Common stock, par value (in dollars per share)

^[1]

$ 1,024

$ 1,035

$ 0.10

Common stock, shares authorized (in shares)

1,000,000,000.0

Common stock, shares issued (in shares)

383,000,000

382,000,000

CDM [Member]

Summary Of Significant Accounting Policies

$ 89

$ 80

[1]	$89 million and $80 million related to CDM in 2020 and 2019, respectively.

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2018	$ 9,186	$ 45	$ 4,486	$ 3,650	$ 1,027	$ (22)
Balance, shares at Dec. 31, 2018		450
Effect of adoption of lease accounting at Dec. 31, 2018	(19)			(19)
Net earnings (loss)	(317)			(317)
Other comprehensive earnings, net of tax	37				37
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(1,042)					(1,042)
Common stock retired		$ (3)	(1,014)			1,017
Common stock retired, shares		(36)
Common stock dividends	(34)			(34)
Share-based compensation	46		46
Balance at Mar. 31, 2019	7,857	$ 42	3,518	3,280	1,064	(47)
Balance, shares at Mar. 31, 2019		417
Balance at Dec. 31, 2019	5,920	$ 38	2,735	3,148	(119)		$ 118
Balance, shares at Dec. 31, 2019		382
Net earnings (loss)	(1,815)			(1,816)			1
Other comprehensive earnings, net of tax	1				1
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(54)					(54)
Common stock retired			(54)			$ 54
Common stock retired, shares		(3)
Common stock dividends	(34)			(34)
Share-based compensation	20		20
Share-based compensation, shares		1
Contributions from noncontrolling interests	5						5
Distributions to noncontrolling interests	(3)						(3)
Balance at Mar. 31, 2020	$ 4,040	$ 38	$ 2,701	$ 1,298	$ (118)		$ 121
Balance, shares at Mar. 31, 2020		383

Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

DEVON ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2019 Annual Report on Form 10-K.

The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2020 and 2019 and Devon’s financial position as of March 31, 2020. As further discussed in Note 17, Devon reached an agreement to sell its Barnett Shale assets in December 2019, which was amended in April 2020, and sold its Canadian operations on June 27, 2019. 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, and its Canadian operations are classified as discontinued operations within Devon’s consolidated statements of comprehensive earnings and consolidated statements of cash flows. 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.

During the fourth quarter of 2019, Devon entered into an agreement to form Cotton Draw Midstream, L.L.C. (“CDM”), a joint-venture entity in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). 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. 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.

Disaggregation of Revenue

The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.

	Three Months Ended March 31,
	2020		2019
Oil	$	662	$	659
Gas		70		138
NGL		75		122
Oil, gas and NGL revenues from contracts with customers		807		919
Oil, gas and NGL derivatives		720		(605	)
Upstream revenues		1,527		314

Oil		329		356
Gas		92		218
NGL		137		191
Total marketing revenues		558		765
Midstream revenues		2		—
Total marketing and midstream revenues from contracts with customers		560		765
Total revenues	$	2,087	$	1,079

Recently Adopted Accounting Standards

In 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. This ASU changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans and other financial assets measured at amortized cost from the current “incurred loss” model to a new forward-looking “expected loss” model. Devon adopted this ASU in the first quarter of 2020 using the modified retrospective approach. Devon assesses credit risk 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 then 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 receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate. This adoption did not have a material impact on Devon’s consolidated financial statements.

Divestitures

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Divestitures

2.Divestitures

Discontinued Operations – Upstream Assets

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). Additional information can be found in Note 17.

Devon announced the sale of its Barnett Shale assets to BKV in December 2019 and subsequently amended the agreement in April 2020. Under the amended terms, Devon has agreed to sell its Barnett Shale assets for $570 million in cash, before purchase price adjustments, at closing, which was extended to December 31, 2020. Devon recognized a $748 million asset impairment related to these assets in the fourth quarter of 2019 and an incremental $179 million asset impairment during the first quarter of 2020. Additional information can be found in Note 17.

Continuing Operations – Upstream Assets

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 back to Devon. No material activity occurred during the first quarter of 2020.

In the first quarter of 2019, Devon received proceeds of approximately $300 million and recognized a $45 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 25 MMBoe.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3.Derivative Financial Instruments

Objectives and Strategies

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of March 31, 2020, Devon did not have any open interest rate swap contracts.

Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment.

Counterparty Credit Risk

By using derivative financial instruments, 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 contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of March 31, 2020, Devon neither held cash collateral of its counterparties nor posted collateral to its counterparties.

Commodity Derivatives

As of March 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.

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2-Q4 2020		82,207	$	36.87		50,449	$	51.11	$	61.14
Q1-Q4 2021		11,649	$	36.77		15,964	$	41.24	$	51.24

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2020	Argus MEH		50,916	$	0.45
Q2-Q4 2020	Midland Sweet		31,782	$	(1.23	)
Q2-Q4 2020	NYMEX Roll		52,676	$	0.38
Q1-Q4 2021	Midland Sweet		7,000	$	1.27

As of March 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.

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q2-Q4 2020		65,396	$	2.75		171,418	$	1.89	$	2.37
Q1-Q4 2021		—	$	—		22,438	$	2.06	$	2.56

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q2-Q4 2020	El Paso Natural Gas		65,000	$	(0.78	)
Q2-Q4 2020	Houston Ship Channel		30,000	$	(0.02	)
Q1-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)

As of March 31, 2020, Devon had the following open NGL derivative positions. Devon’s NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q2-Q4 2020	Ethane		9,982	$	5.62
Q2-Q4 2020	Natural Gasoline		1,000	$	44.84
Q2-Q4 2020	Normal Butane		1,500	$	23.56
Q2-Q4 2020	Propane		4,500	$	25.18

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.

	Three Months Ended March 31,
	2020		2019
Commodity derivatives:
Upstream revenues	$	720	$	(605	)
Marketing and midstream revenues		—		1
Net gains (losses) recognized	$	720	$	(604	)

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.

