items] | |
Fair value of notes assumed | $ 169 |
Effective interest rate of notes | 6.50% |
Debt And Related Expenses (Schedule Of Debt Maturities) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2025 | $ 485 |
Thereafter | 3,864 |
Total | $ 4,349 |
Debt And Related Expenses (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2018
USD ($)
|
Oct. 06, 2023
USD ($)
|
|
Debt Instrument [Line Items] | |||
Commercial paper | $ 0 | ||
Early retirement of debt | $ 312,000,000 | ||
Charge on early retirement of debt, cash retirement costs | 304,000,000 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Early retirement of debt | 312,000,000 | ||
Charge on early retirement of debt, cash retirement costs | 304,000,000 | ||
Charge on early retirement of debt, noncash charges | $ 8,000,000 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility, borrowing capacity | 3,000,000,000.0 | ||
Senior Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility, borrowing capacity | $ 3,000,000,000.0 | ||
Credit facility maturity date | Oct. 05, 2024 | ||
Frequency of payment | annual | ||
Commitment fee amount | $ 6,000,000 | ||
Outstanding credit facility borrowings | 0 | ||
Outstanding letters of credit | $ 2,000,000 | ||
Debt-to-capitalization ratio | 0.25 | ||
Senior Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt-to-capitalization ratio | 0.65 | ||
Senior Credit Facility [Member] | Scenario Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility, borrowing capacity | $ 2,800,000,000 |
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Debt Disclosure [Abstract] | |||
Interest based on debt outstanding | $ 259 | $ 260 | $ 287 |
Early retirement of debt | 312 | ||
Interest income | (12) | (33) | (32) |
Other | 23 | 23 | 13 |
Total net financing costs | $ 270 | $ 250 | $ 580 |
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
Right-of-use assets, finance lease | $ 220 | $ 229 | ||
Finance lease liabilities: | ||||
Current lease liabilities, finance lease | [1] | 8 | 7 | |
Long-term lease liabilities, finance lease | 244 | 240 | ||
Total lease liabilities, finance lease | 252 | 247 | ||
Right-of-use assets, operating lease | $ 3 | $ 14 | ||
Operating lease liabilities: | ||||
Operating Lease, Liability, Current | us-gaap:OtherCurrentLiabilitiesMember | us-gaap:OperatingLeaseLiabilityCurrent | ||
Current lease liabilities, operating lease | [1] | $ 1 | $ 10 | |
Operating Lease, Liability, Noncurrent | us-gaap:OtherNoncurrentLiabilitiesMember | us-gaap:OperatingLeaseLiabilityNoncurrent | ||
Long-term lease liabilities, operating lease | $ 2 | $ 4 | ||
Operating Lease, Liability | us-gaap:OtherLiabilitiesMember | us-gaap:OperatingLeaseLiability | ||
Total lease liabilities, operating lease | $ 3 | $ 14 | ||
Right-of-use assets | 223 | 243 | ||
Lease liabilities: | ||||
Current lease liabilities | [1] | 9 | 17 | |
Long-term lease liabilities | 246 | 244 | ||
Total lease liabilities | $ 255 | $ 261 | ||
|
Leases (Schedule of Total Lease Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|||
Leases [Abstract] | ||||
Operating lease cost | $ 10 | $ 40 | ||
Short-term lease cost | [1] | 45 | 84 | |
Financing lease cost: | ||||
Amortization of right-of-use assets | 8 | 8 | ||
Interest on lease liabilities | 11 | 10 | ||
Variable lease cost | 2 | |||
Lease income | (8) | (5) | ||
Net lease cost | $ 66 | $ 139 | ||
|
Leases (Schedule of Additional Lease Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Cash outflows for lease liabilities: | ||
Operating cash flows, Finance lease | $ 7 | $ 7 |
Weighted average remaining lease term (years), Finance lease | 7 years | 8 years |
Weighted average discount rate, Finance lease | 4.20% | 4.20% |
Operating cash flows, Operating lease | $ 2 | $ 2 |
Investing cash flows, Operating lease | $ 8 | 41 |
Right-of-use assets obtained in exchange for new lease liabilities, Operating lease | $ 3 | |
Weighted average remaining lease term (years), Operating lease | 4 years 1 month 6 days | 2 years 2 months 12 days |
Weighted average discount rate, Operating lease | 2.90% | 3.20% |
Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 7 | |
2022 | 8 | |
2023 | 8 | |
2024 | 8 | |
2025 | 8 | |
Thereafter | 290 | |
Total lease payments | 329 | |
Less: interest | (77) | |
Present value of lease liabilities | 252 | $ 247 |
2021 | 1 | |
2022 | 1 | |
2023 | 1 | |
Total lease payments | 3 | |
Present value of lease liabilities | 3 | 14 |
2021 | 8 | |
2022 | 9 | |
2023 | 9 | |
2024 | 8 | |
2025 | 8 | |
Thereafter | 290 | |
Total lease payments | 332 | |
Less: interest | (77) | |
Present value of lease liabilities | $ 255 | $ 261 |
Leases (Schedule of Expected Lease Income ) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 8 |
2022 | 8 |
2023 | 8 |
2024 | 9 |
2025 | 8 |
Thereafter | 52 |
Total | $ 93 |
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations as of beginning of period | $ 398 | $ 484 | |
Liabilities incurred | 18 | 20 | |
Liabilities settled and divested | (29) | (66) | |
Liabilities reclassified as held for sale | (42) | ||
Revision of estimated obligation | 4 | (61) | |
