Long-term assets associated with discontinued operations

219

Other long-term assets

216

276

95

3,986

Total assets

14,394

19,566

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

513

563

Revenues and royalties payable

700

832

Short-term debt

162

Current liabilities associated with discontinued operations

172

338

Other current liabilities

273

331

Total current liabilities

1,658

2,226

Long-term debt

^[1]

4,295

4,292

Lease liabilities

244

Asset retirement obligations

526

606

Other long-term liabilities

431

442

Long-term liabilities associated with discontinued operations

175

2,285

Deferred income taxes

523

529

Stockholders' equity:

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 387 million and 450 million shares in 2019 and 2018, respectively

39

45

Additional paid-in capital

2,815

4,486

Retained earnings

3,812

3,650

Accumulated other comprehensive earnings (loss)

(116)

1,027

Treasury stock, at cost, 0.3 million and 1.0 million shares in 2019 and 2018, respectively

(8)

(22)

Total stockholders’ equity

6,542

9,186

Total liabilities and stockholders' equity

$ 14,394

$ 19,566

[1]	The balance as of December 31, 2018 excludes the $1.5 billion of Senior Notes classified as liabilities held for sale that were retired early in July 2019 utilizing a portion of the proceeds from the sale of Devon’s Canadian business. See Note 18 for additional details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
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)	387,000,000	450,000,000
Treasury stock, shares	300,000	1,000,000.0

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2017	$ 14,104	$ 53	$ 7,333	$ 702	$ 1,166		$ 4,850
Balance, shares at Dec. 31, 2017		525
Net earnings	2,075			1,915			160
Other comprehensive earnings (loss), net of tax	(4)				(4)
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(2,271)					$ (2,271)
Common stock retired		$ (6)	(2,230)			2,236
Common stock retired, shares		(55)
Common stock dividends	(112)			(112)
Share-based compensation	114		114
Share-based compensation, shares		1
Divestment of subsidiary equity investment	(4,861)				2		(4,863)
Subsidiary equity transactions	72						72
Distributions to noncontrolling interests	(219)						(219)
Balance at Sep. 30, 2018	8,898	$ 47	5,217	2,505	1,164	(35)
Balance, shares at Sep. 30, 2018		474
Balance at Jun. 30, 2018	12,848	$ 51	6,888	6	1,091	(22)	4,834
Balance, shares at Jun. 30, 2018		515
Net earnings	2,563			2,537			26
Other comprehensive earnings (loss), net of tax	71				71
Common stock repurchased	(1,715)					(1,715)
Common stock retired		$ (4)	(1,698)			1,702
Common stock retired, shares		(41)
Common stock dividends	(38)			(38)
Share-based compensation	25		25
Divestment of subsidiary equity investment	(4,861)				2		(4,863)
Subsidiary equity transactions	5		2				$ 3
Balance at Sep. 30, 2018	8,898	$ 47	5,217	2,505	1,164	(35)
Balance, shares at Sep. 30, 2018		474
Effect of adoption of lease accounting	(19)			(19)
Balance at Dec. 31, 2018	9,186	$ 45	4,486	3,650	1,027	(22)
Balance, shares at Dec. 31, 2018		450
Net earnings	287			287
Other comprehensive earnings (loss), net of tax	(1,143)				(1,143)
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(1,755)					(1,755)
Common stock retired		$ (6)	(1,763)			1,769
Common stock retired, shares		(66)
Common stock dividends	(106)			(106)
Share-based compensation	92		92
Balance at Sep. 30, 2019	6,542	$ 39	2,815	3,812	(116)	(8)
Balance, shares at Sep. 30, 2019		387
Balance at Jun. 30, 2019	6,994	$ 41	3,352	3,738	(117)	(20)
Balance, shares at Jun. 30, 2019		410
Net earnings	109			109
Other comprehensive earnings (loss), net of tax	1				1
Common stock repurchased	(549)					(549)
Common stock retired		$ (2)	(559)			561
Common stock retired, shares		(23)
Common stock dividends	(35)			(35)
Share-based compensation	22		22
Balance at Sep. 30, 2019	$ 6,542	$ 39	$ 2,815	$ 3,812	$ (116)	$ (8)
Balance, shares at Sep. 30, 2019		387

Summary Of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

DEVON ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2018 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 and nine-month periods ended September 30, 2019 and 2018 and Devon’s financial position as of September 30, 2019. As further discussed in Note 18, Devon sold its Canadian operations on June 27, 2019 and its ownership interests in EnLink and the General Partner on July 18, 2018. Activity relating to Devon’s Canadian operations and EnLink and the General Partner are classified as discontinued operations within Devon’s consolidated comprehensive statements of earnings and consolidated statements of cash flows. The associated assets and liabilities of Devon’s Canadian operations are presented as assets and liabilities associated with discontinued operations on the consolidated balance sheets.

Segment Information

Subsequent to the sale of Devon’s Canadian business in 2019 discussed in Note 18, Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of its business. With the reclassification of Devon’s Canadian operations to discontinued operations and assets and liabilities associated with discontinued operations, Devon now has one reporting segment, which is reflected in the consolidated financial statements.

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Oil	$	754	$	794		$	2,168		$	2,279
Gas		144		210			524			672
NGL		122		306			447			742
Oil, gas and NGL revenues from contracts with customers		1,020		1,310			3,139			3,693
Oil, gas and NGL derivatives		127		(376	)		(338	)		(976	)
Upstream revenues		1,147		934			2,801			2,717

Oil		407		750			1,157			2,047
Gas		142		191			532			506
NGL		151		281			506			687
Total marketing revenues from contracts with customers		700		1,222			2,195			3,240

Total revenues	$	1,847	$	2,156		$	4,996		$	5,957

Recently Adopted Accounting Standards

In January 2019, Devon adopted ASU 2016-02, Leases (Topic 842), using the modified retrospective method. See Note 14 for further discussion regarding Devon’s adoption of the leases standard.

The SEC released Final Rule No. 33-10532, Disclosure Update and Simplification, which amends various SEC disclosure requirements determined to be redundant, duplicative, overlapping, outdated or superseded as part of the SEC’s ongoing disclosure effectiveness initiative. The rule was effective November 5, 2018. The rule amended numerous SEC rules, items and forms covering a diverse group of topics. Devon has implemented these required changes which generally reduced or eliminated disclosures. Devon adopted the requirement of presenting current and comparative quarterly stockholders’ equity roll forwards in the first quarter of 2019.

The SEC released Final Rule Release No. 33-10618, FAST Act Modernization and Simplification of Regulation S-K, which amends Regulation S-K to modernize and simplify certain disclosure requirements in a manner that reduces costs and burdens on registrants while continuing to provide all material information to investors. The rule became effective May 2, 2019. The rule amended numerous SEC rules, items and forms covering a diverse group of topics, primarily focusing on reducing or eliminating disclosures. Other than presentation, this adoption did not have a material impact on Devon’s consolidated financial statements.

Issued Accounting Standards Not Yet Adopted

The FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement. This ASU will eliminate, add and modify certain disclosure requirements for fair value measurement. The ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted for either the entire standard or only the provisions that eliminate or modify requirements. The ASU requires the additional disclosure requirements to be adopted using a retrospective approach. Devon has evaluated the provisions of this ASU and does not expect any material impact on its disclosures in the notes to the consolidated financial statements.

The FASB issued ASU 2018-15, Intangibles, Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU will require a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. This ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted. Entities have the option to adopt the ASU using either a retrospective approach or a prospective approach applied to all implementation costs incurred after the date of the adoption. Devon has evaluated the provisions of this ASU and does not expect any material impact on its consolidated financial statements.

Divestitures

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Divestitures

2.Divestitures

In February 2019, Devon announced its intent to separate its Canadian business and Barnett Shale assets from the Company, based on authorizations provided by its Board of Directors. On June 27, 2019, Devon completed the sale of substantially all of its oil and gas assets and operations in Canada to Canadian Natural Resources Limited for proceeds, net of purchase price adjustments, of $2.6 billion ($3.4 billion Canadian dollars), and recognized a pre-tax gain of $223 million ($480 million, net of tax). Included within this gain is a $34 million ($20 million, net of tax) adjustment to the gain in the third quarter of 2019 related to an interim post closing settlement with Canadian Natural Resources Limited with final closing expected in the fourth quarter of 2019. As a part of the transaction, $436 million of asset retirement obligations were assumed by Canadian Natural Resources Limited. In aggregate, the total estimated proved reserves associated with these assets were approximately 400 MMBoe, or 21% of total proved reserves. In conjunction with the Canadian divestiture, Devon recognized approximately $280 million of restructuring and asset impairment related charges. These costs relate to personnel, office lease abandonment and a firm transportation agreement abandonment. Additional information on these discontinued operations can be found in Note 18.

Devon is evaluating multiple methods of separation for the Barnett Shale assets, including a potential sale, merger or spin-off. Estimated proved reserves associated with Devon’s Barnett Shale assets are approximately 46% of total U.S. proved reserves. As of September 30, 2019, Devon’s Barnett Shale assets were considered held for use and had a net carrying value of approximately $1.4 billion. Devon evaluated its Barnett Shale assets for impairment as of September 30, 2019, and concluded an impairment was not required. This conclusion was based on probability-weighted computations applied to fair value estimates of held for use and held for sale options under evaluation. Although an impairment was not required to be recognized at September 30, 2019, should Devon enter into a sale transaction at current market estimates for its Barnett Shale assets, Devon would recognize an impairment based on the estimated transaction value as compared to the carrying value. Devon anticipates reporting all information for its Barnett Shale assets as discontinued operations when all the requisite criteria are met for such financial statement presentation.

In the first quarter of 2019, Devon received proceeds of approximately $300 million and recognized a $44 million net gain on asset dispositions, primarily from sales of non-core assets in the Permian Basin. In aggregate, the total estimated proved reserves associated with these divested assets were approximately 25 MMBoe, or less than 2% of total U.S. proved reserves. As of December 31, 2018, assets and liabilities associated with these divested assets were classified as held for sale in the accompanying consolidated balance sheet.

During the second quarter of 2018, Devon sold a portion of its Barnett Shale assets, primarily located in Johnson County for $553 million. Estimated proved reserves associated with these assets were approximately 10% of total proved reserves. The transaction resulted in an adjustment to Devon’s capitalized costs with no gain recognized in the consolidated statement of earnings. In conjunction with the divestiture, Devon settled certain gas processing contracts and recognized an approximately $40 million settlement expense, which is included in asset dispositions within the consolidated statement of earnings.

During the third quarter of 2018, Devon completed the sale of its aggregate ownership interests in EnLink and the General Partner for $3.125 billion and recognized a gain of approximately $2.6 billion ($2.2 billion after-tax). The proceeds from the sale were utilized to increase Devon’s share repurchase program, which is discussed further in Note 17. Additional information on these discontinued operations can be found in Note 18.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3.Derivative Financial Instruments

Objectives and Strategies

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of September 30, 2019, 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.

