Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Other property and equipment, net | [1] | $ 1,508 | $ 1,472 | |
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) | 661,000,000 | 663,000,000 | ||
Treasury Stock, Shares | 300,000 | |||
CDM [Member] | ||||
Other property and equipment, net | $ 119 | $ 111 | ||
|
Consolidated Statements Of Equity - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Retained Earnings [Member] |
Other Comprehensive Earnings (Loss) [Member] |
Treasury Stock [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2020 | $ 3,019 | $ 38 | $ 2,766 | $ 208 | $ (127) | $ 134 | |
Balance, shares at Dec. 31, 2020 | 382,000,000 | ||||||
Net earnings | 216 | 213 | 3 | ||||
Other comprehensive earnings (loss), net of tax | 23 | 23 | |||||
Restricted stock grants, net of cancellations, shares | 4,000,000 | ||||||
Common stock repurchased | (38) | $ (38) | |||||
Common stock retired | 38 | (38) | |||||
Common stock retired, shares | (2,000,000) | ||||||
Common stock dividends | (203) | (203) | |||||
Common stock issued | 5,432 | $ 29 | 5,403 | ||||
Common stock issued, Shares | 290,000,000 | ||||||
Share-based compensation | 41 | 41 | |||||
Share-based compensation, shares | 1 | ||||||
Distributions to noncontrolling interests | (4) | (4) | |||||
Balance at Mar. 31, 2021 | 8,486 | $ 67 | 8,172 | 218 | (104) | 133 | |
Balance, shares at Mar. 31, 2021 | 675,000,000 | ||||||
Balance at Dec. 31, 2021 | 9,399 | $ 66 | 7,636 | 1,692 | (132) | 137 | |
Balance, shares at Dec. 31, 2021 | 663,000,000 | ||||||
Net earnings | 995 | 989 | 6 | ||||
Other comprehensive earnings (loss), net of tax | 1 | 1 | |||||
Restricted stock grants, net of cancellations, value | 1 | 1 | |||||
Restricted stock grants, net of cancellations, shares | 2,000,000 | ||||||
Common stock repurchased | (305) | (305) | |||||
Common stock retired | (286) | 286 | |||||
Common stock retired, shares | (5,000,000) | ||||||
Common stock dividends | (668) | (668) | |||||
Share-based compensation | 20 | 20 | |||||
Share-based compensation, shares | 1,000,000 | ||||||
Distributions to noncontrolling interests | (8) | (8) | |||||
Balance at Mar. 31, 2022 | $ 9,435 | $ 66 | $ 7,371 | $ 2,013 | $ (131) | $ (19) | $ 135 |
Balance, shares at Mar. 31, 2022 | 661,000,000 |
Summary Of Significant Accounting Policies |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2021 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2022 and 2021 and Devon’s financial position as of March 31, 2022. Devon and WPX completed an all-stock merger of equals on January 7, 2021. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. The transaction has been accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. See Note 2 for further discussion. Restricted Cash As of March 31, 2022, Devon classified approximately $150 million of cash as restricted cash on the consolidated balance sheets for obligations retained related to the Barnett Shale assets and the Canadian business. Cash payments for these charges related to the Barnett assets and Canada business total approximately $10 million per quarter.
Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets.
Investments In conjunction with the Merger, Devon acquired an interest in Catalyst, which is a joint venture established among WPX, an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50% voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.
Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
|
Acquisition and Divestitures |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisition and Divestitures | 2. Acquisitions and Divestitures WPX Merger On January 7, 2021, Devon and WPX completed an all-stock merger of equals. WPX was an oil and gas exploration and production company with assets in the Delaware Basin in Texas and New Mexico and the Williston Basin in North Dakota. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. No fractional shares of Devon’s common stock were issued in the Merger, and holders of WPX common stock instead received cash in lieu of fractional shares of Devon common stock, if any. Based on the closing price of Devon’s common stock on January 7, 2021, the total value of Devon common stock issued to holders of WPX common stock as part of this transaction was approximately $5.4 billion. The Merger was structured as a tax-free reorganization for United States federal income tax purposes. The final allocation of the total purchase price of WPX to the identifiable assets acquired and the liabilities assumed was finalized at December 31, 2021.
Divestitures In the first quarter of 2021, Devon completed the sale of non-core assets in the Rockies for proceeds of $9 million, net of purchase price adjustments, and recognized a $35 million gain related to the sale. Devon received $4 million in contingent earnout payments related to this transaction in the first quarter of 2022 with the potential for up to an additional $4 million in the future. The total estimated proved reserves associated with these divested assets was approximately 3 MMBoe.
