DEVON ENERGY CORP/DE, 10-K filed on 2/19/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Period End Date Dec. 31, 2024    
Document Annual Report true    
Document Transition Report false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Current Fiscal Year End Date --12-31    
Amendment Flag false    
Entity Registrant Name DEVON ENERGY CORP/DE    
Entity Central Index Key 0001090012    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity File Number 001-32318    
Entity Tax Identification Number 73-1567067    
Entity Incorporation, State or Country Code DE    
Entity Address, Address Line One 333 West Sheridan Avenue    
Entity Address, City or Town Oklahoma City    
Entity Address, State or Province OK    
Entity Address, Postal Zip Code 73102-5015    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
City Area Code 405    
Local Phone Number 235-3611    
Title of 12(b) Security Common stock, par value $0.10 per share    
Trading Symbol DVN    
Security Exchange Name NYSE    
Documents Incorporated by Reference

Portions of Registrant’s definitive Proxy Statement relating to Registrant’s 2025 annual meeting of stockholders have been incorporated by reference in Part III of this Annual Report on Form 10-K.

    
Auditor Name KPMG LLP    
Auditor Location Houston, Texas    
Auditor Firm ID 185    
Entity Public Float     $ 29.5
Entity Common Stock, Shares Outstanding   649  
Auditor Opinion [Text Block]

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Devon Energy Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of comprehensive earnings, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The Company acquired Grayson Mill during 2024, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024, Grayson Mill’s internal control over financial reporting associated with total assets of $5.6 billion and total revenues of $687 million included in the consolidated financial statements of the Company as of and for the year ended December 31, 2024. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Grayson Mill.

    
v3.25.0.1
Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from contracts with customers $ 15,919 $ 15,140 $ 19,827
Oil, gas and NGL derivatives 21 118 (658)
Total revenues 15,940 15,258 19,169
Production expenses 3,183 2,928 2,797
Exploration expenses 28 20 29
Depreciation, depletion and amortization 3,255 2,554 2,223
Asset dispositions 11 (30) (44)
General and administrative expenses 500 408 395
Financing costs, net 363 308 309
Other, net 96 38 (95)
Total expenses 12,228 10,635 11,394
Earnings before income taxes 3,712 4,623 7,775
Income tax expense 770 841 1,738
Net earnings 2,942 3,782 6,037
Net earnings attributable to noncontrolling interests 51 35 22
Net earnings attributable to Devon $ 2,891 $ 3,747 $ 6,015
Net earnings per share:      
Basic net earnings per share $ 4.58 $ 5.86 $ 9.15
Diluted net earnings per share $ 4.56 $ 5.84 $ 9.12
Comprehensive earnings (loss):      
Net earnings $ 2,942 $ 3,782 $ 6,037
Other comprehensive earnings (loss), net of tax:      
Pension and postretirement plans 2 (8) 16
Other comprehensive earnings (loss), net of tax 2 (8) 16
Comprehensive earnings: 2,944 3,774 6,053
Comprehensive earnings attributable to noncontrolling interests 51 35 22
Comprehensive earnings attributable to Devon 2,893 3,739 6,031
Oil, Gas and NGL Sales [Member]      
Revenues from contracts with customers 11,176 10,791 14,082
Marketing and Midstream Revenues [Member]      
Revenues from contracts with customers 4,743 4,349 5,745
Marketing and Midstream Expenses [Member]      
Marketing and midstream expenses $ 4,792 $ 4,409 $ 5,780
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Cash, cash equivalents and restricted cash $ 846 $ 875
Accounts receivable 1,972 1,573
Inventory 294 249
Other current assets 315 460
Total current assets 3,427 3,157
Oil and gas property and equipment, based on successful efforts accounting, net 23,198 17,825
Other property and equipment, net ($178 million and $136 million related to CDM in 2024 and 2023, respectively) [1] 1,813 1,503
Total property and equipment, net 25,011 19,328
Goodwill 753 753
Right-of-use assets 303 267
Investments 727 666
Other long-term assets 268 319
Total assets 30,489 24,490
LIABILITIES AND EQUITY    
Accounts payable 806 760
Revenues and royalties payable 1,432 1,222
Short-term debt 485 483
Other current liabilities 586 484
Total current liabilities 3,309 2,949
Long-term debt 8,398 5,672
Lease liabilities 320 295
Asset retirement obligations 770 643
Other long-term liabilities 840 876
Deferred income taxes 2,148 1,838
Stockholders' equity:    
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 651 million and 636 million shares in 2024 and 2023, respectively 65 64
Additional paid-in capital 6,387 5,939
Retained earnings 8,166 6,195
Accumulated other comprehensive loss (122) (124)
Treasury stock, at cost, 0.3 million shares in 2023 0 (13)
Total stockholders’ equity attributable to Devon 14,496 12,061
Noncontrolling interests 208 156
Total equity 14,704 12,217
Total liabilities and equity $ 30,489 $ 24,490
[1] $178 million and $136 million related to CDM in 2024 and 2023, respectively.
v3.25.0.1
Consolidated Balance Sheets (Parenthetical)
shares in Millions, $ in Millions
Dec. 31, 2023
USD ($)
$ / shares
shares
Other property and equipment, net | $ $ 1,503 [1]
Common stock, par value (in dollars per share) | $ / shares $ 0.1
Common stock, shares authorized (in shares) 1,000.0
Treasury stock common shares 0.3
Common stock, shares issued (in shares) 636.0
CDM [Member]  
Other property and equipment, net | $ $ 136
[1] $178 million and $136 million related to CDM in 2024 and 2023, respectively.
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net earnings $ 2,942 $ 3,782 $ 6,037
Adjustments to reconcile net earnings to net cash from operating activities:      
Depreciation, depletion and amortization 3,255 2,554 2,223
Leasehold impairments 5 5 12
Accretion (amortization) of liabilities 8 (16) (31)
Total (gains) losses on commodity derivatives (21) (118) 658
Cash settlements on commodity derivatives 197 47 (1,356)
{Gains} losses on asset dispositions 11 (30) (44)
Deferred income tax expense 311 376 1,179
Share-based compensation 99 93 88
Other 10 (5) (10)
Changes in assets and liabilities, net (217) (144) (226)
Net cash from operating activities 6,600 6,544 8,530
Cash flows from investing activities:      
Capital expenditures (3,645) (3,883) (2,542)
Acquisitions of property and equipment (3,808) (64) (2,583)
Divestitures of property and equipment 24 26 39
Grayson Mill acquired cash 147 0 0
Distributions from investments 68 32 39
Contributions to investments and other (118) (53) (76)
Net cash from investing activities (7,332) (3,942) (5,123)
Cash flows from financing activities:      
Borrowings of long-term debt, net of issuance costs 3,219 0 0
Repayments of long-term debt (472) (242) 0
Repurchases of common stock (1,057) (979) (718)
Dividends paid on common stock (937) (1,858) (3,379)
Contributions from noncontrolling interests 52 37 0
Distributions to noncontrolling interests (51) (45) (30)
Shares exchanged for tax withholdings and other (48) (97) (86)
Net cash from financing activities 706 (3,184) (4,213)
Effect of exchange rate changes on cash (3) 3 (11)
Net change in cash, cash equivalents and restricted cash (29) (579) (817)
Cash, cash equivalents and restricted cash at beginning of period 875 1,454 2,271
Cash, cash equivalents and restricted cash at end of period 846 875 1,454
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 811 853 1,314
Restricted cash 35 22 140
Total cash, cash equivalents and restricted cash $ 846 $ 875 $ 1,454
v3.25.0.1
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earning [Member]
Other Comprehensive Earnings (Loss) [Member]
Treasury Stock, Common [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2021 $ 9,399 $ 66 $ 7,636 $ 1,692 $ (132)   $ 137
Balance, shares at Dec. 31, 2021   663          
Net earnings 6,037     6,015     22
Other comprehensive earnings (loss), net of tax 16       16    
Restricted stock grants, net of cancellations, value 4 $ 1 3        
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (808)         $ (808)  
Common stock retired   $ (2) (806)     808  
Common stock retired, shares   (13)          
Common stock dividends (3,410)     (3,410)      
Share-based compensation 88   88        
Share-based compensation, shares   1          
Distributions to noncontrolling interests (30)           (30)
Balance at Dec. 31, 2022 11,296 $ 65 6,921 4,297 (116)   129
Balance, shares at Dec. 31, 2022   653          
Net earnings 3,782     3,747     35
Other comprehensive earnings (loss), net of tax (8)       (8)    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (1,089)   (8)     (1,081)  
Common stock retired   $ (1) (1,067)     1,068  
Common stock retired, shares   (20)          
Common stock dividends (1,849)     (1,849)      
Share-based compensation 93   93        
Share-based compensation, shares   1          
Contributions from noncontrolling interests 37           37
Distributions to noncontrolling interests (45)           (45)
Balance at Dec. 31, 2023 12,217 $ 64 5,939 6,195 (124) (13) 156
Balance, shares at Dec. 31, 2023   636          
Net earnings 2,942     2,891     51
Other comprehensive earnings (loss), net of tax 2       2    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (1,092)         (1,092)  
Common stock retired   $ (2) (1,103)     1,105  
Common stock retired, shares   (25)          
Common stock dividends (920)     (920)      
Common stock issued 1,455 $ 3 1,452        
Common stock issued, Shares   37          
Share-based compensation 99   99        
Share-based compensation, shares   1          
Contributions from noncontrolling interests 52           52
Distributions to noncontrolling interests (51)           (51)
Balance at Dec. 31, 2024 $ 14,704 $ 65 $ 6,387 $ 8,166 $ (122) $ 0 $ 208
Balance, shares at Dec. 31, 2024   651          
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 2,891 $ 3,747 $ 6,015
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

We maintain a corporate information security policy and program (the “Program”) designed to identify, assess and appropriately manage risk from cybersecurity threats to help maintain operational continuity and protect Devon’s networks, systems and other assets, as well as the significant amount of information we use to run our business. We employ a variety of tools designed to identify, assess and manage cybersecurity threats, including monitoring and detection programs, network security measures, firewall monitoring devices and encryption of critical data. The Program includes a cybersecurity incident response plan that provides the framework for categorizing and responding to cybersecurity incidents. As part of the Program, we perform cybersecurity risk assessments of certain third-party vendors of the Company, including technology vendors and key operational suppliers and service providers. These assessments are intended to identify potential risks to Devon associated with our use of third-party vendors and, where appropriate, to recommend and implement mitigating controls or solutions. In addition, Devon maintains disaster recovery plans related to cybersecurity incidents as part of our broader corporate emergency preparedness program, and our employees and contractors receive cybersecurity awareness training as part of both onboarding and through periodic training opportunities, including phishing simulations.

We have made efforts to align the Program with the National Institute of Standards and Technology Cybersecurity Framework for risk management, and we conduct an annual assessment to identify areas for potential improvement and benchmark maturity relative to peers and other companies, as well as industry and other relevant standards. Moreover, we perform regular internal testing of our systems and programs, including disaster recovery exercises and tabletop exercises. We supplement these internal efforts by periodically engaging third-party organizations to separately review and stress-test the Program.

The Program is administered by our Digital Security team, which is led by our Manager of Digital Security. The Digital Security team meets at least weekly to discuss any cybersecurity incidents and related response actions, emerging cybersecurity threats facing the Company and preventative measures. It is important to Devon that members of our Digital Security team have the necessary expertise to oversee the Program and its related technologies, platforms and applications, whether through educational background, experience, technical certifications or other training. The Manager of Digital Security has approximately 15 years of cybersecurity experience, a degree in management information systems and multiple certifications relating to security, risk and information systems, including a security leadership certification.

Cybersecurity risk is an area of focus for our Board of Directors, and we include cybersecurity and related risks in our enterprise-wide risk-management framework that annually assesses risks to the Company. This year-round assessment of risk is guided by our Internal Audit team and involves our Board of Directors, management and certain internal subject matter experts. The Audit Committee of our Board of Directors has oversight of Devon’s risks from cybersecurity threats and reviews the steps management has taken to monitor and address such risks. Our management team provides quarterly updates to the Audit Committee on activities and other developments impacting Devon’s cybersecurity. These updates cover a variety of topics, including, among other things, (i) regular reviews of certain cybersecurity metrics for the Company, (ii) status reviews of our cybersecurity initiatives and the results of benchmarking or other assessments of the Program and (iii) briefings on current events or trends relating to cybersecurity. Our full Board of Directors also receives regular updates from our management team regarding the Program, as well as reports from the Audit Committee.

As of the date of this report, though the Company and certain of our service providers have experienced certain cybersecurity incidents, Devon is not aware of any previous cybersecurity threats that have materially affected or are reasonably likely to materially affect Devon. For information on the risks associated with cybersecurity threats, see “Item 1A. Risks Factors.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

We maintain a corporate information security policy and program (the “Program”) designed to identify, assess and appropriately manage risk from cybersecurity threats to help maintain operational continuity and protect Devon’s networks, systems and other assets, as well as the significant amount of information we use to run our business. We employ a variety of tools designed to identify, assess and manage cybersecurity threats, including monitoring and detection programs, network security measures, firewall monitoring devices and encryption of critical data. The Program includes a cybersecurity incident response plan that provides the framework for categorizing and responding to cybersecurity incidents. As part of the Program, we perform cybersecurity risk assessments of certain third-party vendors of the Company, including technology vendors and key operational suppliers and service providers. These assessments are intended to identify potential risks to Devon associated with our use of third-party vendors and, where appropriate, to recommend and implement mitigating controls or solutions. In addition, Devon maintains disaster recovery plans related to cybersecurity incidents as part of our broader corporate emergency preparedness program, and our employees and contractors receive cybersecurity awareness training as part of both onboarding and through periodic training opportunities, including phishing simulations.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]

As of the date of this report, though the Company and certain of our service providers have experienced certain cybersecurity incidents, Devon is not aware of any previous cybersecurity threats that have materially affected or are reasonably likely to materially affect Devon. For information on the risks associated with cybersecurity threats, see “Item 1A. Risks Factors.”
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of our Board of Directors has oversight of Devon’s risks from cybersecurity threats and reviews the steps management has taken to monitor and address such risks. Our management team provides quarterly updates to the Audit Committee on activities and other developments impacting Devon’s cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

We have made efforts to align the Program with the National Institute of Standards and Technology Cybersecurity Framework for risk management, and we conduct an annual assessment to identify areas for potential improvement and benchmark maturity relative to peers and other companies, as well as industry and other relevant standards. Moreover, we perform regular internal testing of our systems and programs, including disaster recovery exercises and tabletop exercises. We supplement these internal efforts by periodically engaging third-party organizations to separately review and stress-test the Program.

The Program is administered by our Digital Security team, which is led by our Manager of Digital Security. The Digital Security team meets at least weekly to discuss any cybersecurity incidents and related response actions, emerging cybersecurity threats facing the Company and preventative measures. It is important to Devon that members of our Digital Security team have the necessary expertise to oversee the Program and its related technologies, platforms and applications, whether through educational background, experience, technical certifications or other training. The Manager of Digital Security has approximately 15 years of cybersecurity experience, a degree in management information systems and multiple certifications relating to security, risk and information systems, including a security leadership certification.

Cybersecurity Risk Role of Management [Text Block] The Manager of Digital Security has approximately 15 years of cybersecurity experience, a degree in management information systems and multiple certifications relating to security, risk and information systems, including a security leadership certification.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Program is administered by our Digital Security team, which is led by our Manager of Digital Security. The Digital Security team meets at least weekly to discuss any cybersecurity incidents and related response actions, emerging cybersecurity threats facing the Company and preventative measures. It is important to Devon that members of our Digital Security team have the necessary expertise to oversee the Program and its related technologies, platforms and applications, whether through educational background, experience, technical certifications or other training. The Manager of Digital Security has approximately 15 years of cybersecurity experience, a degree in management information systems and multiple certifications relating to security, risk and information systems, including a security leadership certification.

Cybersecurity Risk Management Expertise of Management Responsible [Text Block] It is important to Devon that members of our Digital Security team have the necessary expertise to oversee the Program and its related technologies, platforms and applications, whether through educational background, experience, technical certifications or other training. The Manager of Digital Security has approximately 15 years of cybersecurity experience, a degree in management information systems and multiple certifications relating to security, risk and information systems, including a security leadership certification
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Cybersecurity risk is an area of focus for our Board of Directors, and we include cybersecurity and related risks in our enterprise-wide risk-management framework that annually assesses risks to the Company. This year-round assessment of risk is guided by our Internal Audit team and involves our Board of Directors, management and certain internal subject matter experts. The Audit Committee of our Board of Directors has oversight of Devon’s risks from cybersecurity threats and reviews the steps management has taken to monitor and address such risks. Our management team provides quarterly updates to the Audit Committee on activities and other developments impacting Devon’s cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s operations are concentrated in various onshore areas in the U.S.

On September 27, 2024, Devon acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The transaction has been accounted for using the acquisition method of accounting.