Commodity Derivatives

As of September 30, 2019, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q4 2019		35,600	$	61.21		79,500	$	54.06	$	64.13
Q1-Q4 2020		7,238	$	57.29		31,932	$	51.85	$	61.93
Q1-Q4 2021		493	$	52.75		1,479	$	48.48	$	58.48

Three-Way Price Collars

Period

Volume

(Bbls/d)

Weighted

Average Floor Sold

Price ($/Bbl)

Weighted

Average Floor Purchased

Price ($/Bbl)

Weighted

Average

Ceiling Price

($/Bbl)

Q4 2019

5,000

$

50.00

$

63.00

$

74.80

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q4 2019	Midland Sweet		28,000	$	(0.46	)
Q4 2019	Argus LLS		7,500	$	5.18
Q4 2019	Argus MEH		26,000	$	3.33
Q4 2019	NYMEX Roll		38,000	$	0.45
Q1-Q4 2020	Argus MEH		9,000	$	3.44
Q1-Q4 2020	NYMEX Roll		44,000	$	0.34

As of September 30, 2019, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q4 2019		243,300	$	2.80		195,000	$	2.64	$	3.03
Q1-Q4 2020		81,409	$	2.77		42,557	$	2.73	$	3.03

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q4 2019	Panhandle Eastern Pipe Line		20,000	$	(0.56	)
Q4 2019	El Paso Natural Gas		130,000	$	(1.46	)
Q4 2019	Houston Ship Channel		162,500	$	0.01
Q1-Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q1-Q4 2020	El Paso Natural Gas		45,000	$	(0.70	)
Q1-Q4 2020	Houston Ship Channel		10,000	$	0.02

As of September 30, 2019, Devon had the following open NGL derivative positions. Devon’s NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q4 2019	Ethane		1,000	$	11.55
Q4 2019	Natural Gasoline		4,500	$	55.93
Q4 2019	Normal Butane		4,000	$	33.69
Q4 2019	Propane		8,500	$	30.01
Q1-Q4 2020	Natural Gasoline		1,000	$	44.84
Q1-Q4 2020	Normal Butane		1,000	$	23.52
Q1-Q4 2020	Propane		4,500	$	25.18

Financial Statement Presentation

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Commodity derivatives:
Upstream revenues	$	127	$	(376	)	$	(338	)	$	(976	)
Marketing revenues		—		—			1			(1	)
Interest rate derivatives:
Other expenses		—		—			—			65
Net gains (losses) recognized	$	127	$	(376	)	$	(337	)	$	(912	)

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

	September 30, 2019		December 31, 2018
Commodity derivative assets:
Other current assets	$	163	$	634
Other long-term assets		15		40
Total derivative assets	$	178	$	674
Commodity derivative liabilities:
Other current liabilities	$	2	$	32
Other long-term liabilities		—		1
Total derivative liabilities	$	2	$	33

Share-Based Compensation

9 Months Ended

Sep. 30, 2019

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 comprehensive statements of 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 comprehensive statements of earnings.

	Nine Months Ended September 30,
	2019		2018
G&A	$	64	$	82
Exploration expenses		1		2
Restructuring and transaction costs		27		28
Total	$	92	$	112
Related income tax benefit	$	13	$	16

Under its approved long-term incentive plan, Devon granted share-based awards to certain employees in the first nine months of 2019. 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.

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/18		5,963		$	35.47		302		$	35.93		2,868				$	30.14
Granted		4,404		$	25.49		—		$	—		741				$	28.97
Vested		(4,402	)	$	33.62		(149	)	$	38.03		(145	)			$	37.23
Forfeited		(700	)	$	27.44		—		$	—		(1,301	)			$	11.80
Unvested at 9/30/19		5,265		$	29.73		153		$	33.88		2,163		⁽¹	⁾	$	40.31

(1)	A maximum of 4.3 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2019, as indicated in the previous summary table.

	2019
Grant-date fair value	$	28.43	—	$	29.53
Risk-free interest rate	2.48%
Volatility factor	39.1%
Contractual term (years)	2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of September 30, 2019.

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	97	$	—	$	18
Weighted average period for recognition (years)		2.6		1.7		1.5

Asset Impairments

9 Months Ended

Sep. 30, 2019

Asset Impairment Charges [Abstract]

Asset Impairments

5.Asset Impairments

Asset Impairments

During the first nine months of 2018, Devon recognized $109 million of proved asset impairments relating to U.S. non-core assets no longer in its development plans and approximately $47 million of non-oil and gas asset impairments.

Unproved Impairments

During the first nine months of 2019 and 2018, Devon impaired certain non-core acreage in the U.S. that it no longer intends to pursue for exploration opportunities, resulting in unproved impairments of $15 million and $76 million, respectively. Unproved impairments are included in exploration expenses in the consolidated comprehensive statements of earnings.

Restructuring and Transaction Costs

9 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring and Transaction Costs

6.Restructuring and Transaction Costs

During the first quarter of 2019, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure in conjunction with the portfolio transformation announcement further discussed in Note 2. As a result, Devon recognized $73 million of restructuring expenses during the first nine months of 2019. Of these expenses, $27 million resulted from

accelerated vesting of share-based grants, which are noncash charges. Additionally, $5 million resulted from settlements of defined retirement benefits.

During the first nine months of 2018, Devon recognized $91 million in personnel related restructuring expenses related to workforce reductions. Of these expenses, $28 million resulted from accelerated vesting of share-based grants, which are noncash charges. Additionally, $15 million resulted from estimated settlements of defined retirement benefits.

Devon anticipates recognizing additional restructuring charges in 2019, primarily when the separation of its Barnett Shale assets is completed.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2018	$	39		$	3		$	42
Changes related to 2019 workforce reductions		22			—			22
Changes related to prior years' restructurings		(31	)		(2	)		(33	)
Balance as of September 30, 2019	$	30		$	1		$	31

Balance as of December 31, 2017	$	17		$	17		$	34
Changes related to prior years' restructurings		32			(11	)		21
Balance as of September 30, 2018	$	49		$	6		$	55

Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

7.Income Taxes

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Earnings (loss) from continuing operations before income taxes	$	194		$	(15	)	$	(25	)	$	(709	)

Current income tax expense (benefit)	$	2		$	(26	)	$	1		$	(12	)
Deferred income tax expense (benefit)		53			(145	)		15			(149	)
Total income tax expense (benefit)	$	55		$	(171	)	$	16		$	(161	)

U.S. statutory income tax rate		21	%		21	%		21	%		21	%
State income taxes		6	%		47	%		(8	%)		0	%
Change in unrecognized tax benefits		0	%		151	%		(6	%)		3	%
Other		1	%		43	%		(70	%)		(1	%)
Deferred tax asset valuation allowance		0	%		897	%		0	%		0	%
Effective income tax rate		28	%		1,159	%		(63	%)		23	%

Devon estimates its annual effective income tax rate to record its quarterly provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur.

During the third quarter of 2018, Devon realized $22 million of previously unrecognized benefits, including $2 million of interest, as a result of the expiration of certain U.S. federal statutes of limitation.

In the table above, the “other” effect is composed of permanent differences primarily related to stock compensation for which dollar amounts do not increase or decrease in relation to the change in pre-tax earnings. Generally, such items have an insignificant impact on Devon’s effective income tax rate. However, these items had a more noticeable impact to the rate in the first nine months of

2019 and the three months ended September 30, 2018 due to the low relative net loss in each period. In total, “other” represents $18 million of income tax expense in the first nine months of 2019 and $6 million of income tax benefit in the third quarter of 2018.

Through the first six months of 2018, Devon maintained a 100% valuation allowance against its U.S. deferred tax assets resulting from prior year cumulative financial losses, oil and gas impairments, and significant net operating losses for U.S. federal and state income tax. However, upon closing the EnLink divestiture in the third quarter of 2018, Devon realized a pre-tax gain of $2.6 billion. Based on its net deferred tax liability position, current period projected net operating loss utilization, and projections of future taxable income, Devon reassessed its position and determined that it was no longer in a full valuation allowance position, maintaining only valuation allowances against certain deferred tax assets, including certain tax credits and state net operating losses. As part of its reassessment, Devon determined that apart from the sale of EnLink and the General Partner, Devon would have remained in a full valuation allowance position. Accordingly, the deferred tax benefit resulting from the release of the valuation allowance that was generated in the first two quarters was allocated to continuing operations, while the $259 million of deferred tax benefit resulting from the release of the remainder of the full valuation allowance position was allocated entirely to discontinued operations.

On June 27, 2019, Devon completed the sale of substantially all of its Canadian oil and gas assets and operations in Canada. Devon’s foreign earnings have not been considered indefinitely reinvested since the announcement of the plan to separate the assets in the first quarter of 2019. As the separation took the form of an asset sale and Devon has retained certain non-operating obligations to be settled over time, Devon has not recorded a deferred tax asset or corresponding valuation allowance related to its Canadian investment.

As the Canadian sale closed during the second quarter of 2019, Devon has recorded materially all tax impacts related to the Canadian business in discontinued operations. Additional information on these discontinued operations can be found in Note 18.

Net Earnings (Loss) Per Share from Continuing Operations

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share from Continuing Operations

8.	Net Earnings (Loss) Per Share from Continuing Operations

The following table reconciles net earnings (loss) from continuing operations and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings (loss) per share from continuing operations.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	139		$	156		$	(41	)	$	(548	)
Attributable to participating securities		(1	)		(1	)		(1	)		(1	)
Basic and diluted earnings (loss) from continuing operations	$	138		$	155		$	(42	)	$	(549	)
Common shares:
Common shares outstanding - total		397			491			415			513
Attributable to participating securities		(5	)		(5	)		(6	)		(6	)
Common shares outstanding - basic		392			486			409			507
Dilutive effect of potential common shares issuable		2			3			—			—
Common shares outstanding - diluted		394			489			409			507
Net earnings (loss) per share from continuing operations:
Basic	$	0.35		$	0.32		$	(0.10	)	$	(1.08	)
Diluted	$	0.35		$	0.32		$	(0.10	)	$	(1.08	)
Antidilutive options ⁽¹⁾		1			2			1			2

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

Other Comprehensive Earnings (Loss)

9 Months Ended

Sep. 30, 2019

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

Other Comprehensive Earnings (Loss)

9.	Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings consist of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Foreign currency translation:
Beginning accumulated foreign currency translation and other	$	—		$	1,227		$	1,159		$	1,309
Change in cumulative translation adjustment		—			35			78			(61	)
Release of Canadian cumulative translation adjustment ⁽¹⁾		—			—			(1,237	)		—
Income tax benefit		—			—			—			14
Ending accumulated foreign currency translation		—			1,262			—			1,262
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(117	)		(136	)		(132	)		(143	)
Recognition of net actuarial loss and prior service cost in earnings ⁽²⁾		1			2			5			9
Curtailment and settlement of pension benefits ⁽³⁾		—			45			15			45
Income tax expense		—			(11	)		(4	)		(11	)
Ending accumulated pension and postretirement benefits		(116	)		(100	)		(116	)		(100	)
Other		—			2			—			2
Accumulated other comprehensive earnings (loss), net of tax	$	(116	)	$	1,164		$	(116	)	$	1,164

(1)	In conjunction with the sale of substantially all of its Canadian oil and gas assets and operations in Canada, Devon released the cumulative translation adjustment as part of its gain on the disposition of its Canadian business. See Note 18 for additional details.

(2)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 16 for additional details.

(3)	These accumulated other comprehensive earnings are included within components of other expenses and restructuring and transaction costs in the accompanying consolidated comprehensive statements of earnings.

Supplemental Information To Statements Of Cash Flows

9 Months Ended

Sep. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

10.	Supplemental Information to Statements of Cash Flows

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Changes in assets and liabilities, net:
Accounts receivable	$	54		$	(93	)	$	85		$	(255	)
Other current assets		2			4			9			(91	)
Other long-term assets		14			3			(1	)		(63	)
Accounts payable		3			3			(18	)		96
Revenues and royalties payable		(73	)		(5	)		(133	)		205
Other current liabilities		13			33			(77	)		128
Other long-term liabilities		—			(26	)		5			(30	)
Total	$	13		$	(81	)	$	(130	)	$	(10	)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	81		$	61		$	242		$	275
Income taxes paid	$	—		$	37		$	16		$	31

Accounts Receivable

9 Months Ended

Sep. 30, 2019

Accounts Receivable Net [Abstract]

Accounts Receivable

11.	Accounts Receivable

Components of accounts receivable include the following:

	September 30, 2019			December 31, 2018
Oil, gas and NGL sales	$	396		$	413
Joint interest billings		161			150
Marketing revenues		208			284
Other		28			15
Gross accounts receivable		793			862
Allowance for doubtful accounts		(6	)		(7	)
Net accounts receivable	$	787		$	855

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2019

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.