Asset retirement obligation accretion | 20 | 21 | $ 26 |
Asset retirement obligations as of end of period | 369 | 398 | $ 484 |
Less current portion | 11 | 18 | |
Asset retirement obligations | $ 358 | $ 380 |
Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Asset Retirement Obligations [Line Items] | ||
Revision of estimated obligation | $ 4 | $ (61) |
Decrease in asset retirement obligations | 29 | $ 66 |
Asset Divestitures [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Decrease in asset retirement obligations | $ 42 |
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined contribution plans | $ 33 | $ 34 | $ 40 |
Expected benefit plan payments for each of the next five years | 57 | ||
Benefit plan payments expected to be funded from cash and cash equivalents and other assets for next fiscal year | 17 | ||
Expected total benefit plan payments for five years after the next five years | 264 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 745 | 694 | $ 685 |
Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 85.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 617 | 240 | |
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 2 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 233 | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target plan asset allocations | 15.00% | ||
Fair value of plan assets | $ 110 | 112 | |
Pension Benefits [Member] | Other Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 18 | $ 109 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan health care cost trend rate assumed for next fiscal year | 6.90% | ||
Defined benefit plan ultimate health care cost trend rate | 5.00% |
Retirement Plans (Schedule Of Changes In Defined Benefit Plan Obligations) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 924 | $ 916 | |
Service cost | 5 | 7 | $ 9 |
Interest cost | 25 | 32 | 38 |
Actuarial loss (gain) | 116 | 91 | |
Plan amendments | 2 | 3 | |
Plan curtailments | (14) | (3) | |
Plan settlements | (28) | (75) | |
Benefits paid | (49) | (47) | |
Benefit obligation at end of year | 981 | 924 | 916 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 694 | 685 | |
Actual return on plan assets | 114 | 118 | |
Employer contributions | 14 | 13 | |
Plan settlements | (28) | (75) | |
Benefits paid | (49) | (47) | |
Fair value of plan assets at end of year | 745 | 694 | 685 |
Funded status at end of year | (236) | (230) | |
Amounts recognized in balance sheet: | |||
Other long-term assets | 10 | ||
Other current liabilities | (14) | (13) | |
Other long-term liabilities | (232) | (217) | |
Net amount | (236) | (230) | |
Amounts recognized in accumulated other comprehensive earnings: | |||
Net actuarial loss (gain) | 201 | 183 | |
Prior service cost (credit) | 5 | ||
Total | 201 | 188 | |
Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 14 | 17 | |
Actuarial loss (gain) | (1) | (3) | |
Plan curtailments | 1 | 1 | |
Participant contributions | 2 | 2 | |
Benefits paid | (3) | (3) | |
Benefit obligation at end of year | 13 | 14 | $ 17 |
Change in plan assets: | |||
Employer contributions | 1 | 1 | |
Participant contributions | 2 | 2 | |
Benefits paid | (3) | (3) | |
Funded status at end of year | (13) | (14) | |
Amounts recognized in balance sheet: | |||
Other current liabilities | (2) | ||
Other current liabilities | (2) | ||
Other long-term liabilities | (11) | ||
Other long-term liabilities | (12) | ||
Net amount | (13) | (14) | |
Amounts recognized in accumulated other comprehensive earnings: | |||
Net actuarial loss (gain) | (12) | (12) | |
Prior service cost (credit) | (1) | ||
Total | $ (12) | $ (13) |
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Retirement Plans[Abstract] | ||||
Projected benefit obligation | $ 246 | $ 924 | ||
Accumulated benefit obligation | [1] | $ 246 | 223 | |
Fair value of plan assets | $ 694 | |||
|
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Parenthetical) (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Compensation Related Costs [Abstract] | |
Accumulated benefit obligation not in excess of plan assets | $ 690 |
Retirement Plans (Schedule Of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Other Postretirement Benefit Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||||
Pension Benefits [Member] | |||||||||
Net periodic benefit cost: | |||||||||
Service cost | $ 5 | $ 7 | $ 9 | ||||||
Interest cost | 25 | 32 | 38 | ||||||
Expected return on plan assets | (41) | (38) | (48) | ||||||
Recognition of net actuarial loss (gain) | [1] | 5 | 7 | 13 | |||||
Recognition of prior service cost | [1] | 3 | 1 | 1 | |||||
Total net periodic benefit cost | [2] | (3) | 9 | 13 | |||||
Other comprehensive loss (earnings): | |||||||||
Actuarial loss (gain) arising in current year | 27 | 7 | 5 | ||||||
Prior service cost arising in current year | 2 | 3 | |||||||
Recognition of net actuarial gain (loss), including settlement expense, in net periodic benefit cost | [3] | (9) | (22) | (59) | |||||
Recognition of prior service cost, including curtailment, in net periodic benefit cost | [3] | (7) | (2) | (2) | |||||