Accounting policies used by Devon and its subsidiaries conform to accounting principles generally accepted in the U.S. and reflect industry practices. The more significant of such policies are discussed below.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Devon, entities in which it holds a controlling interest and VIEs for which Devon is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in non-controlled entities, over which Devon has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for Devon’s proportionate share of earnings, losses, contributions and distributions. Investments in non-controlled entities over which Devon does not have the ability to exercise significant influence are initially recognized at cost and subsequently adjusted for contributions and distributions.

Variable Interest Entity

In 2019, Devon and an affiliate of QL Capital Partners, LP (“QLCP”) formed CDM, a joint venture in 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.

Devon, through its controlling interest in CDM, has the power to direct the activities that significantly affect the economic performance of CDM and the obligation to absorb losses or the right to receive benefits that could be significant to CDM; therefore, Devon is considered the primary beneficiary and consolidates CDM. CDM maintains its own capital structure that is separate from Devon. During 2024, 2023 and 2022, QLCP distributions from CDM were approximately $51 million, $45 million and $30 million, respectively. During 2024 and 2023 QLCP contributions to CDM were approximately $52 million and $37 million, respectively.

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.

Segment Information

Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following:

•
proved reserves and related present value of future net revenues;
•
evaluation of suspended well costs;
•
the carrying and fair values of oil and gas properties, other property and equipment and product and equipment inventories;
•
derivative financial instruments;
•
the fair value of reporting units and related assessment of goodwill for impairment;
•
income taxes;
•
asset retirement obligations;
•
obligations related to employee pension and postretirement benefits;
•
purchase accounting estimates used for assets acquired and liabilities assumed;
•
legal and environmental risks and exposures; and
•
general credit risk associated with receivables and other assets.

Revenue Recognition

Upstream Revenues

Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract-specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, by calendar month based on volumes at contractually based rates with payment typically received within 30 days of the end of the production month. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying consolidated statements of comprehensive earnings.

Devon acts as a principal in sales transactions when control of the product is retained prior to delivery to the ultimate third-party customer or acts as an agent when services are rendered on behalf of the principal in the transactions. A control-based assessment is performed to identify whether Devon is a principal or an agent in the transaction, which determines whether revenue and the related expenses are presented on a gross or net basis, respectively.

Oil sales

Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received. Alternatively, production is delivered to the purchaser at a contractually agreed-upon delivery point where the purchaser takes custody, title and risk of loss of the product. Under this arrangement, a third party is paid to transport the product and Devon receives a specified index price from the purchaser with no transportation deduction. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The

third-party costs are recorded as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings.

Natural gas and NGL sales

Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction. Devon has concluded it is the principal under these contracts and the ultimate third party is the customer. Revenue is recognized on a gross basis, with gathering, processing and transportation fees presented as a component of production expenses in the consolidated statements of comprehensive earnings.

In certain natural gas processing agreements, Devon may elect to take residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point, and Devon receives a specified index price from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings.

Marketing Revenues

Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing revenues and expenses attributable to oil, gas and NGL purchases are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership.

Midstream Revenues

Devon’s reported midstream revenue primarily relates to its interest in CDM. CDM provides gathering, compression and dehydration services to Devon and other producers’ natural gas production. An evaluation is performed to determine whether CDM is a principal or agent in these transactions. Under the terms of these gathering, compression and dehydration contracts, CDM has concluded it is the agent as title to the gas production remains with the CDM affiliate producer or a third-party producer. Revenue is recognized on a net basis since CDM is strictly providing a service. Costs to maintain CDM’s assets are presented as marketing and midstream expenses in the consolidated statements of comprehensive earnings. Revenue is recognized for sales at the time the gathering, compression and dehydration service has been rendered or performed.

Satisfaction of Performance Obligations and Revenue Recognition

Because Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon recognizes revenue for sales at the time the crude oil, natural gas or NGLs are delivered at a fixed or determinable price.

Transaction Price Allocated to Remaining Performance Obligations

Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance

obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Cash received relating to future performance obligations is deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of December 31, 2024. Devon’s product sales and marketing contracts do not give rise to contract assets.

Disaggregation of Revenue

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil

 

$

9,368

 

 

$

8,879

 

 

$

10,281

 

Gas

 

 

398

 

 

 

703

 

 

 

1,948

 

NGL

 

 

1,410

 

 

 

1,209

 

 

 

1,853

 

Oil, gas and NGL sales

 

 

11,176

 

 

 

10,791

 

 

 

14,082

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

3,405

 

 

 

3,018

 

 

 

3,305

 

Gas

 

 

517

 

 

 

572

 

 

 

1,163

 

NGL

 

 

821

 

 

 

759

 

 

 

1,277

 

Marketing and midstream revenues

 

 

4,743

 

 

 

4,349

 

 

 

5,745

 

Total revenues from contracts with customers

 

$

15,919

 

 

$

15,140

 

 

$

19,827

 

Customers

For the year ended December 31, 2024, no customer accounted for more than 10% of Devon's sales revenue. For the year ended December 31, 2023, sales to two customers accounted for approximately 14% and 10% of Devon's sales revenue. For the year ended December 31, 2022, sales to one customer accounted for approximately 15% of Devon's sales revenue.

If any one of Devon’s major customers were to stop purchasing our production, the Company believes there are a number of other purchasers to whom the company could sell Devon’s production. If multiple significant customers were to discontinue purchasing Devon’s production abruptly, the Company believes it would have the resources needed to access alternative customers or markets and avoid or materially mitigate associated sales disruptions.

Derivative Financial Instruments

Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices and interest rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes.

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These instruments are used to manage the inherent uncertainty of future revenues resulting from commodity price volatility. Devon’s derivative financial instruments typically include financial price swaps, basis swaps and costless price collars. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. For price collars, Devon primarily utilizes two-way price collars. The two-way price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices

are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty.

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2024, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon’s derivative financial instruments are also recorded in earnings.

By using derivative financial instruments to hedge exposures to changes in commodity prices, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally require cash collateral to be posted if either its or the counterparty’s credit rating falls below certain credit rating levels. As of December 31, 2024, Devon held no cash collateral of its counterparties nor posted collateral to its counterparties.

General and Administrative Expenses

G&A is reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon.

Share-Based Compensation

Devon grants share-based awards to members of its Board of Directors, management and employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of G&A in the accompanying consolidated statements of comprehensive earnings over the applicable requisite service periods.

Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are generally available to be issued as part of Devon’s share-based awards. However, Devon has historically canceled these shares upon repurchase.

Income Taxes

Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of the deferred tax assets is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Devon periodically weighs the positive and negative evidence to determine if it is more likely than not that some or all of the deferred tax assets will be realized. Forming a conclusion that a valuation allowance is not required is difficult when there is significant negative evidence, such as cumulative losses in recent years.

Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing

authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense.

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

Net Earnings Per Share Attributable to Devon

Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Devon applies the two-class method to stock awards deemed to be participating securities. The two-class method requires allocating net earnings to both common shares and participating securities based on their respective rights to receive dividends. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of unvested restricted stock awards and unvested performance share units.

Cash, Cash Equivalents and Restricted Cash

Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. Devon also considers cash balances subject to legal and contractual restrictions as restricted cash.

Accounts Receivable

Devon’s accounts receivable balance primarily consists of oil and gas sales receivables, marketing and midstream revenue receivables and joint interest receivables. Devon does not require collateral security for joint interest receivables.

Devon records an allowance for credit losses based on a forward-looking “expected loss” model. Credit risk is assessed by class of account type, which includes cash equivalents and oil and gas, marketing and midstream, joint interest and other accounts receivable. These classes are further evaluated using a probability-weighted scenario assessment based on historical losses and a probability of future default. This evaluation is supported by an assessment of risk factors such as the age of the receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate.

Inventory

Devon’s inventories primarily consist of oil and NGL inventory and equipment inventory. Oil and NGL inventory are recorded at weighted average cost and carried at the lower of cost or net realizable value. Equipment inventory is valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate.

Property and Equipment

Oil and Gas Property and Equipment

Devon follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with nonproductive exploratory wells, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling successful exploratory wells along with acquisition costs and the costs of drilling development wells, including those that are unsuccessful, are capitalized. Devon groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing DD&A, assessing proved property impairments and accounting for asset dispositions.

Exploratory drilling costs and exploratory-type stratigraphic test wells are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved

when drilling is completed, costs continue to be capitalized as suspended exploratory well costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. Devon reviews the status of all suspended exploratory drilling costs quarterly.

Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six Mcf of gas to one Bbl of oil. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of wells and related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production.

Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Significant unproved properties are assessed individually.

Proved properties are assessed for impairment when events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating field. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax reserve cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review.

Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying statements of comprehensive earnings. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized.

Devon capitalizes interest costs incurred that are attributable to material unproved oil and gas properties and major development projects of oil and gas properties.

Other Property and Equipment

Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using the straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major corporate construction projects are also capitalized.

Asset Retirement Obligations

Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet unless the associated asset has already been disposed. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets.

The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment.

Leases

Devon establishes right-of-use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. 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 primarily relate to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation.

Goodwill

Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of goodwill may not be recoverable. Such test includes a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a quantitative goodwill impairment test is performed. The quantitative goodwill impairment test requires the fair value of the reporting unit be compared to the carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, an impairment charge will be recognized for the amount by which the carrying amount exceeds the fair value. The fair value of the reporting unit is estimated based upon market capitalization, comparable transactions of similar companies and premiums paid.

Devon performed impairment tests of goodwill in the fourth quarters of 2024, 2023 and 2022. No impairment was required as a result of the annual tests in these time periods.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon’s accounting policy for property and equipment.

Fair Value Measurements

Certain of Devon’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:

•
Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, Devon measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value.
•
Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active.
•
Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model.

Noncontrolling Interests

Noncontrolling interests represent third-party ownership in the net assets of Devon’s consolidated subsidiaries and are presented as a component of equity. Changes in Devon’s ownership interests in subsidiaries that do not result in deconsolidation are recognized in equity.

Recently Adopted Accounting Standards

Beginning in this Annual Report on Form 10-K, Devon adopted ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures has increased to provide investors with additional detail about information utilized by an entity's "Chief Operating Decision Maker." See Note 20 for Devon's disclosure.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU will result in additional disclosures for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. This ASU will result in additional disclosures for Devon beginning with our 2025 annual reporting and interim periods beginning in 2026.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.0.1
Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Acquisition and Divestitures Acquisitions and Divestitures

Grayson Mill Acquisition

On September 27, 2024, Devon completed its acquisition of the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. Devon funded the cash portion of the purchase price through cash on hand and debt financing. For additional information regarding the debt financing, see Note 13.

Purchase Price Allocation

This transaction has been accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Grayson Mill and its subsidiaries have been recorded at their respective fair values as of the date of completion of the acquisition and added to Devon’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the acquisition. Determining the fair value of the assets and liabilities of Grayson Mill requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Grayson Mill’s oil and gas properties. The inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy.

The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

 

 

Purchase

 

 

 

Price Allocation

 

 

 

as of December 31, 2024

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 

Grayson Mill Revenues and Earnings

From the date of the acquisition through December 31, 2024, revenues and net earnings included in Devon's consolidated statements of comprehensive earnings associated with these assets totaled $687 million and $122 million, respectively.

Pro Forma Financial Information

The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Grayson Mill acquisition had occurred on January 1, 2023. The information below reflects pro forma adjustments to conform Grayson Mill's historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 Total revenues

 

$

17,930

 

 

$

17,483

 

 Net earnings

 

$

3,166

 

 

$

4,083

 

 

Acquisitions

Subsequent to December 31, 2024, Devon and its partner, BPX Energy, have agreed to dissolve their partnership and divide their acreage in the Eagle Ford Blackhawk field located in Texas’ DeWitt County. The exchange is expected to close at the beginning of the second quarter of 2025.

In the third quarter of 2022, Devon completed its acquisition of producing properties and leasehold interests located in the Eagle Ford and Williston Basin for cash consideration of approximately $1.7 billion and $830 million, respectively, net of purchase price adjustments. The total estimated proved reserves associated with these Eagle Ford and Williston Basin assets were approximately 87 MMBoe and 66 MMBoe, respectively. Each of these acquisitions were accounted for as asset acquisitions as substantially all of the fair value was concentrated in a group of similar assets. Each of the acquisitions resulted in the purchase of producing properties and leasehold interests in a defined geographical and geological area, and substantially all of the assets have similar risk characteristics.

Contingent Earnout Payments

Devon was 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 had a term of four years. Devon received $20 million in contingent earnout payments related to this transaction in the first quarter of 2025, $20 million in the first quarter of 2024 and $65 million in the first quarter of 2023. The value of the final contingent earnout payment included within other current assets in the December 31, 2024 consolidated balance sheet was $20 million.

Devon also received $4 million in contingent earnout payments in the first quarter of 2023 and 2022 related to the sale of non-core assets in the Rockies which occurred in 2021.

v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments

Commodity Derivatives

As of December 31, 2024, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q1-Q4 2025

 

 

12,468

 

 

$

71.86

 

 

 

83,025

 

 

$

66.77

 

 

$

74.87

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q1-Q4 2025

 

 

8,000

 

 

$

51.25

 

 

$

65.00

 

 

$

77.11

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q1-Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q1-Q4 2026

 

Midland Sweet

 

 

20,000

 

 

$

1.20

 

 

 

As of December 31, 2024, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q1-Q4 2025

 

 

298,071

 

 

$

3.30

 

 

 

145,137

 

 

$

3.00

 

 

$

3.68

 

Q1-Q4 2026

 

 

215,000

 

 

$

3.71

 

 

 

120,000

 

 

$

3.19

 

 

$

4.43

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q1-Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q1-Q4 2025

 

WAHA

 

 

110,000

 

 

$

(1.11

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

20,000

 

 

$

(1.30

)

 

As of December 31, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q1-Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q1-Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q1-Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

 

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 table below presents a summary of these positions as of December 31, 2024 and 2023.

 

 

December 31, 2024

 

December 31, 2023

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

78

 

$

(23

)

$

55

 

$

213

 

$

(5

)

$

208

 

Other current assets

Long-term derivative asset

 

5

 

 

(4

)

 

1

 

 

—

 

 

—

 

 

—

 

Other long-term assets

Short-term derivative liability

 

(37

)

 

23

 

 

(14

)

 

(7

)

 

5

 

 

(2

)

Other current liabilities

Long-term derivative liability

 

(23

)

 

4

 

 

(19

)

 

(7

)

 

—

 

 

(7

)

Other long-term liabilities

  Total derivative asset

$

23

 

$

—

 

$

23

 

$

199

 

$

—

 

$

199

 

 

 
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation

In 2022, Devon's stockholders approved the 2022 Plan, which replaced the 2017 Plan. From the effective date of the 2022 Plan, no further awards may be made under the 2017 Plan; however, awards previously granted will continue to be governed by the terms of the respective award documents. The 2022 Plan authorizes the grant of nonqualified and incentive stock options, restricted stock awards or units and stock appreciation rights to eligible employees. Restricted stock awards or restricted stock units granted under the 2022 Plan may be subject to performance-based conditions. The 2022 Plan also authorizes the grant of nonqualified stock options, restricted stock awards or units and stock appreciation rights to non-employee directors. To calculate the number of shares that may be granted in awards under the 2022 Plan, options and stock appreciation rights represent one share and other awards represent 1.74 shares.

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

G&A

 

$

98

 

 

$

92

 

 

$

87

 

Exploration expenses

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

$

99

 

 

$

93

 

 

$

88

 

 

 

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

25

 

 

$

34

 

 

$

34

 

 

The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plans.

 

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/23

 

 

4,033

 

 

$

42.10

 

 

 

1,547

 

 

$

43.25

 

Granted

 

 

1,997

 

 

$

42.34

 

 

 

858

 

(1)

$

40.41

 

Vested

 

 

(1,812

)

 

$

34.88

 

 

 

(1,226

)

 

$

18.08

 

Forfeited

 

 

(111

)

 

$

45.69

 

 

 

—

 

 

$

—

 

Unvested at 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

(2)

$

67.38

 

 

(1)
These grants also include the impact of performance share units granted in prior year that vested higher than 100% target due to Devon's TSR performance compared to applicable peers.
(2)
A maximum of 2.4 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the aggregate fair value of awards and units that vested during the indicated period.

 

 

2024

 

 

2023

 

 

2022

 

Restricted Stock Awards and Units

 

$

82

 

 

$

172

 

 

$

180

 

Performance Share Units

 

$

52

 

 

$

66

 

 

$

62

 

 

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of December 31, 2024.

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

102

 

 

$

19

 

Weighted average period for recognition (years)

 

 

2.5

 

 

 

1.7

 

Restricted Stock Awards and Units

Restricted stock awards and units are subject to the terms, conditions, restrictions and limitations, if any, that the Compensation Committee deems appropriate, including restrictions on continued employment. Generally, the service requirement for vesting ranges from one to four years. Dividends declared during the vesting period with respect to restricted stock awards and units will not be paid until the underlying award vests. Devon estimates the fair values of restricted stock awards and units as the closing price of Devon’s common stock on the grant date of the award, which is expensed over the applicable vesting period.