	March 31, 2020		December 31, 2019
Commodity derivative assets:
Other current assets	$	616	$	49
Other long-term assets		27		1
Total derivative assets	$	643	$	50
Commodity derivative liabilities:
Other current liabilities	$	—	$	30
Other long-term liabilities		5		1
Total derivative liabilities	$	5	$	31

Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

4.Share-Based Compensation

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. The vesting for certain share-based awards was accelerated in conjunction with the reduction of workforce described in Note 6 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.

	Three Months Ended March 31st,
	2020		2019
G&A	$	20	$	23
Restructuring and transaction costs		—		22
Total	$	20	$	45
Related income tax benefit	$	—	$	9

Under its approved long-term incentive plan, Devon granted share-based awards to certain employees in the first three months of 2020. 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 plan.

						Performance-Based					Performance
	Restricted Stock Awards					Restricted Stock Awards					Share Units
	Awards			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/19		4,984		$	29.65		153		$	33.88		2,155				$	40.35
Granted		2,865		$	22.54		—		$	—		688				$	27.89
Vested		(1,733	)	$	29.42		(105	)	$	29.12		(455	)			$	52.56
Forfeited		(29	)	$	28.05		—		$	—		(304	)			$	52.56
Unvested at 3/31/20		6,087		$	26.37		48		$	44.12		2,084		⁽¹	⁾	$	31.79

(1)	A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2020, as indicated in the previous summary table.

	2020
Grant-date fair value	$	27.89
Risk-free interest rate	1.36%
Volatility factor	38.4%
Contractual term (years)	2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2020.

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards		Awards		Share Units
Unrecognized compensation cost	$	120	$	—	$	25
Weighted average period for recognition (years)		2.9		1.2		1.8

Asset Impairments

3 Months Ended

Mar. 31, 2020

Asset Impairment Charges [Abstract]

Asset Impairments

5.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.

	Three Months Ended March 31,
	2020		2019
Proved oil and gas assets	$	2,664	$	—
Other assets		2		—
Total asset impairments	$	2,666	$	—

Unproved impairments	$	110	$	1

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 planned 2020 capital investment by 45%. With materially lower commodity prices and reduced near-term investment, Devon assessed all of its oil and gas fields for impairment as of March 31, 2020. For impairment determinations, 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. To measure indicated impairments, Devon used a market-based weighted-average cost of capital to discount the future net cash flows.

Devon recognized approximately $2.7 billion of proved asset impairments during the first three months of 2020. These impairments related to the Anadarko Basin and Rockies fields in which the cost basis included acquisitions completed in 2016 and 2015, respectively, when commodity prices were much higher than they are today. In the first quarter of 2020, Devon recognized $2 million of product line fill impairments.

Unproved Impairments

Due to the recent downturn in the commodity price environment and reduced near-term investment as discussed above, Devon also recognized $110 million of unproved impairments during the first three months of 2020, primarily in the Rockies field. During the first three months of 2019, Devon allowed certain non-core acreage to expire without plans for development resulting in unproved impairments of $1 million.

Restructuring and Transaction Costs

3 Months Ended

Mar. 31, 2020

Restructuring And Related Activities [Abstract]

Restructuring and Transaction Costs

6.Restructuring and Transaction Costs

During the first quarter of 2019, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure in conjunction with the portfolio transformation announcement further discussed in Note 2. As a result, Devon recognized $51 million of restructuring expenses during the first three months of 2019. Of these expenses, $22 million resulted from accelerated vesting of share-based grants, which are noncash charges.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
	(Millions)
Balance as of December 31, 2019	$	20		$	1		$	21
Changes related to prior years' restructurings		(9	)		—			(9	)
Balance as of March 31, 2020	$	11		$	1		$	12

Balance as of December 31, 2018	$	39		$	3		$	42
Changes related to prior years' restructurings		12			(2	)		10
Balance as of March 31, 2019	$	51		$	1		$	52

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

7.Income Taxes

The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

	Three Months Ended March 31,
	2020			2019
Loss from continuing operations before income taxes	$	(2,107	)	$	(497	)

Current income tax benefit	$	(106	)	$	(4	)
Deferred income tax benefit		(311	)		(115	)
Total income tax benefit	$	(417	)	$	(119	)

U.S. statutory income tax rate		21	%		21	%
State income taxes		1	%		6	%
Change in tax legislation		5	%		0	%
Other		(3	%)		(3	%)
Deferred tax asset valuation allowance		(4	%)		0	%
Effective income tax rate		20	%		24	%

Devon estimates its annual effective income tax rate to record its quarterly 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 quarter in which they occur.

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 generate a refund. Devon intends to carry net operating losses generated in 2019 and 2020 back to 2014 and 2015, respectively. As a result, Devon recorded a $96 million income tax benefit in Q1 2020, and expects to record an additional $9 million income tax benefit by the end of the year.

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 net deferred tax assets as of March 31, 2020, increasing its valuation allowance by $108 million.

Included in “other” in the table above is the impact of increasing Devon’s unrecognized tax benefits by approximately $34 million during the first quarter of 2020.

Net Earnings (Loss) Per Share from Continuing Operations

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share from Continuing Operations

8.	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.

	Three Months Ended March 31,
	2020			2019
Net loss from continuing operations:
Net loss from continuing operations	$	(1,691	)	$	(378	)
Attributable to participating securities		(1	)		—
Basic and diluted loss from continuing operations	$	(1,692	)	$	(378	)
Common shares:
Common shares outstanding - total		383			434
Attributable to participating securities		(6	)		(6	)
Common shares outstanding - basic and diluted		377			428
Net loss per share from continuing operations:
Basic	$	(4.48	)	$	(0.89	)
Diluted	$	(4.48	)	$	(0.89	)
Antidilutive options ⁽¹⁾		—			1

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Loss)

3 Months Ended

Mar. 31, 2020

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Other Comprehensive Earnings (Loss)

9.	Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) consist of the following:

	Three Months Ended March 31,
	2020			2019
Foreign currency translation:
Beginning accumulated foreign currency translation and other	$	—		$	1,159
Change in cumulative translation adjustment		—			35
Ending accumulated foreign currency translation and other		—			1,194
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(119	)		(132	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		2			3
Income tax expense		(1	)		(1	)
Ending accumulated pension and postretirement benefits		(118	)		(130	)
Accumulated other comprehensive earnings (loss), net of tax	$	(118	)	$	1,064

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings.