	September 30, 2019			December 31, 2018
Property and equipment:
Proved	$	41,681		$	40,378
Unproved and properties under development		752			833
Total oil and gas		42,433			41,211
Less accumulated DD&A		(33,311	)		(32,229	)
Oil and gas property and equipment, net		9,122			8,982
Other property and equipment		1,754			1,707
Less accumulated DD&A		(699	)		(663	)
Other property and equipment, net		1,055			1,044
Property and equipment, net	$	10,177		$	10,026

Debt And Related Expenses

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt and Related Expenses

13.	Debt and Related Expenses

A summary of debt is as follows:

	September 30, 2019			December 31, 2018

6.30% due January 15, 2019	$	—		$	162
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			675
7.95% due April 15, 2032 ⁽¹⁾		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(20	)		(21	)
Debt issuance costs		(34	)		(36	)
Total debt		4,295			4,454
Less amount classified as short-term debt		—			162
Total long-term debt ⁽²⁾	$	4,295		$	4,292

(1)

These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)

The balance as of December 31, 2018 excludes the $1.5 billion of Senior Notes classified as liabilities held for sale that were retired early in July 2019 utilizing a portion of the proceeds from the sale of Devon’s Canadian business. See Note 18 for additional details.

Credit Lines

Devon has a $3.0 billion Senior Credit Facility. As of September 30, 2019, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as impairments. As of September 30, 2019, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 18.9%.

In connection with the closing of the sale of its Canadian business, Devon reallocated and terminated all Canadian commitments under the Senior Credit Facility in accordance with the terms of the credit agreement governing the Senior Credit Facility. The termination of the Canadian subfacility was effective as of June 27, 2019, and such termination did not decrease the $3.0 billion in total revolving commitments under, or otherwise modify the terms of, the Senior Credit Facility.

Retirement of Senior Notes

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

In the first quarter of 2018, Devon completed tender offers to repurchase $807 million in aggregate principal amount of debt securities, using cash on hand. This included $384 million of the 7.875% senior notes due September 30, 2031 and $423 million of the 7.95% senior notes due April 15, 2032. Devon recognized a $312 million charge on early retirement of debt, consisting of $304 million in cash retirement costs and $8 million of noncash charges. These costs, along with other charges associated with retiring the debt, are included in net financing costs in the consolidated comprehensive statements of earnings.

In July 2018, Devon repaid $20 million of 8.25% senior notes at maturity.

Net Financing Costs

The following schedule includes the components of net financing costs.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Interest based on debt outstanding	$	65		$	68	$	195		$	219
Early retirement of debt		—			—		—			312
Other		(5	)		—		(9	)		(10	)
Total net financing costs	$	60		$	68	$	186		$	521

Leases

9 Months Ended

Sep. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

Leases

14.Leases

Devon adopted ASU No. 2016-02, Leases (Topic 842), as of January 1, 2019, using the modified retrospective transition approach. ASC 842 supersedes the previous lease accounting requirements in ASC 840 and requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. ASC 842 establishes a right-of-use model that requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with a term longer than 12 months. At adoption, using the modified retrospective transition approach, Devon recorded right-of-use lease assets of $394 million and lease liabilities of $380 million. Additionally, Devon recorded a $24 million before tax, $19 million net of tax, cumulative-effect adjustment to reduce retained earnings. Comparative periods have been presented in accordance with ASC Topic 840 and do not include any retrospective adjustments to reflect the adoption of Topic 842. Excluding land easements and rights-of-way, all leases that existed at January 1, 2019 or were entered into or modified thereafter, are accounted for under Topic 842. Devon elected the practical expedient provided in the standard that allows the new guidance to be applied prospectively to all new or modified land easements and rights-of-way. Devon also elected a policy not to recognize right-of-use assets and lease liabilities related to short-term leases with terms of 12 months or less. Additionally, Devon elected to account for lease components separately from the nonlease components.

Devon made certain significant assumptions and judgments in determining its right-of-use asset and lease liability balances. First is the determination of whether a contract contains a lease. Devon considered the presence of an identified asset that is physically distinct, and for which the supplier does not have substantive substitution rights and whether Devon has the right to control the underlying asset. Second, Devon assessed lease terms and considered whether Devon is reasonably certain to extend leases or exercise

purchase options. Certain of Devon’s leases include one or more options to renew, with renewal terms that can extend the lease term for additional years. Certain leases also include options to purchase the leased property. For options to renew or purchase that Devon is reasonably certain to exercise, these costs are recognized as part of the right-of-use assets and lease liabilities. Third, significant judgments have been made in determining discount rates. Devon estimates discount rates using market rates that approximate collateralized borrowings over the remaining term of Devon’s lease payments.

Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s lease agreements do not contain any material residual value guarantees or restrictive covenants.

The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2019.

	Finance		Operating		Total
Right-of-use assets	$	203	$	16	$	219
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	7	$	12	$	19
Long-term lease liabilities		240		4		244
Total lease liabilities	$	247	$	16	$	263

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

The following table presents Devon’s total lease cost.

		Three Months Ended			Nine Months Ended
		September 30, 2019
Operating lease cost	Property, plant and equipment; G&A	$	10		$	35
Short-term lease cost ⁽¹⁾	Property, plant and equipment; G&A		18			69
Financing lease cost:
Amortization of right-of-use assets	DD&A		6			18
Interest on lease liabilities	Net financing costs		3			8
Variable lease cost	G&A		1			2
Lease income	G&A		(1	)		(3	)
Net lease cost		$	37		$	129

(1)	Short-term lease cost excludes leases with terms of one month or less.

The following table presents Devon’s additional lease information for the three and nine months ended September 30, 2019.

	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	Finance			Operating			Finance			Operating
Cash outflows for lease liabilities:
Operating cash flows	$	2		$	—		$	5		$	1
Investing cash flows	$	—		$	10		$	—		$	37
Right-of-use assets obtained in exchange for new lease liabilities	$	—		$	—		$	—		$	1
Weighted average remaining lease term (years)		8.3			2.3			8.3			2.3
Weighted average discount rate		4.2	%		3.4	%		4.2	%		3.4	%

The following table presents Devon’s maturity analysis as of September 30, 2019 for leases expiring in each of the next 5 years and thereafter.

	Finance			Operating ⁽¹⁾			Total ⁽²⁾
2019	$	2		$	4		$	6
2020		7			8			15
2021		7			2			9
2022		8			1			9
2023		8			1			9
Thereafter		306			1			307
Total lease payments		338			17			355
Less: interest		(91	)		(1	)		(92	)
Present value of lease liabilities	$	247		$	16		$	263

(1)	During the third quarter of 2019, in addition to normal amortization, Devon had early terminations that resulted in a $37 million reduction in right of use assets and lease liabilities which includes $9 million of other expenses within Devon’s consolidated comprehensive statements of earnings.

(2)	Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.

Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of September 30, 2019 for each of the next 5 years and thereafter.

	Operating
	Lease Income
2019	$	2
2020		6
2021		6
2022		6
2023		7
Thereafter		51
Total	$	78

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2019

Asset Retirement Obligations

15.	Asset Retirement Obligations

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

	Nine Months Ended September 30,
	2019			2018
Asset retirement obligations as of beginning of period	$	623		$	704
Liabilities incurred		14			24
Liabilities settled and divested		(51	)		(71	)
Revision of estimated obligation		(63	)		1
Accretion expense on discounted obligation		21			26
Asset retirement obligations as of end of period		544			684
Less current portion		18			20
Asset retirement obligations, long-term	$	526		$	664

During the first nine months of 2019, Devon reduced its asset retirement obligations by $63 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets.

During the first nine months of 2018, Devon reduced its asset retirement obligations by $61 million, primarily as a result of Devon’s 2018 divestitures. For additional information, see Note 2.

Retirement Plans

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

16.	Retirement Plans

During the third quarter of 2018, Devon entered into a group annuity contract, under which a third party permanently assumed certain of Devon’s defined benefit pension obligations. The purchase of this group annuity contract reduced Devon’s pension assets and liabilities by approximately $190 million, representing approximately 15% of the total obligations of Devon’s pension plans. In connection with this transaction, Devon recorded a settlement expense of approximately $34 million, which was reclassified from other comprehensive earnings to other expense on the consolidated comprehensive statements of earnings during the third quarter of 2018.

The following table presents the components of net periodic benefit cost for Devon’s pension benefits plan. There was $1 million of net periodic benefit credit for postretirement benefit plans for the nine months ended September 30, 2019 and 2018, respectively.

	Pension Benefits
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Service cost	$	2		$	2		$	5		$	7
Interest cost		7			9			24			29
Expected return on plan assets		(10	)		(11	)		(29	)		(38	)
Amortization of prior service cost ⁽¹⁾		—			—			1			1
Net actuarial loss ⁽¹⁾		1			3			7			10
Net periodic benefit cost ⁽²⁾	$	—		$	3		$	8		$	9

(1)	These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)	The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders Equity Note [Abstract]

Stockholders' Equity

17.	Stockholders’ Equity

Share Repurchase Program

In March 2018, Devon announced a share repurchase program to buy up to $1.0 billion of its common stock. In June 2018, in conjunction with the announced divestiture of its investment in EnLink and the General Partner, Devon increased its program by an additional $3.0 billion. In February 2019, Devon’s Board of Directors authorized an expansion of the share repurchase program by an additional $1.0 billion, bringing the total to $5.0 billion. The share repurchase program expires December 31, 2019.

The table below provides information regarding purchases of Devon’s common stock that were made during 2018 and the first nine months of 2019 (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
First quarter 2018:
Open-Market		2,561	$	82	$	32.19
Second quarter 2018:
Open-Market		11,154		439		39.35
Third quarter 2018:
Open-Market		16,492		712		43.13
ASR		24,330		1,000		41.10
Total		40,822		1,712		41.92
Fourth quarter 2018:
Open-Market		23,612		745		31.57
First quarter 2019:
Open-Market		36,141		1,024		28.33
Second quarter 2019:
Open-Market		5,911		159		27.01
Third quarter 2019:
Open-Market		22,137		550		24.80
Total inception-to-date		142,338	$	4,711	$	33.09

Dividends

The table below summarizes the dividends Devon paid on its common stock.

	Amounts		Rate Per Share
Quarter Ended 2019:
First quarter	$	34	$	0.08
Second quarter		37	$	0.09
Third quarter		35	$	0.09
Total year-to-date	$	106
Quarter Ended 2018:
First quarter	$	32	$	0.06
Second quarter		42	$	0.08
Third quarter		38	$	0.08
Total year-to-date	$	112

Devon raised its quarterly dividend by 12.5%, to $0.09 per share, beginning in the second quarter of 2019. In the second quarter of 2018, Devon increased the quarterly dividend rate from $0.06 to $0.08 per share.

Discontinued Operations and Assets Held for Sale

9 Months Ended

Sep. 30, 2019

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations and Assets Held for Sale

18.	Discontinued Operations and Assets Held For Sale

Canada

On May 29, 2019, Devon announced it had entered into an agreement to sell substantially all of its oil and gas assets and operations in Canada to Canadian Natural Resources Limited. Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations upon the authorization to enter the agreement by Devon’s Board of Directors. As part of its assessment, Devon considered the following: 1) Devon is exiting its entire heavy oil and Canadian operations; 2) Devon’s Canadian operations is a separate reportable segment and is a component of Devon’s business; and 3) the transaction resulted in a material reduction in total assets, revenues, net earnings and total proved reserves. As a result, Devon has classified the results of operations and cash flows related to its Canadian operations as discontinued operations on its consolidated financial statements. Additionally, Devon ceased depreciation and amortization for all plant, property and equipment and intangible assets classified as assets held for sale on the date the sales agreement was approved by the Board of Directors.