Total other comprehensive loss (earnings) | 13 | (14) | (56) | ||||||
Total | 10 | (5) | (43) | ||||||
Postretirement Benefits [Member] | |||||||||
Net periodic benefit cost: | |||||||||
Recognition of net actuarial loss (gain) | [1] | (1) | (1) | ||||||
Recognition of prior service cost | [1] | (1) | (1) | (1) | |||||
Total net periodic benefit cost | [2] | (1) | (2) | (2) | |||||
Other comprehensive loss (earnings): | |||||||||
Actuarial loss (gain) arising in current year | (1) | (2) | (1) | ||||||
Recognition of net actuarial gain (loss), including settlement expense, in net periodic benefit cost | [3] | 1 | 1 | 1 | |||||
Recognition of prior service cost, including curtailment, in net periodic benefit cost | [3] | 1 | 1 | 1 | |||||
Total other comprehensive loss (earnings) | $ 1 | 1 | |||||||
Total | $ (2) | $ (1) | |||||||
|
Retirement Plans (Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits [Member] | |||
Assumptions to determine benefit obligations: | |||
Discount rate | 2.38% | 3.14% | 4.09% |
Rate of compensation increase | 2.50% | 2.50% | 2.50% |
Assumptions to determine net periodic benefit cost: | |||
Discount rate - service cost | 3.47% | 3.74% | 3.77% |
Discount rate - interest cost | 2.75% | 3.36% | 3.14% |
Rate of compensation increase | 2.50% | 2.50% | 2.50% |
Expected return on plan assets | 6.00% | 5.75% | 5.75% |
Postretirement Benefits [Member] | |||
Assumptions to determine benefit obligations: | |||
Discount rate | 1.82% | 2.81% | 4.01% |
Assumptions to determine net periodic benefit cost: | |||
Discount rate - service cost | 3.25% | 3.99% | 4.13% |
Discount rate - interest cost | 2.31% | 3.21% | 2.67% |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2020 |
Dec. 31, 2019 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2019 |
Feb. 01, 2021 |
Jan. 07, 2021 |
Feb. 28, 2019 |
|
Stockholders Equity [Abstract] | ||||||||||||||||||
Common stock, shares authorized (in shares) | 1,000,000,000.0 | 1,000,000,000.0 | 1,000,000,000.0 | 1,000,000,000.0 | ||||||||||||||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||||||
Preferred Stock, Shares Authorized | 4,500,000 | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | |||||||||||||||||
Percentage of increase to quarterly dividend | 22.00% | |||||||||||||||||
Common stock dividends, rate per share | $ 0.26 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.06 | |||||
Dividend payable date | Oct. 01, 2020 | |||||||||||||||||
Dividend payable date of record | Aug. 14, 2020 | |||||||||||||||||
Common stock, shares issued (in shares) | 382,000,000 | 382,000,000 | 382,000,000 | 382,000,000 | ||||||||||||||
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 382 million and 382 million shares in 2020 and 2019, respectively | $ 38 | $ 38 | $ 38 | $ 38 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Stockholders Equity [Abstract] | ||||||||||||||||||
Dividend payable amount | $ 128 | |||||||||||||||||
Dividends payable, per share | $ 0.19 | |||||||||||||||||
Dividends payable, year | 2021 | |||||||||||||||||
Common stock converted to right to receive share | 0.5165 | |||||||||||||||||
Common stock, shares issued (in shares) | 290,000,000 | |||||||||||||||||
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 382 million and 382 million shares in 2020 and 2019, respectively | $ 5,400 | |||||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||||
Stockholders Equity [Abstract] | ||||||||||||||||||
Share-repurchase program, authorized amount | $ 4,000 | $ 5,000 | ||||||||||||||||
5.0 Billion Share Repurchase Program [Member] | ||||||||||||||||||
Stockholders Equity [Abstract] | ||||||||||||||||||
Share-repurchase program expiration date | Dec. 31, 2019 | |||||||||||||||||
1.0 Billion Dollar Share Repurchase Program [Member] | ||||||||||||||||||
Stockholders Equity [Abstract] | ||||||||||||||||||
Share-repurchase program, authorized amount | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||
Share-repurchase program expiration date | Dec. 31, 2020 |
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | 24 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
5.0 Billion Dollar Share Repurchase Program [Member] | |||||
Stockholders Equity [Line Items] | |||||
Total Number of Shares Purchased | 68,625 | 78,149 | 146,774 | ||
Dollar Value of Shares Purchased | $ 1,827 | $ 2,978 | $ 4,805 | ||
Average Price Paid per Share | $ 26.62 | $ 38.11 | $ 32.74 | ||
1.0 Billion Dollar Share Repurchase Program [Member] | |||||
Stockholders Equity [Line Items] | |||||
Total Number of Shares Purchased | 2,243 | 2,243 | |||
Dollar Value of Shares Purchased | $ 38 | $ 38 | |||
Average Price Paid per Share | $ 16.85 | $ 16.85 |
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2020 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Stockholders Equity [Line Items] | ||||||||||||||||
Common stock dividends paid, Amount | $ 41 | $ 43 | $ 42 | $ 34 | $ 34 | $ 35 | $ 37 | $ 34 | $ 37 | $ 38 | $ 42 | $ 32 | $ 257 | $ 140 | $ 149 | |
Common stock dividends, rate per share | $ 0.26 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.06 | |||