Contingent Earnout Payments Devon is entitled to contingent earnout payments associated with the sale of its Barnett Shale assets in 2020 with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. Devon received $65 million in contingent earnout payments related to this transaction in the first quarter of 2022 and could receive up to an additional $195 million in contingent earnout payments for the remaining performance periods depending on future commodity prices. The valuation of the future contingent earnout payments included within other current assets and other long-term assets in the March 31, 2022 consolidated balance sheet was approximately $51 million and $60 million, respectively. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement. |
Derivative Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, costless price collars and call options. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of March 31, 2022, Devon did not have any open interest rate swap contracts. Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. Counterparty Credit Risk By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of March 31, 2022, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Given Devon's current credit ratings and the terms of the underlying contracts, Devon is not currently required to post collateral to its counterparties with respect to its open derivative positions, and we would not be required to post any such collateral as a result of any change to the amount of Devon's net liability for such positions. Commodity Derivatives As of March 31, 2022, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
As of March 31, 2022, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
(1) Related to the 2022 open positions, 10,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $3.65 and 100,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.70. All 2023 open positions settle against the Inside FERC first of month Henry Hub index. (2) Price collars settle against the Inside FERC first of month Henry Hub Index.
As of March 31, 2022, Devon did not have any open NGL positions. Financial Statement Presentation All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of March 31, 2022 and December 31, 2021.
|
Share-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | 4. The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. The vesting for certain share-based awards was accelerated in 2021 in conjunction with the reduction of workforce described in Note 5 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.
(1) A maximum of 3.7 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 2022, as indicated in the previous summary table.
The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2022.
|
Restructuring and Transaction Costs |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Transaction Costs | . Restructuring and Transaction Costs The following table summarizes Devon’s restructuring and transaction costs.
In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which were non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees. The following table summarizes Devon’s restructuring liabilities.
|
Other, Net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, Net | 6. Other, Net The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statement of earnings.
The first quarter of 2022 includes a $96 million benefit related to the revision of a future obligation under a performance guarantee liability for previously divested assets. Due to improved commodity prices and market conditions, the purchaser of these assets was able to fully satisfy the $35 million obligation due in the first quarter of 2022. Further, as of March 31, 2022, Devon also reduced the estimated future exposure of the performance guarantee by $61 million based on probability-weighted cash flows for the remainder of the contract term of four years.
The first quarter of 2022 also includes a $20 million pledge for humanitarian relief for the Ukrainian people and surrounding countries supporting refugees. The first quarter of 2021 includes a Texas severance tax refund of $36 million related to prior periods. |
Income Taxes |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | . 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.
Prior to December 31, 2021, Devon maintained a valuation allowance against all U.S. federal deferred tax assets. Devon recognized approximately $250 million of deferred tax liabilities to account for the Merger. The recognition of these deferred tax liabilities caused a decrease to Devon’s net deferred tax assets and a corresponding decrease to the valuation allowance Devon had recognized on its U.S. federal deferred tax assets in the first quarter of 2021. Due to significant increases in commodity pricing and projections of future income, in the fourth quarter of 2021, Devon reassessed its evaluation of the realizability of deferred tax assets in future years and determined that a U.S. federal valuation allowance was no longer necessary at December 31, 2021. In the table above, the "other" effect for 2021 is composed primarily of permanent differences related to costs incurred in connection with the Merger. Such items represent $15 million of income tax expense in the first quarter of 2021. |
Net Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings Per Share | 8. Net Earnings Per Share The following table reconciles net earnings and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.
|
Other Comprehensive Earnings (Loss) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Earnings (Loss) | . Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) consist of the following:
(1) Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings. (2) The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings. (3) Other includes a remeasurement of the pension obligation due to the Merger, which was partially offset by a change in mortality assumption. |
Supplemental Information To Statements Of Cash Flows |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information To Statements Of Cash Flows | 10. Supplemental Information to Statements of Cash Flows
|
Accounts Receivable |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | 11. Accounts Receivable Components of accounts receivable include the following:
|
Property, Plant and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
(1) $119 million and $111 million related to CDM in 2022 and 2021, respectively. |
Debt And Related Expenses |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Related Expenses | 13. See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.
Retirement of Senior Notes In the first quarter of 2021, Devon redeemed $43 million of the 6.00% senior notes due 2022, $175 million of the 5.875% senior notes due 2028 and $315 million of the 4.50% senior notes due 2030. In the first quarter of 2021, Devon recognized $20 million of gains on early retirement of debt, consisting of $47 million of non-cash premium accelerations, partially offset by $27 million of cash retirement costs. The gain on early retirement is included in net financing costs in the consolidated comprehensive statements of earnings.
Credit Lines Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2022, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of March 31, 2022, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 24.7%. Net Financing Costs The following schedule includes the components of net financing costs.
|
Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 14. Leases The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2022 and December 31, 2021.
(1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. |
Asset Retirement Obligations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations | 15. Asset Retirement Obligations The following table presents the changes in Devon’s asset retirement obligations.