Supplemental Information To Statements Of Cash Flows

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

10.	Supplemental Information to Statements of Cash Flows

	Three Months Ended March 31,
	2020			2019
Changes in assets and liabilities, net:
Accounts receivable	$	238		$	(29	)
Income tax receivable		(113	)		—
Other current assets		(38	)		9
Other long-term assets		(24	)		(8	)
Accounts payable		42			(51	)
Revenues and royalties payable		(113	)		46
Other current liabilities		(81	)		(23	)
Other long-term liabilities		33			(5	)
Total	$	(56	)	$	(61	)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	64		$	53
Income taxes paid	$	151		$	6

Accounts Receivable

3 Months Ended

Mar. 31, 2020

Accounts Receivable Net [Abstract]

Accounts Receivable

11.	Accounts Receivable

Components of accounts receivable include the following:

	March 31, 2020			December 31, 2019
Oil, gas and NGL sales	$	235		$	452
Joint interest billings		147			168
Marketing and midstream revenues		149			207
Other		74			13
Gross accounts receivable		605			840
Allowance for doubtful accounts		(11	)		(8	)
Net accounts receivable	$	594		$	832

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2020

Extractive Industries [Abstract]

Property, Plant and Equipment

12.Property, Plant and Equipment

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

	March 31, 2020			December 31, 2019
Property and equipment:
Proved	$	27,986		$	27,668
Unproved and properties under development		504			583
Total oil and gas		28,490			28,251
Less accumulated DD&A		(23,734	)		(20,693	)
Oil and gas property and equipment, net		4,756			7,558
Other property and equipment		1,732			1,725
Less accumulated DD&A		(708	)		(690	)
Other property and equipment, net ⁽¹⁾		1,024			1,035
Property and equipment, net	$	5,780		$	8,593

(1)

$89 million and $80 million related to CDM in 2020 and 2019, respectively.

During the first quarter of 2020, Devon recognized asset impairments of $2.7 billion primarily related to proved oil and gas assets and $110 million of unproved impairments, which significantly reduced the carrying value of its property and equipment, net. See Note 5 for additional details.

Debt And Related Expenses

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt and Related Expenses

13.	Debt and Related Expenses

See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.

	March 31, 2020			December 31, 2019

5.85% due December 15, 2025	$	485		$	485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031		675			675
7.95% due April 15, 2032		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(20	)		(20	)
Debt issuance costs		(34	)		(35	)
Total long-term debt	$	4,295		$	4,294

Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2020, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. 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%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as impairments. As of March 31, 2020, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 18.8%.

Retirement of Senior Notes

In January 2019, Devon repaid the $162 million of 6.30% senior notes at maturity.

Net Financing Costs

The following schedule includes the components of net financing costs.

	Three Months Ended March 31,
	2020			2019
Interest based on debt outstanding	$	65		$	65
Interest income		(5	)		(11	)
Other		5			6
Total net financing costs	$	65		$	60

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

14.Leases

The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2020 and December 31, 2019.

	March 31, 2020						December 31, 2019
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	227	$	10	$	237	$	229	$	14	$	243
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	7	$	7	$	14	$	7	$	10	$	17
Long-term lease liabilities		242		3		245		240		4		244
Total lease liabilities	$	249	$	10	$	259	$	247	$	14	$	261

(1)

Current lease liabilities are included in other current liabilities on the consolidated balance sheets.

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.

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

15.	Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

	Three Months Ended March 31,
	2020			2019
Asset retirement obligations as of beginning of period	$	398		$	484
Liabilities incurred		6			4
Liabilities settled and divested		(13	)		(33	)
Revision of estimated obligation		4			(62	)
Accretion expense on discounted obligation		5			6
Asset retirement obligations as of end of period		400			399
Less current portion		14			15
Asset retirement obligations, long-term	$	386		$	384

During the first three months of 2019, Devon reduced its asset retirement obligations by $62 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. Additionally, during the first three months of 2019, Devon reduced its asset retirement obligations by $29 million as a result of the non-core asset divestitures. For additional information, see Note 2.

Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Stockholders Equity Note [Abstract]

Stockholders' Equity

16.	Stockholders’ Equity

Share Repurchase Programs

In March 2018, Devon announced a $1.0 billion share repurchase program. In June 2018, Devon announced the expansion of this program to $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. Under the new program, $800 million of the $1.0 billion authorization is conditioned upon the closing of the Barnett Shale divestiture for cash proceeds of at least $725 million. Due to the amended terms of the Barnett Shale divestiture with BKV, which reduced the closing payment to $570 million and extended the closing date to December 31, 2020, Devon does not anticipate being able to repurchase more than $200 million of the $1.0 billion authorization before the program expiration date. As the pricing and economic environment has changed due to the COVID-19 pandemic and demand challenges for commodities, Devon has temporarily suspended its share repurchase program to preserve liquidity.

The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
$5.0 Billion Plan
Full year 2018		78,149	$	2,978	$	38.11
First quarter 2019		36,141		1,024		28.33
Second quarter 2019		5,911		159		27.01
Third quarter 2019		22,137		550		24.80
Fourth quarter 2019		4,436		94		21.32
Total inception-to-date		146,774	$	4,805	$	32.74

$1.0 Billion Plan
First quarter 2020		2,243	$	38	$	16.85
Total inception-to-date		2,243	$	38	$	16.85

Dividends

Devon paid common stock dividends of $34 million ($0.09 per share) and $34 million ($0.08 per share) during the first three months of 2020 and 2019, respectively. In February 2020, Devon announced a 22% increase to its quarterly dividend, to $0.11 per

share, beginning in the second quarter of 2020. In the second quarter of 2019, Devon raised its quarterly dividend from $0.08 to $0.09 per share.