Performance Share Units

Performance share units are granted to certain members of Devon’s management and employees. Each unit that vests entitles the recipient to one share of Devon common stock. The vesting of these units is based on comparing Devon’s TSR to the TSR of a predetermined group of peer companies and certain indices over the specified three-year performance period. Subject to certain limits, the vesting of units may be between zero and 200% of the units granted depending on Devon’s TSR as compared to the peer group as of the end of the performance period.

At vesting, recipients receive dividend equivalents with respect to the number of units vested. The fair value of each performance share unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a risk-free interest rate based on U.S. Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of Devon and the designated peer group; and (iii) an estimated ranking of Devon among the designated peer group. The fair value of the unit on the date of grant is expensed over the applicable vesting period. The following table presents the assumptions related to performance share units granted.

 

 

2024

 

 

2023

 

 

2022

 

 Grant-date fair value

 

$

56.99

 

 

$

81.70

 

 

$

68.68

 

 Risk-free interest rate

 

 

4.28

%

 

 

4.15

%

 

 

1.81

%

 Volatility factor

 

 

46.03

%

 

 

61.43

%

 

 

70.1

%

 Contractual term (years)

 

 

2.89

 

 

 

2.89

 

 

 

2.89

 
v3.25.0.1
Other, Net
 12 Months Ended
Dec. 31, 2024
Other Expenses [Abstract]  
Other, Net
5.
Other, Net

The following table summarizes Devon’s other expenses (income) presented in the accompanying consolidated comprehensive statements of earnings.

 

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Estimated future obligation under a performance guarantee

 

$

(28

)

 

$

—

 

 

$

(144

)

Asset retirement obligation accretion

 

 

39

 

 

 

29

 

 

 

25

 

Restructuring & transaction costs

 

 

9

 

 

 

—

 

 

 

—

 

Other

 

 

76

 

 

 

9

 

 

 

24

 

Total

 

$

96

 

 

$

38

 

 

$

(95

)

 

Devon has guaranteed performance through 2026 for a minimum volume commitment associated with assets divested in 2018. Due to improved commodity prices, market conditions, and performance by the purchaser of the assets, the purchaser was able to fully satisfy the performance obligation due in 2024, 2023 and 2022, as well as reimburse Devon for shortfall payments previously made on the purchasers’ behalf in 2021 and 2020. Additionally, at March 31, 2024 and March 31, 2022, Devon reduced the estimated future exposure of the performance guarantee resulting in a $28 million and $144 million benefit, respectively.

Other is primarily comprised of accrued liabilities related to various royalty matters.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
6.
Income Taxes

Income Tax Expense

The following table presents Devon’s income tax components.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current income tax expense (benefit):

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

427

 

 

$

441

 

 

$

501

 

Various states

 

 

32

 

 

 

27

 

 

 

65

 

Canada

 

 

—

 

 

 

(3

)

 

 

(7

)

Total current income tax expense

 

 

459

 

 

 

465

 

 

 

559

 

Deferred income tax expense:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

267

 

 

 

365

 

 

 

1,090

 

Various states

 

 

44

 

 

 

11

 

 

 

82

 

Canada

 

 

—

 

 

 

—

 

 

 

7

 

Total deferred income tax expense

 

 

311

 

 

 

376

 

 

 

1,179

 

Total income tax expense

 

$

770

 

 

$

841

 

 

$

1,738

 

 

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings before income taxes as a result of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Earnings before income taxes

 

$

3,712

 

 

$

4,623

 

 

$

7,775

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

 

 

21

%

State income taxes

 

 

2

%

 

 

1

%

 

 

1

%

Income tax credits

 

 

(2

%)

 

 

(3

%)

 

 

—

 

Other

 

 

—

 

 

 

(1

%)

 

 

—

 

Effective income tax rate

 

 

21

%

 

 

18

%

 

 

22

%

In 2024 and 2023, Devon recognized income tax credits associated with its qualified research activities.

Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Capital loss carryforwards

 

$

497

 

 

$

542

 

Net operating loss carryforwards

 

 

428

 

 

 

447

 

Accrued liabilities

 

 

191

 

 

 

194

 

Asset retirement obligation

 

 

181

 

 

 

148

 

Other, including tax credits

 

 

28

 

 

 

25

 

Total deferred tax assets before valuation allowance

 

 

1,325

 

 

 

1,356

 

Less: valuation allowance

 

 

(794

)

 

 

(826

)

Net deferred tax assets

 

 

531

 

 

 

530

 

Deferred tax liabilities:

 

 

 

 

 

 

Property and equipment

 

 

(2,669

)

 

 

(2,304

)

Fair value of derivative financial instruments

 

 

(6

)

 

 

(50

)

Other

 

 

(4

)

 

 

(14

)

Total deferred tax liabilities

 

 

(2,679

)

 

 

(2,368

)

Net deferred tax liability

 

$

(2,148

)

 

$

(1,838

)

At December 31, 2024, Devon has recognized $428 million of deferred tax assets related to various net operating loss carryforwards available to offset future taxable income. Devon has $107 million of U.S. federal net operating loss carryforwards, of which $60 million expires between 2035 and 2036, and $47 million does not expire. Devon has $8 million of Canadian net operating loss carryforwards, all of which are covered by a valuation allowance. Devon also has $313 million of state net operating loss carryforwards, with $149 million expiring between 2025 and 2040, $164 million with no expiration, and $281 million of which are covered by a valuation allowance.

Devon’s remaining $107 million U.S. federal net operating losses were acquired through the merger with WPX. These net operating losses are subject to limitation pursuant to Section 382 of the Internal Revenue Code of 1986, which relates to limitations upon the 50% or greater change of ownership of an entity during any three-year period. The Company anticipates utilizing these net operating losses prior to their expiration.

Devon's remaining Canadian deferred tax assets of $505 million, primarily made up of $489 million of capital losses, are fully covered by a valuation allowance.

Unrecognized Tax Benefits

The following table presents changes in Devon’s unrecognized tax benefits.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(Millions)

 

Balance at beginning of year

 

$

83

 

 

$

73

 

Tax positions taken in prior periods

 

 

22

 

 

 

10

 

Balance at end of year

 

$

105

 

 

$

83

 

 

Devon's unrecognized tax benefit balance at December 31, 2024 and 2023 included $12 million and $4 million, respectively, of interest. At December 31, 2024 and 2023, there were $105 million and $83 million, respectively, of current unrecognized tax benefits that if recognized would affect the annual effective tax rate.

Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities.

 

Jurisdiction

 

Tax Years Open

U.S. federal

 

2018-2024

Various U.S. states

 

2020-2024

Canada

 

2006-2024

 

Certain statute of limitation expirations are scheduled to occur in the next twelve months. Devon is currently in various stages of the audit and administrative review process for certain open tax years.
v3.25.0.1
Net Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Earnings Per Share Net Earnings Per Share

The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net earnings available to common shareholders - basic and diluted

 

$

2,891

 

 

$

3,747

 

 

$

5,958

 

Common shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

632

 

 

 

639

 

 

 

651

 

Dilutive effect of potential common shares issuable

 

 

2

 

 

 

3

 

 

 

2

 

Average common shares outstanding - diluted

 

 

634

 

 

 

642

 

 

 

653

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

Basic

 

$

4.58

 

 

$

5.86

 

 

$

9.15

 

Diluted

 

$

4.56

 

 

$

5.84

 

 

$

9.12

 
v3.25.0.1
Other Comprehensive Earnings (Loss)
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Earnings (Loss)
8.
Other Comprehensive Earnings (Loss)

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(124

)

 

$

(116

)

 

$

(132

)

Net actuarial gain (loss) and prior service cost arising in current year

 

 

(3

)

 

 

(15

)

 

 

15

 

Recognition of net actuarial loss and prior service cost in earnings (1)

 

 

6

 

 

 

5

 

 

 

6

 

Income tax benefit (expense)

 

 

(1

)

 

 

2

 

 

 

(5

)

Accumulated other comprehensive loss, net of tax

 

$

(122

)

 

$

(124

)

 

$

(116

)

 

(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. See Note 16 for additional details.
v3.25.0.1
Supplemental Information To Statements Of Cash Flows
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information To Statements Of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

(170

)

 

$

191

 

 

$

(142

)

Other current assets

 

 

(46

)

 

 

95

 

 

 

(119

)

Other long-term assets

 

 

12

 

 

 

(36

)

 

 

90

 

Accounts payable and revenues and royalties payable

 

 

(32

)

 

 

(335

)

 

 

152

 

Other current liabilities

 

 

26

 

 

 

(50

)

 

 

(97

)

Other long-term liabilities

 

 

(7

)

 

 

(9

)

 

 

(110

)

Total

 

$

(217

)

 

$

(144

)

 

$

(226

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

Interest paid

 

$

366

 

 

$

378

 

 

$

370

 

Income taxes paid

 

$

480

 

 

$

400

 

 

$

438

 

As of December 31, 2024, Devon had approximately $340 million of accrued capital expenditures included in total property and equipment, net and accounts payable on the consolidated balance sheets. As of December 31, 2023 (pre-Grayson Mill acquisition), Devon had approximately $350 million of accrued capital expenditures in total property and equipment, net and accounts payable on the consolidated balance sheets. As of September 27, 2024 (date of Grayson Mill acquisition closing), Devon assumed approximately $50 million of accrued capital expenditures included in accounts payable.

Devon's non-cash investing activities for 2023 included approximately $150 million of contributions of other property and equipment for the formation of the Water JV.
v3.25.0.1
Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable Accounts Receivable

Components of accounts receivable include the following:

 

 

December 31, 2024

 

 

December 31, 2023

 

Oil, gas and NGL sales

 

$

1,130

 

 

$

965

 

Joint interest billings

 

 

341

 

 

 

251

 

Marketing and midstream revenues

 

 

465

 

 

 

342

 

Other

 

 

42

 

 

 

22

 

Gross accounts receivable

 

 

1,978

 

 

 

1,580

 

Allowance for doubtful accounts

 

 

(6

)

 

 

(7

)

Net accounts receivable

 

$

1,972

 

 

$

1,573

 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Extractive Industries [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment

Capitalized Costs

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

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

53,647

 

 

$

46,659

 

Unproved and properties under development

 

 

2,814

 

 

 

1,279

 

Total oil and gas

 

 

56,461

 

 

 

47,938

 

Less accumulated DD&A

 

 

(33,263

)

 

 

(30,113

)

Oil and gas property and equipment, net

 

 

23,198

 

 

 

17,825

 

Other property and equipment

 

 

2,671

 

 

 

2,289

 

Less accumulated DD&A

 

 

(858

)

 

 

(786

)

Other property and equipment, net (1)

 

 

1,813

 

 

 

1,503

 

Property and equipment, net

 

$

25,011

 

 

$

19,328

 

(1)
$178 million and $136 million related to CDM in 2024 and 2023, respectively.

Suspended Exploratory Well Costs

The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2024.

 

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

 

Beginning balance

 

$

136

 

$

126

 

$

66

 

Additions pending determination of proved reserves

 

 

674

 

 

522

 

 

462

 

Charges to exploration expense

 

 

(1

)

 

(1

)

 

(1

)

Reclassifications to proved properties

 

 

(516

)

 

(511

)

 

(401

)

Ending balance

 

$

293

 

$

136

 

$

126

 

Devon had no projects with material suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling as of December 31, 2024, 2023 and 2022.
v3.25.0.1
Debt And Related Expenses
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt and Related Expenses Debt and Related Expenses

See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon unless otherwise noted in the table below.

 

 

December 31, 2024

 

 

December 31, 2023

 

5.25% due September 15, 2024 (1)

 

$

—

 

 

$

472

 

5.85% due December 15, 2025

 

 

485

 

 

 

485

 

7.50% due September 15, 2027 (2)

 

 

73

 

 

 

73

 

5.25% due October 15, 2027 (1)

 

 

390

 

 

 

390

 

5.875% due June 15, 2028 (1)

 

 

325

 

 

 

325

 

4.50% due January 15, 2030 (1)

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

—

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

—

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

—

 

Net premium on debentures and notes

 

 

37

 

 

 

64

 

Debt issuance costs

 

 

(53

)

 

 

(30

)

Total debt

 

$

8,883

 

 

$

6,155

 

Less amount classified as short-term debt

 

 

485

 

 

 

483

 

Total long-term debt

 

$

8,398

 

 

$

5,672

 

 

(1)
These instruments were assumed by Devon in January 2021 in conjunction with the merger with WPX. Approximately $27 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.
(2)
This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.

Debt maturities as of December 31, 2024, excluding debt issuance costs, premiums and discounts, are as follows:

 

 

 

Total

 

2025

 

$

485

 

2026

 

 

1,000

 

2027

 

 

463

 

2028

 

 

325

 

2029

 

 

—

 

Thereafter

 

 

6,626

 

   Total

 

$

8,899

 

 

On or after the dates in the following schedule, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in the indenture documents governing the notes to be redeemed. At any time prior to the dates in the following schedule, Devon has the option to redeem some or all of the notes at a specified “make whole” premium as described in such documents. Other than with respect to the notes identified in the schedule below, Devon's senior notes generally include more limited redemption provisions, such as "par call" rights near the maturity date or “make whole” redemption rights.

 

 

 

Optional Redemption

5.25% due October 15, 2027

 

October 15, 2022

5.875% due June 15, 2028

 

June 15, 2023

4.50% due January 15, 2030

 

January 15, 2025

 


Credit Lines

In 2023, Devon amended and restated its 2018 Senior Credit Facility to provide for a new $3.0 billion revolving 2023 Senior Credit Facility. In the first quarter of 2024, Devon exercised its option to extend the 2023 Senior Credit Facility maturity date from March 24, 2028 to March 24, 2029. Devon has the option to extend the March 24, 2029 maturity date by two additional one-year periods subject to lender consent. As of December 31, 2024, Devon had no outstanding borrowings under the 2023 Senior Credit Facility and had issued $4 million in outstanding letters of credit under this facility. Interest rates on borrowings under the 2023 Senior Credit Facility are determined based on the applicable loan type elected by Devon and a pricing grid set forth in the credit agreement and vary according to the credit ratings of the Company. The 2023 Senior Credit Facility currently provides for an annual facility fee of approximately $5 million.

The 2023 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 December 31, 2024, Devon was in compliance with this covenant with a debt-to capitalization ratio of 26.5%.

Commercial Paper

Devon’s 2023 Senior Credit Facility supports its $3.0 billion of short-term credit under its commercial paper program. Commercial paper debt generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. As of December 31, 2024, Devon had no outstanding commercial paper borrowings.

 

Term Loan Credit Agreement

In August 2024, Devon entered into a delayed draw term loan credit agreement (the “Term Loan Credit Agreement”), providing for delayed draw term loans in an aggregate principal amount not to exceed $2.0 billion, including a 364-day tranche of $500 million and a two-year tranche of $1.5 billion. On September 27, 2024, Devon borrowed $1.0 billion on the two-year tranche (the “Term Loan”) to partially fund the closing of the Grayson Mill acquisition. In connection with the borrowing of the Term Loan, the undrawn commitments under the Term Loan Credit Agreement automatically terminated. The Term Loan bears interest at a rate based on term SOFR plus a spread adjustment that varies based on Devon's credit ratings. The interest rate on the Term Loan was 5.81% as of December 31, 2024.

The Term Loan Credit Agreement contains substantially the same financial covenant as the 2023 Senior Credit Facility. As of December 31, 2024, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 26.5%.

 

Issuance of Senior Notes

In August 2024, Devon issued $1.25 billion of 5.20% senior notes due 2034 and $1.0 billion of 5.75% senior notes due 2054. Devon used the net proceeds to partially fund the Grayson Mill acquisition. For additional information, see Note 2.
 


Retirement of Senior Notes

On September 15, 2024 and August 1, 2023, Devon repaid the $472 million of 5.25% senior notes and $242 million of 8.25% senior notes at maturity, respectively.

Net Financing Costs

The following schedule includes the components of net financing costs.

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net financing costs:

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

401

 

 

$

369

 

 

$

370

 

Interest income

 

 

(62

)

 

 

(55

)

 

 

(38

)

Other

 

 

24

 

 

 

(6

)

 

 

(23

)

Total net financing costs

 

$

363

 

 

$

308

 

 

$

309

 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases

Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets primarily relate to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation. Devon’s financing lease arrangement contains various covenants, including covenants similar to the 2023 Senior Credit Facility.

