Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Other property and equipment, net | [1] | $ 1,448 | $ 957 | |
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) | 675,000,000 | 382,000,000 | ||
CDM [Member] | ||||
Other property and equipment, net | $ 106 | $ 102 | ||
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Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Retained Earning (Accumulated Deficit) [Member] |
Other Comprehensive Earnings (Loss) [Member] |
Treasury Stock [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|
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 (loss), 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 | ||||||
Balance at Dec. 31, 2020 | 3,019 | $ 38 | 2,766 | 208 | (127) | 134 | |
Balance, shares at Dec. 31, 2020 | 382 | ||||||
Net earnings (loss) | 216 | 213 | 3 | ||||
Other comprehensive earnings (loss), net of tax | 23 | 23 | |||||
Restricted stock grants, net of cancellations, shares | 4 | ||||||
Common stock repurchased | (38) | (38) | |||||
Common stock retired | (38) | $ 38 | |||||
Common stock retired, shares | (2) | ||||||
Common stock dividends | (203) | (203) | |||||
Common stock issued | 5,432 | $ 29 | 5,403 | ||||
Common stock issued, Shares | 290 | ||||||
Share-based compensation | 41 | 41 | |||||
Share-based compensation, shares | 1 | ||||||
Distributions to noncontrolling interests | (4) | (4) | |||||
Balance at Mar. 31, 2021 | $ 8,486 | $ 67 | $ 8,172 | $ 218 | $ (104) | $ 133 | |
Balance, shares at Mar. 31, 2021 | 675 |
Summary Of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies |
DEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
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 2020 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, 2021 and 2020 and Devon’s financial position as of March 31, 2021. Devon and WPX completed an all-stock merger of equals on January 7, 2021. 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. The transaction has been accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. See Note 2 for further discussion. As further discussed in Note 18, Devon closed on the sale of its Barnett Shale assets in October 2020. Prior to December 31, 2020, activity relating to Devon’s Barnett Shale assets is classified as discontinued operations within Devon’s consolidated statements of comprehensive earnings and consolidated statements of cash flows. As of March 31, 2021, Devon classified approximately $185 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 and obligations retained related to the Canadian business. Cash payments for these charges related to the Barnett assets and Canada business total approximately $10 million per quarter.
Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint-venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. 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.
Investments In conjunction with the Merger, Devon acquired an interest in Catalyst which is a joint venture established between WPX and Howard Energy Partners (“HEP”) to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the agreement, Devon and HEP each have a 50 percent voting interest in the joint venture legal entity and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon’s investment in Catalyst is shown within investments on the consolidated balance sheet and Devon’s share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. Disaggregation of Revenue
The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
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Acquisition and Divestitures |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Divestitures |
2.Acquisitions and Divestitures
WPX Merger On January 7, 2021, Devon and WPX completed an all-stock merger of equals. WPX was 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 Merger was structured as a tax-free reorganization for United States federal income tax purposes.
Purchase Price Allocation The transaction has been 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 have been 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 inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy. The following table represents the preliminary allocation of the total purchase price of WPX to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
WPX Revenues and Earnings
The following table represents WPX’s revenues and earnings included in Devon’s consolidated comprehensive statements of earnings subsequent to the closing date of the Merger.
Pro Forma Financial Information
Due to the Merger closing on January 7, 2021, all activity in the first quarter of 2021 except for the first six days of January is included in Devon’s consolidated statements of comprehensive earnings. The following unaudited pro forma financial information for the three months ended March 31, 2020 is based on our historical consolidated financial statements adjusted to reflect as if the Merger had occurred on January 1, 2020. The information below reflects pro forma adjustments to conform WPX’s historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.
Divestitures
On March 3, 2021, Devon completed the sale of non-core assets in the Rockies for proceeds of $9 million, net of purchase price adjustments, and recognized a $35 million gain related to the sale. The transaction includes contingent earnout payments of up to $8 million. The total estimated proved reserves associated with these divested assets are approximately 3 MMBoe. 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.
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. 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 commenced 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 of $179 million and $3 million during the first quarter and third quarter of 2020, respectively. Additional information can be found in Note 18.
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Derivative Financial Instruments |
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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, price swaptions, basis swaps, costless price collars and call options. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of March 31, 2021, 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, 2021, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Commodity Derivatives As of March 31, 2021, 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 March 31, 2021, 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 and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
As of March 31, 2021, 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.
Financial Statement Presentation The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.
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Share-Based Compensation |
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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.
Under its approved long-term incentive plan, Devon grants share-based awards to certain employees. The following table presents a summary of Devon’s unvested restricted stock awards and units, performance-based restricted stock awards and performance share units granted under the plan.
The following table presents the assumptions related to the performance share units granted in 2021, as indicated in the previous summary table.
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, 2021.
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Asset Impairments |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
Proved Oil and Gas and Other Asset Impairments Due to the reduced demand from the COVID-19 pandemic causing an unprecedented downturn in the price of oil and reductions in near-term capital investment, Devon recognized approximately $2.7 billion of proved asset impairments during the first quarter 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. During the first quarter of 2020, Devon also recognized $2 million of product line fill impairments. Unproved Impairments Due to the 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. |
Restructuring and Transaction Costs |
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Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Transaction Costs |
6.Restructuring and Transaction Costs The following table summarizes Devon’s restructuring and transaction costs.
In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees. The following table summarizes Devon’s restructuring liabilities.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
7.Income Taxes The following table presents Devon’s total income tax benefit and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.