Special Dividend [Member] | ||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||
Common stock dividends paid, Amount | $ 97 | |||||||||||||||
Common stock dividends, rate per share | $ 0.26 |
Discontinued Operations (Narrative) (Details) $ in Millions, $ in Billions |
3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2020
USD ($)
$ / MMBTU
$ / bbl
|
Dec. 17, 2019 |
Dec. 31, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
CAD ($)
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
MMcf
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2024
USD ($)
|
Apr. 30, 2020
USD ($)
|
|||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Asset impairments | $ 182 | $ 785 | ||||||||||||||
Goodwill | $ 88 | 88 | ||||||||||||||
Restricted cash | 380 | $ 32 | 190 | 380 | $ 32 | |||||||||||
Gain recognized on sale of business, pre-tax | $ (1) | 222 | 2,593 | |||||||||||||
Foreign currency translation adjustment | [1] | 1,237 | ||||||||||||||
Charge on early retirement of debt, cash retirement costs | 304 | |||||||||||||||
Settlement of long-term obligations duration | 13 years | |||||||||||||||
Canadian Divestiture [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Estimated cash abandonment charges per quarter | $ 8 | |||||||||||||||
Senior Notes [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Charge on early retirement of debt, cash retirement costs | 304 | |||||||||||||||
Loss on early retirement of debt, noncash charges | 8 | |||||||||||||||
EnLink and General Partner [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from the sale of business | $ 3,125 | 3,125 | ||||||||||||||
Gain recognized on sale of business, pre-tax | 2,600 | 2,600 | ||||||||||||||
Gain recognized on sale of business, after-tax | $ 2,200 | $ 2,200 | ||||||||||||||
Effective close date of divestiture | Jul. 18, 2018 | |||||||||||||||
Cash income taxes | $ 12 | |||||||||||||||
Net cash outflows | $ 380 | $ 430 | 560 | |||||||||||||
EnLink and General Partner [Member] | Chisholm Gathering and Processing Contract [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Gathering and processing minimum volume commitments period end | expired at the end of 2020 | |||||||||||||||
EnLink and General Partner [Member] | Bridgeport and Cana Gathering and Processing Contracts [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Commitment Termination Date | Dec. 31, 2029 | |||||||||||||||
EnLink and General Partner [Member] | Maximum [Member] | Chisholm Gathering and Processing Contract [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Minimum gathering volume commitment | MMcf | 128 | |||||||||||||||
Minimum processing volume commitment | MMcf | 128 | |||||||||||||||
EnLink and General Partner [Member] | Minimum [Member] | Chisholm Gathering and Processing Contract [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Minimum gathering volume commitment | MMcf | 77 | |||||||||||||||
Minimum processing volume commitment | MMcf | 77 | |||||||||||||||
Barnett Shale [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Asset impairments | 748 | $ 182 | 748 | |||||||||||||
Goodwill | $ 88 | $ 88 | ||||||||||||||
Proceeds from the sale of business | $ 490 | |||||||||||||||
Contingent earnout payments | $ 260 | |||||||||||||||
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU | 2.75 | |||||||||||||||
WTI oil price for contingent earnout payment upside | $ / bbl | 50 | |||||||||||||||
Cash deposit received | $ 170 | |||||||||||||||
Contingent payments valuation | 66 | |||||||||||||||
Restricted cash | 20 | |||||||||||||||
Estimated cash abandonment charges per quarter | $ 2 | |||||||||||||||
Barnett Shale [Member] | Scenario Forecast [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Contingent earnout payment period | The contingent payment period commences on January 1, 2021 and has a term of four years. | |||||||||||||||
Barnett Shale [Member] | BKV [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Percentage of estimated U.S. total proved reserves associated with divestiture assets | 45.00% | |||||||||||||||
Proceeds from the sale of business | $ 490 | |||||||||||||||
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU | 2.75 | |||||||||||||||
WTI oil price for contingent earnout payment upside | $ / bbl | 50 | |||||||||||||||
Cash deposit received | $ 170 | |||||||||||||||
Contingent earnout payment period | The contingent payment period commences on January 1, 2021 and has a term of four years. | |||||||||||||||
Barnett Shale [Member] | BKV [Member] | Scenario Forecast [Member] | Maximum [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Contingent earnout payments | $ 260 | |||||||||||||||
Canadian Business Segment [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Restricted cash | $ 170 | |||||||||||||||
Proceeds from the sale of business | $ 2,600 | $ 3.4 | ||||||||||||||
Gain recognized on sale of business, pre-tax | 223 | |||||||||||||||
Gain recognized on sale of business, after-tax | 425 | |||||||||||||||
Income taxes paid | $ 175 | |||||||||||||||