On February 14, 2025, Devon’s Board of Directors approved an early extinguishment of an approximately $300 million real estate finance lease included in the table below for a cash payment of approximately $275 million. This extinguishment and acquisition of the associated real estate is expected to occur in the first quarter of 2025. In conjunction with extinguishing the lease, Devon expects to sell the associated real estate and considers the related real estate assets held for sale as of February 14, 2025. In the first quarter of 2025, Devon expects to recognize a non-cash loss of approximately $160 million, consisting of an asset impairment of approximately $185 million partially offset by an approximately $25 million gain on early lease extinguishment. Upon lease extinguishment and sale of the associated real estate and related sales proceeds received, Devon's annual net financing costs and DD&A will be reduced by approximately $18 million and $11 million, respectively.

The following table presents Devon’s right-of-use assets and lease liabilities.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

248

 

 

$

55

 

 

$

303

 

 

$

246

 

 

$

21

 

 

$

267

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

25

 

 

$

28

 

 

$

53

 

 

$

21

 

 

$

12

 

 

$

33

 

Long-term lease liabilities

 

 

293

 

 

 

27

 

 

 

320

 

 

 

286

 

 

 

9

 

 

 

295

 

Total lease liabilities (2)

 

$

318

 

 

$

55

 

 

$

373

 

 

$

307

 

 

$

21

 

 

$

328

 

 

(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of December 31, 2024 and are therefore excluded from the amounts shown above.

The following table presents Devon’s total lease cost.

 

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

Property and equipment; LOE; G&A

 

$

28

 

 

$

13

 

 

$

22

 

Short-term lease cost (1)

Property and equipment; LOE; G&A

 

 

234

 

 

 

193

 

 

 

140

 

Financing lease cost:

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

DD&A

 

 

11

 

 

 

9

 

 

 

8

 

Interest on lease liabilities

Net financing costs

 

 

19

 

 

 

15

 

 

 

11

 

Variable lease cost

G&A

 

 

—

 

 

 

5

 

 

 

—

 

Lease income

G&A

 

 

(10

)

 

 

(10

)

 

 

(8

)

Net lease cost

 

 

$

282

 

 

$

225

 

 

$

173

 

 

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

The following table presents Devon’s additional lease information.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Finance

 

 

Operating

 

 

Finance

 

 

Operating

 

Cash outflows for lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows

 

$

22

 

 

$

27

 

 

$

15

 

 

$

13

 

Investing cash flows

 

$

—

 

 

$

1

 

 

$

—

 

 

$

1

 

Right-of-use assets obtained in exchange for new
   lease liabilities

 

$

14

 

 

$

59

 

 

$

—

 

 

$

13

 

Weighted average remaining lease term (years)

 

 

8.2

 

 

 

2.1

 

 

 

9.4

 

 

 

2.2

 

Weighted average discount rate

 

 

6.2

%

 

 

5.3

%

 

 

6.1

%

 

 

4.9

%

The following table presents Devon’s maturity analysis as of December 31, 2024 for leases expiring in each of the next 5 years and thereafter.

 

 

 

Finance

 

 

Operating

 

 

Total

 

2025

 

$

25

 

 

$

30

 

 

$

55

 

2026

 

 

25

 

 

 

24

 

 

 

49

 

2027

 

 

25

 

 

 

4

 

 

 

29

 

2028

 

 

24

 

 

 

—

 

 

 

24

 

2029

 

 

22

 

 

 

—

 

 

 

22

 

Thereafter(1)

 

 

349

 

 

 

—

 

 

 

349

 

Total lease payments

 

 

470

 

 

 

58

 

 

 

528

 

Less: interest

 

 

(152

)

 

 

(3

)

 

 

(155

)

Present value of lease liabilities

 

$

318

 

 

$

55

 

 

$

373

 

 

(1)
Devon has one real estate lease that contains a residual value guarantee. Under the lease terms, the residual value guarantee stipulates that if the lessor were to sell the leased property and receive sale proceeds less than 90% of the lease liability at the time of sale, Devon would be required to make a shortfall payment to the lessor for the difference.

Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2024 for each of the next 5 years and thereafter.

 

 

 

Operating

 

 

 

Lease Income

 

2025

 

$

14

 

2026

 

 

15

 

2027

 

 

16

 

2028

 

 

16

 

2029

 

 

15

 

Thereafter

 

 

67

 

Total

 

$

143

 
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investments Investments

Devon has an interest in Catalyst, which is a joint venture with 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. 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.

In 2023, Devon made an investment in the Water JV, a joint venture entity formed with an affiliate of WaterBridge NDB LLC (“WaterBridge”), for the purpose of providing increased capacity and flexibility in disposing of produced water in the Delaware Basin and Eagle Ford. Under terms of the arrangement, Devon contributed water infrastructure assets and committed to a water gathering and disposal dedication to the Water JV through 2038, in exchange for a 30% voting interest in the joint venture legal entity. WaterBridge contributed water infrastructure assets to the Water JV, in exchange for a 70% voting interest in the joint venture legal entity and is serving as the operator. In 2023, Devon recognized a $64 million gain in asset dispositions in the consolidated statements

of comprehensive earnings, which represented the excess of the estimated fair value of Devon's interest in the Water JV over the carrying value of the water infrastructure assets Devon contributed to the Water JV. Devon accounts for the investment in the Water JV as an equity method investment. Devon's investment in the Water JV is shown within investments on the consolidated balance sheets, and Devon's share of the Water JV earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.

In 2024, Devon invested approximately $117 million in Fervo, a company that generates energy from geothermal wells. The investment allows Devon to exercise significant influence over Fervo, and the investment is accounted for under the equity method of accounting. Devon's investment in Fervo is shown within investments on the consolidated balance sheets, and Devon's share of Fervo earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.

Devon has an interest in Matterhorn, which is a joint venture in a natural gas pipeline which transports natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn.

Devon has other investments largely focused on midstream, new technologies and energy transition initiatives. Devon does not have the ability to exercise significant influence over these investments. The following table presents Devon's investments that are shown on the consolidated balance sheet.

 

 

 

 

 

Carrying Amount

 

Investments

 

% Interest

 

December 31, 2024

 

 

December 31, 2023

 

Catalyst

 

50%

 

$

273

 

 

$

311

 

Water JV

 

30%

 

 

216

 

 

 

216

 

Fervo

 

17%

 

 

115

 

 

 

—

 

Matterhorn

 

12.5%

 

 

69

 

 

 

90

 

Other

 

Various

 

 

54

 

 

 

49

 

      Total

 

 

 

$

727

 

 

$

666

 

As of December 31, 2024, Devon's investments in equity investees exceeded the underlying equity in net assets by approximately $200 million. The basis differences primarily relate from intangible assets associated with Devon's acreage dedication to Catalyst and the Water JV, which are being amortized over their remaining terms of 13 years.

Devon's investments provided certain gathering, processing and marketing services to Devon in the ordinary course of business. The impact from these services on Devon’s consolidated statements of comprehensive earnings and consolidated balance sheets for the years ended and as of December 31, 2024 and 2023, respectively, relate primarily to Catalyst and are summarized below.

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil, gas and NGL sales

 

$

284

 

 

$

213

 

 

$

405

 

Production expenses

 

$

131

 

 

$

93

 

 

$

55

 

Accounts receivable

 

$

18

 

 

$

11

 

 

$

14

 
v3.25.0.1
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations Asset Retirement Obligations

The following table presents the changes in asset retirement obligations.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Asset retirement obligations as of beginning of period

 

$

665

 

 

$

529

 

Assumed Grayson Mill obligations

 

 

75

 

 

 

—

 

Liabilities incurred

 

 

30

 

 

 

110

 

Liabilities settled and divested

 

 

(37

)

 

 

(30

)

Revision of estimated obligation

 

 

35

 

 

 

27

 

Accretion expense on discounted obligation

 

 

39

 

 

 

29

 

Asset retirement obligations as of end of period

 

 

807

 

 

 

665

 

Less current portion

 

 

37

 

 

 

22

 

Asset retirement obligations, long-term

 

$

770

 

 

$

643

 

Devon increased its asset retirement obligations during 2024 by approximately $35 million primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets.

During 2023, Devon recorded a potential obligation to decommission two California offshore oil and gas production platforms and related facilities pursuant to an order of the Department of the Interior, Bureau of Safety and Environmental Enforcement. During this same time period, Devon also increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in cost estimates.
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans

Defined Contribution Plans

Devon sponsors defined contribution plans covering its employees. Such plans include its 401(k) plan and enhanced contribution plan. Devon makes matching contributions and additional retirement contributions, with the matching contributions being primarily based upon percentages of annual compensation and years of service. In addition, each plan is subject to regulatory limitations by the U.S. government. Devon contributed $44 million, $38 million and $37 million to these plans in 2024, 2023 and 2022, respectively.

Defined Benefit Plans

Devon has various non-contributory defined benefit pension plans, including qualified plans and nonqualified plans covering eligible employees and former employees meeting certain age and service requirements. Benefits under the defined benefit plans have

been closed to new employees and effective, as of December 31, 2020, Devon’s benefits committee approved a freeze of all future benefit accruals under the plans.

Benefits are primarily funded from assets held in the plans’ trusts.

Devon’s investment objective for its plans’ assets is to achieve stability of the funded status while providing long-term growth of invested capital and income to ensure benefit payments can be funded when required. Devon has established certain investment strategies, including target allocation percentages and permitted and prohibited investments, designed to mitigate risks inherent with investing. Devon’s target allocations for its plan assets are 70% fixed income and 30% equity. See the following discussion for Devon’s pension assets by asset class.

Fixed-income – Devon’s fixed-income securities consist of U.S. Treasury obligations, bonds issued by investment-grade companies from diverse industries and asset-backed securities. These fixed-income securities do not consistently trade actively in an established market. The fair values of these Level 2 securities are estimated based upon rates available for securities with similar terms and maturity when active trading is not available and were $286 million and $418 million at December 31, 2024 and 2023, respectively.

Equity – Devon’s equity securities include commingled global equity funds that invest in large, mid and small capitalization stocks across the world’s developed and emerging markets and international large cap equity securities. These equity securities can be sold on demand but are not actively traded. The fair values of these securities are based upon the net asset values provided by the investment managers and were $97 million and $44 million at December 31, 2024 and 2023, respectively.

Other – Devon’s other securities include short-term investment funds that invest both long and short term using a variety of investment strategies. The fair value of these securities is based upon the net asset values provided by investment managers and were $64 million and $14 million at December 31, 2024 and 2023, respectively.

Defined Postretirement Plans

Devon also has defined benefit postretirement plans that provide benefits for substantially all qualifying retirees. Benefit obligations for such plans are estimated based on Devon’s future cost-sharing intentions. Devon’s funding policy for the plans is to fund the benefits as they become payable with available cash and cash equivalents.

Benefit Obligations and Funded Status

The following table summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with Devon’s defined pension and postretirement plans. Devon’s benefit obligations and plan assets are measured each year as of December 31. The accumulated benefit obligation for pension plans approximated the projected benefit obligation at December 31, 2024 and 2023.

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

655

 

 

$

629

 

 

$

7

 

 

$

7

 

Interest cost

 

 

31

 

 

 

34

 

 

 

—

 

 

 

—

 

Actuarial loss (gain)

 

 

(14

)

 

 

46

 

 

 

—

 

 

 

1

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(52

)

 

 

(54

)

 

 

(1

)

 

 

(2

)

Benefit obligation at end of year

 

 

620

 

 

 

655

 

 

 

7

 

 

 

7

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

476

 

 

 

458

 

 

 

—

 

 

 

—

 

Actual return on plan assets

 

 

9

 

 

 

58

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

14

 

 

 

14

 

 

 

1

 

 

 

1

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(52

)

 

 

(54

)

 

 

(2

)

 

 

(2

)

Fair value of plan assets at end of year

 

 

447

 

 

 

476

 

 

 

—

 

 

 

—

 

Funded status at end of year

 

$

(173

)

 

$

(179

)

 

$

(7

)

 

$

(7

)

Amounts recognized in balance sheet:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

(13

)

 

$

(13

)

 

$

(1

)

 

$

(1

)

Other long-term liabilities

 

 

(160

)

 

 

(166

)

 

 

(6

)

 

 

(6

)

Net amount

 

$

(173

)

 

$

(179

)

 

$

(7

)

 

$

(7

)

Amounts recognized in accumulated other
   comprehensive earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

195

 

 

$

198

 

 

$

(13

)

 

$

(14

)

Prior service cost

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Total

 

$

195

 

 

$

198

 

 

$

(12

)

 

$

(13

)

Certain of Devon’s pension plans have a combined projected benefit obligation or accumulated benefit obligation in excess of plan assets at December 31, 2024, and December 31, 2023, as presented in the table below.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Projected and accumulated benefit obligation

 

$

620

 

 

$

655

 

Fair value of plan assets

 

$

447

 

 

$

476

 

 

The following table presents the components of net periodic benefit cost and other comprehensive earnings.

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

31

 

 

$

34

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

—

 

Expected return on plan assets

 

 

(27

)

 

 

(27

)

 

 

(31

)

 

 

—

 

 

 

—

 

 

 

—

 

Recognition of net actuarial loss (gain) (1)

 

 

7

 

 

 

6

 

 

 

6

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Total net periodic benefit cost (2)

 

 

11

 

 

 

13

 

 

 

(6

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Other comprehensive loss (earnings):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss (gain) arising in current year

 

 

4

 

 

 

16

 

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

(4

)

Recognition of net actuarial (loss) gain, including
   settlement expense, in net periodic benefit cost

 

 

(7

)

 

 

(6

)

 

 

(6

)

 

 

1

 

 

 

1

 

 

 

1

 

Total other comprehensive loss (earnings)

 

 

(3

)

 

 

10

 

 

 

(17

)

 

 

1

 

 

 

1

 

 

 

(3

)

Total

 

$

8

 

 

$

23

 

 

$

(23

)

 

$

—

 

 

$

—

 

 

$

(4

)

 

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

Assumptions

 

 

 

Pension Benefits

 

Postretirement Benefits

 

 

2024

 

2023

 

2022

 

2024

 

2023

 

2022

Assumptions to determine benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.27%

 

5.01%

 

5.78%

 

5.18%

 

4.96%

 

5.71%

Assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

N/A

 

N/A

 

N/A

 

5.01%

 

5.81%

 

2.83%

Discount rate - interest cost

 

4.95%

 

5.61%

 

2.18%

 

4.94%

 

5.49%

 

1.57%

Expected return on plan assets

 

5.80%

 

6.21%

 

4.80%

 

N/A

 

N/A

 

N/A

Discount rate – Future pension and post-retirement obligations are discounted based on the rate at which obligations could be effectively settled, considering the timing of expected future cash flows related to the plans. This rate is based on high-quality bond yields, after allowing for call and default risk.

Expected return on plan assets – This was determined by evaluating input from external consultants and economists, as well as long-term inflation assumptions and consideration of target allocation of investment types.

Mortality rate – Devon utilized the Society of Actuaries produced mortality tables.

Other assumptions – For measurement of the 2024 benefit obligation for the other postretirement medical plans, a 6.6% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2024. The rate was assumed to decrease annually to an ultimate rate of 5% in the year 2033 and remain at that level thereafter.

Expected Cash Flows

Devon expects benefit plan payments to average approximately $52 million a year for the next five years and $239 million total for the five years thereafter. Of these payments to be paid in 2025, $15 million is expected to be funded from Devon’s available cash, cash equivalents and other assets.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity

The authorized capital stock of Devon consists of 1.0 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors.

Share Issuance

On September 27, 2024, Devon completed its acquisition of the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion. The transaction consisted of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock at $38.96 per share for total equity consideration of approximately $1.5 billion, including purchase price adjustments.

Share Repurchase Program

In July 2024, Devon's Board of Directors authorized an expansion to the Company's share repurchase program from $3.0 billion to $5.0 billion and extended the expiration date from December 31, 2024 to June 30, 2026. The table below provides information regarding purchases of Devon’s common stock under the $5.0 billion share repurchase program (shares in thousands).

 

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

$

61.36

 

2023

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024

 

 

23,944

 

 

 

1,044

 

 

$

43.61

 

Total plan

 

 

68,985

 

 

$

3,343

 

 

$

48.46

 

 

Dividends

Devon pays a quarterly dividend which can be comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon has raised its fixed divided multiple times over the past three calendar years with it most recently being raised from $0.22 to $0.24 per share beginning in the first quarter of 2025. The following table summarizes the dividends Devon has paid on its common stock in 2024, 2023 and 2022, respectively.