During the first quarter of 2022, Devon reduced its asset retirement obligations by $35 million primarily due to extended retirement dates for oil and gas assets, partially offset by inflation-driven increases to current settlement costs. |
Stockholders' Equity |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | 16. Stockholders’ Equity Share Repurchases In November 2021, Devon authorized a share repurchase program of $1.0 billion with a December 31, 2022 expiration date. In February 2022, the Board of Directors authorized an expansion of the share repurchase program to $1.6 billion, and in , authorized a further expansion to $2.0 billion and extended the expiration date to May 4, 2023. The table below provides information regarding purchases of Devon’s common stock under the $2.0 billion share repurchase program (shares in thousands).
Dividends Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. Devon raised its fixed quarterly dividend by 45%, to $0.16 per share, beginning in the first quarter of 2022. The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2022 and 2021, respectively.
In May 2022, Devon announced a cash dividend in the amount of $1.27 per share payable in the second quarter of 2022. The dividend consists of a fixed quarterly dividend in the amount of approximately $106 million (or $0.16 per share) and a variable quarterly dividend in the amount of approximately $732 million (or $1.11 per share). Noncontrolling Interests The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity. |
Commitments And Contingencies |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. Royalty Matters Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, paid royalty proceeds in an untimely manner without including required interest, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. As of March 31, 2022, Devon has accrued approximately $30 million in other current liabilities pertaining to such royalty matters. Environmental and Climate Change Matters Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future. Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, 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 intends to vigorously defend against these claims. The State of Delaware and various municipalities and other governmental and private parties in California have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of these matters, Devon intends to vigorously defend against the proceedings. Other Indemnifications and Legacy Matters Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities or performing requirements under surface agreements in existence at the time of disposition. In November 2020, the Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including Devon, to perform decommissioning and reclamation activities related to two California offshore oil and gas production platforms and related facilities. The current operator and owner of the platforms contends that it does not have the financial ability to perform these obligations and relinquished the related federal lease in October 2020. In response to the apparent insolvency of the current operator, the government has ordered the former operators and alleged former lease record title owners to decommission the platforms and related facilities. The government contends that an alleged corporate predecessor of Devon owned a partial interest in the subject lease and platforms. Although Devon cannot predict the ultimate outcome of this matter, Devon denies any obligation to decommission the subject platforms, has appealed the order, and believes any decommissioning obligation related to the subject platforms should be assumed by others. |
Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 18. Fair Value Measurements The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at March 31, 2022 and December 31, 2021, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.
The following methods and assumptions were used to estimate the fair values in the table above. Level 1 Fair Value Measurements Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value. Level 2 Fair Value Measurements Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.
Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. Level 3 Fair Value Measurements Contingent Earnout Payments – Devon has the right to receive contingent consideration related to the Barnett and non-core Rockies asset divestitures based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualify as a level 3 fair value measurement. For additional information, see Note 2. |
Summary Of Significant Accounting Policies (Policies) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash | Restricted Cash As of March 31, 2022, Devon classified approximately $150 million of cash as restricted cash on the consolidated balance sheets for obligations retained related to the Barnett Shale assets and the Canadian business. Cash payments for these charges related to the Barnett assets and Canada business total approximately $10 million per quarter. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity | Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments In conjunction with the Merger, Devon acquired an interest in Catalyst, which is a joint venture established among WPX, an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50% voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. |
Summary Of Significant Accounting Policies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Investment | Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from Contracts with Customers | The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
|
Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Open Derivative Positions | As of March 31, 2022, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
As of March 31, 2022, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
(1) Related to the 2022 open positions, 10,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $3.65 and 100,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.70. All 2023 open positions settle against the Inside FERC first of month Henry Hub index. (2) Price collars settle against the Inside FERC first of month Henry Hub Index.
As of March 31, 2022, Devon did not have any open NGL positions. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets | All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of March 31, 2022 and December 31, 2021.
|
Share-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings | The vesting for certain share-based awards was accelerated in 2021 in conjunction with the reduction of workforce described in Note 5 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units | Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.
(1)
A maximum of 3.7 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 | The following table presents the assumptions related to the performance share units granted in 2022, as indicated in the previous summary table.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition | The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2022.
|
Restructuring and Transaction Costs (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Restructuring And Transaction Costs | The following table summarizes Devon’s restructuring and transaction costs.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of The Activity And Balances Associated With Restructuring Liabilities | The following table summarizes Devon’s restructuring liabilities.
|
Other, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expenses (Income) | The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statement of earnings.
|
Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Effective Income Tax Rate Reconciliation |
|
Net Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Share Computations from Continuing Operations | The following table reconciles net earnings and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.
|
Other Comprehensive Earnings (Loss) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Other Comprehensive Earnings (Loss) | Components of other comprehensive earnings (loss) consist of the following:
(1) Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings. (2) The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings. (3)
Other includes a remeasurement of the pension obligation due to the Merger, which was partially offset by a change in mortality assumption. |
Supplemental Information To Statements Of Cash Flows (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Supplemental Information To Statements Of Cash Flows |
|
Accounts Receivable (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Components Of Accounts Receivable | Components of accounts receivable include the following:
|
Property, Plant and Equipment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
(1)
$119 million and $111 million related to CDM in 2022 and 2021, respectively. |
Debt And Related Expenses (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Instruments and Balances | See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Financing Cost Components | The following schedule includes the components of net financing costs.