Foreign currency translation adjustment | $ 1,200 | |||||||||||||||
Charge on early retirement of debt, cash retirement costs | $ 52 | |||||||||||||||
Loss on early retirement of debt, noncash charges | 6 | |||||||||||||||
Effective close date of divestiture | Jun. 27, 2019 | |||||||||||||||
Canadian Business Segment [Member] | 4.00% due July 15, 2021 [Member] | Senior Notes [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Long-term debt retired | $ 500 | |||||||||||||||
Debt interest rate, stated percentage | 4.00% | |||||||||||||||
Debt, maturity date | Jul. 15, 2021 | |||||||||||||||
Canadian Business Segment [Member] | 3.25% due May 15, 2022 [Member] | Senior Notes [Member] | ||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||
Long-term debt retired | $ 1,000 | |||||||||||||||
Debt interest rate, stated percentage | 3.25% | |||||||||||||||
Debt, maturity date | May 15, 2022 | |||||||||||||||
|
Discontinued Operations (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Oil, gas and NGL sales | $ 263 | $ 1,227 | $ 1,592 |
Oil, gas and NGL derivatives | (113) | 150 | |
Marketing and midstream revenues | 38 | 3,662 | |
Total revenues | 263 | 1,152 | 5,404 |
Production expenses | 214 | 599 | 1,072 |
Exploration expenses | 13 | 48 | |
Marketing and midstream expenses | 18 | 2,954 | |
Depreciation, depletion and amortization | 205 | 674 | |
Asset impairment charges | 182 | 785 | |
Asset dispositions | 1 | (222) | (2,593) |
General and administrative expenses | 3 | 34 | 141 |
Financing costs, net | (3) | 87 | 112 |
Restructuring and transaction costs | 9 | 248 | 17 |
Other expenses | 9 | 17 | 140 |
Total expenses | 415 | 1,784 | 2,565 |
Earnings (loss) from discontinued operations before income taxes | (152) | (632) | 2,839 |
Income tax expense (benefit) | (24) | (358) | 329 |
Net earnings (loss) from discontinued operations, net of tax | (128) | (274) | 2,510 |
Net earnings attributable to noncontrolling interests | 160 | ||
Net earnings (loss) from discontinued operations, attributable to Devon | 2,350 | ||
Net earnings (loss) from discontinued operations, attributable to Devon | 2,350 | ||
Barnett Shale [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Oil, gas and NGL sales | 263 | 486 | 777 |
Total revenues | 263 | 486 | 777 |
Production expenses | 214 | 306 | 467 |
Depreciation, depletion and amortization | 77 | 100 | |
Asset impairment charges | 182 | 748 | |
Asset dispositions | (4) | 1 | 14 |
Other expenses | 10 | 11 | (34) |
Total expenses | 402 | 1,143 | 547 |
Earnings (loss) from discontinued operations before income taxes | (139) | (657) | 230 |
Income tax expense (benefit) | (11) | (142) | 50 |
Net earnings (loss) from discontinued operations, net of tax | (128) | (515) | 180 |
Net earnings (loss) from discontinued operations, attributable to Devon | 180 | ||
Net earnings (loss) from discontinued operations, attributable to Devon | 180 | ||
Canada [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Oil, gas and NGL sales | 741 | 814 | |
Oil, gas and NGL derivatives | (113) | 151 | |
Marketing and midstream revenues | 38 | 95 | |
Total revenues | 666 | 1,060 | |
Production expenses | 293 | 605 | |
Exploration expenses | 13 | 48 | |
Marketing and midstream expenses | 18 | 42 | |
Depreciation, depletion and amortization | 128 | 330 | |
Asset impairment charges | 37 | ||
Asset dispositions | 5 | (223) | |
General and administrative expenses | 3 | 34 | 76 |
Financing costs, net | (3) | 87 | 14 |
Restructuring and transaction costs | 9 | 248 | 17 |
Other expenses | (1) | 6 | 182 |
Total expenses | 13 | 641 | 1,314 |
Earnings (loss) from discontinued operations before income taxes | (13) | 25 | (254) |
Income tax expense (benefit) | $ (13) | (216) | (124) |
Net earnings (loss) from discontinued operations, net of tax | $ 241 | (130) | |
Net earnings (loss) from discontinued operations, attributable to Devon | (130) | ||
Net earnings (loss) from discontinued operations, attributable to Devon | (130) | ||
EnLink and General Partner [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Marketing and midstream revenues | 3,567 | ||
Total revenues | 3,567 | ||
Marketing and midstream expenses | 2,912 | ||
Depreciation, depletion and amortization | 244 | ||
Asset dispositions | (2,607) | ||
General and administrative expenses | 65 | ||
Financing costs, net | 98 | ||
Other expenses | (8) | ||
Total expenses | 704 | ||
Earnings (loss) from discontinued operations before income taxes | 2,863 | ||
Income tax expense (benefit) | 403 | ||
Net earnings (loss) from discontinued operations, net of tax | 2,460 | ||
Net earnings attributable to noncontrolling interests | 160 | ||
Net earnings (loss) from discontinued operations, attributable to Devon | 2,300 | ||
Net earnings (loss) from discontinued operations, attributable to Devon | $ 2,300 |
Discontinued Operations (Carrying Amounts of Assets and Liabilities Classified as Associated with Discontinued Operations on Consolidated Balance Sheets) (Details) $ in Millions |
Dec. 31, 2019
USD ($)
|
---|---|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Accounts receivable | $ 39 |