Discontinued Operations and Assets Held for Sale

3 Months Ended

Mar. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

17.	Discontinued Operations and Assets Held For Sale

Barnett Shale

In 2019, Devon announced that it had entered into an agreement to sell its Barnett Shale assets to BKV and subsequently amended the agreement in April 2020. Under the amended terms, Devon has agreed to sell its Barnett Shale assets for $570 million in cash, before purchase price adjustments, at closing, which was extended to December 31, 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. Under the terms of the agreement, Devon received the deposit funds of $170 million in April 2020. The deposit is being held by Devon pursuant to the terms of the sale agreement, which only requires Devon to return such funds to BKV in the event the transaction does not close as a result of Devon’s breach of its closing obligations.

In connection with the announced sale of its Barnett Shale assets, approximately $88 million of the U.S. reporting unit goodwill was allocated to the Barnett Shale assets. Additionally, Devon ceased depreciation for all property, plant and equipment classified as assets held for sale on the date the sales agreement was approved by the Board of Directors. Devon also recognized a $748 million asset impairment in the fourth quarter of 2019 related to these assets, primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments. During the first quarter of 2020, Devon adjusted the estimated impairment $179 million, primarily due to the amended agreement terms. The valuation of the future contingent earnout payments included in the March 31, 2020 Barnett Shale impairment computation was $41 million. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement.

As of March 31, 2020, Devon has restricted approximately $25 million to fund obligations in connection with the abandonment of certain gas processing contracts related to the 2018 divestitures. Cash payments for these charges total approximately $2 million per quarter.

Canada

On June 27, 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). Current (cash) income tax associated with the sale was approximately $150 million and was paid in the first quarter of 2020. 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 its $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 March 31, 2020, $175 million of the Canadian cash balance is restricted for funding other obligations retained related to the Canadian business and is classified as cash restricted for discontinued operations on the consolidated balance sheets. The remaining obligations consist of a firm transportation agreement and office leases. Cash payments for these charges total approximately $6 million per quarter.

The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.

Three Months Ended March 31,	Barnett Shale			Canada			Total
2020
Upstream revenues	$	92		$	—		$	92
Total revenues		92			—			92
Production expenses		74			—			74
Asset impairments		179			—			179
General and administrative expenses		—			1			1
Financing costs, net		—			(2	)		(2	)
Other expenses		(13	)		10			(3	)
Total expenses		240			9			249
Loss from discontinued operations before income taxes		(148	)		(9	)		(157	)
Income tax benefit		(32	)		—			(32	)
Net loss from discontinued operations, net of tax	$	(116	)	$	(9	)	$	(125	)
2019
Upstream revenues	$	149		$	247		$	396
Marketing and midstream revenues		—			26			26
Total revenues		149			273			422
Production expenses		81			141			222
Exploration expenses		—			9			9
Marketing and midstream expenses		—			9			9
Depreciation, depletion and amortization		20			79			99
Asset dispositions		1			—			1
General and administrative expenses		—			18			18
Financing costs, net		—			13			13
Restructuring and transaction costs		—			3			3
Other expenses		6			(28	)		(22	)
Total expenses		108			244			352
Earnings from discontinued operations before income taxes		41			29			70
Income tax expense		9			—			9
Net earnings from discontinued operations, net of tax	$	32		$	29		$	61

The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets.

	As of March 31, 2020						As of December 31, 2019
	Barnett Shale		Canada		Total		Barnett Shale		Canada		Total
Cash restricted for discontinued operations	$	25	$	175	$	200	$	25	$	355	$	380

Accounts receivable	$	36	$	1	$	37	$	38	$	1	$	39
Other current assets		5		2		7		5		2		7
Oil and gas property and equipment, based on successful efforts accounting, net		593		—		593		751		—		751
Other property and equipment, net		11		—		11		11		—		11
Goodwill		88		—		88		88		—		88
Other long-term assets		—		74		74		—		81		81
Total assets associated with discontinued operations	$	733	$	77	$	810	$	893	$	84	$	977

Accounts payable	$	14	$	6	$	20	$	15	$	4	$	19
Revenues and royalties payable		36		3		39		44		3		47
Other current liabilities		21		73		94		19		233		252
Asset retirement obligations		141		—		141		141		—		141
Other long-term liabilities		15		148		163		16		169		185
Total liabilities associated with discontinued operations	$	227	$	230	$	457	$	235	$	409	$	644

Commitments And Contingencies

3 Months Ended

Mar. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

18.	Commitments and Contingencies

Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an 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. Devon does not currently believe that it is subject to material exposure with respect 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 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 more than 100 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, the 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 is vigorously defending against these claims.

Various municipalities and other governmental and private parties in California have filed legal proceedings against certain 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 against the production of all fossil fuels. 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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

19.	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, cash restricted for discontinued operations, 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 March 31, 2020 and December 31, 2019, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
March 31, 2020 assets (liabilities):
Cash equivalents	$	890		$	890		$	890	$	—
Commodity derivatives	$	643		$	643		$	—	$	643
Commodity derivatives	$	(5	)	$	(5	)	$	—	$	(5	)
Debt	$	(4,295	)	$	(3,118	)	$	—	$	(3,118	)
December 31, 2019 assets (liabilities):
Cash equivalents	$	702		$	702		$	702	$	—
Commodity derivatives	$	50		$	50		$	—	$	50
Commodity derivatives	$	(31	)	$	(31	)	$	—	$	(31	)
Debt	$	(4,294	)	$	(5,376	)	$	—	$	(5,376	)

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 actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity.

Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good or Service

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
Summary Of Significant Accounting Policies (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	During the fourth quarter of 2019, Devon entered into an agreement to form Cotton Draw Midstream, L.L.C. (“CDM”), a joint-venture entity in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). 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. 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.
Recent Accounting Standards	Recently Adopted Accounting Standards In 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. This ASU changes the impairment model for trade receivables, held-to-maturity debt securities, net investments in leases, loans and other financial assets measured at amortized cost from the current “incurred loss” model to a new forward-looking “expected loss” model. Devon adopted this ASU in the first quarter of 2020 using the modified retrospective approach. Devon assesses credit risk 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 then 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 receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate. This adoption did not have a material impact on Devon’s consolidated financial statements.
Commitments And Contingencies	Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an 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.

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.

	Three Months Ended March 31,
	2020		2019
Oil	$	662	$	659
Gas		70		138
NGL		75		122
Oil, gas and NGL revenues from contracts with customers		807		919
Oil, gas and NGL derivatives		720		(605	)
Upstream revenues		1,527		314

Oil		329		356
Gas		92		218
NGL		137		191
Total marketing revenues		558		765
Midstream revenues		2		—
Total marketing and midstream revenues from contracts with customers		560		765
Total revenues	$	2,087	$	1,079

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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.

	Three Months Ended March 31,
	2020		2019
Commodity derivatives:
Upstream revenues	$	720	$	(605	)
Marketing and midstream revenues		—		1
Net gains (losses) recognized	$	720	$	(604	)

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.

	March 31, 2020		December 31, 2019
Commodity derivative assets:
Other current assets	$	616	$	49
Other long-term assets		27		1
Total derivative assets	$	643	$	50
Commodity derivative liabilities:
Other current liabilities	$	—	$	30
Other long-term liabilities		5		1
Total derivative liabilities	$	5	$	31

Open Oil Derivative Positions [Member]

Schedule Of Open Derivative Positions

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2-Q4 2020		82,207	$	36.87		50,449	$	51.11	$	61.14
Q1-Q4 2021		11,649	$	36.77		15,964	$	41.24	$	51.24

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2020	Argus MEH		50,916	$	0.45
Q2-Q4 2020	Midland Sweet		31,782	$	(1.23	)
Q2-Q4 2020	NYMEX Roll		52,676	$	0.38
Q1-Q4 2021	Midland Sweet		7,000	$	1.27

Open Natural Gas Derivative Positions [Member]

Schedule Of Open Derivative Positions

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q2-Q4 2020		65,396	$	2.75		171,418	$	1.89	$	2.37
Q1-Q4 2021		—	$	—		22,438	$	2.06	$	2.56

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q2-Q4 2020	El Paso Natural Gas		65,000	$	(0.78	)
Q2-Q4 2020	Houston Ship Channel		30,000	$	(0.02	)
Q1-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)

Open NGL Derivative Positions [Member]

Schedule Of Open Derivative Positions

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q2-Q4 2020	Ethane		9,982	$	5.62
Q2-Q4 2020	Natural Gasoline		1,000	$	44.84
Q2-Q4 2020	Normal Butane		1,500	$	23.56
Q2-Q4 2020	Propane		4,500	$	25.18

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings

	Three Months Ended March 31st,
	2020		2019
G&A	$	20	$	23
Restructuring and transaction costs		—		22
Total	$	20	$	45
Related income tax benefit	$	—	$	9

Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units

						Performance-Based					Performance
	Restricted Stock Awards					Restricted Stock Awards					Share Units
	Awards			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/19		4,984		$	29.65		153		$	33.88		2,155				$	40.35
Granted		2,865		$	22.54		—		$	—		688				$	27.89
Vested		(1,733	)	$	29.42		(105	)	$	29.12		(455	)			$	52.56
Forfeited		(29	)	$	28.05		—		$	—		(304	)			$	52.56
Unvested at 3/31/20		6,087		$	26.37		48		$	44.12		2,084		⁽¹	⁾	$	31.79

(1)	A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.

Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

	2020
Grant-date fair value	$	27.89
Risk-free interest rate	1.36%
Volatility factor	38.4%
Contractual term (years)	2.89

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards		Awards		Share Units
Unrecognized compensation cost	$	120	$	—	$	25
Weighted average period for recognition (years)		2.9		1.2		1.8

Asset Impairments (Tables)

3 Months Ended

Mar. 31, 2020

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

	Three Months Ended March 31,
	2020		2019
Proved oil and gas assets	$	2,664	$	—
Other assets		2		—
Total asset impairments	$	2,666	$	—

Unproved impairments	$	110	$	1

Restructuring and Transaction Costs (Tables)

3 Months Ended

Mar. 31, 2020

Restructuring And Related Activities [Abstract]

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
	(Millions)
Balance as of December 31, 2019	$	20		$	1		$	21
Changes related to prior years' restructurings		(9	)		—			(9	)
Balance as of March 31, 2020	$	11		$	1		$	12

Balance as of December 31, 2018	$	39		$	3		$	42
Changes related to prior years' restructurings		12			(2	)		10
Balance as of March 31, 2019	$	51		$	1		$	52

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

	Three Months Ended March 31,
	2020			2019
Loss from continuing operations before income taxes	$	(2,107	)	$	(497	)

Current income tax benefit	$	(106	)	$	(4	)
Deferred income tax benefit		(311	)		(115	)
Total income tax benefit	$	(417	)	$	(119	)

U.S. statutory income tax rate		21	%		21	%
State income taxes		1	%		6	%
Change in tax legislation		5	%		0	%
Other		(3	%)		(3	%)
Deferred tax asset valuation allowance		(4	%)		0	%
Effective income tax rate		20	%		24	%

Net Earnings (Loss) Per Share from Continuing Operations (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations from Continuing Operations

	Three Months Ended March 31,
	2020			2019
Net loss from continuing operations:
Net loss from continuing operations	$	(1,691	)	$	(378	)
Attributable to participating securities		(1	)		—
Basic and diluted loss from continuing operations	$	(1,692	)	$	(378	)
Common shares:
Common shares outstanding - total		383			434
Attributable to participating securities		(6	)		(6	)
Common shares outstanding - basic and diluted		377			428
Net loss per share from continuing operations:
Basic	$	(4.48	)	$	(0.89	)
Diluted	$	(4.48	)	$	(0.89	)
Antidilutive options ⁽¹⁾		—			1