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Right-of-use Assets and Lease Liabilities | The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2022 and December 31, 2021.
(1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets. |
Asset Retirement Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes In Asset Retirement Obligations | The following table presents the changes in Devon’s asset retirement obligations.
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Purchases of Common Stock | The table below provides information regarding purchases of Devon’s common stock under the $2.0 billion share repurchase program (shares in thousands).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable | The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2022 and 2021, respectively.
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities | Therefore, such financial assets and liabilities are not presented in the following table.
|
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jan. 07, 2021 |
Mar. 31, 2022
USD ($)
a
|
Mar. 31, 2021
USD ($)
|
|
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 166 | $ 195 | |
Barnett Shale [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash payments for divestitures | 10 | ||
Canada [Member] | Barnett Shale [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Restricted cash | $ 150 | ||
Devon and WPX Agreement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Date of agreement | Jan. 07, 2021 | Jan. 07, 2021 | |
Conversion of common stock into right to recieve per share | 0.5165 | ||
WPX and Howard Energy Partners [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Voting interest in the join venture legal entity | 50.00% | ||
Catalyst [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Area of land | a | 50,000 |
summary Of Significant Accounting Policies - (Schedule of Components of Investments) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Investments | $ 416 | $ 402 |
Catalyst [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Investments | $ 361 | 368 |
Percentage Of Interest In Investments | 50.00% | |
Other Member | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Investments | $ 55 | $ 34 |
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 4,495 | $ 2,578 |
Oil, Gas and NGL Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 3,175 | 1,757 |
Oil, Gas and NGL Sales [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 2,406 | 1,331 |
Oil, Gas and NGL Sales [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 307 | 202 |
Oil, Gas and NGL Sales [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 462 | 224 |
Marketing and Midstream Revenues [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,320 | 821 |
Marketing and Midstream Revenues [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 776 | 499 |
Marketing and Midstream Revenues [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 209 | 147 |
Marketing and Midstream Revenues [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 335 | $ 175 |
Acquisition and Divestitures (Narrative) (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Jan. 07, 2021 |
Mar. 31, 2022
USD ($)
$ / bbl
$ / MMBTU
|
Mar. 31, 2021
USD ($)
MMBoe
|
Dec. 31, 2021
USD ($)
|
|
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Common Stock Shares Issued | $ 66 | $ 66 | ||
Gain loss on disposition of assets | 1 | $ 32 | ||
Barnett Shale [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Contingent earnout payments | $ 65 | |||
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU | 2.75 | |||
WTI oil price for contingent earnout payment upside | $ / bbl | 50 | |||
Contingent earnout payment period | The contingent payment period commenced on January 1, 2021 and has a term of four years. | |||
Barnett Shale [Member] | Other Current Assets [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Contingent earnout payments | $ 51 | |||
Barnett Shale [Member] | Other Noncurrent Assets [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Contingent earnout payments | 60 | |||
Non Core Assets [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Divestitures of property and equipment | 9 | |||
Gain on asset dispositions | $ 35 | |||
Contingent earnout payments | 4 | |||
Change in contingent earnout payments | $ 4 | |||
Total estimated proved reserves | MMBoe | 3 | |||
Devon and WPX Agreement [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items] | ||||
Date of agreement | Jan. 07, 2021 | Jan. 07, 2021 | ||
Conversion of common stock into right to recieve per share | 0.5165 | |||
Common Stock Shares Issued | $ 5,400 |
Derivative Financial Instruments (Narrative) (Details) - USD ($) |
Mar. 31, 2022 |
Sep. 30, 2021 |
---|---|---|
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Cash collateral held | $ 0 | |
Cash collateral posted | $ 0 |
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / bbl
bbl
| |
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2022 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 35,258 |
Weighted Average Price Swap | 44.50 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2023 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 6,193 |
Weighted Average Floor Price | 61.32 |
Weighted Average Ceiling Price | 97.65 |
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2022 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 37,658 |