On June 27, 2019, Devon completed the sale of its Canadian business for $2.6 billion ($3.4 billion Canadian dollars), net of purchase price adjustments, and recognized a pre-tax gain of $223 million ($480 million net of tax, primarily due to a significant deferred tax benefit). Included within this gain is a $34 million ($20 million, net of tax) adjustment to the gain in the third quarter of 2019 related to an interim post closing settlement with Canadian Natural Resources Limited with final closing expected in the fourth quarter of 2019. Current (cash) income tax associated with the sale was approximately $100 million. The disposition of substantially all of Devon’s Canadian oil and gas assets resulted in Devon releasing its historical cumulative foreign currency translation adjustment of $1.2 billion from accumulated other comprehensive earnings to be included within the gain computation. The historical cumulative foreign currency translation portion of the gain is not taxable. As of September 30, 2019, $280 million of the Canadian cash balance is restricted for funding certain tax and other obligations related to the Canadian business and is classified as cash restricted for discontinued operations on the consolidated balance sheets.

In conjunction with the sale of Devon’s Canadian business, Devon recognized approximately $280 million of restructuring and asset impairment related charges. Canadian Natural Resources Limited has reimbursed Devon for approximately $50 million of these restructuring costs, under the terms of the disposition agreement. Along with certain tax obligations, these costs will be funded with the restricted cash described above. These charges consist of $154 million related to a firm transportation agreement abandonment and $56 million related to office lease abandonment and associated asset impairment charges. Cash payments for the abandonment charges total approximately $6 million per quarter. Additionally, there are $67 million of employee related costs, including approximately $40 million of noncash accelerated vesting of employee stock awards. As mentioned above, Canadian Natural Resources Limited reimbursed the Company for approximately $50 million of these costs pursuant to the disposition agreement and Devon funded the remaining employee related costs during the third quarter of 2019.

Prior to the second quarter of 2019, Devon’s Canadian business maintained a valuation allowance against certain capital loss carryforwards and net operating losses. As a result of the sale of substantially all of Devon’s Canadian oil and gas assets and operations in Canada and the lack of future forecasted income, all but approximately $29 million of the Canadian deferred tax assets have been offset with a valuation allowance.

As announced on June 27, 2019, Devon utilized a portion of the sales proceeds to early retire its $500 million of the 4.00% senior notes due July 15, 2021 and $1.0 billion of the 3.25% senior notes due May 15, 2022. Devon recognized a charge on the early retirement of these notes in the third quarter of 2019 consisting of $52 million in cash retirement costs and $6 million of noncash charges.

EnLink

On June 6, 2018, Devon announced that it had entered into an agreement to sell its aggregate ownership interests in EnLink and the General Partner for $3.125 billion. Upon entering into the agreement to sell its ownership interest in June 2018, Devon concluded that the transaction was a strategic shift and met the requirements of assets held for sale and discontinued operations. As a result, Devon classified the results of operations and cash flows related to EnLink and the General Partner as discontinued operations on its consolidated financial statements.

On July 18, 2018, Devon completed the sale of its aggregate ownership interests in EnLink and the General Partner for $3.125 billion and recognized a gain of approximately $2.6 billion ($2.2 billion after-tax). Current (cash) income tax associated with the transaction was approximately $12 million. The vast majority of the tax effect relates to deferred tax expense offset by the valuation allowance adjustment.

As part of the sale agreement, Devon extended its fixed-fee gathering and processing contracts with respect to the Bridgeport and Cana plants with EnLink through 2029. Although the agreements were extended to 2029, the minimum volume commitments for the Bridgeport and Cana plants expired at the end of 2018. Devon has minimum volume commitments for gathering and processing of 77-128 MMcf/d with EnLink at the Chisholm plant through early 2021.

Prior to the divestment of Devon’s aggregate ownership of EnLink and the General Partner, certain activity between Devon and EnLink were eliminated in consolidation. Subsequent to the divestment, all activity related to EnLink represent third-party transactions and are no longer eliminated in consolidation.

During the first nine months of 2019 and from the period of July 19, 2018 through September 30, 2018, Devon had net outflows of approximately $422 million and $200 million with EnLink, respectively, which primarily related to gathering and processing expenses. These net outflows represent gross cash amounts and not net working interest amounts.

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

	Three months ended September 30,									Nine months ended September 30,
	Canada			EnLink			Total			Canada			EnLink			Total
2019
Upstream revenues	$	(7	)	$	—		$	(7	)	$	628		$	—		$	628
Marketing and midstream revenues		—			—			—			38			—			38
Total revenues		(7	)		—			(7	)		666			—			666
Production expenses		(1	)		—			(1	)		293			—			293
Exploration expenses		—			—			—			13			—			13
Marketing and midstream expenses		—			—			—			18			—			18
Depreciation, depletion and amortization		—			—			—			128			—			128
Asset impairments		—			—			—			37			—			37
Asset dispositions		(34	)		—			(34	)		(223	)		—			(223	)
General and administrative expenses		2			—			2			33			—			33
Financing costs, net		59			—			59			85			—			85
Restructuring and transaction costs		5			—			5			244			—			244
Other expenses		5			—			5			8			—			8
Total expenses		36			—			36			636			—			636
Earnings (loss) from discontinued operations before income taxes		(43	)		—			(43	)		30			—			30
Income tax benefit		(13	)		—			(13	)		(298	)		—			(298	)
Net earnings (loss) from discontinued operations, net of tax	$	(30	)	$	—		$	(30	)	$	328		$	—		$	328
2018
Upstream revenues	$	398		$	—		$	398		$	1,003		$	—		$	1,003
Marketing and midstream revenues		25			360			385			66			3,567			3,633
Total revenues		423			360			783			1,069			3,567			4,636
Production expenses		137			—			137			451			—			451
Exploration expenses		10			—			10			28			—			28
Marketing and midstream expenses		16			302			318			34			2,912			2,946
Depreciation, depletion and amortization		74			—			74			246			244			490
Asset impairments		—			—			—			—			—			—
Asset dispositions		—			(2,607	)		(2,607	)		—			(2,607	)		(2,607	)
General and administrative expenses		19			7			26			61			65			126
Financing costs, net		7			9			16			3			98			101
Restructuring and transaction costs		4			—			4			13			—			13
Other expenses		(21	)		(1	)		(22	)		88			(8	)		80
Total expenses		246			(2,290	)		(2,044	)		924			704			1,628
Earnings from discontinued operations before income taxes		177			2,650			2,827			145			2,863			3,008
Income tax expense (benefit)		33			387			420			(18	)		403			385
Net earnings from discontinued operations, net of tax		144			2,263			2,407			163			2,460			2,623
Net earnings attributable to noncontrolling interests		—			26			26			—			160			160
Net earnings from discontinued operations, attributable to Devon	$	144		$	2,237		$	2,381		$	163		$	2,300		$	2,463

The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets. The assets and liabilities associated with discontinued operations at September 30, 2019 and December 31, 2018 are primarily related to the divestiture of Devon’s Canadian business. Included within assets and liabilities associated with discontinued operations at December 31, 2018 are $197 million of assets and $69 million of liabilities related to the divestiture of non-core upstream Permian Basin assets which closed in January 2019 as further discussed in Note 2.

	September 30, 2019		December 31, 2018
Cash restricted for discontinued operations	$	280	$	—

Accounts receivable	$	3	$	37
Other current assets		18		246
Current assets associated with discontinued operations		21		283
Oil and gas property and equipment, based on successful efforts accounting, net		—		3,829
Other property and equipment, net		—		78
Other long-term assets		95		79
Long-term assets associated with discontinued operations		95		3,986
Total assets associated with discontinued operations	$	396	$	4,269

Accounts payable	$	6	$	101
Revenues and royalties payable		3		67
Other current liabilities		163		170
Current liabilities associated with discontinued operations		172		338
Long-term debt		—		1,493
Asset retirement obligations		—		424
Other long-term liabilities		175		20
Deferred income taxes		—		348
Long-term liabilities associated with discontinued operations		175		2,285
Total liabilities associated with discontinued operations	$	347	$	2,623

Commitments And Contingencies

9 Months Ended

Sep. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

19.	Commitments and Contingencies

Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Royalty Matters

Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters.

Environmental Matters

Devon is subject to certain laws and regulations relating to environmental remediation activities associated with past operations, such as the Comprehensive Environmental Response, Compensation, and Liability Act and similar state statutes. In response to liabilities associated with these activities, loss accruals primarily consist of estimated uninsured remediation costs. Devon’s monetary exposure for environmental matters is not expected to be material.

Beginning in 2013, various parishes in Louisiana filed suit against more than 100 oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs seek, among other things, the payment of the costs necessary to

clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon is vigorously defending against these claims.

Other Matters

Devon is involved in other various legal proceedings incidental to its business. However, to Devon’s knowledge, there were no material pending legal proceedings to which Devon is a party or to which any of its property is subject.

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

20.	Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, cash restricted for discontinued operations, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at September 30, 2019 and December 31, 2018, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
September 30, 2019 assets (liabilities):
Cash equivalents	$	624		$	624		$	624	$	—
Commodity derivatives	$	178		$	178		$	—	$	178
Commodity derivatives	$	(2	)	$	(2	)	$	—	$	(2	)
Debt	$	(4,295	)	$	(5,392	)	$	—	$	(5,392	)
December 31, 2018 assets (liabilities):
Cash equivalents	$	1,505		$	1,505		$	1,405	$	100
Commodity derivatives	$	674		$	674		$	—	$	674
Commodity derivatives	$	(33	)	$	(33	)	$	—	$	(33	)
Debt	$	(4,454	)	$	(4,494	)	$	—	$	(4,494	)

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

Cash equivalents – Amounts primarily consist of Canadian agency and provincial securities investments. The fair value approximates the carrying value.

Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.

Debt – Devon’s debt instruments do not actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity.

- Definition

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

+ References + Details

Summary Of Significant Accounting Policies (Policies)	9 Months Ended
Summary Of Significant Accounting Policies (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Segment Information	Segment Information Subsequent to the sale of Devon’s Canadian business in 2019 discussed in Note 18, Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of its business. With the reclassification of Devon’s Canadian operations to discontinued operations and assets and liabilities associated with discontinued operations, Devon now has one reporting segment, which is reflected in the consolidated financial statements.
Recent Accounting Standards	Recently Adopted Accounting Standards In January 2019, Devon adopted ASU 2016-02, Leases (Topic 842), using the modified retrospective method. See Note 14 for further discussion regarding Devon’s adoption of the leases standard. The SEC released Final Rule No. 33-10532, Disclosure Update and Simplification, which amends various SEC disclosure requirements determined to be redundant, duplicative, overlapping, outdated or superseded as part of the SEC’s ongoing disclosure effectiveness initiative. The rule was effective November 5, 2018. The rule amended numerous SEC rules, items and forms covering a diverse group of topics. Devon has implemented these required changes which generally reduced or eliminated disclosures. Devon adopted the requirement of presenting current and comparative quarterly stockholders’ equity roll forwards in the first quarter of 2019. The SEC released Final Rule Release No. 33-10618, FAST Act Modernization and Simplification of Regulation S-K, which amends Regulation S-K to modernize and simplify certain disclosure requirements in a manner that reduces costs and burdens on registrants while continuing to provide all material information to investors. The rule became effective May 2, 2019. The rule amended numerous SEC rules, items and forms covering a diverse group of topics, primarily focusing on reducing or eliminating disclosures. Other than presentation, this adoption did not have a material impact on Devon’s consolidated financial statements. Issued Accounting Standards Not Yet Adopted The FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement. This ASU will eliminate, add and modify certain disclosure requirements for fair value measurement. The ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted for either the entire standard or only the provisions that eliminate or modify requirements. The ASU requires the additional disclosure requirements to be adopted using a retrospective approach. Devon has evaluated the provisions of this ASU and does not expect any material impact on its disclosures in the notes to the consolidated financial statements. The FASB issued ASU 2018-15, Intangibles, Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. This ASU will require a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. This ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted. Entities have the option to adopt the ASU using either a retrospective approach or a prospective approach applied to all implementation costs incurred after the date of the adoption. Devon has evaluated the provisions of this ASU and does not expect any material impact on its consolidated financial statements.
Commitments And Contingencies	Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Summary Of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