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Loss) (Tables)

3 Months Ended

Mar. 31, 2020

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Components Of Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) consist of the following:

	Three Months Ended March 31,
	2020			2019
Foreign currency translation:
Beginning accumulated foreign currency translation and other	$	—		$	1,159
Change in cumulative translation adjustment		—			35
Ending accumulated foreign currency translation and other		—			1,194
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(119	)		(132	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		2			3
Income tax expense		(1	)		(1	)
Ending accumulated pension and postretirement benefits		(118	)		(130	)
Accumulated other comprehensive earnings (loss), net of tax	$	(118	)	$	1,064

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings.

Supplemental Information To Statements Of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows

	Three Months Ended March 31,
	2020			2019
Changes in assets and liabilities, net:
Accounts receivable	$	238		$	(29	)
Income tax receivable		(113	)		—
Other current assets		(38	)		9
Other long-term assets		(24	)		(8	)
Accounts payable		42			(51	)
Revenues and royalties payable		(113	)		46
Other current liabilities		(81	)		(23	)
Other long-term liabilities		33			(5	)
Total	$	(56	)	$	(61	)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	64		$	53
Income taxes paid	$	151		$	6

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Accounts Receivable Net [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

	March 31, 2020			December 31, 2019
Oil, gas and NGL sales	$	235		$	452
Joint interest billings		147			168
Marketing and midstream revenues		149			207
Other		74			13
Gross accounts receivable		605			840
Allowance for doubtful accounts		(11	)		(8	)
Net accounts receivable	$	594		$	832

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Extractive Industries [Abstract]

Table of Property and Equipment, net

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

	March 31, 2020			December 31, 2019
Property and equipment:
Proved	$	27,986		$	27,668
Unproved and properties under development		504			583
Total oil and gas		28,490			28,251
Less accumulated DD&A		(23,734	)		(20,693	)
Oil and gas property and equipment, net		4,756			7,558
Other property and equipment		1,732			1,725
Less accumulated DD&A		(708	)		(690	)
Other property and equipment, net ⁽¹⁾		1,024			1,035
Property and equipment, net	$	5,780		$	8,593

(1)

$89 million and $80 million related to CDM in 2020 and 2019, respectively.

Debt And Related Expenses (Tables)

3 Months Ended

Mar. 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.

	March 31, 2020			December 31, 2019

5.85% due December 15, 2025	$	485		$	485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031		675			675
7.95% due April 15, 2032		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(20	)		(20	)
Debt issuance costs		(34	)		(35	)
Total long-term debt	$	4,295		$	4,294

Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

	Three Months Ended March 31,
	2020			2019
Interest based on debt outstanding	$	65		$	65
Interest income		(5	)		(11	)
Other		5			6
Total net financing costs	$	65		$	60

Leases (Tables)

3 Months Ended

Mar. 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 as of March 31, 2020 and December 31, 2019.

	March 31, 2020						December 31, 2019
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	227	$	10	$	237	$	229	$	14	$	243
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	7	$	7	$	14	$	7	$	10	$	17
Long-term lease liabilities		242		3		245		240		4		244
Total lease liabilities	$	249	$	10	$	259	$	247	$	14	$	261

(1)

Current lease liabilities are included in other current liabilities on the consolidated balance sheets.

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Summary Of Changes In Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

	Three Months Ended March 31,
	2020			2019
Asset retirement obligations as of beginning of period	$	398		$	484
Liabilities incurred		6			4
Liabilities settled and divested		(13	)		(33	)
Revision of estimated obligation		4			(62	)
Accretion expense on discounted obligation		5			6
Asset retirement obligations as of end of period		400			399
Less current portion		14			15
Asset retirement obligations, long-term	$	386		$	384

Stockholders' Equity (Tables)

3 Months Ended

Mar. 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).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
$5.0 Billion Plan
Full year 2018		78,149	$	2,978	$	38.11
First quarter 2019		36,141		1,024		28.33
Second quarter 2019		5,911		159		27.01
Third quarter 2019		22,137		550		24.80
Fourth quarter 2019		4,436		94		21.32
Total inception-to-date		146,774	$	4,805	$	32.74

$1.0 Billion Plan
First quarter 2020		2,243	$	38	$	16.85
Total inception-to-date		2,243	$	38	$	16.85

Discontinued Operations and Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

Summary of Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive 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.

Three Months Ended March 31,	Barnett Shale			Canada			Total
2020
Upstream revenues	$	92		$	—		$	92
Total revenues		92			—			92
Production expenses		74			—			74
Asset impairments		179			—			179
General and administrative expenses		—			1			1
Financing costs, net		—			(2	)		(2	)
Other expenses		(13	)		10			(3	)
Total expenses		240			9			249
Loss from discontinued operations before income taxes		(148	)		(9	)		(157	)
Income tax benefit		(32	)		—			(32	)
Net loss from discontinued operations, net of tax	$	(116	)	$	(9	)	$	(125	)
2019
Upstream revenues	$	149		$	247		$	396
Marketing and midstream revenues		—			26			26
Total revenues		149			273			422
Production expenses		81			141			222
Exploration expenses		—			9			9
Marketing and midstream expenses		—			9			9
Depreciation, depletion and amortization		20			79			99
Asset dispositions		1			—			1
General and administrative expenses		—			18			18
Financing costs, net		—			13			13
Restructuring and transaction costs		—			3			3
Other expenses		6			(28	)		(22	)
Total expenses		108			244			352
Earnings from discontinued operations before income taxes		41			29			70
Income tax expense		9			—			9
Net earnings from discontinued operations, net of tax	$	32		$	29		$	61

The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets.