The deferred income tax benefit recognized in the first quarter of 2021 primarily relates to the Merger. As shown in Note 2, Devon recognized $254 million of deferred tax liabilities to account for the Merger. The recognition of these deferred tax liabilities caused a decrease to Devon’s net deferred tax assets and a corresponding decrease to the valuation allowance Devon has recognized on its U.S. Federal deferred tax assets. As of March 31, 2021, Devon continues to maintain a valuation allowance against materially all U.S. deferred tax assets. Devon continues to assess its valuation allowance position every quarter. Absent any additional objective negative evidence, and with the addition of subjective evidence such as forecasted taxable income, Devon may adjust the valuation allowance on its deferred tax assets in future periods. In the table above, the “other” effect is composed primarily of permanent differences related to costs incurred in connection with the Merger. Such items represent $15 million of income tax expense in the first quarter of 2021. 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 is carrying back net operating losses generated in 2020 and 2019 to 2015 and 2014, respectively. Because the U.S. Federal income tax rate was higher in the carryback periods, Devon recognized an income tax benefit in the first quarter of 2020. |
Net Earnings (Loss) Per Share from Continuing Operations |
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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 (Loss) |
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Other Comprehensive Earnings (Loss) |
Components of other comprehensive earnings (loss) 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 March 31, 2021, Devon had approximately $230 million of accrued capital expenditures included in total property and equipment, net and accounts payable on the consolidated balance sheets. As of December 31, 2020 (pre-merger), Devon had approximately $100 million of accrued capital expenditures in total property and equipment, net and accounts payable on the consolidated balance sheets. As of January 7, 2021 (date of Merger closing), Devon assumed approximately $150 million of accrued capital expenditures included in accounts payable. |
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 |
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.
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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.
The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.
Credit Lines Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2021, 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 non- cash financial write-downs such as impairments. As of March 31, 2021, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 27.4%. Retirement of Senior Notes In first quarter of 2021, Devon redeemed $43 million of the 6.00% senior notes due 2022, $175 million of the 5.875% senior notes due 2028 and $315 million of the 4.50% senior notes due 2030. In the first quarter of 2021, Devon recognized a $20 million gain on early retirement of debt, consisting of $47 million of non-cash premium accelerations partially offset by $27 million of cash retirement costs. The gain on early retirement is included in net financing costs in the consolidated comprehensive statements of earnings. Devon also redeemed $210 million of the 5.25% senior notes due 2027 in April 2021. In May 2021, Devon gave notice to exercise its early redemption to fully retire the 5.75% senior notes due 2026 in June 2021. Net Financing Costs The following schedule includes the components of net financing costs.
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Leases |
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Leases |
14.Leases
The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020.
(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 |
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Asset Retirement Obligations |
The following table presents the changes in Devon’s asset retirement obligations.
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Other Long-Term Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities |
Components of other long-term liabilities include the following:
Devon assumed fixed gathering, processing and transportation contracts in the Merger and recognized a liability related to the difference in the contractual and market rates of these contracts as of the date of the Merger. The terms of the contracts extend through 2038 and all relate to the Delaware Basin. This difference will be recognized as a reduction to production expenses as the associated reserves are produced over the life of the respective contracts. In the first quarter of 2021, Devon recognized $8 million of non-cash amortization of these liabilities as a reduction of production expenses in the consolidated statement of comprehensive earnings.
Additionally, in the Merger, Devon assumed a future obligation under a performance guarantee related to gathering and processing commitments for assets WPX sold in 2018 in which the purchaser of those assets is now not expected to have the financial ability to satisfy the obligations. As of March 31, 2021, Devon has recorded a $164 million liability for the estimated potential exposure based on probability-weighted cash flows for the remainder of the contract term of five years. Of the $164 million, $128 million is included in other long-term liabilities and $36 million is included in other current liabilities on the consolidated balance sheets as of March 31, 2021. |
Stockholders' Equity |
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Stockholders' Equity |
WPX Merger On January 7, 2021, Devon and WPX completed an all-stock merger of equals. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive0.5165 of a share of Devon common stock. Consequently, Devon issued approximately 290 million shares of Devon common stock to holders of WPX common stock to effect the Merger on January 7, 2021. Share Repurchases The table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).
Dividends Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2021 and 2020, respectively.
In May 2021, Devon announced a cash dividend in the amount of $0.34 per share payable in the second quarter of 2021. The dividend consists of a fixed quarterly dividend in the amount of approximately $74 million (or $0.11 per share) and a variable quarterly dividend in the amount of approximately $155 million (or $0.23 per share). Noncontrolling Interests The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity. |
Discontinued Operations |
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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. 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 commenced 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 March 31, 2021 balance sheet was $66 million. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement.
The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
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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 proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability 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. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved 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 defending against a number of such lawsuits, either as a named defendant in the action or pursuant to indemnity obligations for the benefit of a third party. Plaintiffs in some of these lawsuits are seeking class certification. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, failed to “enhance” the value of gas through processing, used improper measurement techniques, entered into purchase and midstream arrangements with affiliates that resulted in underpayment of royalties or otherwise failed to prudently market oil, natural gas and NGLs produced and sold and pay royalties on the highest obtainable price. 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 Climate Change Matters Devon’s business is subject to numerous federal, state, local, Native American tribal and foreign laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future.
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, 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 believes these claims to be baseless and is vigorously defending against these claims.
The State of Delaware and various municipalities and other governmental and private parties in California 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 injunctive relief. 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. Williams’ Former Power Business Matter Direct and indirect purchasers of natural gas in various states filed individual and class action lawsuits against The Williams Companies, Inc. (“Williams”) and other parties alleging the manipulation of published gas price indices and seeking unspecified amounts of damages. WPX and certain of its subsidiaries, which were then affiliates of Williams, were also named as defendants in these actions. Such actions were transferred to the Nevada federal district court for consolidation of discovery and pre-trial issues. Although certain of the actions were subsequently settled or otherwise resolved, two putative class actions and an individual action remain unresolved. The putative class actions have been remanded to their originally filed court, the Wisconsin federal district court, and class certification motions are pending. The individual action, Reorganized FLI Inc., has been remanded to its originally filed court, the Kansas federal district court. The Tenth Circuit granted a petition to reconsider the denial of defendants’ motion for summary judgment, and the decision is pending after oral argument in January 2021.