Weighted Average Floor Price | 55.56 |
Weighted Average Ceiling Price | 74.84 |
BRENT Basis Swaps Oil Q2-Q4 2022 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Oil Basis Swaps | (7.75) |
NYMEX Roll Basis Swaps Oil Q2-Q4 2022 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 29,000 |
Oil Basis Swaps | 0.45 |
Midland Sweet Q1 Q4 2023 [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 3,000 |
Oil Basis Swaps | 0.73 |
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details) |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2022
MMBTU
$ / MMBTU
| ||||||
FERC Henry Hub Price Swaps Natural Gas1 Q2-Q4 2022 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 110,000 | [1] | ||||
Weighted Average Price Swap | 2.79 | [1] | ||||
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2023 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 4,959 | [1] | ||||
Weighted Average Price Swap | 3.65 | [1] | ||||
FERC Henry Hub Prices Collars Natural Gas Q2-Q4 2022 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 209,509 | [2] | ||||
Weighted Average Floor Price | 2.98 | [2] | ||||
Weighted Average Ceiling Price | 4.30 | [2] | ||||
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2023 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 58,901 | [2] | ||||
Weighted Average Floor Price | 3.38 | [2] | ||||
Weighted Average Ceiling Price | 5.64 | [2] | ||||
El Paso Natural Gas Basis Swaps Q2-Q4 2022 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 40,000 | |||||
Weighted Average Differential To Henry Hub | (0.82) | |||||
WAHA Natural Gas Basis Swaps Q2-Q4 2022 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 70,000 | |||||
Weighted Average Differential To Henry Hub | (0.57) | |||||
El Paso Natural Gas Basis Swaps Q1-Q4 2023 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 60,000 | |||||
Weighted Average Differential To Henry Hub | (1.50) | |||||
WAHA Natural Gas Basis Swaps Q1-Q4 2023 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 70,000 | |||||
Weighted Average Differential To Henry Hub | (0.51) | |||||
WAHA Natural Gas Basis Swaps Q1-Q4 2024 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 40,000 | |||||
Weighted Average Differential To Henry Hub | (0.51) | |||||
Houston Ship Channel Natural Gas Basis Swaps Q2-Q4 2022 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Volume Per Day (MMBtu/d) | MMBTU | 10,000 | |||||
Weighted Average Differential To Henry Hub | (0.17) | |||||
|
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / MMBTU
bbl
| |
FERC Henry Hub Natural Gas [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 10,000 |
Weighted Average Price Swap | $ / MMBTU | 3.65 |
NYMEX West Texas Intermediate [Member] | |
Derivatives, Fair Value [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 100,000 |
Weighted Average Price Swap | $ / MMBTU | 2.70 |
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Derivatives Fair Value [Line Items] | ||
Gross Fair Value | $ (908) | $ (569) |
Net Fair Value | (908) | (569) |
Short-term Derivative Asset [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross Fair Value | 15 | 6 |
Amounts Netted | (14) | (4) |
Net Fair Value | $ 1 | 2 |
Balance Sheet Classification | Other current assets | |
Long-term Derivative Asset [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross Fair Value | $ 31 | 6 |
Net Fair Value | $ 31 | 6 |
Balance Sheet Classification | Other long-term assets | |
Short-term Derivative Liability [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross Fair Value | $ (953) | (579) |
Amounts Netted | 14 | 4 |
Net Fair Value | $ (939) | (575) |
Balance Sheet Classification | Other current liabilities | |
Long-term Derivative Liability [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gross Fair Value | $ (1) | (2) |
Net Fair Value | $ (1) | $ (2) |
Balance Sheet Classification | Other long-term liabilities |
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 20 | $ 41 |
Related income tax benefit | 17 | 0 |
G&A [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 20 | 20 |
Restructuring and Transaction Costs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restructuring and transaction costs | $ 0 | $ 21 |
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details) shares in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022
$ / shares
shares
| ||||
Restricted Stock Awards [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unvested at December 31, 2021 | shares | 7,656 | |||
Granted, awards and units | shares | 1,249 | |||
Vested, awards and units | shares | (2,476) | |||
Forfeited, awards and units | shares | (8) | |||
Unvested at March 31, 2022 share | shares | 6,421 | |||
Unvested weighted average grant-date fair value at December 31, 2021 | $ 22.15 | |||
Granted, weighted average grant-date fair value | 52.23 | |||
Vested, weighted average grant-date fair value | 23.02 | |||
Forfeited, weighted average grant-date fair value | 29.42 | |||
Unvested weighted average grant-date fair value at March 31, 2022 | $ 27.66 | |||
Performance Share Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unvested at December 31, 2021 | shares | 2,076 | |||
Granted, awards and units | shares | 964 | |||
Vested, awards and units | shares | (1,194) | |||
Forfeited, awards and units | shares | 0 | |||
Unvested at March 31, 2022 share | shares | 1,846 | [1] | ||