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

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Oil	$	754	$	794		$	2,168		$	2,279
Gas		144		210			524			672
NGL		122		306			447			742
Oil, gas and NGL revenues from contracts with customers		1,020		1,310			3,139			3,693
Oil, gas and NGL derivatives		127		(376	)		(338	)		(976	)
Upstream revenues		1,147		934			2,801			2,717

Oil		407		750			1,157			2,047
Gas		142		191			532			506
NGL		151		281			506			687
Total marketing revenues from contracts with customers		700		1,222			2,195			3,240

Total revenues	$	1,847	$	2,156		$	4,996		$	5,957

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Schedule Of Derivative Financial Instruments Included In Consolidated Comprehensive Statements Of Earnings And Consolidated Balance Sheets

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
Commodity derivatives:
Upstream revenues	$	127	$	(376	)	$	(338	)	$	(976	)
Marketing revenues		—		—			1			(1	)
Interest rate derivatives:
Other expenses		—		—			—			65
Net gains (losses) recognized	$	127	$	(376	)	$	(337	)	$	(912	)

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

	September 30, 2019		December 31, 2018
Commodity derivative assets:
Other current assets	$	163	$	634
Other long-term assets		15		40
Total derivative assets	$	178	$	674
Commodity derivative liabilities:
Other current liabilities	$	2	$	32
Other long-term liabilities		—		1
Total derivative liabilities	$	2	$	33

Open Oil Derivative Positions [Member]

Schedule Of Open Derivative Positions

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q4 2019		35,600	$	61.21		79,500	$	54.06	$	64.13
Q1-Q4 2020		7,238	$	57.29		31,932	$	51.85	$	61.93
Q1-Q4 2021		493	$	52.75		1,479	$	48.48	$	58.48

Three-Way Price Collars

Period

Volume

(Bbls/d)

Weighted

Average Floor Sold

Price ($/Bbl)

Weighted

Average Floor Purchased

Price ($/Bbl)

Weighted

Average

Ceiling Price

($/Bbl)

Q4 2019

5,000

$

50.00

$

63.00

$

74.80

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q4 2019	Midland Sweet		28,000	$	(0.46	)
Q4 2019	Argus LLS		7,500	$	5.18
Q4 2019	Argus MEH		26,000	$	3.33
Q4 2019	NYMEX Roll		38,000	$	0.45
Q1-Q4 2020	Argus MEH		9,000	$	3.44
Q1-Q4 2020	NYMEX Roll		44,000	$	0.34

Open Natural Gas Derivative Positions [Member]

Schedule Of Open Derivative Positions

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q4 2019		243,300	$	2.80		195,000	$	2.64	$	3.03
Q1-Q4 2020		81,409	$	2.77		42,557	$	2.73	$	3.03

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q4 2019	Panhandle Eastern Pipe Line		20,000	$	(0.56	)
Q4 2019	El Paso Natural Gas		130,000	$	(1.46	)
Q4 2019	Houston Ship Channel		162,500	$	0.01
Q1-Q4 2020	Panhandle Eastern Pipe Line		30,000	$	(0.47	)
Q1-Q4 2020	El Paso Natural Gas		45,000	$	(0.70	)
Q1-Q4 2020	Houston Ship Channel		10,000	$	0.02

Open NGL Derivative Positions [Member]

Schedule Of Open Derivative Positions

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q4 2019	Ethane		1,000	$	11.55
Q4 2019	Natural Gasoline		4,500	$	55.93
Q4 2019	Normal Butane		4,000	$	33.69
Q4 2019	Propane		8,500	$	30.01
Q1-Q4 2020	Natural Gasoline		1,000	$	44.84
Q1-Q4 2020	Normal Butane		1,000	$	23.52
Q1-Q4 2020	Propane		4,500	$	25.18

- Definition

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

+ References

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+ Details

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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

	Nine Months Ended September 30,
	2019		2018
G&A	$	64	$	82
Exploration expenses		1		2
Restructuring and transaction costs		27		28
Total	$	92	$	112
Related income tax benefit	$	13	$	16

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

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/18		5,963		$	35.47		302		$	35.93		2,868				$	30.14
Granted		4,404		$	25.49		—		$	—		741				$	28.97
Vested		(4,402	)	$	33.62		(149	)	$	38.03		(145	)			$	37.23
Forfeited		(700	)	$	27.44		—		$	—		(1,301	)			$	11.80
Unvested at 9/30/19		5,265		$	29.73		153		$	33.88		2,163		⁽¹	⁾	$	40.31

(1)	A maximum of 4.3 million common shares could be awarded based upon Devon’s final TSR ranking.

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

	2019
Grant-date fair value	$	28.43	—	$	29.53
Risk-free interest rate	2.48%
Volatility factor	39.1%
Contractual term (years)	2.89

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	97	$	—	$	18
Weighted average period for recognition (years)		2.6		1.7		1.5

Restructuring and Transaction Costs (Tables)

9 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2018	$	39		$	3		$	42
Changes related to 2019 workforce reductions		22			—			22
Changes related to prior years' restructurings		(31	)		(2	)		(33	)
Balance as of September 30, 2019	$	30		$	1		$	31

Balance as of December 31, 2017	$	17		$	17		$	34
Changes related to prior years' restructurings		32			(11	)		21
Balance as of September 30, 2018	$	49		$	6		$	55

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Earnings (loss) from continuing operations before income taxes	$	194		$	(15	)	$	(25	)	$	(709	)

Current income tax expense (benefit)	$	2		$	(26	)	$	1		$	(12	)
Deferred income tax expense (benefit)		53			(145	)		15			(149	)
Total income tax expense (benefit)	$	55		$	(171	)	$	16		$	(161	)

U.S. statutory income tax rate		21	%		21	%		21	%		21	%
State income taxes		6	%		47	%		(8	%)		0	%
Change in unrecognized tax benefits		0	%		151	%		(6	%)		3	%
Other		1	%		43	%		(70	%)		(1	%)
Deferred tax asset valuation allowance		0	%		897	%		0	%		0	%
Effective income tax rate		28	%		1,159	%		(63	%)		23	%

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

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations from Continuing Operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	139		$	156		$	(41	)	$	(548	)
Attributable to participating securities		(1	)		(1	)		(1	)		(1	)
Basic and diluted earnings (loss) from continuing operations	$	138		$	155		$	(42	)	$	(549	)
Common shares:
Common shares outstanding - total		397			491			415			513
Attributable to participating securities		(5	)		(5	)		(6	)		(6	)
Common shares outstanding - basic		392			486			409			507
Dilutive effect of potential common shares issuable		2			3			—			—
Common shares outstanding - diluted		394			489			409			507
Net earnings (loss) per share from continuing operations:
Basic	$	0.35		$	0.32		$	(0.10	)	$	(1.08	)
Diluted	$	0.35		$	0.32		$	(0.10	)	$	(1.08	)
Antidilutive options ⁽¹⁾		1			2			1			2

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

Other Comprehensive Earnings (Loss) (Tables)

9 Months Ended

Sep. 30, 2019

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

Components Of Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings consist of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Foreign currency translation:
Beginning accumulated foreign currency translation and other	$	—		$	1,227		$	1,159		$	1,309
Change in cumulative translation adjustment		—			35			78			(61	)
Release of Canadian cumulative translation adjustment ⁽¹⁾		—			—			(1,237	)		—
Income tax benefit		—			—			—			14
Ending accumulated foreign currency translation		—			1,262			—			1,262
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(117	)		(136	)		(132	)		(143	)
Recognition of net actuarial loss and prior service cost in earnings ⁽²⁾		1			2			5			9
Curtailment and settlement of pension benefits ⁽³⁾		—			45			15			45
Income tax expense		—			(11	)		(4	)		(11	)
Ending accumulated pension and postretirement benefits		(116	)		(100	)		(116	)		(100	)
Other		—			2			—			2
Accumulated other comprehensive earnings (loss), net of tax	$	(116	)	$	1,164		$	(116	)	$	1,164

(1)	In conjunction with the sale of substantially all of its Canadian oil and gas assets and operations in Canada, Devon released the cumulative translation adjustment as part of its gain on the disposition of its Canadian business. See Note 18 for additional details.

(2)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 16 for additional details.

(3)	These accumulated other comprehensive earnings are included within components of other expenses and restructuring and transaction costs in the accompanying consolidated comprehensive statements of earnings.

Supplemental Information To Statements Of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Changes in assets and liabilities, net:
Accounts receivable	$	54		$	(93	)	$	85		$	(255	)
Other current assets		2			4			9			(91	)
Other long-term assets		14			3			(1	)		(63	)
Accounts payable		3			3			(18	)		96
Revenues and royalties payable		(73	)		(5	)		(133	)		205
Other current liabilities		13			33			(77	)		128
Other long-term liabilities		—			(26	)		5			(30	)
Total	$	13		$	(81	)	$	(130	)	$	(10	)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$	81		$	61		$	242		$	275
Income taxes paid	$	—		$	37		$	16		$	31

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2019

Accounts Receivable Net [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

	September 30, 2019			December 31, 2018
Oil, gas and NGL sales	$	396		$	413
Joint interest billings		161			150
Marketing revenues		208			284
Other		28			15
Gross accounts receivable		793			862
Allowance for doubtful accounts		(6	)		(7	)
Net accounts receivable	$	787		$	855

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2019

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.

	September 30, 2019			December 31, 2018
Property and equipment:
Proved	$	41,681		$	40,378
Unproved and properties under development		752			833
Total oil and gas		42,433			41,211
Less accumulated DD&A		(33,311	)		(32,229	)
Oil and gas property and equipment, net		9,122			8,982
Other property and equipment		1,754			1,707
Less accumulated DD&A		(699	)		(663	)
Other property and equipment, net		1,055			1,044
Property and equipment, net	$	10,177		$	10,026

Debt And Related Expenses (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule Of Debt Instruments and Balances

A summary of debt is as follows:

	September 30, 2019			December 31, 2018

6.30% due January 15, 2019	$	—		$	162
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			675
7.95% due April 15, 2032 ⁽¹⁾		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(20	)		(21	)
Debt issuance costs		(34	)		(36	)
Total debt		4,295			4,454
Less amount classified as short-term debt		—			162
Total long-term debt ⁽²⁾	$	4,295		$	4,292

(1)

These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)

The balance as of December 31, 2018 excludes the $1.5 billion of Senior Notes classified as liabilities held for sale that were retired early in July 2019 utilizing a portion of the proceeds from the sale of Devon’s Canadian business. See Note 18 for additional details.

Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Interest based on debt outstanding	$	65		$	68	$	195		$	219
Early retirement of debt		—			—		—			312
Other		(5	)		—		(9	)		(10	)
Total net financing costs	$	60		$	68	$	186		$	521

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Right-of-use Assets and Lease Liabilities

The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2019.

	Finance		Operating		Total
Right-of-use assets	$	203	$	16	$	219
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	7	$	12	$	19
Long-term lease liabilities		240		4		244
Total lease liabilities	$	247	$	16	$	263

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

Schedule of Total Lease Cost

The following table presents Devon’s total lease cost.

		Three Months Ended			Nine Months Ended
		September 30, 2019
Operating lease cost	Property, plant and equipment; G&A	$	10		$	35
Short-term lease cost ⁽¹⁾	Property, plant and equipment; G&A		18			69
Financing lease cost:
Amortization of right-of-use assets	DD&A		6			18
Interest on lease liabilities	Net financing costs		3			8
Variable lease cost	G&A		1			2
Lease income	G&A		(1	)		(3	)
Net lease cost		$	37		$	129

(1)	Short-term lease cost excludes leases with terms of one month or less.