Because of the uncertainty around pending unresolved issues, including an insufficient description of the purported classes and other related matters, Devon cannot reasonably estimate a range of potential exposure at this time for these matters. In connection with its spin-off from Williams in 2011, WPX entered into a separation and distribution agreement with Williams, pursuant to which Williams agreed to indemnify and hold WPX and its subsidiaries harmless from any losses arising out of these matters.
Other Indemnifications and Legacy Matters Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities or performing requirements under surface agreements in existence at the time of disposition.
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.
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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, 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, 2021 and December 31, 2020, as applicable. Therefore, such financial assets and liabilities are not presented in the following table. Additionally, information regarding the fair values of oil and gas assets is provided in Note 5.
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. Level 3 Fair Value Measurements
Contingent Earnout Payments – Devon has the right to receive contingent consideration related to the Barnett and non-core Rockies asset divestitures based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualify as a level 3 fair value measurement. For additional information, see Note 2. |
Summary Of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Variable Interest Entity |
Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint-venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. 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.
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Investments |
Investments In conjunction with the Merger, Devon acquired an interest in Catalyst which is a joint venture established between WPX and Howard Energy Partners (“HEP”) to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the agreement, Devon and HEP each have a 50 percent voting interest in the joint venture legal entity and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon’s investment in Catalyst is shown within investments on the consolidated balance sheet and Devon’s share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. |
Commitments And Contingencies |
Devon is party to various legal proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability 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. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved could differ materially from management’s estimates. |
Summary Of Significant Accounting Policies (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Contracts with Customers |
The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
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Acquisitions and Divestitures (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preliminary Allocation of the Total Purchase Price |
The following table represents the preliminary allocation of the total purchase price of WPX to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
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Schedule of WPX Revenues And Earnings Included In Devons Consolidated Comprehensive Statements of Earnings |
The following table represents WPX’s revenues and earnings included in Devon’s consolidated comprehensive statements of earnings subsequent to the closing date of the Merger.
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Schedule of Pro Forma Adjustments to Confirm Acquisition | The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.
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Derivative Financial Instruments (Tables) |
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets |
The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.
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Open Oil Derivative Positions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Open Derivative Positions |
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Open Natural Gas Derivative Positions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Open Derivative Positions |
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Open NGL Derivative Positions [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Open Derivative Positions |
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Share-Based Compensation (Tables) |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings |
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Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units |
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Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions |
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Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition |
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Asset Impairments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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.
In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees. |
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Schedule Of The Activity And Balances Associated With Restructuring Liabilities |
The following table summarizes Devon’s restructuring liabilities.
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Effective Income Tax Rate Reconciliation |
The following table presents Devon’s total income tax benefit and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.
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Net Earnings (Loss) Per Share from Continuing Operations (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share Computations from Continuing Operations |
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Other Comprehensive Earnings (Loss) (Tables) |
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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:
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Supplemental Information To Statements Of Cash Flows (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Supplemental Information To Statements Of Cash Flows |
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Accounts Receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Debt And Related Expenses (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 WPX Debt assumed with the Merger |
The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.
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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) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020.
(1)Current lease liabilities are included in other current liabilities on the consolidated balance sheets. |
Asset Retirement Obligations (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes In Asset Retirement Obligations |