Other current assets | 7 |
Oil and gas property and equipment, based on successful efforts accounting, net | 751 |
Other property and equipment, net | 11 |
Goodwill | 88 |
Other long-term assets | 81 |
Total assets associated with discontinued operations | 977 |
Accounts payable | 19 |
Revenues and royalties payable | 47 |
Other current liabilities | 252 |
Asset retirement obligations | 141 |
Other long-term liabilities | 185 |
Total liabilities associated with discontinued operations | 644 |
Barnett Shale [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Accounts receivable | 38 |
Other current assets | 5 |
Oil and gas property and equipment, based on successful efforts accounting, net | 751 |
Other property and equipment, net | 11 |
Goodwill | 88 |
Total assets associated with discontinued operations | 893 |
Accounts payable | 15 |
Revenues and royalties payable | 44 |
Other current liabilities | 19 |
Asset retirement obligations | 141 |
Other long-term liabilities | 16 |
Total liabilities associated with discontinued operations | 235 |
Canada [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Accounts receivable | 1 |
Other current assets | 2 |
Other long-term assets | 81 |
Total assets associated with discontinued operations | 84 |
Accounts payable | 4 |
Revenues and royalties payable | 3 |
Other current liabilities | 233 |
Other long-term liabilities | 169 |
Total liabilities associated with discontinued operations | $ 409 |
Commitments And Contingencies (Narrative) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Commitments And Contingencies Disclosure [Abstract] | |
Accrued royalty claims | $ 40 |
Commitments And Contingencies (Schedule Of Commitments And Contingencies) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Drilling And Facility Obligations [Member] | |
Long Term Purchase Commitment [Line Items] | |
2021 | $ 84 |
2022 | 38 |
2023 | 36 |
2024 | 26 |
2025 | 7 |
Total | 191 |
Operational Agreements [Member] | |
Long Term Purchase Commitment [Line Items] | |
2021 | 241 |
2022 | 251 |
2023 | 212 |
2024 | 197 |
2025 | 162 |
Thereafter | 483 |
Total | 1,546 |
Office And Equipment Leases [Member] | |
Long Term Purchase Commitment [Line Items] | |
2021 | 54 |
2022 | 29 |
2023 | 28 |
2024 | 10 |
2025 | 9 |
Thereafter | 289 |
Total | $ 419 |
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | $ 6 | $ 50 |
Derivatives, liabilities | (148) | (31) |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,436 | 702 |
Debt | (4,298) | (4,294) |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 50 |
Derivatives, liabilities | (148) | (31) |
Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,436 | 702 |
Debt | (5,365) | (5,376) |
Total Fair Value [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 50 |
Derivatives, liabilities | (148) | (31) |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,436 | 702 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | (5,365) | (5,376) |
Level 2 Inputs [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 50 |
Derivatives, liabilities | $ (148) | $ (31) |
Supplemental Information on Oil and Gas Operations (Unaudited) (Narrative) (Details) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020
USD ($)
MMBoe
$ / bbl
$ / Mcf
|
Dec. 31, 2019
USD ($)
MMBoe
|
Dec. 31, 2018
USD ($)
MMBoe
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2017
USD ($)
MMBoe
|
|||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves | [1] | 752 | 757 | 823 | 787 | ||||
Standardized measure of discounted future net cash flows | $ | $ 3,472 | $ 5,398 | $ 7,150 | $ 5,954 | |||||
Proved developed and undeveloped reserves, revisions due to prices | [1] | (78) | (28) | 15 | |||||
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | 55 | 75 | |||||||
Proved developed and undeveloped reserves, additional downward revisions other than price(MMBoe) | 20 | 5 | |||||||
Proved developed and undeveloped reserves, extensions and discoveries | [1] | 135 | 160 | 206 | |||||
Proved developed and undeveloped reserves, extensions and discoveries related to additions from infill drilling activities (MMBoe) | 21 | ||||||||
Proved undeveloped reserves increased percentage | 6.00% | ||||||||
Proved undeveloped reserves as percentage of entire proved reserves | 24.00% | ||||||||
Proved undeveloped reserves | [1] | 178 | 168 | 223 | 202 | ||||
Proved undeveloped reserves due to drilling and development activities (MMBoe) | 105 | ||||||||
Proved undeveloped reserves, conversion to proved developed reserves (MMBoe) | 68 | ||||||||
Proved undeveloped reserves to proved developed reserves conversion percentage | 40.00% | ||||||||
Cost incurred related to development and conversion of proved undeveloped reserves | $ | $ 448 | ||||||||
Average estimated future realized price per barrel of oil used to estimate future cash inflows for proved oil reserves | $ / bbl | 37.35 | ||||||||
Average estimated future realized price per Mcf of gas used to estimate future cash inflows for proved gas reserves | $ / Mcf | 1.37 | ||||||||