	As of March 31, 2020						As of December 31, 2019
	Barnett Shale		Canada		Total		Barnett Shale		Canada		Total
Cash restricted for discontinued operations	$	25	$	175	$	200	$	25	$	355	$	380

Accounts receivable	$	36	$	1	$	37	$	38	$	1	$	39
Other current assets		5		2		7		5		2		7
Oil and gas property and equipment, based on successful efforts accounting, net		593		—		593		751		—		751
Other property and equipment, net		11		—		11		11		—		11
Goodwill		88		—		88		88		—		88
Other long-term assets		—		74		74		—		81		81
Total assets associated with discontinued operations	$	733	$	77	$	810	$	893	$	84	$	977

Accounts payable	$	14	$	6	$	20	$	15	$	4	$	19
Revenues and royalties payable		36		3		39		44		3		47
Other current liabilities		21		73		94		19		233		252
Asset retirement obligations		141		—		141		141		—		141
Other long-term liabilities		15		148		163		16		169		185
Total liabilities associated with discontinued operations	$	227	$	230	$	457	$	235	$	409	$	644

Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
March 31, 2020 assets (liabilities):
Cash equivalents	$	890		$	890		$	890	$	—
Commodity derivatives	$	643		$	643		$	—	$	643
Commodity derivatives	$	(5	)	$	(5	)	$	—	$	(5	)
Debt	$	(4,295	)	$	(3,118	)	$	—	$	(3,118	)
December 31, 2019 assets (liabilities):
Cash equivalents	$	702		$	702		$	702	$	—
Commodity derivatives	$	50		$	50		$	—	$	50
Commodity derivatives	$	(31	)	$	(31	)	$	—	$	(31	)
Debt	$	(4,294	)	$	(5,376	)	$	—	$	(5,376	)

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good or Service) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 560	$ 765
Oil, gas and NGL derivatives	720	(605)
Upstream revenues	1,527	314
Total revenues	2,087	1,079
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	807	919
Oil, Gas and NGL Sales [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	662	659
Oil, Gas and NGL Sales [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	70	138
Oil, Gas and NGL Sales [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	75	122
Marketing Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	558	765
Marketing Revenues [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	329	356
Marketing Revenues [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	92	218
Marketing Revenues [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	137	191
Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 560	$ 765

Divestitures (Narrative) (Details) $ in Millions, $ in Billions	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2019 USD ($) MMBoe	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CAD ($)
Business Acquisition [Line Items]
Gain recognized on sale of business, pre tax				$ (1)
Asset impairment charges		$ 179
Gain on asset dispositions				45
Non Core Assets [Member]
Business Acquisition [Line Items]
Divestitures of property and equipment				300
Gain on asset dispositions				$ 45
Total estimated proved reserves \| MMBoe				25
Barnett Shale [Member]
Business Acquisition [Line Items]
Asset impairment charges		$ 179	$ 748
Canadian Natural Resources Limited [Member] \| Canadian Business Segment [Member]
Business Acquisition [Line Items]
Proceeds from sale of business					$ 2,600	$ 3.4
Effective close date of divestiture		Jun. 27, 2019
Gain recognized on sale of business, pre tax					223
Gain recognized on sale of business, net of tax					$ 425
BKV [Member] \| Barnett Shale [Member] \| Scenario Forecast [Member]
Business Acquisition [Line Items]
Divestitures of property and equipment	$ 570

Derivative Financial Instruments (Narrative) (Details)	Mar. 31, 2020 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 0

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2020 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	82,207
Weighted Average Price Swap	36.87
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	11,649
Weighted Average Price Swap	36.77
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	50,449
Weighted Average Floor Price	51.11
Weighted Average Ceiling Price	61.14
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	15,964
Weighted Average Floor Price	41.24
Weighted Average Ceiling Price	51.24
Argus MEH Basis Swaps Oil Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	50,916
Weighted Average Differential To WTI	0.45
Midland Sweet Basis Swaps Oil Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	31,782
Weighted Average Differential To WTI	(1.23)
NYMEX Roll Basis Swaps Oil Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	52,676
Weighted Average Differential To WTI	0.38
Midland Sweet 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)	3 Months Ended
	Mar. 31, 2020 MMBTU $ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	65,396
Weighted Average Price Swap	2.75
FERC Henry Hub Price Collars Natural Gas Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	171,418
Weighted Average Floor Price	1.89
Weighted Average Ceiling Price	2.37
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	22,438
Weighted Average Floor Price	2.06
Weighted Average Ceiling Price	2.56
PEPL Basis Swaps Natural Gas Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	30,000
Weighted Average Differential To Henry Hub	(0.47)
El Paso Natural Gas Basis Swaps Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	65,000
Weighted Average Differential To Henry Hub	(0.78)
Houston Ship Channel Natural Gas Basis Swaps Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	30,000
Weighted Average Differential To Henry Hub	(0.02)
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 Open NGL Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2020 $ / bbl bbl
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	9,982
Weighted Average Price Swap \| $ / bbl	5.62
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	44.84
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,500
Weighted Average Price Swap \| $ / bbl	23.56
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,500
Weighted Average Price Swap \| $ / bbl	25.18

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Net gains (losses) recognized in consolidated statements of comprehensive earnings	$ 720	$ (604)
Commodity Derivatives [Member] \| Upstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated statements of comprehensive earnings	$ 720	(605)
Commodity Derivatives [Member] \| Marketing and Midstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated statements of comprehensive earnings		$ 1

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Fair value of derivative assets	$ 643	$ 50
Fair value of derivative liabilities	5	31
Commodity Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	616	49
Commodity Derivatives [Member] \| Other Long-Term Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	27	1
Commodity Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities		30
Commodity Derivatives [Member] \| Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	$ 5	$ 1

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 20	$ 45
Related income tax benefit		9
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 20	23
Restructuring and Transaction Costs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accelerated share-based compensation expense		$ 22

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands

3 Months Ended

Mar. 31, 2020

$ / shares

shares

Restricted Stock Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2019 | shares