The following table presents the changes in Devon’s asset retirement obligations.
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Other Long-Term Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Long-Term Liabilities |
Components of other long-term liabilities include the following:
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Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).
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Schedule of Dividends Payable | The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2021 and 2020, respectively.
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Discontinued Operations (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities |
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Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jan. 07, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 195 | $ 200 | |
Cash payments for divestitures | 10 | ||
Barnett Shale [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 185 | ||
Devon and WPX Agreement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Date of agreement | Jan. 07, 2021 | Jan. 07, 2021 | |
Conversion of common stock into right to recieve per share | $ 0.5165 | ||
WPX and Howard Energy Partners [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Voting interest in the join venture legal entity | 50.00% |
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 2,290 | $ 1,367 |
Oil, Gas and NGL Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,788 | 807 |
Oil, Gas and NGL Sales [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,357 | 662 |
Oil, Gas and NGL Sales [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 207 | 70 |
Oil, Gas and NGL Sales [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 224 | 75 |
Marketing and Midstream Revenues [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 502 | 560 |
Marketing and Midstream Revenues [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 209 | 329 |
Marketing and Midstream Revenues [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 118 | 94 |
Marketing and Midstream Revenues [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 175 | $ 137 |
Acquisition and Divestitures (Narrative) (Details) $ in Millions |
3 Months Ended | 48 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 03, 2021
USD ($)
MMBoe
|
Jan. 07, 2021
shares
|
Oct. 01, 2020
USD ($)
$ / MMBTU
$ / bbl
|
Mar. 31, 2021
USD ($)
shares
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2024 |
Dec. 31, 2020
USD ($)
|
|||
Business Acquisition [Line Items] | |||||||||||
Common Stock Shares Issued | $ 67 | $ 38 | |||||||||
Asset impairment charges | [1] | $ 179 | |||||||||
BKV [Member] | Barnett Shale [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
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 | ||||||||||
Contingent earnout payment period | The contingent payment period commenced on January 1, 2021 and has a term of four years. | ||||||||||
Asset impairment charges | $ 3 | $ 179 | $ 748 | ||||||||
BKV [Member] | Barnett Shale [Member] | Scenario Forecast [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Contingent earnout payment period | The contingent payment period commenced on January 1, 2021 and has a term of four years. | ||||||||||
Non Core Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Divestitures of property and equipment | $ 9 | ||||||||||
Gain on asset dispositions | 35 | ||||||||||
Contingent earnout payments | $ 8 | ||||||||||
Total estimated proved reserves | MMBoe | 3 | ||||||||||
Devon and WPX Agreement [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of agreement | Jan. 07, 2021 | Jan. 07, 2021 | |||||||||
Per share conversion | shares | 0.5165 | 0.5165 | |||||||||
Common Stock Shares Issued | $ 5,400 | ||||||||||
|
Acquisition and Divestitures (Schedule of Preliminary Allocation of the Total Purchase Price) (Details) $ / shares in Units, $ in Millions |
Jan. 07, 2021
USD ($)
$ / shares
shares
|
Mar. 31, 2021
shares
|
Dec. 31, 2020
shares
|
---|---|---|---|
Consideration: | |||
Exchange Ratio | 0.5165 | ||
Common stock, shares issued (in shares) | shares | 675,000,000 | 382,000,000 | |
Devon closing price on January 7, 2021 | $ / shares | $ 18.57 | ||
Total common equity consideration | $ 5,383 | ||
Share-based replacement awards | 49 | ||
Total consideration | 5,432 | ||
Assets acquired: | |||
Cash, cash equivalents and restricted cash | 344 | ||
Accounts receivable | 425 | ||
Other current assets | 49 | ||
Right-of-use assets | 38 | ||
Proved oil and gas property and equipment | 7,017 | ||
Unproved and properties under development | 2,367 | ||
Other property and equipment | 485 | ||
Investments | 400 | ||
Other long-term assets | 43 | ||
Total assets acquired | 11,168 | ||
Liabilities assumed: | |||
Accounts payable | 346 | ||
Revenue and royalties payable | 223 | ||
Other current liabilities | 454 | ||
Debt | 3,562 | ||
Lease liabilities | 38 | ||
Asset retirement obligations | 94 | ||
Deferred income taxes | 254 | ||
Other long-term liabilities | 765 | ||
Total liabilities assumed | 5,736 | ||
Net assets acquired | $ 5,432 | ||
WPX | |||
Consideration: | |||
WPX Common Stock outstanding | shares | 561,200,000 | ||
Devon and WPX Agreement [Member] | |||
Consideration: | |||
Common stock, shares issued (in shares) | shares | 289,900,000 |
Acquisition and Divestitures (Schedule of WPX Revenue and Earnings Included In Devons Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Acquisition [Line Items] | ||
Total revenues | $ 1,762 | $ 2,087 |
Net earnings (loss) | 216 | $ (1,815) |
WPX | ||
Business Acquisition [Line Items] | ||
Total revenues | 772 | |
Net earnings (loss) | $ 166 |
Acquisition and Divestitures (Schedule of Pro Forma Adjustments to Confirm Acquisition) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Acquisition [Line Items] | ||
Total revenues | $ 1,762 | $ 2,087 |
Net earnings (loss) | $ 216 | $ (1,815) |
Basic net loss per share | $ 0.33 | $ (4.82) |
Devon and WPX Agreement [Member] | Pro Forma [Member] | ||
Business Acquisition [Line Items] | ||
Total revenues | $ 3,485 | |
Net earnings (loss) | $ (1,864) | |
Basic net loss per share | $ (2.77) |
Derivative Financial Instruments (Narrative) (Details) |
Mar. 31, 2021
USD ($)
|
---|---|
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cash collateral held | $ 0 |
Cash collateral posted | $ 0 |
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / bbl
bbl
| |
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 81,122 |
Weighted Average Price Swap | 40.45 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 25,619 |
Weighted Average Price Swap | 43.82 |
NYMEX West Texas Intermediate Price Swaptions Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 6,691 |
Weighted Average Price Swap | 40.12 |
NYMEX West Texas Intermediate Price Swaptions Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 10,323 |