Unvested weighted average grant-date fair value at December 31, 2021 | $ 24.12 | |||
Granted, weighted average grant-date fair value | 44.05 | |||
Vested, weighted average grant-date fair value | 28.91 | |||
Forfeited, weighted average grant-date fair value | 0 | |||
Unvested weighted average grant-date fair value at March 31, 2022 | 31.43 | |||
Including Performance Factor Shares Granted [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Granted, weighted average grant-date fair value | $ 68.68 | |||
|
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
shares
| |
Performance Share Units [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum common shares that could be awarded based upon total shareholder return | 3.7 |
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / shares
| |
Performance Share Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant-date fair value | $ 44.05 |
Risk-free interest rate | 1.81% |
Volatility factor | 70.10% |
Contractual term (years) | 2 years 10 months 20 days |
Including Performance Factor Shares Granted [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant-date fair value | $ 68.68 |
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 122 |
Weighted average period for recognition (years) | 3 years |
Performance Share Units [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 32 |
Weighted average period for recognition (years) | 2 years 1 month 6 days |
Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Impaired Long Lived Assets Held And Used [Line Items] | ||
Unproved impairments | $ 2 | $ 3 |
Asset Impairments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Impaired Long Lived Assets Held And Used [Line Items] | ||
Exploration expenses | $ 2 | $ 3 |
Restructuring and Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | $ 0 | $ 189 |
Transaction Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | 0 | 46 |
Other Restructuring [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring costs | $ 0 | $ 143 |
Restructuring and Transaction Costs (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and transaction costs | $ 0 | $ 189 |
Reduction Of Workforce [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and transaction costs | 21 | |
Noncash restructuring costs | 37 | |
Transaction Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Transaction costs | 46 | |
Merger Integration [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and transaction costs | $ 143 |
Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 149 | $ 172 |
Ending balance | 139 | 224 |
Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (10) | 52 |
Other Current Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 38 | 35 |
Ending balance | 34 | 94 |
Other Current Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (4) | 59 |
Other Long-Term Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 111 | 137 |
Ending balance | 105 | 130 |
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | $ (6) | $ (7) |
Other, Net (Schedule of Other Expenses (Income)) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Expenses [Abstract] | ||
Estimated future obligation under a performance guarantee | $ 96 | $ 0 |
Ukraine charitable pledge | 20 | 0 |
Asset retirement obligation accretion | 7 | 7 |
Severance and other non-income tax refunds | (3) | (36) |
Other | 11 | 0 |
Total | $ (61) | $ (29) |
Other, Net (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Other Expenses [Abstract] | ||
Estimated future obligation under a performance guarantee | $ (96) | $ 0 |
Satisfaction of future obligation under performance guarantee | 35 | |
Reduction in estimated exposure of future obligation under performance guarantee | 61 | |
Ukraine charitable pledge | 20 | 0 |
Severance and other non-income tax refunds | $ 3 | $ 36 |
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Earnings (loss) before income taxes | $ 1,262 | $ (32) |
Current income tax expense (benefit) | 103 | (5) |
Deferred income tax expense (benefit) | 164 | (243) |
Total income tax expense (benefit) | $ 267 | $ (248) |
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
U.S. statutory income tax rate | 21.00% | 21.00% |
State income taxes | 1.00% | (1.00%) |
Deferred tax asset valuation allowance | 0.00% | 791.00% |
Other | (1.00%) | (48.00%) |
Effective income tax rate | 21.00% | 763.00% |
Income Taxes (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
WPX Merger [Member] | |
Income Tax [Line Items] | |
Deferred income taxes | $ 250 |
Merger [Member] | |
Income Tax [Line Items] | |
Other income tax expense benefit | $ 15 |
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Net earnings: | ||
Net earnings | $ 989 | $ 213 |
Attributable to participating securities | 16 | (2) |
Basic and diluted earnings | $ 973 | $ 211 |
Common shares: | ||
Common shares outstanding - total | 663,000,000 | 654,000,000 |
Attributable to participating securities | (7,000,000) | (5,000,000) |
Common shares outstanding - basic | 656,000,000 | 649,000,000 |
Dilutive effect of potential common shares issuable | 2,000,000 | 2,000,000 |
Common shares outstanding - diluted | 658,000,000 | 651,000,000 |
Net earnings per share: | ||
Basic | $ 1.48 | $ 0.33 |
Diluted | $ 1.48 | $ 0.32 |
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|||||||
Pension and postretirement benefit plans: | ||||||||