Average estimated future realized price per barrel of natural gas liquids used to estimate future cash inflows for proved NGL reserves | $ / bbl | 10.76 | ||||||||
Future development costs | $ | $ 1,747 | $ 2,093 | $ 2,957 | ||||||
Future dismantlement, abandonment and rehabilitation costs | $ | $ 300 | ||||||||
Scenario Forecast [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Future development costs | $ | $ 200 | $ 400 | $ 600 | ||||||
Delaware Basin [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | 40 | 6 | |||||||
Proved developed and undeveloped reserves, extensions and discoveries | 117 | 77 | 88 | ||||||
Percentage of extensions and discoveries proved undeveloped reserves | 87.00% | ||||||||
Proved undeveloped reserves revisions other than price | 8 | ||||||||
STACK [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | 22 | 9 | |||||||
Proved developed and undeveloped reserves, extensions and discoveries | 8 | 37 | 87 | ||||||
Eagle Ford [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves, extensions and discoveries | 5 | 18 | |||||||
Powder River Basin [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves, extensions and discoveries | 5 | 28 | |||||||
STACK and Delaware Basin [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Percentage of additions to proved developed and undeveloped reserves for extensions and discoveries | 85.00% | ||||||||
Anadarko Basin | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved undeveloped reserves revisions other than price | 12 | ||||||||
Barnett Shale Discontinued Operations [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves | 612 | ||||||||
Standardized measure of discounted future net cash flows | $ | $ 940 | ||||||||
Discontinued Operations [Member] | |||||||||
Reserve Quantities [Line Items] | |||||||||
Proved developed and undeveloped reserves | 1,104 | ||||||||
Standardized measure of discounted future net cash flows | $ | $ 3,042 | ||||||||
|
Supplemental Information on Oil and Gas Operations (Unaudited) (Costs Incurred) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Property acquisition costs: | |||
Proved properties | $ 2 | ||
Unproved properties | $ 8 | $ 35 | 70 |
Exploration costs | 159 | 312 | 679 |
Development costs | 820 | 1,499 | 1,505 |
Costs incurred | $ 987 | $ 1,846 | $ 2,256 |
Supplemental Information on Oil and Gas Operations (Unaudited) (Results Of Operations) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
$ / Boe
|
Dec. 31, 2019
USD ($)
$ / Boe
|
Dec. 31, 2018
USD ($)
$ / Boe
|
|
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | |||
Oil, gas and NGL sales | $ 2,695 | $ 3,809 | $ 4,085 |
Production expenses | (1,123) | (1,197) | (1,153) |
Exploration expenses | (167) | (58) | (128) |
Depreciation, depletion and amortization | (1,207) | (1,398) | (1,134) |
Asset dispositions | 37 | 276 | |
Asset impairments | (2,664) | (109) | |
Accretion of asset retirement obligations | (20) | (21) | (26) |
Income tax expense | (270) | (416) | |
Results of operations | $ (2,486) | $ 902 | $ 1,395 |
Depreciation, depletion and amortization per Boe | $ / Boe | 9.90 | 11.72 | 10.51 |
Supplemental Information on Oil and Gas Operations (Unaudited) (Proved Developed and Undeveloped Reserves) (Details) MBbls in Thousands, Mcf in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2020
MMBoe
MBbls
Mcf
|
Dec. 31, 2019
MMBoe
MBbls
Mcf
|
Dec. 31, 2018
MMBoe
MBbls
Mcf
|
Dec. 31, 2017
MMBoe
MBbls
Mcf
|
|||
Reserve Quantities [Line Items] | ||||||
Proved developed and undeveloped reserves, beginning balance | MMBoe | [1] | 757 | 823 | 787 | ||
Proved developed and undeveloped reserves, revisions due to prices | MMBoe | [1] | (78) | (28) | 15 | ||
Proved developed and undeveloped reserves, revisions other than price | MMBoe | [1] | 55 | (31) | (53) | ||
Proved developed and undeveloped reserves, extensions and discoveries | MMBoe | [1] | 135 | 160 | 206 | ||
Proved developed and undeveloped reserves, purchase of reserves | MMBoe | [1] | 7 | 6 | |||
Proved developed and undeveloped reserves, production | MMBoe | [1] | (122) | (119) | (108) | ||
Proved developed and undeveloped reserves, sale of reserves | MMBoe | [1] | (2) | (54) | (24) | ||
Proved developed and undeveloped reserves, ending balance | MMBoe | [1] | 752 | 757 | 823 | ||
Proved developed reserves | MMBoe | [1] | 574 | 589 | 600 | 585 | |
Proved developed producing reserves | MMBoe | [1] | 564 | 578 | 582 | 554 | |
Proved undeveloped reserves | MMBoe | [1] | 178 | 168 | 223 | 202 | |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | |||||
Oil [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Proved developed and undeveloped reserves, beginning balance | 276 | 296 | 254 | |||
Proved developed and undeveloped reserves, revisions due to prices | (26) | (7) | 12 | |||
Proved developed and undeveloped reserves, revisions other than price | 18 | (13) | (10) | |||
Proved developed and undeveloped reserves, extensions and discoveries | 71 | 76 | 93 | |||
Proved developed and undeveloped reserves, purchase of reserves | 1 | 3 | ||||
Proved developed and undeveloped reserves, production | (57) | (55) | (47) | |||