Weighted Average Price Swap | 46.46 |
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 40,905 |
Weighted Average Floor Price | 39.84 |
Weighted Average Ceiling Price | 49.84 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 15,733 |
Weighted Average Floor Price | 44.92 |
Weighted Average Ceiling Price | 54.92 |
NYMEX West Texas Intermediate Call Options Sold Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 5,000 |
Weighted Average Price Swap | 39.50 |
Midland Sweet Basis Swaps Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 22,669 |
Oil Basis Swaps | 0.84 |
Guernsey Light Sweet Basis Swaps Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 2,007 |
Oil Basis Swaps | (1.48) |
BRENT Basis Swaps Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Oil Basis Swaps | (8.00) |
NYMEX Roll Basis Swaps Oil Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 11,676 |
Oil Basis Swaps | 0.38 |
BRENT Basis Swaps Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Oil Basis Swaps | (7.75) |
NYMEX Roll Basis Swaps Oil Q1-Q4 2022 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 16,000 |
Oil Basis Swaps | 0.37 |
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2021
MMBTU
$ / MMBTU
| ||||||
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 3,452 | [1] | ||||
Weighted Average Price Swap | 2.85 | [1] | ||||
FERC Henry Hub Price Swaps Natural Gas Q2-Q4 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 270,636 | [1] | ||||
Weighted Average Price Swap | 2.63 | [1] | ||||
FERC Henry Hub Price Swaptions Natural Gas Q1-Q4 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 100,000 | [2] | ||||
Weighted Average Price Swap | 2.70 | [2] | ||||
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 69,110 | [2] | ||||
Weighted Average Floor Price | 2.54 | [2] | ||||
Weighted Average Ceiling Price | 3.04 | [2] | ||||
FERC Henry Hub Price Collars Natural Gas Q2-Q4 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 196,218 | [2] | ||||
Weighted Average Floor Price | 2.46 | [2] | ||||
Weighted Average Ceiling Price | 2.96 | [2] | ||||
FERC Henry Hub Call Options Sold Natural Gas Q2-Q4 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 50,000 | [2] | ||||
Weighted Average Price Swap | 2.68 | [2] | ||||
El Paso Natural Gas Basis Swaps Q2-Q4 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 35,000 | |||||
Weighted Average Differential To Henry Hub | (0.92) | |||||
WAHA Natural Gas Basis Swaps Q2-Q4 2021 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 80,000 | |||||
Weighted Average Differential To Henry Hub | (0.65) | |||||
WAHA Natural Gas Basis Swaps Q1-Q4 2022 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 70,000 | |||||
Weighted Average Differential To Henry Hub | (0.57) | |||||
WAHA Natural Gas Basis Swaps Q2-Q4 2023 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 70,000 | |||||
Weighted Average Differential To Henry Hub | (0.51) | |||||
WAHA Natural Gas Basis Swaps Q2-Q4 2024 [Member] | ||||||
Derivative [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 40,000 | |||||
Weighted Average Differential To Henry Hub | (0.51) | |||||
|
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / MMBTU
bbl
| |
FERC Henry Hub Natural Gas [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 30,636 |
Weighted Average Price Swap | $ / MMBTU | 2.76 |
NYMEX West Texas Intermediate [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 240,000 |
Weighted Average Price Swap | $ / MMBTU | 2.62 |
Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / bbl
bbl
| |
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Weighted Average Price Swap | $ / bbl | 47.57 |
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Weighted Average Price Swap | $ / bbl | 31.40 |
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Weighted Average Price Swap | $ / bbl | 27.88 |
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | $ 6 | $ 6 |
Fair value of derivative liabilities | 789 | 148 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 3 | 5 |
Commodity Contract [Member] | Other Long-Term Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 3 | 1 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | 667 | 143 |
Commodity Contract [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 122 | $ 5 |
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, 2021 |
Mar. 31, 2020 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 41 | $ 20 |
G&A [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 20 | $ 20 |
Restructuring and Transaction Costs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accelerated share-based compensation expense | $ 21 |
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, 2021
$ / shares
shares
| ||||||
Restricted Stock Awards [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested at December 31, 2020 | shares | 5,316 | |||||
Granted, awards and units | shares | 5,542 | [1] | ||||
Vested, awards and units | shares | (4,329) | |||||
Forfeited, awards and units | shares | (20) | |||||
Unvested at March 31, 2021 shares | shares | 6,509 | |||||
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares | $ 25.82 | |||||
Granted, weighted average grant-date fair value | $ / shares | 18.71 | [1] | ||||
Vested, weighted average grant-date fair value | $ / shares | 22.63 | |||||
Forfeited, weighted average grant-date fair value | $ / shares | 24.79 | |||||
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares | $ 21.89 | |||||
Performance-Based Restricted Stock Awards [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested at December 31, 2020 | shares | 44 | |||||
Vested, awards and units | shares | (39) | |||||
Unvested at March 31, 2021 shares | shares | 5 | |||||
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares | $ 44.70 | |||||
Vested, weighted average grant-date fair value | $ / shares | 45.41 | |||||
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares | $ 38.54 | |||||
Performance Share Units [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested at December 31, 2020 | shares | 1,994 | |||||
Granted, awards and units | shares | 861 | [1] | ||||
Vested, awards and units | shares | (754) | |||||
Forfeited, awards and units | shares | (25) | |||||
Unvested at March 31, 2021 shares | shares | 2,076 | [2] | ||||
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares | $ 31.89 | |||||
Granted, weighted average grant-date fair value | $ / shares | 18.08 | [1] | ||||
Vested, weighted average grant-date fair value | $ / shares | 37.40 | |||||
Forfeited, weighted average grant-date fair value | $ / shares | 36.04 | |||||
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares | $ 24.12 | |||||
|
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Jan. 07, 2021 |
|
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 | 4,200,000 | |
Devon and WPX Agreement [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Per share conversion | 0.5165 | 0.5165 |