Schedule of Additional Lease Information

The following table presents Devon’s additional lease information for the three and nine months ended September 30, 2019.

	Three Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2019
	Finance			Operating			Finance			Operating
Cash outflows for lease liabilities:
Operating cash flows	$	2		$	—		$	5		$	1
Investing cash flows	$	—		$	10		$	—		$	37
Right-of-use assets obtained in exchange for new lease liabilities	$	—		$	—		$	—		$	1
Weighted average remaining lease term (years)		8.3			2.3			8.3			2.3
Weighted average discount rate		4.2	%		3.4	%		4.2	%		3.4	%

Maturities of Lease Liabilities

The following table presents Devon’s maturity analysis as of September 30, 2019 for leases expiring in each of the next 5 years and thereafter.

	Finance			Operating ⁽¹⁾			Total ⁽²⁾
2019	$	2		$	4		$	6
2020		7			8			15
2021		7			2			9
2022		8			1			9
2023		8			1			9
Thereafter		306			1			307
Total lease payments		338			17			355
Less: interest		(91	)		(1	)		(92	)
Present value of lease liabilities	$	247		$	16		$	263

(1)	During the third quarter of 2019, in addition to normal amortization, Devon had early terminations that resulted in a $37 million reduction in right of use assets and lease liabilities which includes $9 million of other expenses within Devon’s consolidated comprehensive statements of earnings.

(2)	Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.

Schedule of Expected Lease Income

The following table presents Devon’s expected lease income as of September 30, 2019 for each of the next 5 years and thereafter.

	Operating
	Lease Income
2019	$	2
2020		6
2021		6
2022		6
2023		7
Thereafter		51
Total	$	78

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2019

Asset Retirement Obligation Disclosure [Abstract]

Summary Of Changes In Asset Retirement Obligations

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

	Nine Months Ended September 30,
	2019			2018
Asset retirement obligations as of beginning of period	$	623		$	704
Liabilities incurred		14			24
Liabilities settled and divested		(51	)		(71	)
Revision of estimated obligation		(63	)		1
Accretion expense on discounted obligation		21			26
Asset retirement obligations as of end of period		544			684
Less current portion		18			20
Asset retirement obligations, long-term	$	526		$	664

Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Schedule Of Net Periodic Benefit Cost For Pension Benefits Plan

	Pension Benefits
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Service cost	$	2		$	2		$	5		$	7
Interest cost		7			9			24			29
Expected return on plan assets		(10	)		(11	)		(29	)		(38	)
Amortization of prior service cost ⁽¹⁾		—			—			1			1
Net actuarial loss ⁽¹⁾		1			3			7			10
Net periodic benefit cost ⁽²⁾	$	—		$	3		$	8		$	9

(1)	These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)	The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

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 during 2018 and the first nine months of 2019 (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
First quarter 2018:
Open-Market		2,561	$	82	$	32.19
Second quarter 2018:
Open-Market		11,154		439		39.35
Third quarter 2018:
Open-Market		16,492		712		43.13
ASR		24,330		1,000		41.10
Total		40,822		1,712		41.92
Fourth quarter 2018:
Open-Market		23,612		745		31.57
First quarter 2019:
Open-Market		36,141		1,024		28.33
Second quarter 2019:
Open-Market		5,911		159		27.01
Third quarter 2019:
Open-Market		22,137		550		24.80
Total inception-to-date		142,338	$	4,711	$	33.09

Summary Of Dividends Paid On Common Stock

The table below summarizes the dividends Devon paid on its common stock.

	Amounts		Rate Per Share
Quarter Ended 2019:
First quarter	$	34	$	0.08
Second quarter		37	$	0.09
Third quarter		35	$	0.09
Total year-to-date	$	106
Quarter Ended 2018:
First quarter	$	32	$	0.06
Second quarter		42	$	0.08
Third quarter		38	$	0.08
Total year-to-date	$	112

Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Sep. 30, 2019

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 comprehensive statements of earnings as discontinued operations.

	Three months ended September 30,									Nine months ended September 30,
	Canada			EnLink			Total			Canada			EnLink			Total
2019
Upstream revenues	$	(7	)	$	—		$	(7	)	$	628		$	—		$	628
Marketing and midstream revenues		—			—			—			38			—			38
Total revenues		(7	)		—			(7	)		666			—			666
Production expenses		(1	)		—			(1	)		293			—			293
Exploration expenses		—			—			—			13			—			13
Marketing and midstream expenses		—			—			—			18			—			18
Depreciation, depletion and amortization		—			—			—			128			—			128
Asset impairments		—			—			—			37			—			37
Asset dispositions		(34	)		—			(34	)		(223	)		—			(223	)
General and administrative expenses		2			—			2			33			—			33
Financing costs, net		59			—			59			85			—			85
Restructuring and transaction costs		5			—			5			244			—			244
Other expenses		5			—			5			8			—			8
Total expenses		36			—			36			636			—			636
Earnings (loss) from discontinued operations before income taxes		(43	)		—			(43	)		30			—			30
Income tax benefit		(13	)		—			(13	)		(298	)		—			(298	)
Net earnings (loss) from discontinued operations, net of tax	$	(30	)	$	—		$	(30	)	$	328		$	—		$	328
2018
Upstream revenues	$	398		$	—		$	398		$	1,003		$	—		$	1,003
Marketing and midstream revenues		25			360			385			66			3,567			3,633
Total revenues		423			360			783			1,069			3,567			4,636
Production expenses		137			—			137			451			—			451
Exploration expenses		10			—			10			28			—			28
Marketing and midstream expenses		16			302			318			34			2,912			2,946
Depreciation, depletion and amortization		74			—			74			246			244			490
Asset impairments		—			—			—			—			—			—
Asset dispositions		—			(2,607	)		(2,607	)		—			(2,607	)		(2,607	)
General and administrative expenses		19			7			26			61			65			126
Financing costs, net		7			9			16			3			98			101
Restructuring and transaction costs		4			—			4			13			—			13
Other expenses		(21	)		(1	)		(22	)		88			(8	)		80
Total expenses		246			(2,290	)		(2,044	)		924			704			1,628
Earnings from discontinued operations before income taxes		177			2,650			2,827			145			2,863			3,008
Income tax expense (benefit)		33			387			420			(18	)		403			385
Net earnings from discontinued operations, net of tax		144			2,263			2,407			163			2,460			2,623
Net earnings attributable to noncontrolling interests		—			26			26			—			160			160
Net earnings from discontinued operations, attributable to Devon	$	144		$	2,237		$	2,381		$	163		$	2,300		$	2,463

The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets. The assets and liabilities associated with discontinued operations at September 30, 2019 and December 31, 2018 are primarily related to the divestiture of Devon’s Canadian business. Included within assets and liabilities associated with discontinued operations at December 31, 2018 are $197 million of assets and $69 million of liabilities related to the divestiture of non-core upstream Permian Basin assets which closed in January 2019 as further discussed in Note 2.

	September 30, 2019		December 31, 2018
Cash restricted for discontinued operations	$	280	$	—

Accounts receivable	$	3	$	37
Other current assets		18		246
Current assets associated with discontinued operations		21		283
Oil and gas property and equipment, based on successful efforts accounting, net		—		3,829
Other property and equipment, net		—		78
Other long-term assets		95		79
Long-term assets associated with discontinued operations		95		3,986
Total assets associated with discontinued operations	$	396	$	4,269

Accounts payable	$	6	$	101
Revenues and royalties payable		3		67
Other current liabilities		163		170
Current liabilities associated with discontinued operations		172		338
Long-term debt		—		1,493
Asset retirement obligations		—		424
Other long-term liabilities		175		20
Deferred income taxes		—		348
Long-term liabilities associated with discontinued operations		175		2,285
Total liabilities associated with discontinued operations	$	347	$	2,623

- Definition

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

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
September 30, 2019 assets (liabilities):
Cash equivalents	$	624		$	624		$	624	$	—
Commodity derivatives	$	178		$	178		$	—	$	178
Commodity derivatives	$	(2	)	$	(2	)	$	—	$	(2	)
Debt	$	(4,295	)	$	(5,392	)	$	—	$	(5,392	)
December 31, 2018 assets (liabilities):
Cash equivalents	$	1,505		$	1,505		$	1,405	$	100
Commodity derivatives	$	674		$	674		$	—	$	674
Commodity derivatives	$	(33	)	$	(33	)	$	—	$	(33	)
Debt	$	(4,454	)	$	(4,494	)	$	—	$	(4,494	)

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 700	$ 1,222	$ 2,195	$ 3,240
Oil, gas and NGL derivatives	127	(376)	(338)	(976)
Upstream revenues	1,147	934	2,801	2,717
Total revenues	1,847	2,156	4,996	5,957
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,020	1,310	3,139	3,693
Oil, Gas and NGL Sales [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	754	794	2,168	2,279
Oil, Gas and NGL Sales [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	144	210	524	672
Oil, Gas and NGL Sales [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	122	306	447	742
Marketing Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	700	1,222	2,195	3,240
Marketing Revenues [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	407	750	1,157	2,047
Marketing Revenues [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	142	191	532	506
Marketing Revenues [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 151	$ 281	$ 506	$ 687

Divestitures (Narrative) (Details) $ in Billions			3 Months Ended				9 Months Ended
Divestitures (Narrative) (Details) $ in Billions	Jun. 27, 2019 USD ($) MMBoe	Jun. 27, 2019 CAD ($) MMBoe	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($) MMBoe	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Business Acquisition [Line Items]
Gain recognized on sale of business, pre tax			$ 34,000,000		$ 2,607,000,000		$ 223,000,000	$ 2,607,000,000
Asset retirement obligations assumed by other party							51,000,000	71,000,000
Gain recognized			2,000,000		6,000,000		$ 47,000,000	$ (5,000,000)
Barnett Shale [Member]
Business Acquisition [Line Items]
Percentage of estimated U.S. total proved reserves associated with divestiture assets							46.00%
Net assets			1,400,000,000				$ 1,400,000,000
Permian Basin [Member] \| Non Core Assets [Member]
Business Acquisition [Line Items]
Total estimated proved reserves \| MMBoe				25
Divestitures of property and equipment				$ 300,000,000
Gain recognized				$ 44,000,000
Permian Basin [Member] \| Non Core Assets [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Percentage of estimated U.S. total proved reserves associated with divestiture assets				2.00%
Barnett Shale Johnson County [Member]
Business Acquisition [Line Items]
Percentage of proved reserves associated with divestiture assets compared to total estimated proved reserves						10.00%
Divestitures of property and equipment						$ 553,000,000
Gain recognized						0
Settlement expenses relating to gas processing contracts						$ 40,000,000
Canadian Divestiture [Member]
Business Acquisition [Line Items]
Restructuring and asset impairment related charges							$ 280,000,000
Canadian Natural Resources Limited [Member] \| Canadian Business Segment [Member]
Business Acquisition [Line Items]
Proceeds from sale of business	$ 2,600,000,000	$ 3.4
Effective close date of divestiture							Jun. 27, 2019
Gain recognized on sale of business, pre tax			34,000,000				$ 223,000,000
Gain recognized on sale of business, net of tax			$ 20,000,000				$ 480,000,000
Asset retirement obligations assumed by other party	$ 436,000,000
Total estimated proved reserves \| MMBoe	400	400
Percentage of proved reserves associated with divestiture assets compared to total estimated proved reserves	21.00%	21.00%
EnLink and General Partner [Member]
Business Acquisition [Line Items]
Proceeds from sale of business					3,125,000,000
Effective close date of divestiture							Jul. 18, 2018
Gain recognized on sale of business, pre tax					2,600,000,000
Gain recognized on sale of business, net of tax					$ 2,200,000,000