 

 

Fixed

 

 

Variable

 

 

Total

 

 

Rate Per Share

 

2024:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

143

 

 

$

156

 

 

$

299

 

 

$

0.44

 

Second quarter

 

138

 

 

 

85

 

 

 

223

 

 

$

0.35

 

Third quarter

 

136

 

 

 

136

 

 

 

272

 

 

$

0.44

 

Fourth quarter

 

143

 

 

 

—

 

 

 

143

 

 

$

0.22

 

Total year-to-date

$

560

 

 

$

377

 

 

$

937

 

 

 

 

2023:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

133

 

 

$

463

 

 

$

596

 

 

$

0.89

 

Second quarter

 

128

 

 

 

334

 

 

 

462

 

 

$

0.72

 

Third quarter

 

127

 

 

 

185

 

 

 

312

 

 

$

0.49

 

Fourth quarter

 

127

 

 

 

361

 

 

 

488

 

 

$

0.77

 

Total year-to-date

$

515

 

 

$

1,343

 

 

$

1,858

 

 

 

 

2022:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

109

 

 

$

558

 

 

$

667

 

 

$

1.00

 

Second quarter

 

105

 

 

 

725

 

 

 

830

 

 

$

1.27

 

Third quarter

 

117

 

 

 

890

 

 

 

1,007

 

 

$

1.55

 

Fourth quarter

 

117

 

 

 

758

 

 

 

875

 

 

$

1.35

 

Total year-to-date

$

448

 

 

$

2,931

 

 

$

3,379

 

 

 

 

In February 2025, Devon announced it was raising its fixed cash dividend by 9%, to $0.24 per share beginning in the first quarter of 2025. The dividend is payable in the first quarter of 2025 and is expected to total approximately $156 million.

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.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 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 December 31, 2024, Devon has accrued approximately $70 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.

The Company has previously received separate NOVs from the EPA alleging emissions and permitting violations relating to certain of our historic operations in North Dakota, western Texas and New Mexico, respectively. The Company has been engaging with the EPA to resolve each of these matters, and Devon is actively negotiating a draft consent decree with the EPA and the Department of Justice with respect to the North Dakota NOV matter. If finalized, the consent decree may include monetary sanctions and obligations to complete mitigation projects and implement specific injunctive relief. Given that negotiations of the draft consent decree are ongoing and the uncertainty as to the ultimate result of the North Dakota NOV matter, we are currently unable to provide an estimate of potential loss; however, the costs associated with the resolution of the North Dakota NOV matter or any of the other NOV matters could be significant in amount and may include monetary penalties.

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 denies the allegations in these lawsuits and intends to vigorously defend against these claims.

The State of Delaware has 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 this matter, Devon denies the allegations asserted in this lawsuit and intends to vigorously defend against these claims.

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, undertaking other restorative actions or performing requirements under surface agreements in existence at the time of disposition. For example, a predecessor entity of a Devon subsidiary previously sold certain private, state and federal oil and gas leases covering properties in shallow waters off the coast of Louisiana in the Gulf of America. These assets are generally referred to as the East Bay Field. The current operator of the East Bay Field has filed for protection under Chapter 11 of the U.S. Bankruptcy Code and may be unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Other companies in the chain of title of the East Bay Field have also sought bankruptcy protection and may be similarly unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Depending upon the outcome of these bankruptcy proceedings, amounts available under decommissioning bonds and a cash security account and other factors, Devon may be required to perform or fund certain decommissioning obligations associated with the East Bay Field under state and federal regulations applicable to predecessor operators. As a result of these factors and uncertainties, we are currently unable to provide an estimate of potential loss.

Commitments

The following table presents Devon’s commitments that have initial or remaining noncancelable terms in excess of one year as of December 31, 2024.

Year Ending December 31,

 

Drilling and Facility Obligations(1)

 

 

Operational
 Agreements(1)

 

 

Office and Equipment Leases and Other

 

2025

 

$

142

 

 

$

594

 

 

$

128

 

2026

 

 

19

 

 

 

534

 

 

 

159

 

2027

 

 

23

 

 

 

465

 

 

 

118

 

2028

 

 

36

 

 

 

451

 

 

 

105

 

2029

 

 

4

 

 

 

401

 

 

 

86

 

Thereafter

 

 

—

 

 

 

1,289

 

 

 

432

 

Total

 

$

224

 

 

$

3,734

 

 

$

1,028

 

 

(1)
Total costs incurred under take-or-pay and throughput obligations were approximately $800 million, $750 million and $650 million in 2024, 2023 and 2022, respectively.

Devon has certain drilling and facility obligations under contractual agreements with third-party service providers to procure drilling rigs and other related services for developmental and exploratory drilling and facilities construction. The value of the drilling obligations reported is based on gross contractual value.

Devon has certain operational agreements whereby Devon has committed to transport or process certain volumes of oil, gas and NGLs for a fixed fee. Devon has entered into these agreements to aid the movement of its production to downstream markets.

Devon leases certain office space and equipment under financing and operating lease arrangements.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, restricted cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at December 31, 2024 and December 31, 2023, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 

December 31, 2023 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

306

 

 

$

306

 

 

$

306

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

208

 

 

$

208

 

 

$

—

 

 

$

208

 

 

$

—

 

Commodity derivatives

 

$

(9

)

 

$

(9

)

 

$

—

 

 

$

(9

)

 

$

—

 

Debt

 

$

(6,155

)

 

$

(6,090

)

 

$

—

 

 

$

(6,090

)

 

$

—

 

Contingent earnout payments

 

$

55

 

 

$

55

 

 

$

—

 

 

$

—

 

 

$

55

 

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. Our variable rate debt is non-public and consists of our Term Loan. The fair value of our variable rate debt approximates the carrying value as the underlying SOFR resets every month based on the prevailing market rate.

Level 3 Fair Value Measurements

Contingent Earnout Payments – Devon had the right to receive contingent consideration related to the Barnett asset divestiture based on future oil and gas prices. 2024 was the last performance period related to this contingent consideration. 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.
v3.25.0.1
Reportable Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments
20.
Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is the executive committee, which includes the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.

The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Total revenues

 

$

15,940

 

 

$

15,258

 

 

$

19,169

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

1,574

 

 

 

1,428

 

 

 

1,071

 

Gathering, processing & transportation

 

 

790

 

 

 

702

 

 

 

693

 

Production and property taxes

 

 

819

 

 

 

798

 

 

 

1,033

 

Total significant expenses

 

 

3,183

 

 

 

2,928

 

 

 

2,797

 

Marketing and midstream expenses

 

 

4,792

 

 

 

4,409

 

 

 

5,780

 

DD&A

 

 

3,255

 

 

 

2,554

 

 

 

2,223

 

G&A

 

 

500

 

 

 

408

 

 

 

395

 

Financing costs, net

 

 

363

 

 

 

308

 

 

 

309

 

Income tax expense

 

 

770

 

 

 

841

 

 

 

1,738

 

Other segment items (1)

 

 

135

 

 

 

28

 

 

 

(110

)

Total expenses

 

 

12,998

 

 

 

11,476

 

 

 

13,132

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

2,942

 

 

$

3,782

 

 

$

6,037

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

30,489

 

 

$

24,490

 

 

$

23,271

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

8,919

 

 

$

3,907

 

 

$

5,301

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset dispositions and other, net.
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited)
 12 Months Ended
Dec. 31, 2024
Oil and Gas Disclosure [Abstract]  
Supplemental Information on Oil and Gas Operations (Unaudited) Supplemental Information on Oil and Gas Operations (Unaudited)

Supplemental unaudited information regarding Devon’s oil and gas activities is presented in this note. All of Devon’s reserves are located within the U.S.

Costs Incurred

The following table reflects the costs incurred in oil and gas property acquisition, exploration and development activities.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Property acquisition costs:

 

 

 

 

 

 

 

 

 

Proved properties

 

$

3,058

 

 

$

2

 

 

$

1,760

 

Unproved properties

 

 

1,949

 

 

 

63

 

 

 

803

 

Exploration costs

 

 

690

 

 

 

534

 

 

 

472

 

Development costs

 

 

2,856

 

 

 

3,160

 

 

 

2,132

 

Costs incurred

 

$

8,553

 

 

$

3,759

 

 

$

5,167

 

Acquisition costs for 2024 in the table above relate primarily to the Grayson Mill acquisition which closed in the third quarter of 2024. Acquisition costs for 2022 relate primarily to Eagle Ford and Williston Basin acquisitions which closed in the third quarter of 2022. Development costs in the table above includes additions and revisions to Devon’s asset retirement obligations.

Results of Operations

The following table includes revenues and expenses associated with Devon’s oil and gas producing activities. It does not include any allocation of Devon’s interest costs or general corporate overhead and, therefore, is not necessarily indicative of the contribution to net earnings of Devon’s oil and gas operations. Income tax expense has been calculated using statutory income tax rates, and then giving effect to permanent differences associated with oil and gas producing activities.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil, gas and NGL sales

 

$

11,176

 

 

$

10,791

 

 

$

14,082

 

Production expenses

 

 

(3,183

)

 

 

(2,928

)

 

 

(2,797

)

Exploration expenses

 

 

(28

)

 

 

(20

)

 

 

(29

)

Depreciation, depletion and amortization

 

 

(3,156

)

 

 

(2,464

)

 

 

(2,119

)

Asset dispositions

 

 

(15

)

 

 

(33

)

 

 

43

 

Accretion of asset retirement obligations

 

 

(39

)

 

 

(29

)

 

 

(25

)

Income tax expense

 

 

(972

)

 

 

(1,044

)

 

 

(2,041

)

Results of operations

 

$

3,783

 

 

$

4,273

 

 

$

7,114

 

Depreciation, depletion and amortization per Boe

 

$

11.70

 

 

$

10.27

 

 

$

9.52

 

 

Proved Reserves

The following table presents Devon’s estimated proved reserves by product.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MMBbls)

 

 

Gas (Bcf) (1)

 

 

NGL (MMBbls)

 

 

Combined (MMBoe)

 

Proved developed and undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

709

 

 

 

2,878

 

 

 

437

 

 

 

1,625

 

Revisions due to prices

 

 

15

 

 

 

61

 

 

 

8

 

 

 

34

 

Revisions other than price

 

 

(55

)

 

 

13

 

 

 

3

 

 

 

(49

)

Extensions and discoveries

 

 

127

 

 

 

449

 

 

 

76

 

 

 

278

 

Purchase of reserves

 

 

106

 

 

 

137

 

 

 

24

 

 

 

153

 

Production

 

 

(109

)

 

 

(356

)

 

 

(54

)

 

 

(223

)

Sale of reserves

 

 

—

 

 

 

(7

)

 

 

(1

)

 

 

(3

)

December 31, 2022

 

 

793

 

 

 

3,175

 

 

 

493

 

 

 

1,815

 

Revisions due to prices

 

 

(25

)

 

 

(189

)

 

 

(22

)

 

 

(78

)

Revisions other than price

 

 

(12

)

 

 

58

 

 

 

1

 

 

 

(1

)

Extensions and discoveries

 

 

147

 

 

 

525

 

 

 

87

 

 

 

322

 

Production

 

 

(117

)

 

 

(385

)

 

 

(59

)

 

 

(240

)

Sale of reserves

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(1

)

December 31, 2023

 

 

786

 

 

 

3,182

 

 

 

500

 

 

 

1,817

 

Revisions due to prices

 

 

(9

)

 

 

(187

)

 

 

(14

)

 

 

(54

)

Revisions other than price

 

 

3

 

 

 

245

 

 

 

31

 

 

 

75

 

Extensions and discoveries

 

 

129

 

 

 

646

 

 

 

104

 

 

 

340

 

Purchase of reserves

 

 

120

 

 

 

328

 

 

 

73

 

 

 

247

 

Production

 

 

(127

)

 

 

(438

)

 

 

(70

)

 

 

(270

)

December 31, 2024

 

 

902

 

 

 

3,776

 

 

 

624

 

 

 

2,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proved developed reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

544

 

 

 

2,361

 

 

 

348

 

 

 

1,285

 

December 31, 2022

 

 

596

 

 

 

2,595

 

 

 

391

 

 

 

1,419

 

December 31, 2023

 

 

603

 

 

 

2,560

 

 

 

395

 

 

 

1,425

 

December 31, 2024

 

 

706

 

 

 

3,057

 

 

 

500

 

 

 

1,715

 

Proved undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

165

 

 

 

517

 

 

 

89

 

 

 

340

 

December 31, 2022

 

 

197

 

 

 

580

 

 

 

102

 

 

 

396

 

December 31, 2023

 

 

183

 

 

 

622

 

 

 

105

 

 

 

392

 

December 31, 2024

 

 

196

 

 

 

719

 

 

 

124

 

 

 

440

 

 

(1)
Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.

Price Revisions

Reserves decreased 54 MMBoe in 2024 primarily due to price decreases in the trailing 12-month averages for oil, gas and NGLs.

Reserves decreased 78 MMBoe in 2023 primarily due to price decreases in the trailing 12-month averages for oil, gas and NGLs.

Reserves increased 34 MMBoe in 2022 primarily due to price increases in the trailing 12-month averages for oil, gas and NGLs.

Revisions Other Than Price

2024 – Total revisions other than price (75 MMBoe) are the result of upward revisions due to well performance exceeding previous estimates on proved developed reserves (81 MMBoe) and downward revisions to proved undeveloped reserves (-6 MMBoe) as noted below. In total, each of the operating areas recorded modest upward revisions with the most significant changes being located in the Delaware Basin (55 MMBoe), Anadarko Basin (7 MMBoe) and Powder River Basin (6 MMBoe).

2023 – Total revisions other than price (-1 MMBoe) are the result of upward revisions due to well performance exceeding previous estimates on developed properties (11 MMBoe), which were offset by downward revisions to proved undeveloped reserves (-12 MMBoe) as noted below. In total, we recorded modest upward revisions in the Delaware Basin (7 MMBoe), Eagle Ford (5 MMBoe), Anadarko Basin (4 MMBoe) and Powder River Basin (2 MMBoe) which were offset by downward revisions in the Williston Basin (-19 MMBoe) due to reduced well performance compared to previous estimates.

2022 – Total revisions other than price (-49 MMBoe) were driven by higher operating costs across all areas of operation and revisions to proved undeveloped reserves. These downward revisions were partially offset by upward revisions due to well performance exceeding previous estimates primarily in the Delaware Basin. In total, after accounting for these compensating factors, we recorded negative revisions across each of our operating areas with the most significant changes being located in the Delaware Basin (-33 MMBoe), followed by the Powder River Basin (-5 MMBoe) and the Anadarko Basin (-4 MMBoe).

Extensions and Discoveries

Each year, Devon’s proved reserves extensions and discoveries consist of adding proved undeveloped reserves to locations classified as undeveloped at year-end and adding proved developed reserves from successful development wells drilled on locations outside the areas classified as proved at the previous year-end. Therefore, it is not uncommon for Devon’s total proved extensions and discoveries to differ from the extensions and discoveries for Devon’s proved undeveloped reserves. Furthermore, because annual additions are classified according to reserve determinations made at the previous year-end and because Devon operates a multi-basin portfolio with assets at varying stages of maturity, extensions and discoveries for proved developed and proved undeveloped reserves can differ significantly in any particular year.

2024 – Of the 340 MMBoe of additions from extensions and discoveries, 252 MMBoe were in the Delaware Basin, 36 MMBoe were in the Williston Basin, 30 MMBoe were in the Anadarko Basin, 16 MMBoe were in Eagle Ford and 6 MMBoe were in the Powder River Basin.

2023 – Of the 322 MMBoe of additions from extensions and discoveries, 212 MMBoe were in the Delaware Basin, 33 MMBoe were in the Anadarko Basin, 32 MMBoe were in Eagle Ford, 26 MMBoe were in the Powder River Basin and 19 MMBoe were in the Williston Basin.

2022 – Of the 278 MMBoe of additions from extensions and discoveries, 255 MMBoe were in the Delaware Basin, 7 MMBoe were in the Powder River Basin, 6 MMBoe were in Eagle Ford, 5 MMBoe were in the Anadarko Basin and 5 MMBoe were in the Williston Basin.

Purchase of Reserves

During 2024, Devon had reserve additions due to the acquisition of 247 MMBoe in the Williston Basin. For additional information on these asset additions, see Note 2.

During 2022, Devon had reserve additions due to the acquisitions of 66 MMBoe in the Williston Basin and 87 MMBoe in the Eagle Ford. For additional information on these asset additions, see Note 2.

Proved Undeveloped Reserves

The following table presents the changes in Devon’s total proved undeveloped reserves during 2024 (MMBoe).

 

 

 

Total

 

 Proved undeveloped reserves as of December 31, 2023

 

 

392

 

 Extensions and discoveries

 

 

198

 

 Revisions due to prices

 

 

(2

)

 Revisions other than price

 

 

(6

)

 Purchase of reserves

 

 

47

 

 Conversion to proved developed reserves

 

 

(189

)

 Proved undeveloped reserves as of December 31, 2024

 

 

440

 

Total proved undeveloped reserves increased 12% from 2023 to 2024 with the year-end 2024 balance representing 20% of total proved reserves. Approximately 75% of the 198 MMBoe in extensions and discoveries were the result of Devon’s drilling and development activities in the Delaware Basin, followed by the Williston Basin (17%), the Powder River Basin (3%), the Anadarko Basin (3%) and Eagle Ford (2%). Conversions to proved developed reserves of 189 MMBoe were driven by development in the Delaware Basin (68%) and Anadarko Basin (17%). Costs incurred in 2024 to develop and convert Devon's proved undeveloped reserves were approximately $1.2 billion. Proved undeveloped reserves revisions other than price (-6 MMBoe) were due to changes in previously adopted development plans (-8 MMBoe) in the Delaware Basin (-6 MMBoe) and Williston Basin (-2 MMBoe), combined with upward revisions (2 MMBoe) caused by continued evaluation of well performance primarily in the Delaware Basin.