Conversion of WPX employees’ shares to Devon shares | 4,900,000 |
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, 2021
$ / shares
| ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Grant-date fair value | $ 18.08 | [1] | ||
Risk-free interest rate | 0.18% | |||
Volatility factor | 67.80% | |||
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, 2021
USD ($)
| |
Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 88 |
Weighted average period for recognition (years) | 2 years 2 months 12 days |
Performance-Based Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Weighted average period for recognition (years) | 2 months 12 days |
Performance Share Units [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 21 |
Weighted average period for recognition (years) | 2 years 3 months 18 days |
Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairment charges | $ 2,666 | |
Unproved impairments | $ 3 | 112 |
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 | $ 1 | $ 110 |
Asset Impairments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairments | $ 2,666 | |
Exploration expenses | $ 3 | 112 |
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 | $ 1 | $ 110 |
Restructuring and Transaction Costs (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Restructuring Cost And Reserve [Line Items] | |
Restructuring and transaction costs | $ 189 |
Reduction of workforce [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring and transaction costs | 143 |
Expense associated with accelerated awards | 21 |
Reduction Of Workforce | Defined Benefit Settlements [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring and transaction costs | 37 |
Transaction Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Underwriting, bank, legal and accounting fees | $ 46 |
Restructuring and Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Restructuring Cost And Reserve [Line Items] | |
Restructuring cost | $ 189 |
Other Restructuring [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring cost | 143 |
Transaction Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring cost | $ 46 |
Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 172 | $ 21 |
Ending balance | 224 | 12 |
Reduction Of Workforce | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | 61 | |
Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (9) | (9) |
Other Current Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 35 | 20 |
Ending balance | 94 | 11 |
Other Current Liabilities [Member] | Reduction Of Workforce | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | 61 | |
Other Current Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (2) | (9) |
Other Long-Term Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 137 | 1 |
Ending balance | 130 | $ 1 |
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | $ (7) |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Jan. 07, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Deferred income taxes | $ 254 | |
Other income tax expense benefit | $ 15 |
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Loss from continuing operations before income taxes | $ (32) | $ (2,107) |
Current income tax benefit | (5) | (106) |
Deferred income tax benefit | (243) | (311) |
Total income tax benefit | $ (248) | $ (417) |
U.S. statutory income tax rate | 21.00% | 21.00% |
State income taxes | (1.00%) | 1.00% |
Change in tax legislation | 0.00% | 5.00% |
Unrecognized tax benefits | 0.00% | 0.00% |
Other | (48.00%) | (3.00%) |
Deferred tax asset valuation allowance | 791.00% | (4.00%) |
Effective income tax rate | 763.00% | 20.00% |
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, 2021 |
Mar. 31, 2020 |
|
Net earnings (loss) from continuing operations: | ||
Net earnings (loss) from continuing operations | $ 213 | $ (1,691) |
Attributable to participating securities | (2) | (1) |
Basic and diluted earnings (loss) from continuing operations | $ 211 | $ (1,692) |
Common shares: | ||
Common shares outstanding - total | 654 | 383 |
Attributable to participating securities | (5) | (6) |
Common shares outstanding - basic | 649 | 377 |
Dilutive effect of potential common shares issuable | 2 | |
Common shares outstanding - diluted | 651 | 377 |
Net earnings (loss) per share from continuing operations: | ||
Basic | $ 0.33 | $ (4.48) |
Diluted | $ 0.32 | $ (4.48) |
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|||||||
Pension and postretirement benefit plans: | |||||||||
Beginning accumulated pension and postretirement benefits | $ (127) | $ (119) | |||||||
Recognition of net actuarial loss and prior service cost in earnings | [1] | 1 | 2 | ||||||
Settlement of pension benefits | [2] | 15 | |||||||
Income tax expense | (1) | ||||||||
Other | [3] | 7 | |||||||
Accumulated other comprehensive loss | $ (104) | $ (118) | $ (127) | ||||||
|
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, 2021 |
Mar. 31, 2020 |
|
Changes in assets and liabilities, net: | ||
Accounts receivable | $ (63) | $ 238 |
Income tax receivable | 15 | (113) |
Other current assets | (25) | (38) |
Other long-term assets | (10) | (24) |
Accounts payable | 71 | 42 |
Revenues and royalties payable | (55) | (113) |
Other current liabilities | (33) | (81) |
Other long-term liabilities | (27) | 33 |
Total | (127) | (56) |
Supplementary cash flow data - total operations: | ||
Interest paid | 114 | 64 |
Income taxes paid (refunded) | $ (6) | $ 151 |
Supplemental Information To Statements Of Cash Flows (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Jan. 07, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Supplemental Cash Flow [Line Items] | |||
Accrued capital expenditures | $ 100 | ||
Total Property And Equipment Net And Accounts Payable Member | |||
Supplemental Cash Flow [Line Items] | |||
Accrued capital expenditures | $ 230 | ||
Accounts Payable Member | WPX | |||
Supplemental Cash Flow [Line Items] | |||
Accrued capital expenditures | $ 150 |
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Joint interest billings | $ 127 | $ 57 |
Other | 54 | 25 |
Gross accounts receivable | 1,104 | 612 |
Allowance for doubtful accounts | (15) | (11) |
Net accounts receivable | 1,089 | 601 |
Oil, Gas and NGL Sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | 742 | 335 |
Marketing and Midstream Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 181 | $ 195 |
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Property and equipment: | ||||
Proved | $ 35,119 | $ 27,589 | ||
Unproved and properties under development | 2,692 | 392 | ||
Total oil and gas | 37,811 | 27,981 | ||
Less accumulated DD&A | (23,985) | (23,545) | ||
Oil and gas property and equipment, net | 13,826 | 4,436 | ||
Other property and equipment | 2,060 | 1,737 | ||
Less accumulated DD&A | (612) | (780) | ||
Other property and equipment, net | [1] | 1,448 | 957 | |
Total property and equipment, net | $ 15,274 | $ 5,393 | ||