4,984

Granted, awards and units | shares

2,865

Vested, awards and units | shares

(1,733)

Forfeited, awards and units | shares

(29)

Unvested at March 31, 2020 | shares

6,087

Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares

$ 29.65

Granted, weighted average grant-date fair value | $ / shares

22.54

Vested, weighted average grant-date fair value | $ / shares

29.42

Forfeited, weighted average grant-date fair value | $ / shares

28.05

Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares

$ 26.37

Performance-Based Restricted Stock Awards [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2019 | shares

153

Vested, awards and units | shares

(105)

Unvested at March 31, 2020 | shares

48

Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares

$ 33.88

Vested, weighted average grant-date fair value | $ / shares

29.12

Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares

$ 44.12

Performance Share Units [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unvested at December 31, 2019 | shares

2,155

Granted, awards and units | shares

688

Vested, awards and units | shares

(455)

Forfeited, awards and units | shares

(304)

Unvested at March 31, 2020 | shares

2,084

^[1]

Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares

$ 40.35

Granted, weighted average grant-date fair value | $ / shares

27.89

Vested, weighted average grant-date fair value | $ / shares

52.56

Forfeited, weighted average grant-date fair value | $ / shares

52.56

Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares

$ 31.79

[1]	A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions	3 Months Ended
	Mar. 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	4.2

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member]	3 Months Ended
	Mar. 31, 2020 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 27.89
Risk-free interest rate	1.36%
Volatility factor	38.40%
Contractual term (years)	2 years 10 months 20 days

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 120
Weighted average period for recognition (years)	2 years 10 months 24 days
Performance-Based Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Weighted average period for recognition (years)	1 year 2 months 12 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 25
Weighted average period for recognition (years)	1 year 9 months 18 days

Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges	$ 2,666
Unproved impairments	112	$ 4
Proved Oil and Gas Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges	2,664
Other Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges	2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Unproved impairments	$ 110	$ 1

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Impaired Long Lived Assets Held And Used [Line Items]
Capital investment percentage	45.00%
Asset impairments	$ 2,666
Exploration expenses	112	$ 4
Proved Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	2,700
Product Line Fill Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Exploration expenses	$ 110	$ 1

Restructuring and Transaction Costs (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 51
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	51
Expense associated with accelerated awards	$ 22

Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 21	$ 42
Ending balance	12	52
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(9)	10
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	20	39
Ending balance	11	51
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(9)	12
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	1	3
Ending balance	$ 1	1
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity		$ (2)

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (2,107)	$ (497)
Current income tax benefit	(106)	(4)
Deferred income tax benefit	(311)	(115)
Total income tax benefit	$ (417)	$ (119)
U.S. statutory income tax rate	21.00%	21.00%
State income taxes	1.00%	6.00%
Change in tax legislation	5.00%	0.00%
Other	(3.00%)	(3.00%)
Deferred tax asset valuation allowance	(4.00%)	0.00%
Effective income tax rate	20.00%	24.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020
Income Tax [Line Items]
Income tax expense (benefit)	$ (417)	$ (119)
Change in deferred tax valuation allowance	$ 108
Valuation allowance against deferred tax assets, percent	100.00%
Increase in unrecognized tax benefits	$ 34
CARES Act [Member]
Income Tax [Line Items]
Income tax expense (benefit)	$ (96)
Scenario Forecast [Member] \| CARES Act [Member]
Income Tax [Line Items]
Income tax expense (benefit)			$ (9)

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

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net loss from continuing operations:

Net loss from continuing operations

$ (1,691)

$ (378)

Attributable to participating securities

(1)

Basic and diluted loss from continuing operations

$ (1,692)

$ (378)

Common shares:

Common shares outstanding - total

383

434

Attributable to participating securities

(6)

Common shares outstanding - basic and diluted

377

428

Net loss per share from continuing operations:

Basic

$ (4.48)

$ (0.89)

Diluted

$ (4.48)

$ (0.89)

Antidilutive options

^[1]

1

[1]	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Foreign currency translation:

Beginning accumulated foreign currency translation and other

$ 1,159

Change in cumulative translation adjustment

35

Ending accumulated foreign currency translation and other

1,194

Pension and postretirement benefit plans:

Beginning accumulated pension and postretirement benefits

$ (119)

(132)

Recognition of net actuarial loss and prior service cost in earnings

^[1]

2

3

Income tax expense

(1)

Ending accumulated pension and postretirement benefits

(118)

(130)

Accumulated other comprehensive earnings (loss), net of tax

$ (118)

$ 1,064

$ (119)

[1]	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings.

Unproved and properties under development

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in assets and liabilities, net:
Accounts receivable	$ 238	$ (29)
Income tax receivable	(113)
Other current assets	(38)	9
Other long-term assets	(24)	(8)
Accounts payable	42	(51)
Revenues and royalties payable	(113)	46
Other current liabilities	(81)	(23)
Other long-term liabilities	33	(5)
Total	(56)	(61)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	64	53
Income taxes paid	$ 151	$ 6

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 147	$ 168
Other	74	13
Gross accounts receivable	605	840
Allowance for doubtful accounts	(11)	(8)
Net accounts receivable	594	832
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	235	452
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 149	$ 207

Property, Plant and Equipment (Table of Property and Equipment, net) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Dec. 31, 2019

Property and equipment:

Proved

$ 27,986

$ 27,668

504

583

Total oil and gas

28,490

28,251

Less accumulated DD&A

(23,734)

(20,693)

Oil and gas property and equipment, net

4,756

7,558

Other property and equipment

1,732

1,725

Less accumulated DD&A

(708)

(690)

Total property and equipment, net

^[1]

1,024

1,035

$ 5,780

$ 8,593

[1]	$89 million and $80 million related to CDM in 2020 and 2019, respectively.

Property, Plant and Equipment (Table of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Dec. 31, 2019

Property Plant And Equipment [Line Items]

Property Plant And Equipment [Line Items]

^[1]

$ 1,024

$ 1,035

CDM [Member]