Standardized Measure

The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Future cash inflows

 

$

82,422

 

 

$

75,734

 

 

$

108,361

 

Future costs:

 

 

 

 

 

 

 

 

 

Development

 

 

(6,099

)

 

 

(5,241

)

 

 

(5,176

)

Production

 

 

(38,326

)

 

 

(31,648

)

 

 

(35,264

)

Future income tax expense

 

 

(5,528

)

 

 

(6,644

)

 

 

(13,216

)

Future net cash flow

 

 

32,469

 

 

 

32,201

 

 

 

54,705

 

10% discount to reflect timing of cash flows

 

 

(12,699

)

 

 

(12,888

)

 

 

(23,391

)

Standardized measure of discounted future net cash flows

 

$

19,770

 

 

$

19,313

 

 

$

31,314

 

Future cash inflows, development costs and production costs were computed using the same assumptions for prices and costs that were used to estimate Devon’s proved oil and gas reserves at the end of each year. For 2024 estimates, Devon’s future realized prices were assumed to be $73.65 per Bbl of oil, $0.81 per Mcf of gas and $20.75 per Bbl of NGLs. Of the $6.1 billion of future development costs as of the end of 2024, $2.2 billion, $1.4 billion and $0.5 billion are estimated to be spent in 2025, 2026 and 2027, respectively.

Future development costs include not only development costs but also future asset retirement costs. Included as part of the $6.1 billion of future development costs are $1.3 billion of future asset retirement costs. The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws.

The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Beginning balance

 

$

19,313

 

 

$

31,314

 

 

$

19,301

 

Net changes in prices and production costs

 

 

(3,202

)

 

 

(16,797

)

 

 

14,081

 

Oil, gas and NGL sales, net of production costs

 

 

(7,993

)

 

 

(7,863

)

 

 

(11,285

)

Changes in estimated future development costs

 

 

806

 

 

 

218

 

 

 

(216

)

Extensions and discoveries, net of future development costs

 

 

3,951

 

 

 

5,222

 

 

 

7,279

 

Purchase of reserves

 

 

3,123

 

 

 

—

 

 

 

4,185

 

Sales of reserves in place

 

 

—

 

 

 

(9

)

 

 

(20

)

Revisions of quantity estimates

 

 

427

 

 

 

(747

)

 

 

(874

)

Previously estimated development costs incurred during the period

 

 

1,269

 

 

 

1,567

 

 

 

956

 

Accretion of discount

 

 

1,730

 

 

 

2,972

 

 

 

2,059

 

Net change in income taxes and other

 

 

346

 

 

 

3,436

 

 

 

(4,152

)

Ending balance

 

$

19,770

 

 

$

19,313

 

 

$

31,314

 
v3.25.0.1
Summary Of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles Of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Devon, entities in which it holds a controlling interest and VIEs for which Devon is the primary beneficiary. All intercompany transactions have been eliminated. Undivided interests in oil and natural gas exploration and production joint ventures are consolidated on a proportionate basis. Investments in non-controlled entities, over which Devon has the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. In applying the equity method of accounting, the investments are initially recognized at cost and subsequently adjusted for Devon’s proportionate share of earnings, losses, contributions and distributions. Investments in non-controlled entities over which Devon does not have the ability to exercise significant influence are initially recognized at cost and subsequently adjusted for contributions and distributions.

Variable Interest Entity

In 2019, Devon and an affiliate of QL Capital Partners, LP (“QLCP”) formed CDM, a joint venture in 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.

Devon, through its controlling interest in CDM, has the power to direct the activities that significantly affect the economic performance of CDM and the obligation to absorb losses or the right to receive benefits that could be significant to CDM; therefore, Devon is considered the primary beneficiary and consolidates CDM. CDM maintains its own capital structure that is separate from Devon. During 2024, 2023 and 2022, QLCP distributions from CDM were approximately $51 million, $45 million and $30 million, respectively. During 2024 and 2023 QLCP contributions to CDM were approximately $52 million and $37 million, respectively.

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.
Segment Information

Segment Information

Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.
Use Of Estimates

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following:

•
proved reserves and related present value of future net revenues;
•
evaluation of suspended well costs;
•
the carrying and fair values of oil and gas properties, other property and equipment and product and equipment inventories;
•
derivative financial instruments;
•
the fair value of reporting units and related assessment of goodwill for impairment;
•
income taxes;
•
asset retirement obligations;
•
obligations related to employee pension and postretirement benefits;
•
purchase accounting estimates used for assets acquired and liabilities assumed;
•
legal and environmental risks and exposures; and
•
general credit risk associated with receivables and other assets.
Revenue Recognition

Revenue Recognition

Upstream Revenues

Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time. This occurs when control is transferred to the purchaser upon delivery of contract-specified production volumes at a specified point. The transaction price used to recognize revenue is a function of the contract billing terms. Revenue is invoiced, if required, by calendar month based on volumes at contractually based rates with payment typically received within 30 days of the end of the production month. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying consolidated statements of comprehensive earnings.

Devon acts as a principal in sales transactions when control of the product is retained prior to delivery to the ultimate third-party customer or acts as an agent when services are rendered on behalf of the principal in the transactions. A control-based assessment is performed to identify whether Devon is a principal or an agent in the transaction, which determines whether revenue and the related expenses are presented on a gross or net basis, respectively.

Oil sales

Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received. Alternatively, production is delivered to the purchaser at a contractually agreed-upon delivery point where the purchaser takes custody, title and risk of loss of the product. Under this arrangement, a third party is paid to transport the product and Devon receives a specified index price from the purchaser with no transportation deduction. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the price received from the purchaser. The

third-party costs are recorded as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings.

Natural gas and NGL sales

Under Devon’s natural gas processing contracts, natural gas is delivered to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity gathers and processes the natural gas and remits proceeds for the resulting sales of NGLs and residue gas. In these scenarios, Devon evaluates whether it is the principal or the agent in the transaction. Devon has concluded it is the principal under these contracts and the ultimate third party is the customer. Revenue is recognized on a gross basis, with gathering, processing and transportation fees presented as a component of production expenses in the consolidated statements of comprehensive earnings.

In certain natural gas processing agreements, Devon may elect to take residue gas and/or NGLs in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the product is delivered to the ultimate third-party purchaser at a contractually agreed-upon delivery point, and Devon receives a specified index price from the purchaser. In this scenario, revenue is recognized when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense as a component of production expenses in the consolidated statements of comprehensive earnings.

Marketing Revenues

Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing revenues and expenses attributable to oil, gas and NGL purchases are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership.

Midstream Revenues

Devon’s reported midstream revenue primarily relates to its interest in CDM. CDM provides gathering, compression and dehydration services to Devon and other producers’ natural gas production. An evaluation is performed to determine whether CDM is a principal or agent in these transactions. Under the terms of these gathering, compression and dehydration contracts, CDM has concluded it is the agent as title to the gas production remains with the CDM affiliate producer or a third-party producer. Revenue is recognized on a net basis since CDM is strictly providing a service. Costs to maintain CDM’s assets are presented as marketing and midstream expenses in the consolidated statements of comprehensive earnings. Revenue is recognized for sales at the time the gathering, compression and dehydration service has been rendered or performed.

Satisfaction of Performance Obligations and Revenue Recognition

Because Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon recognizes revenue for sales at the time the crude oil, natural gas or NGLs are delivered at a fixed or determinable price.

Transaction Price Allocated to Remaining Performance Obligations

Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient exempting the disclosure of the transaction price allocated to remaining performance

obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Cash received relating to future performance obligations is deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of December 31, 2024. Devon’s product sales and marketing contracts do not give rise to contract assets.

Disaggregation of Revenue

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil

 

$

9,368

 

 

$

8,879

 

 

$

10,281

 

Gas

 

 

398

 

 

 

703

 

 

 

1,948

 

NGL

 

 

1,410

 

 

 

1,209

 

 

 

1,853

 

Oil, gas and NGL sales

 

 

11,176

 

 

 

10,791

 

 

 

14,082

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

3,405

 

 

 

3,018

 

 

 

3,305

 

Gas

 

 

517

 

 

 

572

 

 

 

1,163

 

NGL

 

 

821

 

 

 

759

 

 

 

1,277

 

Marketing and midstream revenues

 

 

4,743

 

 

 

4,349

 

 

 

5,745

 

Total revenues from contracts with customers

 

$

15,919

 

 

$

15,140

 

 

$

19,827

 

Customers

For the year ended December 31, 2024, no customer accounted for more than 10% of Devon's sales revenue. For the year ended December 31, 2023, sales to two customers accounted for approximately 14% and 10% of Devon's sales revenue. For the year ended December 31, 2022, sales to one customer accounted for approximately 15% of Devon's sales revenue.

If any one of Devon’s major customers were to stop purchasing our production, the Company believes there are a number of other purchasers to whom the company could sell Devon’s production. If multiple significant customers were to discontinue purchasing Devon’s production abruptly, the Company believes it would have the resources needed to access alternative customers or markets and avoid or materially mitigate associated sales disruptions.
Derivative Financial Instruments

Derivative Financial Instruments

Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices and interest rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes.

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These instruments are used to manage the inherent uncertainty of future revenues resulting from commodity price volatility. Devon’s derivative financial instruments typically include financial price swaps, basis swaps and costless price collars. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. For price collars, Devon primarily utilizes two-way price collars. The two-way price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices

are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty.

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2024, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon’s derivative financial instruments are also recorded in earnings.

By using derivative financial instruments to hedge exposures to changes in commodity prices, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally require cash collateral to be posted if either its or the counterparty’s credit rating falls below certain credit rating levels. As of December 31, 2024, Devon held no cash collateral of its counterparties nor posted collateral to its counterparties.
General And Administrative Expenses

General and Administrative Expenses

G&A is reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon.

Share-Based Compensation

Share-Based Compensation

Devon grants share-based awards to members of its Board of Directors, management and employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of G&A in the accompanying consolidated statements of comprehensive earnings over the applicable requisite service periods.

Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are generally available to be issued as part of Devon’s share-based awards. However, Devon has historically canceled these shares upon repurchase.
Income Taxes

Income Taxes

Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of the deferred tax assets is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Devon periodically weighs the positive and negative evidence to determine if it is more likely than not that some or all of the deferred tax assets will be realized. Forming a conclusion that a valuation allowance is not required is difficult when there is significant negative evidence, such as cumulative losses in recent years.

Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing

authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense.

Devon estimates its annual effective income tax rate in recording its provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the period in which they occur.
Net Earnings Per Share Attributable to Devon

Net Earnings Per Share Attributable to Devon

Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Devon applies the two-class method to stock awards deemed to be participating securities. The two-class method requires allocating net earnings to both common shares and participating securities based on their respective rights to receive dividends. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of unvested restricted stock awards and unvested performance share units.
Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. Devon also considers cash balances subject to legal and contractual restrictions as restricted cash.
Accounts Receivable

Accounts Receivable

Devon’s accounts receivable balance primarily consists of oil and gas sales receivables, marketing and midstream revenue receivables and joint interest receivables. Devon does not require collateral security for joint interest receivables.

Devon records an allowance for credit losses based on a forward-looking “expected loss” model. Credit risk is assessed by class of account type, which includes cash equivalents and oil and gas, marketing and midstream, joint interest and other accounts receivable. These classes are further evaluated using a probability-weighted scenario assessment based on historical losses and a probability of future default. This evaluation is supported by an assessment of risk factors such as the age of the receivable, current macro-economic conditions, credit rating of the counterparty and our historical loss rate.
Inventory

Inventory

Devon’s inventories primarily consist of oil and NGL inventory and equipment inventory. Oil and NGL inventory are recorded at weighted average cost and carried at the lower of cost or net realizable value. Equipment inventory is valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate.

Property And Equipment

Property and Equipment

Oil and Gas Property and Equipment

Devon follows the successful efforts method of accounting for its oil and gas properties. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with nonproductive exploratory wells, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling successful exploratory wells along with acquisition costs and the costs of drilling development wells, including those that are unsuccessful, are capitalized. Devon groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing DD&A, assessing proved property impairments and accounting for asset dispositions.

Exploratory drilling costs and exploratory-type stratigraphic test wells are initially capitalized, or suspended, pending the determination of proved reserves. If proved reserves are found, drilling costs remain capitalized as proved properties. Costs of unsuccessful wells are charged to exploration expense. For exploratory wells that find reserves that cannot be classified as proved

when drilling is completed, costs continue to be capitalized as suspended exploratory well costs if there have been sufficient reserves found to justify completion as a producing well and sufficient progress is being made in assessing the reserves and the economic and operating viability of the project. If management determines that future appraisal drilling or development activities are unlikely to occur, associated suspended exploratory well costs are expensed. In some instances, this determination may take longer than one year. Devon reviews the status of all suspended exploratory drilling costs quarterly.

Capitalized costs of proved oil and gas properties are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six Mcf of gas to one Bbl of oil. Proved leasehold acquisition costs, less accumulated amortization, are depleted over total proved reserves, which includes proved undeveloped reserves. Capitalized costs of wells and related equipment and facilities, including estimated asset retirement costs, net of estimated salvage values and less accumulated amortization are depreciated over proved developed reserves associated with those capitalized costs. Depletion is calculated by applying the DD&A rate (amortizable base divided by beginning of period proved reserves) to current period production.

Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Significant unproved properties are assessed individually.

Proved properties are assessed for impairment when events or changes in circumstances dictate that the carrying value of those assets may not be recoverable. Individual assets are grouped for impairment purposes based on a common operating field. If there is an indication the carrying amount of an asset may not be recovered, the asset is assessed for potential impairment by management through an established process. If, upon review, the sum of the undiscounted pre-tax reserve cash flows is less than the carrying value of the asset, the carrying value is written down to estimated fair value. Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates believed to be consistent with those used by principal market participants or by comparable transactions. The expected future cash flows used for impairment reviews and related fair value calculations are typically based on judgmental assessments of future production volumes, commodity prices, operating costs, and capital investment plans, considering all available information at the date of review.

Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s DD&A rate. These gains and losses are classified as asset dispositions in the accompanying statements of comprehensive earnings. Partial common operating field sales or dispositions deemed not to significantly alter the DD&A rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized.

Devon capitalizes interest costs incurred that are attributable to material unproved oil and gas properties and major development projects of oil and gas properties.

Other Property and Equipment

Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using the straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major corporate construction projects are also capitalized.

Asset Retirement Obligations

Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet unless the associated asset has already been disposed. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations also include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets.

The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment.
Leases

Leases

Devon establishes right-of-use assets and lease liabilities on the balance sheet for all leases with a term longer than 12 months. 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 primarily relate to real estate. Certain of Devon’s lease agreements include variable payments based on usage or rental payments adjusted periodically for inflation.

Goodwill

Goodwill

Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment annually, or more frequently if events or changes in circumstances dictate that the carrying value of goodwill may not be recoverable. Such test includes a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then a quantitative goodwill impairment test is performed. The quantitative goodwill impairment test requires the fair value of the reporting unit be compared to the carrying value of the reporting unit. If the fair value of the reporting unit is less than the carrying value, an impairment charge will be recognized for the amount by which the carrying amount exceeds the fair value. The fair value of the reporting unit is estimated based upon market capitalization, comparable transactions of similar companies and premiums paid.

Devon performed impairment tests of goodwill in the fourth quarters of 2024, 2023 and 2022. No impairment was required as a result of the annual tests in these time periods.

Commitments And Contingencies

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from allegations of improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon’s accounting policy for property and equipment.
Fair Value Measurements

Fair Value Measurements

Certain of Devon’s assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:

•
Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, Devon measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value.
•
Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active.
•
Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model.
Noncontrolling Interests

Noncontrolling Interests

Noncontrolling interests represent third-party ownership in the net assets of Devon’s consolidated subsidiaries and are presented as a component of equity. Changes in Devon’s ownership interests in subsidiaries that do not result in deconsolidation are recognized in equity.
Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

Beginning in this Annual Report on Form 10-K, Devon adopted ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures has increased to provide investors with additional detail about information utilized by an entity's "Chief Operating Decision Maker." See Note 20 for Devon's disclosure.

Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU will result in additional disclosures for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. This ASU will result in additional disclosures for Devon beginning with our 2025 annual reporting and interim periods beginning in 2026.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.0.1
Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Components of Investment The following table presents Devon's investments that are shown on the consolidated balance sheet.