Proved developed and undeveloped reserves, sale of reserves | (1) | (24) | (6) | |||
Proved developed and undeveloped reserves, ending balance | 282 | 276 | 296 | |||
Proved developed reserves | 194 | 198 | 196 | 175 | ||
Proved developed producing reserves | 190 | 191 | 188 | 163 | ||
Proved undeveloped reserves | 88 | 78 | 100 | 79 | ||
Natural Gas [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Proved developed and undeveloped reserves, beginning balance | Mcf | 1,621 | 1,802 | 1,810 | |||
Proved developed and undeveloped reserves, revisions due to prices | Mcf | (209) | (86) | 7 | |||
Proved developed and undeveloped reserves, revisions other than price | Mcf | 119 | (50) | (102) | |||
Proved developed and undeveloped reserves, extensions and discoveries | Mcf | 188 | 269 | 358 | |||
Proved developed and undeveloped reserves, purchase of reserves | Mcf | 19 | 7 | ||||
Proved developed and undeveloped reserves, production | Mcf | (221) | (219) | (206) | |||
Proved developed and undeveloped reserves, sale of reserves | Mcf | (5) | (102) | (65) | |||
Proved developed and undeveloped reserves, ending balance | Mcf | 1,512 | 1,621 | 1,802 | |||
Proved developed reserves | Mcf | 1,244 | 1,344 | 1,427 | 1,455 | ||
Proved developed producing reserves | Mcf | 1,223 | 1,327 | 1,394 | 1,384 | ||
Proved undeveloped reserves | Mcf | 268 | 277 | 375 | 355 | ||
Natural Gas Liquids [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Proved developed and undeveloped reserves, beginning balance | 211 | 227 | 231 | |||
Proved developed and undeveloped reserves, revisions due to prices | (17) | (6) | 2 | |||
Proved developed and undeveloped reserves, revisions other than price | 17 | (9) | (27) | |||
Proved developed and undeveloped reserves, extensions and discoveries | 33 | 39 | 54 | |||
Proved developed and undeveloped reserves, purchase of reserves | 3 | 1 | ||||
Proved developed and undeveloped reserves, production | (28) | (28) | (26) | |||
Proved developed and undeveloped reserves, sale of reserves | (1) | (13) | (7) | |||
Proved developed and undeveloped reserves, ending balance | 218 | 211 | 227 | |||
Proved developed reserves | 173 | 167 | 166 | 168 | ||
Proved developed producing reserves | 171 | 165 | 162 | 160 | ||
Proved undeveloped reserves | 45 | 44 | 61 | 63 | ||
|
Supplemental Information on Oil and Gas Operations (Unaudited) (Proved Undeveloped Reserves) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020
MMBoe
| ||||
Reserve Quantities [Line Items] | ||||
Proved undeveloped reserves (MMBoe) beginning balance | 168 | [1] | ||
Proved undeveloped reserves, extensions and discoveries | 105 | |||
Proved undeveloped reserves, conversion to proved developed reserves | (68) | |||
Proved undeveloped reserves (MMBoe) ending balance | 178 | [1] | ||
United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Proved undeveloped reserves (MMBoe) beginning balance | 168 | |||
Proved undeveloped reserves, extensions and discoveries | 105 | |||
Proved undeveloped reserves, revisions due to prices | (8) | |||
Proved undeveloped reserves, revisions other than price | (20) | |||
Proved undeveloped reserves, Purchase of reserves | 2 | |||
Proved undeveloped reserves, sale of reserves | (1) | |||
Proved undeveloped reserves, conversion to proved developed reserves | (68) | |||
Proved undeveloped reserves (MMBoe) ending balance | 178 | |||
|
Supplemental Information on Oil and Gas Operations (Unaudited) (Standardized Measure Of Discounted Future Net Cash Flows Related To Proved Reserves) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | ||||
Future cash inflows | $ 14,957 | $ 20,750 | $ 27,759 | |
Future costs: | ||||
Development | (1,747) | (2,093) | (2,957) | |
Production | (7,964) | (9,174) | (10,991) | |
Future income tax expense | (1,037) | (2,036) | ||
Future net cash flow | 5,246 | 8,446 | 11,775 | |
10% discount to reflect timing of cash flows | (1,774) | (3,048) | (4,625) | |
Standardized measure of discounted future net cash flows | $ 3,472 | $ 5,398 | $ 7,150 | $ 5,954 |
Supplemental Information on Oil and Gas Operations (Unaudited) (Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Supplemental Information On Oil And Gas Operations [Abstract] | |||
Standardized measure of discounted future net cash flows, beginning balance | $ 5,398 | $ 7,150 | $ 5,954 |
Net changes in prices and production costs | (3,277) | (2,323) | 1,533 |
Oil, gas and NGL sales, net of production costs | (1,572) | (2,612) | (2,932) |
Changes in estimated future development costs | 402 | 303 | (273) |
Extensions and discoveries, net of future development costs | 988 | 1,690 | 2,944 |
Purchase of reserves | 23 | 43 | |
Sales of reserves in place | (7) | (481) | (120) |
Revisions of quantity estimates | 147 | (359) | (152) |
Previously estimated development costs incurred during the period | 537 | 857 | 787 |
Accretion of discount | 285 | 506 | 648 |
Net change in income taxes and other | 548 | 624 | (1,239) |
Standardized measure of discounted future net cash flows, ending balance | $ 3,472 | $ 5,398 | $ 7,150 |