Beginning accumulated pension and postretirement benefits | $ (132) | $ (127) | ||||||
Recognition of net actuarial loss and prior service cost in earnings | [1] | 1 | 1 | |||||
Settlement of pension benefits | [2] | 0 | 15 | |||||
Other | [3] | 0 | 7 | |||||
Accumulated other comprehensive loss, net of tax | $ (131) | $ (104) | ||||||
|
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Changes in assets and liabilities, net: | ||
Accounts receivable | $ (457) | $ (63) |
Other current assets | 64 | (10) |
Other long-term assets | 66 | (10) |
Accounts payable and revenues and royalties payable | 247 | 16 |
Other current liabilities | 8 | (33) |
Other long-term liabilities | (71) | (27) |
Total | (143) | (127) |
Supplementary cash flow data - total operations: | ||
Interest paid | 100 | 114 |
Income taxes paid (refunded) | $ (23) | $ (6) |
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Joint interest billings | $ 161 | $ 158 |
Other | 56 | 38 |
Gross accounts receivable | 2,009 | 1,550 |
Allowance for doubtful accounts | (7) | (7) |
Net accounts receivable | 2,002 | 1,543 |
Oil, Gas and NGL Sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | 1,296 | 984 |
Marketing and Midstream Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 496 | $ 370 |
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Property and equipment: | ||||
Proved | $ 38,524 | $ 38,051 | ||
Unproved and properties under development | 1,101 | 1,081 | ||
Total oil and gas | 39,625 | 39,132 | ||
Less accumulated DD&A | (26,059) | (25,596) | ||
Oil and gas property and equipment, net | 13,566 | 13,536 | ||
Other property and equipment | 2,192 | 2,139 | ||
Less accumulated DD&A | (684) | (667) | ||
Other property and equipment, net | [1] | 1,508 | 1,472 | |
Total property and equipment, net | $ 15,074 | $ 15,008 | ||
|
Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | [1] | $ 1,508 | $ 1,472 | |
CDM [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Other property and equipment, net | $ 119 | $ 111 | ||
|
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Net premium (discount) on debentures and notes | $ 137 | $ (149) |
Debt issuance costs | (29) | (30) |
Long-term debt | 6,471 | 6,482 |
8.25% due August 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 242 | $ 242 |
Charge on early retirement of debt, cash retirement costs | 8.25% | 8.25% |
Debt, maturity date | Aug. 01, 2023 | |
5.25% due September 15, 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 472 | $ 472 |
Charge on early retirement of debt, cash retirement costs | 5.25% | 5.25% |
Debt, maturity date | Sep. 15, 2024 | |
5.85% due December 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 485 | $ 485 |
Charge on early retirement of debt, cash retirement costs | 5.85% | 5.85% |
Debt, maturity date | Dec. 15, 2025 | |
7.50% due September 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 73 | $ 73 |
Charge on early retirement of debt, cash retirement costs | 7.50% | 7.50% |
Debt, maturity date | Sep. 15, 2027 | |
5.25% due October 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 390 | $ 390 |
Charge on early retirement of debt, cash retirement costs | 5.25% | 5.25% |
Debt, maturity date | Oct. 15, 2027 | |
5.875% due June 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 325 | $ 325 |
Charge on early retirement of debt, cash retirement costs | 5.875% | 5.875% |
Debt, maturity date | Jun. 15, 2028 | |
4.50% due January 15, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 585 | $ 585 |
Charge on early retirement of debt, cash retirement costs | 4.50% | 4.50% |
Debt, maturity date | Jan. 15, 2030 | |
7.875% due September 30, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 675 | $ 675 |
Charge on early retirement of debt, cash retirement costs | 7.875% | 7.875% |
Debt, maturity date | Sep. 30, 2031 | |
7.95% due April 15, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 366 | $ 366 |
Charge on early retirement of debt, cash retirement costs | 7.95% | 7.95% |
Debt, maturity date | Apr. 15, 2032 | |
5.60% due July 15, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,250 | $ 1,250 |
Charge on early retirement of debt, cash retirement costs | 5.60% | 5.60% |
Debt, maturity date | Jul. 15, 2041 | |
4.75% due May 15, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750 | $ 750 |
Charge on early retirement of debt, cash retirement costs | 4.75% | 4.75% |
Debt, maturity date | May 15, 2042 | |
5.00% due June 15, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750 | $ 750 |
Charge on early retirement of debt, cash retirement costs | 5.00% | 5.00% |
Debt, maturity date | Jun. 15, 2045 |
Debt And Related Expenses (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 533,000,000 | |
Early retirement of debt | (20,000,000) | |
Charge on early retirement of debt, noncash charges | 27,000,000 | |
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 | 0.65 | |
Outstanding letters of credit | $ 2,000,000 | |
Senior Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt-to-capitalization ratio | 0.247 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Early retirement of debt | $ (20,000,000) | |
Charge on early retirement of debt, cash retirement costs | $ 47,000,000 | |
Charge on early retirement of debt, noncash charges | 27,000,000 | |
6.00% Due 2022 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 43,000,000 | |