|
Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | [1] | $ 1,448 | $ 957 | |
CDM [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | $ 106 | $ 102 | ||
|
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|||
Debt Instrument [Line Items] | ||||
Net premium (discount) on debentures and notes | $ (226) | $ 20 | ||
Debt issuance costs | (31) | (31) | ||
Total debt | 7,268 | 4,298 | ||
Short-term debt | 226 | |||
Long-term debt | 7,042 | $ 4,298 | ||
8.25% due August 1, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 242 | ||
Debt interest rate, stated percentage | 8.25% | 8.25% | ||
Debt, maturity date | Aug. 01, 2023 | |||
5.25% due September 15, 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 472 | ||
Debt interest rate, stated percentage | 5.25% | 5.25% | ||
Debt, maturity date | Sep. 15, 2024 | |||
5.85% due December 15, 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 485 | $ 485 | ||
Debt interest rate, stated percentage | 5.85% | 5.85% | ||
Debt, maturity date | Dec. 15, 2025 | |||
5.75% due June 1, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 500 | ||
Debt interest rate, stated percentage | 5.75% | 5.75% | ||
Debt, maturity date | Jun. 01, 2026 | |||
7.50% due September 15, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 73 | $ 73 | ||
Debt interest rate, stated percentage | 7.50% | 7.50% | ||
Debt, maturity date | Sep. 15, 2027 | |||
5.25% due October 15, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 600 | ||
Debt interest rate, stated percentage | 5.25% | 5.25% | ||
Debt, maturity date | Oct. 15, 2027 | |||
5.875% due June 15, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 325 | ||
Debt interest rate, stated percentage | 5.875% | 5.875% | ||
Debt, maturity date | Jun. 15, 2028 | |||
4.50% due January 15, 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | [1] | $ 585 | ||
Debt interest rate, stated percentage | 4.50% | 4.50% | ||
Debt, maturity date | Jan. 15, 2030 | |||
7.875% due September 30, 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 675 | $ 675 | ||
Debt interest rate, stated percentage | 7.875% | 7.875% | ||
Debt, maturity date | Sep. 30, 2031 | |||
7.95% due April 15, 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 366 | $ 366 | ||
Debt interest rate, stated percentage | 7.95% | 7.95% | ||
Debt, maturity date | Apr. 15, 2032 | |||
5.60% due July 15, 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,250 | $ 1,250 | ||
Debt interest rate, stated percentage | 5.60% | 5.60% | ||
Debt, maturity date | Jul. 15, 2041 | |||
4.75% due May 15, 2042 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 750 | $ 750 | ||
Debt interest rate, stated percentage | 4.75% | 4.75% | ||
Debt, maturity date | May 15, 2042 | |||
5.00% due June 15, 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 750 | $ 750 | ||
Debt interest rate, stated percentage | 5.00% | 5.00% | ||
Debt, maturity date | Jun. 15, 2045 | |||
|
Debt And Related Expenses (Schedule of WPX Debt assumed with the Merger) (Details) - WPX $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021
USD ($)
| ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 3,257 | |||
Fair Value | 3,562 | |||
6.00% due January 15, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | 43 | |||
Fair Value | 44 | |||
8.25% due August 1, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | 242 | |||
Fair Value | $ 281 | |||
Optional Redemption | Jun. 01, 2023 | [1] | ||
5.25% due September 15, 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 472 | |||
Fair Value | $ 530 | |||
Optional Redemption | Jun. 15, 2024 | [1] | ||
5.75% due June 1, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 500 | |||
Fair Value | $ 529 | |||
Optional Redemption | Jun. 01, 2021 | [1] | ||
5.25% due October 15, 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 600 | |||
Fair Value | $ 646 | |||
Optional Redemption | Oct. 15, 2022 | [1] | ||
5.875% due June 15, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 500 | |||
Fair Value | $ 554 | |||
Optional Redemption | Jun. 15, 2023 | [1] | ||
4.50% due January 15, 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Face Value | $ 900 | |||
Fair Value | $ 978 | |||
Optional Redemption | Jan. 15, 2025 | [1] | ||
|
Debt And Related Expenses (Narrative) (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Apr. 10, 2021 |
Mar. 31, 2021 |
Jun. 10, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||||
Redemption of senior notes | $ 533,000,000 | |||
Early retirement of debt | 20,000,000 | |||
Charge on early retirement of debt, cash retirement costs | 27,000,000 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Early retirement of debt | 20,000,000 | |||
Charge on early retirement of debt, cash retirement costs | 27,000,000 | |||
Charge on early retirement of debt, noncash charges | 47,000,000 | |||
6.00% Due 2022 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption of senior notes | $ 43,000,000 | |||
Debt interest rate, stated percentage | 6.00% | |||
5.875% Due 2028 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption of senior notes | $ 175,000,000 | |||
Debt interest rate, stated percentage | 5.875% | |||
4.5% Due 2030 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption of senior notes | $ 315,000,000 | |||
Debt interest rate, stated percentage | 4.50% | |||
5.25% Due 2027 [Member] | Senior Notes [Member] | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Redemption of senior notes | $ 210,000,000 | |||
Debt interest rate, stated percentage | 5.25% | |||
5.75% due June 1, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt interest rate, stated percentage | 5.75% | 5.75% | ||
5.75% due June 1, 2026 [Member] | Senior Notes [Member] | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Debt interest rate, stated percentage | 5.75% | |||
Senior Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit Facility, borrowing capacity | $ 3,000,000,000.0 | |||
Outstanding credit facility borrowings | $ 0 | |||
Debt-to-capitalization ratio | 0.274 | |||
Outstanding letters of credit | $ 2,000,000 | |||
Senior Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt-to-capitalization ratio | 0.65 |
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Disclosure [Abstract] | ||
Interest based on debt outstanding | $ 105 | $ 65 |
Gain on early retirement of debt | (20) | |
Interest income | (1) | (5) |
Other | (7) | 5 |
Total net financing costs | $ 77 | $ 65 |
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
Right-of-use assets, finance lease | $ 217 | $ 220 | ||
Finance lease liabilities: | ||||
Current lease liabilities, finance lease | [1] | 8 | 8 | |
Long-term lease liabilities, finance lease | 244 | 244 | ||
Total lease liabilities, finance lease | 252 | 252 | ||
Right-of-use assets, operating lease | 38 | 3 | ||
Operating lease liabilities: | ||||
Current lease liabilities, operating lease | [1] | 23 | 1 | |