 

 

 

 

 

Carrying Amount

 

Investments

 

% Interest

 

December 31, 2024

 

 

December 31, 2023

 

Catalyst

 

50%

 

$

273

 

 

$

311

 

Water JV

 

30%

 

 

216

 

 

 

216

 

Fervo

 

17%

 

 

115

 

 

 

—

 

Matterhorn

 

12.5%

 

 

69

 

 

 

90

 

Other

 

Various

 

 

54

 

 

 

49

 

      Total

 

 

 

$

727

 

 

$

666

 
Schedule of Additional Investment Information The impact from these services on Devon’s consolidated statements of comprehensive earnings and consolidated balance sheets for the years ended and as of December 31, 2024 and 2023, respectively, relate primarily to Catalyst and are summarized below.

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil, gas and NGL sales

 

$

284

 

 

$

213

 

 

$

405

 

Production expenses

 

$

131

 

 

$

93

 

 

$

55

 

Accounts receivable

 

$

18

 

 

$

11

 

 

$

14

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

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil

 

$

9,368

 

 

$

8,879

 

 

$

10,281

 

Gas

 

 

398

 

 

 

703

 

 

 

1,948

 

NGL

 

 

1,410

 

 

 

1,209

 

 

 

1,853

 

Oil, gas and NGL sales

 

 

11,176

 

 

 

10,791

 

 

 

14,082

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

3,405

 

 

 

3,018

 

 

 

3,305

 

Gas

 

 

517

 

 

 

572

 

 

 

1,163

 

NGL

 

 

821

 

 

 

759

 

 

 

1,277

 

Marketing and midstream revenues

 

 

4,743

 

 

 

4,349

 

 

 

5,745

 

Total revenues from contracts with customers

 

$

15,919

 

 

$

15,140

 

 

$

19,827

 
v3.25.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2024
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

 

 

Purchase

 

 

 

Price Allocation

 

 

 

as of December 31, 2024

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 
Schedule of Pro Forma Adjustments to Confirm Acquisition The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 Total revenues

 

$

17,930

 

 

$

17,483

 

 Net earnings

 

$

3,166

 

 

$

4,083

 

 
GME Revenues and Earnings [Member]  
Business Acquisition [Line Items]  
Schedule of Grayson Mills revenues and earnings

From the date of the acquisition through December 31, 2024, revenues and net earnings included in Devon's consolidated statements of comprehensive earnings associated with these assets totaled $687 million and $122 million, respectively.
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of December 31, 2024, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q1-Q4 2025

 

 

12,468

 

 

$

71.86

 

 

 

83,025

 

 

$

66.77

 

 

$

74.87

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q1-Q4 2025

 

 

8,000

 

 

$

51.25

 

 

$

65.00

 

 

$

77.11

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q1-Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q1-Q4 2026

 

Midland Sweet

 

 

20,000

 

 

$

1.20

 

 

 

As of December 31, 2024, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q1-Q4 2025

 

 

298,071

 

 

$

3.30

 

 

 

145,137

 

 

$

3.00

 

 

$

3.68

 

Q1-Q4 2026

 

 

215,000

 

 

$

3.71

 

 

 

120,000

 

 

$

3.19

 

 

$

4.43

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q1-Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q1-Q4 2025

 

WAHA

 

 

110,000

 

 

$

(1.11

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

20,000

 

 

$

(1.30

)

 

As of December 31, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q1-Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q1-Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q1-Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

 
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of December 31, 2024 and 2023.

 

 

December 31, 2024

 

December 31, 2023

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

78

 

$

(23

)

$

55

 

$

213

 

$

(5

)

$

208

 

Other current assets

Long-term derivative asset

 

5

 

 

(4

)

 

1

 

 

—

 

 

—

 

 

—

 

Other long-term assets

Short-term derivative liability

 

(37

)

 

23

 

 

(14

)

 

(7

)

 

5

 

 

(2

)

Other current liabilities

Long-term derivative liability

 

(23

)

 

4

 

 

(19

)

 

(7

)

 

—

 

 

(7

)

Other long-term liabilities

  Total derivative asset

$

23

 

$

—

 

$

23

 

$

199

 

$

—

 

$

199

 

 

 
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense Included in the Consolidated Statements of Comprehensive Earnings

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

G&A

 

$

98

 

 

$

92

 

 

$

87

 

Exploration expenses

 

 

1

 

 

 

1

 

 

 

1

 

Total

 

$

99

 

 

$

93

 

 

$

88

 

 

 

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

25

 

 

$

34

 

 

$

34

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

The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plans.

 

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/23

 

 

4,033

 

 

$

42.10

 

 

 

1,547

 

 

$

43.25

 

Granted

 

 

1,997

 

 

$

42.34

 

 

 

858

 

(1)

$

40.41

 

Vested

 

 

(1,812

)

 

$

34.88

 

 

 

(1,226

)

 

$

18.08

 

Forfeited

 

 

(111

)

 

$

45.69

 

 

 

—

 

 

$

—

 

Unvested at 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

(2)

$

67.38

 

 

(1)
These grants also include the impact of performance share units granted in prior year that vested higher than 100% target due to Devon's TSR performance compared to applicable peers.
(2)
A maximum of 2.4 million common shares could be awarded based upon Devon’s final TSR ranking.
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Aggregate Fair Value of Awards and Units

The following table presents the aggregate fair value of awards and units that vested during the indicated period.

 

 

2024

 

 

2023

 

 

2022

 

Restricted Stock Awards and Units

 

$

82

 

 

$

172

 

 

$

180

 

Performance Share Units

 

$

52

 

 

$

66

 

 

$

62

 

 
Summary of Unrecognized Compensation Cost and Weighted Average Period for Recognition

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of December 31, 2024.

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

102

 

 

$

19

 

Weighted average period for recognition (years)

 

 

2.5

 

 

 

1.7

 
Summary of Performance Share Units Grant-Date Fair Values and their Related Assumptions The following table presents the assumptions related to performance share units granted.

 

 

2024

 

 

2023

 

 

2022

 

 Grant-date fair value

 

$

56.99

 

 

$

81.70

 

 

$

68.68

 

 Risk-free interest rate

 

 

4.28

%

 

 

4.15

%

 

 

1.81

%

 Volatility factor

 

 

46.03

%

 

 

61.43

%

 

 

70.1

%

 Contractual term (years)

 

 

2.89

 

 

 

2.89

 

 

 

2.89

 
v3.25.0.1
Other, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Other Expenses [Abstract]  
Schedule of Other Expenses (Income)

The following table summarizes Devon’s other expenses (income) presented in the accompanying consolidated comprehensive statements of earnings.

 

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Estimated future obligation under a performance guarantee

 

$

(28

)

 

$

—

 

 

$

(144

)

Asset retirement obligation accretion

 

 

39

 

 

 

29

 

 

 

25

 

Restructuring & transaction costs

 

 

9

 

 

 

—

 

 

 

—

 

Other

 

 

76

 

 

 

9

 

 

 

24

 

Total

 

$

96

 

 

$

38

 

 

$

(95

)

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule Of Income Tax Expense (Benefit)

The following table presents Devon’s income tax components.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current income tax expense (benefit):

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

427

 

 

$

441

 

 

$

501

 

Various states

 

 

32

 

 

 

27

 

 

 

65

 

Canada

 

 

—

 

 

 

(3

)

 

 

(7

)

Total current income tax expense

 

 

459

 

 

 

465

 

 

 

559

 

Deferred income tax expense:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

267

 

 

 

365

 

 

 

1,090

 

Various states

 

 

44

 

 

 

11

 

 

 

82

 

Canada

 

 

—

 

 

 

—

 

 

 

7

 

Total deferred income tax expense

 

 

311

 

 

 

376

 

 

 

1,179

 

Total income tax expense

 

$

770

 

 

$

841

 

 

$

1,738

 
Schedule Of Effective Income Tax Rate Reconciliation

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings before income taxes as a result of the following:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Earnings before income taxes

 

$

3,712

 

 

$

4,623

 

 

$

7,775

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

 

 

21

%

State income taxes

 

 

2

%

 

 

1

%

 

 

1

%

Income tax credits

 

 

(2

%)

 

 

(3

%)

 

 

—

 

Other

 

 

—

 

 

 

(1

%)

 

 

—

 

Effective income tax rate

 

 

21

%

 

 

18

%

 

 

22

%
Schedule Of Deferred Tax Assets And Liabilities

The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Capital loss carryforwards

 

$

497

 

 

$

542

 

Net operating loss carryforwards

 

 

428

 

 

 

447

 

Accrued liabilities

 

 

191

 

 

 

194

 

Asset retirement obligation

 

 

181

 

 

 

148

 

Other, including tax credits

 

 

28

 

 

 

25

 

Total deferred tax assets before valuation allowance

 

 

1,325

 

 

 

1,356

 

Less: valuation allowance

 

 

(794

)

 

 

(826

)

Net deferred tax assets

 

 

531

 

 

 

530

 

Deferred tax liabilities:

 

 

 

 

 

 

Property and equipment

 

 

(2,669

)

 

 

(2,304

)

Fair value of derivative financial instruments

 

 

(6

)

 

 

(50

)

Other

 

 

(4

)

 

 

(14

)

Total deferred tax liabilities

 

 

(2,679

)

 

 

(2,368

)

Net deferred tax liability

 

$

(2,148

)

 

$

(1,838

)
Schedule Of Changes In Unrecognized Tax Benefits

The following table presents changes in Devon’s unrecognized tax benefits.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

(Millions)

 

Balance at beginning of year

 

$

83

 

 

$

73

 

Tax positions taken in prior periods

 

 

22

 

 

 

10

 

Balance at end of year

 

$

105

 

 

$

83

 
Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities

Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities.

 

Jurisdiction

 

Tax Years Open

U.S. federal

 

2018-2024

Various U.S. states

 

2020-2024

Canada

 

2006-2024

 
v3.25.0.1
Net Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Computations from Continuing Operations

The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net earnings available to common shareholders - basic and diluted

 

$

2,891

 

 

$

3,747

 

 

$

5,958

 

Common shares:

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

632

 

 

 

639

 

 

 

651

 

Dilutive effect of potential common shares issuable

 

 

2

 

 

 

3

 

 

 

2

 

Average common shares outstanding - diluted

 

 

634

 

 

 

642

 

 

 

653

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

Basic

 

$

4.58

 

 

$

5.86

 

 

$

9.15

 

Diluted

 

$

4.56

 

 

$

5.84

 

 

$

9.12

 
v3.25.0.1
Other Comprehensive Earnings (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components Of Other Comprehensive Earnings (loss)

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

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(124

)

 

$

(116

)

 

$

(132

)

Net actuarial gain (loss) and prior service cost arising in current year

 

 

(3

)

 

 

(15

)

 

 

15

 

Recognition of net actuarial loss and prior service cost in earnings (1)

 

 

6

 

 

 

5

 

 

 

6

 

Income tax benefit (expense)

 

 

(1

)

 

 

2

 

 

 

(5

)

Accumulated other comprehensive loss, net of tax

 

$

(122

)

 

$

(124

)

 

$

(116

)

 

(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. See Note 16 for additional details.
v3.25.0.1
Supplemental Information To Statements Of Cash Flows (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Schedule Of Supplemental Information To Statements Of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

(170

)

 

$

191

 

 

$

(142

)

Other current assets

 

 

(46

)

 

 

95

 

 

 

(119

)

Other long-term assets

 

 

12

 

 

 

(36

)

 

 

90

 

Accounts payable and revenues and royalties payable

 

 

(32

)

 

 

(335

)

 

 

152

 

Other current liabilities

 

 

26

 

 

 

(50

)

 

 

(97

)

Other long-term liabilities

 

 

(7

)

 

 

(9

)

 

 

(110

)

Total

 

$

(217

)

 

$

(144

)

 

$

(226

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

Interest paid

 

$

366

 

 

$

378

 

 

$

370

 

Income taxes paid

 

$

480

 

 

$

400

 

 

$

438

 
v3.25.0.1
Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

 

 

December 31, 2024

 

 

December 31, 2023

 

Oil, gas and NGL sales

 

$

1,130

 

 

$

965

 

Joint interest billings

 

 

341

 

 

 

251

 

Marketing and midstream revenues

 

 

465

 

 

 

342

 

Other

 

 

42

 

 

 

22

 

Gross accounts receivable

 

 

1,978

 

 

 

1,580

 

Allowance for doubtful accounts

 

 

(6

)

 

 

(7

)

Net accounts receivable

 

$

1,972

 

 

$

1,573

 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
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.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

53,647

 

 

$

46,659

 

Unproved and properties under development

 

 

2,814

 

 

 

1,279

 

Total oil and gas

 

 

56,461

 

 

 

47,938

 

Less accumulated DD&A

 

 

(33,263

)

 

 

(30,113

)

Oil and gas property and equipment, net

 

 

23,198

 

 

 

17,825

 

Other property and equipment

 

 

2,671

 

 

 

2,289

 

Less accumulated DD&A

 

 

(858

)

 

 

(786

)

Other property and equipment, net (1)

 

 

1,813

 

 

 

1,503

 

Property and equipment, net

 

$

25,011

 

 

$

19,328

 

(1)
$178 million and $136 million related to CDM in 2024 and 2023, respectively.
Summary of Changes in Suspended Exploratory Well Costs

The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2024.

 

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

 

Beginning balance

 

$

136

 

$

126

 

$

66

 

Additions pending determination of proved reserves

 

 

674

 

 

522

 

 

462

 

Charges to exploration expense

 

 

(1

)

 

(1

)

 

(1

)

Reclassifications to proved properties

 

 

(516

)

 

(511

)

 

(401

)

Ending balance

 

$

293

 

$

136

 

$

126

 
v3.25.0.1
Debt And Related Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon unless otherwise noted in the table below.

 

 

December 31, 2024

 

 

December 31, 2023

 

5.25% due September 15, 2024 (1)

 

$

—

 

 

$

472

 

5.85% due December 15, 2025

 

 

485

 

 

 

485

 

7.50% due September 15, 2027 (2)

 

 

73

 

 

 

73

 

5.25% due October 15, 2027 (1)

 

 

390

 

 

 

390

 

5.875% due June 15, 2028 (1)

 

 

325

 

 

 

325

 

4.50% due January 15, 2030 (1)

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

—

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

—

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

—

 

Net premium on debentures and notes

 

 

37

 

 

 

64

 

Debt issuance costs

 

 

(53

)

 

 

(30

)

Total debt

 

$

8,883

 

 

$

6,155

 

Less amount classified as short-term debt

 

 

485

 

 

 

483

 

Total long-term debt

 

$

8,398

 

 

$

5,672

 

 

(1)
These instruments were assumed by Devon in January 2021 in conjunction with the merger with WPX. Approximately $27 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.
(2)
This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.
Schedule of Debt Maturities

Debt maturities as of December 31, 2024, excluding debt issuance costs, premiums and discounts, are as follows:

 

 

 

Total

 

2025

 

$

485

 

2026

 

 

1,000

 

2027

 

 

463

 

2028

 

 

325

 

2029

 

 

—

 

Thereafter

 

 

6,626

 

   Total

 

$

8,899

 

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net financing costs:

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

401

 

 

$

369

 

 

$

370

 

Interest income

 

 

(62

)

 

 

(55

)

 

 

(38

)

Other

 

 

24

 

 

 

(6

)

 

 

(23

)

Total net financing costs

 

$

363

 

 

$

308

 

 

$

309

 
WPX  
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances the dates in the following schedule, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in the indenture documents governing the notes to be redeemed. At any time prior to the dates in the following schedule, Devon has the option to redeem some or all of the notes at a specified “make whole” premium as described in such documents. Other than with respect to the notes identified in the schedule below, Devon's senior notes generally include more limited redemption provisions, such as "par call" rights near the maturity date or “make whole” redemption rights.

 

 

 

Optional Redemption

5.25% due October 15, 2027

 

October 15, 2022

5.875% due June 15, 2028

 

June 15, 2023

4.50% due January 15, 2030

 

January 15, 2025
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Right-of-use Assets and Lease Liabilities

The following table presents Devon’s right-of-use assets and lease liabilities.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

248

 

 

$

55

 

 

$

303

 

 

$

246

 

 

$

21

 

 

$

267

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

25

 

 

$

28

 

 

$

53

 

 

$

21

 

 

$

12

 

 

$

33

 

Long-term lease liabilities

 

 

293

 

 

 

27

 

 

 

320

 

 

 

286

 

 

 

9

 

 

 

295

 

Total lease liabilities (2)

 

$

318

 

 

$

55

 

 

$

373

 

 

$

307

 

 

$

21

 

 

$

328

 

 

(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of December 31, 2024 and are therefore excluded from the amounts shown above.
Schedule of Total Lease Cost he following table presents Devon’s total lease cost.