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2019 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	35,600
Weighted Average Price Swap	61.21
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	7,238
Weighted Average Price Swap	57.29
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	493
Weighted Average Price Swap	52.75
NYMEX West Texas Intermediate Price Collars Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	79,500
Weighted Average Floor Price	54.06
Weighted Average Ceiling Price	64.13
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	31,932
Weighted Average Floor Price	51.85
Weighted Average Ceiling Price	61.93
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,479
Weighted Average Floor Price	48.48
Weighted Average Ceiling Price	58.48
NYMEX West Texas Intermediate Three-Way Price Collars Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	5,000
Weighted Average Ceiling Price	74.80
Weighted Average Floor Sold Price	50.00
Weighted Average Floor Purchased Price	63.00
Midland Sweet Basis Swaps Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	28,000
Weighted Average Differential To WTI	(0.46)
Argus LLS Basis Swaps Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	7,500
Weighted Average Differential To WTI	5.18
Argus MEH Basis Swaps Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	26,000
Weighted Average Differential To WTI	3.33
NYMEX Roll Basis Swaps Oil Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	38,000
Weighted Average Differential To WTI	0.45
Argus MEH Basis Swaps Oil Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	9,000
Weighted Average Differential To WTI	3.44
NYMEX Roll Basis Swaps Oil Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	44,000
Weighted Average Differential To WTI	0.34

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2019 MMBTU $ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	243,300
Weighted Average Price Swap	2.80
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	81,409
Weighted Average Price Swap	2.77
FERC Henry Hub Price Collars Natural Gas Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	195,000
Weighted Average Floor Price	2.64
Weighted Average Ceiling Price	3.03
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	42,557
Weighted Average Floor Price	2.73
Weighted Average Ceiling Price	3.03
PEPL Basis Swaps Natural Gas Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	20,000
Weighted Average Differential To Henry Hub	(0.56)
El Paso Natural Gas Basis Swaps Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	130,000
Weighted Average Differential To Henry Hub	(1.46)
Houston Ship Channel Natural Gas Basis Swaps Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	162,500
Weighted Average Differential To Henry Hub	0.01
PEPL Basis Swaps Natural Gas Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	30,000
Weighted Average Differential To Henry Hub	(0.47)
El Paso Natural Gas Basis Swaps Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	45,000
Weighted Average Differential To Henry Hub	(0.70)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	10,000
Weighted Average Differential To Henry Hub	0.02

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2019 $ / bbl bbl
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	11.55
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,500
Weighted Average Price Swap \| $ / bbl	55.93
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,000
Weighted Average Price Swap \| $ / bbl	33.69
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	8,500
Weighted Average Price Swap \| $ / bbl	30.01
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	44.84
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	23.52
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,500
Weighted Average Price Swap \| $ / bbl	25.18

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ 127	$ (376)	$ (337)	$ (912)
Commodity Derivatives [Member] \| Upstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ 127	$ (376)	(338)	(976)
Commodity Derivatives [Member] \| Marketing Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings			$ 1	(1)
Interest Rate Derivatives [Member] \| Other Expenses [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings				$ 65

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Fair value of derivative assets	$ 178	$ 674
Fair value of derivative liabilities	2	33
Commodity Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	163	634
Commodity Derivatives [Member] \| Other Long-Term Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	15	40
Commodity Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	$ 2	32
Commodity Derivatives [Member] \| Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities		$ 1

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 92	$ 112
Related income tax benefit	13	16
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	64	82
Exploration Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	1	2
Restructuring and Transaction Costs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accelerated share-based compensation expense	$ 27	$ 28

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

9 Months Ended

Sep. 30, 2019

$ / shares

shares

Restricted Stock Awards And Units [Member]

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

Unvested at December 31, 2018 | shares

5,963

Granted, awards and units | shares

4,404

Vested, awards and units | shares

(4,402)

Forfeited, awards and units | shares

(700)

Unvested at September 30, 2019 | shares

5,265

Unvested weighted average grant-date fair value at December 31, 2018 | $ / shares

$ 35.47

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

25.49

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

33.62

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

27.44

Unvested weighted average grant-date fair value at September 30, 2019 | $ / shares

$ 29.73

Performance-Based Restricted Stock Awards [Member]

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

Unvested at December 31, 2018 | shares

302

Vested, awards and units | shares

(149)

Unvested at September 30, 2019 | shares

153

Unvested weighted average grant-date fair value at December 31, 2018 | $ / shares

$ 35.93

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

38.03

Unvested weighted average grant-date fair value at September 30, 2019 | $ / shares

$ 33.88

Performance Share Units [Member]

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

Unvested at December 31, 2018 | shares

2,868

Granted, awards and units | shares

741

Vested, awards and units | shares

(145)

Forfeited, awards and units | shares

(1,301)

Unvested at September 30, 2019 | shares

2,163

^[1]

Unvested weighted average grant-date fair value at December 31, 2018 | $ / shares

$ 30.14

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

28.97

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

37.23

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

11.80

Unvested weighted average grant-date fair value at September 30, 2019 | $ / shares

$ 40.31

[1]	A maximum of 4.3 million common shares could be awarded based upon Devon’s final TSR ranking.

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions	9 Months Ended
	Sep. 30, 2019 shares
Performance Share Units [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum common shares that could be awarded based upon total shareholder return	4.3

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 28.97
Risk-free interest rate	2.48%
Volatility factor	39.10%
Contractual term (years)	2 years 10 months 20 days
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 28.43
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 29.53

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 97
Weighted average period for recognition (years)	2 years 7 months 6 days
Performance-Based Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Weighted average period for recognition (years)	1 year 8 months 12 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 18
Weighted average period for recognition (years)	1 year 6 months

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	$ 2		$ 156
Proved Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments			109
Non-oil and Gas Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments			47
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments		$ 15	$ 76

Restructuring and Transaction Costs (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 10	$ 6	$ 73	$ 91
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs			73
Expense associated with accelerated awards			27	28
Reduction of workforce [Member] \| Defined Benefit Settlements [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs			$ 5	15
Reduction of workforce [Member] \| Employee Related Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs				$ 91

Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 42	$ 34
Ending balance	31	55
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	22
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(33)	21
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	39	17
Ending balance	30	49
Other Current Liabilities [Member] \| Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	22
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(31)	32
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	3	17
Ending balance	1	6
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (2)	$ (11)

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Earnings (loss) from continuing operations before income taxes	$ 194	$ (15)	$ (25)	$ (709)
Current income tax expense (benefit)	2	(26)	1	(12)
Deferred income tax expense (benefit)	53	(145)	15	(149)
Total income tax expense (benefit)	$ 55	$ (171)	$ 16	$ (161)
U.S. statutory income tax rate	21.00%	21.00%	21.00%	21.00%
State income taxes	6.00%	47.00%	(8.00%)	0.00%
Change in unrecognized tax benefits	0.00%	151.00%	(6.00%)	3.00%
Other	1.00%	43.00%	(70.00%)	(1.00%)
Deferred tax asset valuation allowance	0.00%	897.00%	0.00%	0.00%
Effective income tax rate	28.00%	1159.00%	(63.00%)	23.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax [Line Items]
Unrecognized tax benefits realized as a result of lapse of certain U.S. federal statues		$ 22
Other income tax expense (benefit)		(6)		$ 18
Unrecognized tax benefits, interest as a result of lapse of certain U.S. federal statues		2
Valuation allowance against U.S. deferred tax assets, percent			100.00%
Gain on sale of aggregate ownership interests, before-tax	$ 34	2,607		$ 223	$ 2,607
Deferred tax benefit resulting from release of valuation allowance position; allocated to discontinued operations		259
EnLink and General Partner [Member]
Income Tax [Line Items]
Gain on sale of aggregate ownership interests, before-tax		$ 2,600

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

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Net earnings (loss) from continuing operations:

Net earnings (loss) from continuing operations

$ 139

$ 156

$ (41)

$ (548)

Attributable to participating securities

(1)

Basic and diluted earnings (loss) from continuing operations

$ 138

$ 155

$ (42)

$ (549)

Common shares:

Common shares outstanding - total

397

491

415

513

Attributable to participating securities

(5)

(6)

Common shares outstanding - basic

392

486

409

507

Dilutive effect of potential common shares issuable

2

3

Common shares outstanding - diluted

394

489

409

507

Net earnings (loss) per share from continuing operations:

Basic

$ 0.35

$ 0.32

$ (0.10)

$ (1.08)

Diluted

$ 0.35

$ 0.32

$ (0.10)

$ (1.08)

Antidilutive options

^[1]

1

2

1

2

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

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

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Foreign currency translation:

Beginning accumulated foreign currency translation and other

$ 1,227

$ 1,159

$ 1,309

Change in cumulative translation adjustment

35

78

(61)

Release of Canadian cumulative translation adjustment

^[1]

(1,237)

Income tax benefit

14

Ending accumulated foreign currency translation

1,262

Pension and postretirement benefit plans:

Beginning accumulated pension and postretirement benefits

$ (117)

(136)

(132)

(143)

Recognition of net actuarial loss and prior service cost in earnings

^[2]

1

2

5

9

Curtailment and settlement of pension benefits

^[3]

45

15

45

Income tax expense

(11)

(4)

(11)

Ending accumulated pension and postretirement benefits

(116)

(100)

(116)

(100)

Other

2

Accumulated other comprehensive earnings (loss), net of tax

$ (116)

$ 1,164

$ (116)

$ 1,164

$ 1,027

[1]	In conjunction with the sale of substantially all of its Canadian oil and gas assets and operations in Canada, Devon released the cumulative translation adjustment as part of its gain on the disposition of its Canadian business. See Note 18 for additional details.
[2]	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 16 for additional details.
[3]	These accumulated other comprehensive earnings are included within components of other expenses and restructuring and transaction costs in the accompanying consolidated comprehensive statements of earnings.

Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in assets and liabilities, net:
Accounts receivable	$ 54	$ (93)	$ 85	$ (255)
Other current assets	2	4	9	(91)
Other long-term assets	14	3	(1)	(63)
Accounts payable	3	3	(18)	96
Revenues and royalties payable	(73)	(5)	(133)	205
Other current liabilities	13	33	(77)	128
Other long-term liabilities		(26)	5	(30)
Total	13	(81)	(130)	(10)
Supplementary cash flow data - total operations:
Interest paid (net of capitalized interest)	$ 81	61	242	275
Income taxes paid		$ 37	$ 16	$ 31

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 161	$ 150
Other	28	15
Gross accounts receivable	793	862
Allowance for doubtful accounts	(6)	(7)
Net accounts receivable	787	855
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	396	413
Marketing Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 208	$ 284

Property, Plant and Equipment (Table of Property and Equipment, net) (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Property and equipment:
Proved	$ 41,681	$ 40,378
Unproved and properties under development	752	833
Total oil and gas	42,433	41,211
Less accumulated DD&A	(33,311)	(32,229)
Oil and gas property and equipment, net	9,122	8,982
Other property and equipment	1,754	1,707
Less accumulated DD&A	(699)	(663)
Other property and equipment, net	1,055	1,044
Total property and equipment, net	$ 10,177	$ 10,026

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Net discount on debentures and notes

Short-term debt

$ 162

$ (20)

(21)

Debt issuance costs

(34)

(36)

Total debt

4,295

4,454

Total long-term debt

^[1]

$ 4,295

4,292

6.30% Due January 15, 2019 [Member]

Short-term debt

$ 162

Jan. 15, 2019

5.85% due December 15, 2025 [Member]

6.30%

$ 485

Dec. 15, 2025

7.50% due September 15, 2027 [Member]

5.85%

$ 73

Sep. 15, 2027

7.875% due September 30, 2031 [Member]

7.50%

^[2]

$ 675

Sep. 30, 2031

7.95% due April 15, 2032 [Member]

7.875%

^[2]

$ 366

Apr. 15, 2032

5.60% due July 15, 2041 [Member]

7.95%

$ 1,250

Jul. 15, 2041

4.75% due May 15, 2042 [Member]

5.60%

$ 750

May 15, 2042

5.00% due June 15, 2045 [Member]

4.75%

$ 750

Jun. 15, 2045

Operating Leased Assets [Line Items]

5.00%

[1]	The balance as of December 31, 2018 excludes the $1.5 billion of Senior Notes classified as liabilities held for sale that were retired early in July 2019 utilizing a portion of the proceeds from the sale of Devon’s Canadian business. See Note 18 for additional details
[2]	These senior notes were included in the 2018 tender offer repurchases discussed below.