Long-term lease liabilities, operating lease | 16 | 2 | ||
Total lease liabilities, operating lease | 39 | 3 | ||
Right-of-use assets | 255 | 223 | ||
Lease liabilities: | ||||
Current lease liabilities | [1] | 31 | 9 | |
Long-term lease liabilities | 260 | 246 | ||
Total lease liabilities | $ 291 | $ 255 | ||
|
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations as of beginning of period | $ 369 | $ 398 | |
Assumed WPX obligations | 98 | ||
Liabilities incurred | 9 | 6 | |
Liabilities settled and divested | (17) | (13) | |
Revision of estimated obligation | 11 | 4 | |
Accretion expense on discounted obligation | 7 | 5 | |
Asset retirement obligations as of end of period | 477 | 400 | |
Less current portion | 22 | 14 | |
Asset retirement obligations, long-term | $ 455 | $ 386 | $ 358 |
Other Long-Term Liabilities - Components of Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Other Liabilities Noncurrent [Abstract] | ||
Assumed gathering, processing and transportation contracts | $ 482 | |
Pension and post retirement benefit obligations | 225 | $ 243 |
Restructuring and transaction costs | 130 | 137 |
Estimated future obligation under a performance guarantee | 128 | |
Commodity derivatives | 122 | 5 |
Other | 182 | 166 |
Total other long-term liabilities | $ 1,269 | $ 551 |
Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Terms of the contracts extendible | 2038 | |
Amortization of liabilities as a reduction of production expenses | $ 8 | |
Liability for the estimated potential exposure for the remainder of the contract term | 164 | |
Other liabilities noncurrent | 128 | |
Other current liabilities | $ 1,246 | $ 536 |
Probability weighted cash flows for the remainder of the contract term | 5 years | |
Other Current Liabilities [Member] | Delaware Basin | ||
Other current liabilities | $ 36 |
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
May 04, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Jan. 07, 2021 |
Dec. 31, 2020 |
|
Stockholders Equity [Abstract] | |||||
Common stock converted to right to receive share | 0.5165 | ||||
Common stock, shares issued (in shares) | 675,000,000 | 382,000,000 | |||
Dividends rate per share | $ 0.30 | ||||
Fixed Dividend [Member] | |||||
Stockholders Equity [Abstract] | |||||
Dividends rate per share | 0.11 | $ 0.09 | |||
Variable Dividend [Member] | |||||
Stockholders Equity [Abstract] | |||||
Dividends rate per share | $ 0.19 | ||||
Dividends amount | $ 127 | ||||
Subsequent Event | |||||
Stockholders Equity [Abstract] | |||||
Dividends rate per share | $ 0.34 | ||||
Dividends payable, year | 2021 | ||||
Subsequent Event | Fixed Dividend [Member] | |||||
Stockholders Equity [Abstract] | |||||
Dividends amount | $ 74 | ||||
Dividends rate per share | $ 0.11 | ||||
Subsequent Event | Variable Dividend [Member] | |||||
Stockholders Equity [Abstract] | |||||
Dividends rate per share | $ 0.23 | ||||
Dividends amount | $ 155 | ||||
Devon and WPX Agreement [Member] | |||||
Stockholders Equity [Abstract] | |||||
Common stock, shares issued (in shares) | 289,900,000 |
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
$ / shares
shares
| |
Stockholders Equity [Line Items] | |
Total Number of Shares Purchased | shares | 2,243 |
Dollar Value of Shares Purchased | $ | $ 38 |
Average Price Paid per Share | $ / shares | $ 16.85 |
1.0 Billion Dollar Share Repurchase Program [Member] | |
Stockholders Equity [Line Items] | |
Total Number of Shares Purchased | shares | 2,243 |
Dollar Value of Shares Purchased | $ | $ 38 |
Average Price Paid per Share | $ / shares | $ 16.85 |
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Stockholders Equity [Line Items] | ||
Total dividends amount | $ 203 | $ 34 |
Dividends rate per share | $ 0.30 | |
Fixed Dividend [Member] | ||
Stockholders Equity [Line Items] | ||
Dividends amount | $ 76 | $ 34 |
Dividends rate per share | $ 0.11 | $ 0.09 |
Variable Dividend [Member] | ||
Stockholders Equity [Line Items] | ||
Dividends amount | $ 127 | |
Dividends rate per share | $ 0.19 |
Discontinued Operations (Narrative) (Details) - Barnett Shale [Member] $ in Millions |
3 Months Ended | 48 Months Ended | |
---|---|---|---|
Oct. 01, 2020
USD ($)
$ / MMBTU
$ / bbl
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2024
USD ($)
|
|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Contingent payments valuation | $ 66 | ||
BKV [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
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 | ||
Contingent earnout payment period | The contingent payment period commenced on January 1, 2021 and has a term of four years. | ||
Scenario Forecast [Member] | BKV [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Contingent earnout payment period | The contingent payment period commenced on January 1, 2021 and has a term of four years. | ||
Scenario Forecast [Member] | Maximum [Member] | BKV [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Contingent earnout payments | $ 260 |
Discontinued Operations (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020
USD ($)
| ||||
Discontinued Operations And Disposal Groups [Abstract] | ||||
Oil, gas and NGL sales | $ 92 | |||
Total revenues | 92 | |||
Production expenses | 74 | |||
Asset impairment charges | 179 | [1] | ||
General and administrative expenses | 1 | |||
Financing costs, net | (2) | |||
Other, net | (3) | |||
Total expenses | 249 | |||
Loss from discontinued operations before income taxes | (157) | |||
Income tax expense (benefit) | (32) | |||
Net loss from discontinued operations, net of tax | $ (125) | |||
|
Discontinued Operations (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) Parenthetical (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020
USD ($)
| ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Asset impairments | $ 179 | [1] | ||
Barnett Shale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Asset impairments | $ 179 | |||
|
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | $ 6 | $ 6 |
Derivatives, liabilities | (789) | (148) |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,075 | 1,436 |
Debt | (7,268) | (4,298) |
Contingent earnout payments | 70 | 66 |
Carrying Amount [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 6 |
Derivatives, liabilities | (789) | (148) |
Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,075 | 1,436 |
Debt | (8,091) | (5,365) |
Contingent earnout payments | 70 | 66 |
Total Fair Value [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 6 |
Derivatives, liabilities | (789) | (148) |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,075 | 1,436 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | (8,091) | (5,365) |
Level 2 Inputs [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 6 | 6 |
Derivatives, liabilities | (789) | (148) |
Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout payments | $ 70 | $ 66 |