Debt interest rate, stated percentage | 6.00% | |
5.875% Due 2028 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 175,000,000 | |
Debt interest rate, stated percentage | 5.875% | |
4.5% Due 2030 [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 315,000,000 | |
Debt interest rate, stated percentage | 4.50% |
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Debt Disclosure [Abstract] | ||
Interest based on debt outstanding | $ 92 | $ 105 |
Early retirement of debt | (20) | |
Interest income | (1) | (1) |
Other | (6) | 7 |
Total net financing costs | $ 85 | $ 77 |
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
Right-of-use assets, finance lease | $ 209 | $ 211 | ||
Finance lease liabilities: | ||||
Current lease liabilities, finance lease | [1] | 8 | 8 | |
Long-term lease liabilities, finance lease | 247 | 247 | ||
Total lease liabilities, finance lease | 255 | 255 | ||
Right-of-use assets, operating lease | 20 | 24 | ||
Operating lease liabilities: | ||||
Current lease liabilities, operating lease | [1] | 15 | 18 | |
Long-term lease liabilities, operating lease | 4 | 5 | ||
Total lease liabilities, operating lease | 19 | 23 | ||
Right-of-use assets | 229 | 235 | ||
Lease liabilities: | ||||
Current lease liabilities | [1] | 23 | 26 | |
Long-term lease liabilities | 251 | 252 | ||
Total lease liabilities | $ 274 | $ 278 | ||
|
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations as of beginning of period | $ 485 | $ 369 | |
Assumed WPX obligations | 0 | 98 | |
Liabilities incurred | 8 | 9 | |
Liabilities settled and divested | (3) | (17) | |
Revision of estimated obligation | (35) | 11 | |
Asset retirement obligation accretion | 7 | 7 | |
Asset retirement obligations as of end of period | 462 | 477 | |
Less current portion | 19 | 22 | |
Asset retirement obligations | $ 443 | $ 455 | $ 468 |
Asset Retirement Obligations (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
Asset Retirement Obligation Disclosure [Abstract] | |
Decrease in asset retirement obligations | $ 35 |
Stockholders' Equity (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 28, 2022
USD ($)
|
Nov. 02, 2021
USD ($)
|
Jan. 07, 2021 |
May 31, 2022
USD ($)
$ / shares
|
Mar. 31, 2022
$ / shares
shares
|
Mar. 31, 2021
$ / shares
|
Dec. 31, 2021
shares
|
|
Stockholders Equity [Abstract] | |||||||
Common stock, shares issued (in shares) | shares | 661 | 663 | |||||
Dividends rate per share | $ 1.00 | $ 0.30 | |||||
Fixed Dividend [Member] | |||||||
Stockholders Equity [Abstract] | |||||||
Percentage Increase In Quarterly Dividend | 45.00% | ||||||
Dividends rate per share | $ 0.16 | ||||||
Subsequent Event | |||||||
Stockholders Equity [Abstract] | |||||||
Dividend payable, per share | $ 1.27 | ||||||
Dividends payable, year | 2022 | ||||||
Subsequent Event | Fixed Dividend [Member] | |||||||
Stockholders Equity [Abstract] | |||||||
Dividend payable amount | $ | $ 106 | ||||||
Dividends rate per share | $ 0.16 | ||||||
Subsequent Event | Variable Dividend [Member] | |||||||
Stockholders Equity [Abstract] | |||||||
Dividend payable, per share | $ 1.11 | ||||||
Dividend payable amount | $ | $ 732 | ||||||
Devon and WPX Agreement [Member] | |||||||
Stockholders Equity [Abstract] | |||||||
Conversion of common stock into right to recieve per share | 0.5165 | ||||||
Share Repurchase Program [Member] | |||||||
Stockholders Equity [Abstract] | |||||||
Repurchase of common stock | $ | $ 1,600 | $ 1,000 | $ 2,000 | ||||
Repurchase program expiration date | May 31, 2022 | Dec. 31, 2022 | May 04, 2023 |
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - 1.6 Billion Dollar Share Repurchase Program Open [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2022 |
|
Stockholders Equity [Line Items] | |||
Total Number of Shares Purchased | 3,979 | 13,983 | 17,962 |
Dollar Value of Shares Purchased | $ 230 | $ 589 | $ 819 |
Average Price Paid per Share | $ 57.74 | $ 42.15 | $ 45.61 |
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Stockholders Equity [Line Items] | ||
Dividends amount | $ 667 | $ 203 |
Dividends rate per share | $ 1.00 | $ 0.30 |
Fixed Dividend [Member] | ||
Stockholders Equity [Line Items] | ||
Dividends amount | $ 109 | $ 76 |
Dividends rate per share | $ 0.16 | |
Variable Dividend [Member] | ||
Stockholders Equity [Line Items] | ||
Dividends amount | $ 558 | $ 127 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
---|---|
Commitments And Contingencies Disclosure [Abstract] | |
Other accrued liabilities current | $ 30 |
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 2,196 | $ 1,421 |
Debt | (6,471) | (6,482) |
Contingent earnout payments | 115 | 184 |
Carrying Amount [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 32 | 8 |
Derivatives, liabilities | (940) | (577) |
Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,196 | 1,421 |
Debt | (7,126) | (7,644) |
Contingent earnout payments | 115 | 184 |
Total Fair Value [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 32 | 8 |
Derivatives, liabilities | (940) | (577) |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,196 | 1,421 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | (7,126) | (7,644) |
Level 2 Inputs [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 32 | 8 |
Derivatives, liabilities | (940) | (577) |
Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout payments | $ 115 | $ 184 |