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) $ in Billions	1 Months Ended
	Jul. 31, 2019 USD ($)
Canadian Business Segment [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt retired	$ 1.5

Debt And Related Expenses (Narrative) (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2019	Jul. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Redemption of senior notes			$ 21,000,000		$ 162,000,000	$ 828,000,000
Loss on early retirement of debt						(312,000,000)
Charge on early retirement of debt, cash retirement costs						$ 304,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes				$ 807,000,000
Loss on early retirement of debt				(312,000,000)
Charge on early retirement of debt, cash retirement costs				304,000,000
Loss on early retirement of debt, noncash charges				8,000,000
6.30% Due January 15, 2019 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage					6.30%		6.30%
Debt, maturity date					Jan. 15, 2019
6.30% Due January 15, 2019 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes	$ 162,000,000
Debt interest rate, stated percentage	6.30%
7.875% due September 30, 2031 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage					7.875%		7.875%
Debt, maturity date					Sep. 30, 2031
7.875% due September 30, 2031 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes				$ 384,000,000
Debt interest rate, stated percentage				7.875%
Debt, maturity date				Sep. 30, 2031
7.95% due April 15, 2032 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage					7.95%		7.95%
Debt, maturity date					Apr. 15, 2032
7.95% due April 15, 2032 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes				$ 423,000,000
Debt interest rate, stated percentage				7.95%
Debt, maturity date				Apr. 15, 2032
8.25% Due July 1, 2018 [Member] \| Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes		$ 20,000,000
Debt interest rate, stated percentage		8.25%
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					0.189
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Interest based on debt outstanding	$ 65	$ 68	$ 195	$ 219
Early retirement of debt				312
Other	(5)		(9)	(10)
Total net financing costs	$ 60	$ 68	$ 186	$ 521

Leases (Narrative) (Details) - USD ($)
$ in Millions

Jan. 01, 2019

Sep. 30, 2019

Operating Leased Assets [Line Items]

$ 219

Lease liabilities

^[1]

$ 263

ASU 2016-02 [Member]

Cumulative effect on retained earnings, before tax

$ 394

Lease liabilities

380

(24)

Cumulative effect on retained earnings

$ (19)

[1]	Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.

Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details)
$ in Millions

Sep. 30, 2019

USD ($)

Right-of-use assets, finance lease

$ 203

Finance lease liabilities:

Current lease liabilities, finance lease

7

^[1]

Long-term lease liabilities, finance lease

240

Total lease liabilities, finance lease

247

Right-of-use assets, operating lease

16

Operating lease liabilities:

Current lease liabilities, operating lease

12

^[1]

Long-term lease liabilities, operating lease

4

Total lease liabilities, operating lease

16

^[2]

Current lease liabilities

219

Lease liabilities:

19

^[1]

Long-term lease liabilities

244

Total lease liabilities

$ 263

^[3]

[1]	Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
[2]	During the third quarter of 2019, in addition to normal amortization, Devon had early terminations that resulted in a $37 million reduction in right of use assets and lease liabilities which includes $9 million of other expenses within Devon’s consolidated comprehensive statements of earnings.
[3]	Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.

Leases (Schedule of Total Lease Cost) (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2019

Amortization of right-of-use assets

Operating lease cost

$ 10

$ 35

Short-term lease cost

^[1]

18

69

Financing lease cost:

6

18

Interest on lease liabilities

3

8

Variable lease cost

1

2

Lease income

(1)

(3)

Net lease cost

$ 37

$ 129

[1]	Short-term lease cost excludes leases with terms of one month or less.

Leases (Schedule of Additional Lease Information) (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Cash outflows for lease liabilities:
Operating cash flows, Finance lease	$ 2	$ 5
Weighted average remaining lease term (years), Finance lease	8 years 3 months 18 days	8 years 3 months 18 days
Weighted average discount rate, Finance lease	4.20%	4.20%
Operating cash flows, Operating lease		$ 1
Investing cash flows, Operating lease	$ 10	37
Right-of-use assets obtained in exchange for new lease liabilities, Operating lease		$ 1
Weighted average remaining lease term (years), Operating lease	2 years 3 months 18 days	2 years 3 months 18 days
Weighted average discount rate, Operating lease	3.40%	3.40%

Leases (Maturities of Lease Liabilities) (Details)
$ in Millions

Sep. 30, 2019

USD ($)

Present value of lease liabilities

$ 2

7

7

8

8

306

338

(91)

247

2019

4

^[1]

2020

8

^[1]

2021

2

^[1]

2022

1

^[1]

2023

1

^[1]

Thereafter

1

^[1]

Total lease payments

17

^[1]

Less: interest

(1)

^[1]

Present value of lease liabilities

16

^[1]

2019

6

^[2]

2020

15

^[2]

2021

9

^[2]

2022

9

^[2]

2023

9

^[2]

Thereafter

307

^[2]

Total lease payments

355

^[2]

Less: interest

(92)

^[2]

Present value of lease liabilities

$ 263

^[2]

[1]	During the third quarter of 2019, in addition to normal amortization, Devon had early terminations that resulted in a $37 million reduction in right of use assets and lease liabilities which includes $9 million of other expenses within Devon’s consolidated comprehensive statements of earnings.
[2]	Under previous lease accounting standard, ASC 840, Devon’s lease obligations as of December 31, 2018 expiring in each of the next 5 years and thereafter were $61 million for 2019, $48 million for 2020, $18 million for 2021, $9 million for 2022, $8 million for 2023 and $33 million thereafter.

Leases (Maturities of Lease Liabilities) (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

Sep. 30, 2019

Dec. 31, 2018

Lease Liability Maturity Term [Line Items]

Reduction in right of use assets and lease liabilities

$ 37

Early termination of lease

9

2019

^[1]

4

2020

^[1]

8

2021

^[1]

2

2022

^[1]

1

2023

^[1]

1

Thereafter

^[1]

$ 1

ASC 840

Lease Liability Maturity Term [Line Items]

$ 61

48

18

9

8

$ 33

[1]	During the third quarter of 2019, in addition to normal amortization, Devon had early terminations that resulted in a $37 million reduction in right of use assets and lease liabilities which includes $9 million of other expenses within Devon’s consolidated comprehensive statements of earnings.

Leases (Schedule of Expected Lease Income ) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
2019	$ 2
2020	6
2021	6
2022	6
2023	7
Thereafter	51
Total	$ 78

Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of beginning of period	$ 623	$ 704
Liabilities incurred	14	24
Liabilities settled and divested	(51)	(71)
Revision of estimated obligation	(63)	1
Accretion expense on discounted obligation	21	26
Asset retirement obligations as of end of period	544	684
Less current portion	18	20
Asset retirement obligations, long-term	$ 526	$ 664	$ 606

Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Asset Retirement Obligations [Line Items]
Revision of estimated obligation	$ (63)	$ 1
Decrease in asset retirement obligation	$ 51	71
Asset Divestitures [Member]
Asset Retirement Obligations [Line Items]
Decrease in asset retirement obligation		$ 61

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Decrease in pension assets and liabilities	$ 190
Percentage of decrease in pension plans obligations	15.00%
Settlement expense	$ 34
Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit credit		$ 1	$ 1

Retirement Plans (Schedule Of Net Periodic Benefit Cost For Pension Benefits Plan) (Details) - Pension Benefits [Member] - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 2

$ 5

$ 7

Interest cost

7

9

24

29

Expected return on plan assets

(10)

(11)

(29)

(38)

Amortization of prior service cost

^[1]

1

Net actuarial loss

^[1]

$ 1

3

7

10

Net periodic benefit cost

^[2]

$ 3

$ 8

$ 9

[1]	These net periodic benefit costs were reclassified out of other comprehensive earnings.
[2]	The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Billions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Feb. 28, 2019
Stockholders Equity [Abstract]
Percentage of increase to quarterly dividend		12.50%
Common stock dividends, rate per share	$ 0.09	$ 0.09	$ 0.08	$ 0.08	$ 0.08	$ 0.06
Share Repurchase Program [Member]
Stockholders Equity [Abstract]
Share-repurchase program, additional authorized amount					$ 3.0			$ 1.0
Share-repurchase program expiration date							Dec. 31, 2019
Share Repurchase Program [Member] \| Maximum [Member]
Stockholders Equity [Abstract]
Share-repurchase program, authorized amount						$ 1.0		$ 5.0

Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended							21 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019
Stockholders Equity [Line Items]
Total Number of Shares Purchased					40,822			142,338
Dollar Value of Shares Purchased					$ 1,712			$ 4,711
Average Price Paid per Share					$ 41.92			$ 33.09
Open-Market [Member]
Stockholders Equity [Line Items]
Total Number of Shares Purchased	22,137	5,911	36,141	23,612	16,492	11,154	2,561
Dollar Value of Shares Purchased	$ 550	$ 159	$ 1,024	$ 745	$ 712	$ 439	$ 82
Average Price Paid per Share	$ 24.80	$ 27.01	$ 28.33	$ 31.57	$ 43.13	$ 39.35	$ 32.19
ASR [Member]
Stockholders Equity [Line Items]
Total Number of Shares Purchased					24,330
Dollar Value of Shares Purchased					$ 1,000
Average Price Paid per Share					$ 41.10

Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders Equity Note [Abstract]
Common stock dividends paid, Amount	$ 35	$ 37	$ 34	$ 38	$ 42	$ 32	$ 106	$ 112
Common stock dividends, rate per share	$ 0.09	$ 0.09	$ 0.08	$ 0.08	$ 0.08	$ 0.06

Discontinued Operations and Assets Held for Sale (Narrative) (Details)
$ in Millions, $ in Billions

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

Jun. 27, 2019

USD ($)

Jun. 27, 2019

CAD ($)

Jul. 31, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Mar. 31, 2018

USD ($)

Sep. 30, 2019

USD ($)

MMcf

Sep. 30, 2018

USD ($)

Dec. 31, 2018

USD ($)

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Gain recognized on sale of business, pre-tax

$ 34

$ 2,607

$ 223

$ 2,607

Foreign currency translation adjustment

^[1]

1,237

Cash restricted for discontinued operations

280

Charge on early retirement of debt, cash retirement costs

$ 304

Assets related to divestiture

396

$ 4,269

Liabilities related to divestiture

347

2,623

Non-Core Upstream Assets [Member] | Permian Basin [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Assets related to divestiture

197

Liabilities related to divestiture

$ 69

Senior Notes [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Charge on early retirement of debt, cash retirement costs

$ 304

Loss on early retirement of debt, noncash charges

$ 8

Canadian Divestiture [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Estimated cash abandonment charges per quarter

280

6

Canadian Business Segment [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Deferred tax asset

29

$ 29

Charge on early retirement of debt, cash retirement costs

52

Loss on early retirement of debt, noncash charges

6

Canadian Business Segment [Member] | Senior Notes [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Long-term debt retired

$ 1,500

Canadian Business Segment [Member] | 4.00% due July 15, 2021 [Member] | Senior Notes [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Long-term debt retired

$ 500

4.00%

Canadian Business Segment [Member] | 3.25% due May 15, 2022 [Member] | Senior Notes [Member]

Jul. 15, 2021

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Long-term debt retired

$ 1,000

3.25%

Canadian Business Segment [Member] | Canadian Divestiture [Member] | Firm Transportation Agreement Abandonment Charge [Member]

May 15, 2022

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Canadian Business Segment [Member] | Canadian Divestiture [Member] | Office Lease Abandonment and Related Asset Impairment Charges [Member]

$ 154

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Canadian Business Segment [Member] | Canadian Divestiture [Member] | Employee Related Costs [Member]

56

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]