 

 

 

 

Year Ended December 31,

 

 

 

 

2024

 

 

2023

 

 

2022

 

Operating lease cost

Property and equipment; LOE; G&A

 

$

28

 

 

$

13

 

 

$

22

 

Short-term lease cost (1)

Property and equipment; LOE; G&A

 

 

234

 

 

 

193

 

 

 

140

 

Financing lease cost:

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

DD&A

 

 

11

 

 

 

9

 

 

 

8

 

Interest on lease liabilities

Net financing costs

 

 

19

 

 

 

15

 

 

 

11

 

Variable lease cost

G&A

 

 

—

 

 

 

5

 

 

 

—

 

Lease income

G&A

 

 

(10

)

 

 

(10

)

 

 

(8

)

Net lease cost

 

 

$

282

 

 

$

225

 

 

$

173

 

 

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

The following table presents Devon’s additional lease information.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Finance

 

 

Operating

 

 

Finance

 

 

Operating

 

Cash outflows for lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows

 

$

22

 

 

$

27

 

 

$

15

 

 

$

13

 

Investing cash flows

 

$

—

 

 

$

1

 

 

$

—

 

 

$

1

 

Right-of-use assets obtained in exchange for new
   lease liabilities

 

$

14

 

 

$

59

 

 

$

—

 

 

$

13

 

Weighted average remaining lease term (years)

 

 

8.2

 

 

 

2.1

 

 

 

9.4

 

 

 

2.2

 

Weighted average discount rate

 

 

6.2

%

 

 

5.3

%

 

 

6.1

%

 

 

4.9

%
Maturities of Lease Liabilities

The following table presents Devon’s maturity analysis as of December 31, 2024 for leases expiring in each of the next 5 years and thereafter.

 

 

 

Finance

 

 

Operating

 

 

Total

 

2025

 

$

25

 

 

$

30

 

 

$

55

 

2026

 

 

25

 

 

 

24

 

 

 

49

 

2027

 

 

25

 

 

 

4

 

 

 

29

 

2028

 

 

24

 

 

 

—

 

 

 

24

 

2029

 

 

22

 

 

 

—

 

 

 

22

 

Thereafter(1)

 

 

349

 

 

 

—

 

 

 

349

 

Total lease payments

 

 

470

 

 

 

58

 

 

 

528

 

Less: interest

 

 

(152

)

 

 

(3

)

 

 

(155

)

Present value of lease liabilities

 

$

318

 

 

$

55

 

 

$

373

 

 

(1)
Devon has one real estate lease that contains a residual value guarantee. Under the lease terms, the residual value guarantee stipulates that if the lessor were to sell the leased property and receive sale proceeds less than 90% of the lease liability at the time of sale, Devon would be required to make a shortfall payment to the lessor for the difference.
Schedule of Expected Lease Income

Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2024 for each of the next 5 years and thereafter.

 

 

 

Operating

 

 

 

Lease Income

 

2025

 

$

14

 

2026

 

 

15

 

2027

 

 

16

 

2028

 

 

16

 

2029

 

 

15

 

Thereafter

 

 

67

 

Total

 

$

143

 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Components of Investment The following table presents Devon's investments that are shown on the consolidated balance sheet.

 

 

 

 

 

Carrying Amount

 

Investments

 

% Interest

 

December 31, 2024

 

 

December 31, 2023

 

Catalyst

 

50%

 

$

273

 

 

$

311

 

Water JV

 

30%

 

 

216

 

 

 

216

 

Fervo

 

17%

 

 

115

 

 

 

—

 

Matterhorn

 

12.5%

 

 

69

 

 

 

90

 

Other

 

Various

 

 

54

 

 

 

49

 

      Total

 

 

 

$

727

 

 

$

666

 
Schedule of Additional Investment Information The impact from these services on Devon’s consolidated statements of comprehensive earnings and consolidated balance sheets for the years ended and as of December 31, 2024 and 2023, respectively, relate primarily to Catalyst and are summarized below.

 

 

 

Year ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil, gas and NGL sales

 

$

284

 

 

$

213

 

 

$

405

 

Production expenses

 

$

131

 

 

$

93

 

 

$

55

 

Accounts receivable

 

$

18

 

 

$

11

 

 

$

14

 
v3.25.0.1
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]  
Summary Of Changes In Asset Retirement Obligations

The following table presents the changes in asset retirement obligations.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Asset retirement obligations as of beginning of period

 

$

665

 

 

$

529

 

Assumed Grayson Mill obligations

 

 

75

 

 

 

—

 

Liabilities incurred

 

 

30

 

 

 

110

 

Liabilities settled and divested

 

 

(37

)

 

 

(30

)

Revision of estimated obligation

 

 

35

 

 

 

27

 

Accretion expense on discounted obligation

 

 

39

 

 

 

29

 

Asset retirement obligations as of end of period

 

 

807

 

 

 

665

 

Less current portion

 

 

37

 

 

 

22

 

Asset retirement obligations, long-term

 

$

770

 

 

$

643

 
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Defined Benefit Plan Obligations

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

655

 

 

$

629

 

 

$

7

 

 

$

7

 

Interest cost

 

 

31

 

 

 

34

 

 

 

—

 

 

 

—

 

Actuarial loss (gain)

 

 

(14

)

 

 

46

 

 

 

—

 

 

 

1

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(52

)

 

 

(54

)

 

 

(1

)

 

 

(2

)

Benefit obligation at end of year

 

 

620

 

 

 

655

 

 

 

7

 

 

 

7

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

476

 

 

 

458

 

 

 

—

 

 

 

—

 

Actual return on plan assets

 

 

9

 

 

 

58

 

 

 

—

 

 

 

—

 

Employer contributions

 

 

14

 

 

 

14

 

 

 

1

 

 

 

1

 

Participant contributions

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Benefits paid

 

 

(52

)

 

 

(54

)

 

 

(2

)

 

 

(2

)

Fair value of plan assets at end of year

 

 

447

 

 

 

476

 

 

 

—

 

 

 

—

 

Funded status at end of year

 

$

(173

)

 

$

(179

)

 

$

(7

)

 

$

(7

)

Amounts recognized in balance sheet:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

(13

)

 

$

(13

)

 

$

(1

)

 

$

(1

)

Other long-term liabilities

 

 

(160

)

 

 

(166

)

 

 

(6

)

 

 

(6

)

Net amount

 

$

(173

)

 

$

(179

)

 

$

(7

)

 

$

(7

)

Amounts recognized in accumulated other
   comprehensive earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

195

 

 

$

198

 

 

$

(13

)

 

$

(14

)

Prior service cost

 

 

—

 

 

 

—

 

 

 

1

 

 

 

1

 

Total

 

$

195

 

 

$

198

 

 

$

(12

)

 

$

(13

)
Schedule of Projected Benefit Obligation And Accumulated Benefit Obligation in Excess of Plan Assets

Certain of Devon’s pension plans have a combined projected benefit obligation or accumulated benefit obligation in excess of plan assets at December 31, 2024, and December 31, 2023, as presented in the table below.

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Projected and accumulated benefit obligation

 

$

620

 

 

$

655

 

Fair value of plan assets

 

$

447

 

 

$

476

 
Schedule of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Postretirement Benefit Plans

The following table presents the components of net periodic benefit cost and other comprehensive earnings.

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

$

31

 

 

$

34

 

 

$

19

 

 

$

—

 

 

$

—

 

 

$

—

 

Expected return on plan assets

 

 

(27

)

 

 

(27

)

 

 

(31

)

 

 

—

 

 

 

—

 

 

 

—

 

Recognition of net actuarial loss (gain) (1)

 

 

7

 

 

 

6

 

 

 

6

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Total net periodic benefit cost (2)

 

 

11

 

 

 

13

 

 

 

(6

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Other comprehensive loss (earnings):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss (gain) arising in current year

 

 

4

 

 

 

16

 

 

 

(11

)

 

 

—

 

 

 

—

 

 

 

(4

)

Recognition of net actuarial (loss) gain, including
   settlement expense, in net periodic benefit cost

 

 

(7

)

 

 

(6

)

 

 

(6

)

 

 

1

 

 

 

1

 

 

 

1

 

Total other comprehensive loss (earnings)

 

 

(3

)

 

 

10

 

 

 

(17

)

 

 

1

 

 

 

1

 

 

 

(3

)

Total

 

$

8

 

 

$

23

 

 

$

(23

)

 

$

—

 

 

$

—

 

 

$

(4

)

 

(1)
These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period.
(2)
The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other, net in the accompanying consolidated statements of comprehensive earnings.
Schedule of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost

 

 

Pension Benefits

 

Postretirement Benefits

 

 

2024

 

2023

 

2022

 

2024

 

2023

 

2022

Assumptions to determine benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.27%

 

5.01%

 

5.78%

 

5.18%

 

4.96%

 

5.71%

Assumptions to determine net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate - service cost

 

N/A

 

N/A

 

N/A

 

5.01%

 

5.81%

 

2.83%

Discount rate - interest cost

 

4.95%

 

5.61%

 

2.18%

 

4.94%

 

5.49%

 

1.57%

Expected return on plan assets

 

5.80%

 

6.21%

 

4.80%

 

N/A

 

N/A

 

N/A
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity [Table]  
Summary of Purchases of Common Stock The table below provides information regarding purchases of Devon’s common stock under the $5.0 billion share repurchase program (shares in thousands).

 

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

$

61.36

 

2023

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024

 

 

23,944

 

 

 

1,044

 

 

$

43.61

 

Total plan

 

 

68,985

 

 

$

3,343

 

 

$

48.46

 
Schedule of Dividends Payable The following table summarizes the dividends Devon has paid on its common stock in 2024, 2023 and 2022, respectively.

 

 

Fixed

 

 

Variable

 

 

Total

 

 

Rate Per Share

 

2024:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

143

 

 

$

156

 

 

$

299

 

 

$

0.44

 

Second quarter

 

138

 

 

 

85

 

 

 

223

 

 

$

0.35

 

Third quarter

 

136

 

 

 

136

 

 

 

272

 

 

$

0.44

 

Fourth quarter

 

143

 

 

 

—

 

 

 

143

 

 

$

0.22

 

Total year-to-date

$

560

 

 

$

377

 

 

$

937

 

 

 

 

2023:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

133

 

 

$

463

 

 

$

596

 

 

$

0.89

 

Second quarter

 

128

 

 

 

334

 

 

 

462

 

 

$

0.72

 

Third quarter

 

127

 

 

 

185

 

 

 

312

 

 

$

0.49

 

Fourth quarter

 

127

 

 

 

361

 

 

 

488

 

 

$

0.77

 

Total year-to-date

$

515

 

 

$

1,343

 

 

$

1,858

 

 

 

 

2022:

 

 

 

 

 

 

 

 

 

 

 

First quarter

$

109

 

 

$

558

 

 

$

667

 

 

$

1.00

 

Second quarter

 

105

 

 

 

725

 

 

 

830

 

 

$

1.27

 

Third quarter

 

117

 

 

 

890

 

 

 

1,007

 

 

$

1.55

 

Fourth quarter

 

117

 

 

 

758

 

 

 

875

 

 

$

1.35

 

Total year-to-date

$

448

 

 

$

2,931

 

 

$

3,379

 

 

 

 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commitments and Contingencies

The following table presents Devon’s commitments that have initial or remaining noncancelable terms in excess of one year as of December 31, 2024.

Year Ending December 31,

 

Drilling and Facility Obligations(1)

 

 

Operational
 Agreements(1)

 

 

Office and Equipment Leases and Other

 

2025

 

$

142

 

 

$

594

 

 

$

128

 

2026

 

 

19

 

 

 

534

 

 

 

159

 

2027

 

 

23

 

 

 

465

 

 

 

118

 

2028

 

 

36

 

 

 

451

 

 

 

105

 

2029

 

 

4

 

 

 

401

 

 

 

86

 

Thereafter

 

 

—

 

 

 

1,289

 

 

 

432

 

Total

 

$

224

 

 

$

3,734

 

 

$

1,028

 

 

(1)
Total costs incurred under take-or-pay and throughput obligations were approximately $800 million, $750 million and $650 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, restricted cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at December 31, 2024 and December 31, 2023, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 

December 31, 2023 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

306

 

 

$

306

 

 

$

306

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

208

 

 

$

208

 

 

$

—

 

 

$

208

 

 

$

—

 

Commodity derivatives

 

$

(9

)

 

$

(9

)

 

$

—

 

 

$

(9

)

 

$

—

 

Debt

 

$

(6,155

)

 

$

(6,090

)

 

$

—

 

 

$

(6,090

)

 

$

—

 

Contingent earnout payments

 

$

55

 

 

$

55

 

 

$

—

 

 

$

—

 

 

$

55

 
v3.25.0.1
Reportable Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin

The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Total revenues

 

$

15,940

 

 

$

15,258

 

 

$

19,169

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

1,574

 

 

 

1,428

 

 

 

1,071

 

Gathering, processing & transportation

 

 

790

 

 

 

702

 

 

 

693

 

Production and property taxes

 

 

819

 

 

 

798

 

 

 

1,033

 

Total significant expenses

 

 

3,183

 

 

 

2,928

 

 

 

2,797

 

Marketing and midstream expenses

 

 

4,792

 

 

 

4,409

 

 

 

5,780

 

DD&A

 

 

3,255

 

 

 

2,554

 

 

 

2,223

 

G&A

 

 

500

 

 

 

408

 

 

 

395

 

Financing costs, net

 

 

363

 

 

 

308

 

 

 

309

 

Income tax expense

 

 

770

 

 

 

841

 

 

 

1,738

 

Other segment items (1)

 

 

135

 

 

 

28

 

 

 

(110

)

Total expenses

 

 

12,998

 

 

 

11,476

 

 

 

13,132

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

2,942

 

 

$

3,782

 

 

$

6,037

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

30,489

 

 

$

24,490

 

 

$

23,271

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

8,919

 

 

$

3,907

 

 

$

5,301

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset dispositions and other, net.
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2024
Oil and Gas Disclosure [Abstract]  
Costs Incurred

The following table reflects the costs incurred in oil and gas property acquisition, exploration and development activities.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Property acquisition costs:

 

 

 

 

 

 

 

 

 

Proved properties

 

$

3,058

 

 

$

2

 

 

$

1,760

 

Unproved properties

 

 

1,949

 

 

 

63

 

 

 

803

 

Exploration costs

 

 

690

 

 

 

534

 

 

 

472

 

Development costs

 

 

2,856

 

 

 

3,160

 

 

 

2,132

 

Costs incurred

 

$

8,553

 

 

$

3,759

 

 

$

5,167

 
Results Of Operations

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Oil, gas and NGL sales

 

$

11,176

 

 

$

10,791

 

 

$

14,082

 

Production expenses

 

 

(3,183

)

 

 

(2,928

)

 

 

(2,797

)

Exploration expenses

 

 

(28

)

 

 

(20

)

 

 

(29

)

Depreciation, depletion and amortization

 

 

(3,156

)

 

 

(2,464

)

 

 

(2,119

)

Asset dispositions

 

 

(15

)

 

 

(33

)

 

 

43

 

Accretion of asset retirement obligations

 

 

(39

)

 

 

(29

)

 

 

(25

)

Income tax expense

 

 

(972

)

 

 

(1,044

)

 

 

(2,041

)

Results of operations

 

$

3,783

 

 

$

4,273

 

 

$

7,114

 

Depreciation, depletion and amortization per Boe

 

$

11.70

 

 

$

10.27

 

 

$

9.52

 
Proved Reserves

The following table presents Devon’s estimated proved reserves by product.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil (MMBbls)

 

 

Gas (Bcf) (1)

 

 

NGL (MMBbls)

 

 

Combined (MMBoe)

 

Proved developed and undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

709

 

 

 

2,878

 

 

 

437

 

 

 

1,625

 

Revisions due to prices

 

 

15

 

 

 

61

 

 

 

8

 

 

 

34

 

Revisions other than price

 

 

(55

)

 

 

13

 

 

 

3

 

 

 

(49

)

Extensions and discoveries

 

 

127

 

 

 

449

 

 

 

76

 

 

 

278

 

Purchase of reserves

 

 

106

 

 

 

137

 

 

 

24

 

 

 

153

 

Production

 

 

(109

)

 

 

(356

)

 

 

(54

)

 

 

(223

)

Sale of reserves

 

 

—

 

 

 

(7

)

 

 

(1

)

 

 

(3

)

December 31, 2022

 

 

793

 

 

 

3,175

 

 

 

493

 

 

 

1,815

 

Revisions due to prices

 

 

(25

)

 

 

(189

)

 

 

(22

)

 

 

(78

)

Revisions other than price

 

 

(12

)

 

 

58

 

 

 

1

 

 

 

(1

)

Extensions and discoveries

 

 

147

 

 

 

525

 

 

 

87

 

 

 

322

 

Production

 

 

(117

)

 

 

(385

)

 

 

(59

)

 

 

(240

)

Sale of reserves

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(1

)

December 31, 2023

 

 

786

 

 

 

3,182

 

 

 

500

 

 

 

1,817

 

Revisions due to prices

 

 

(9

)

 

 

(187

)

 

 

(14

)

 

 

(54

)

Revisions other than price

 

 

3

 

 

 

245

 

 

 

31

 

 

 

75

 

Extensions and discoveries

 

 

129

 

 

 

646

 

 

 

104

 

 

 

340

 

Purchase of reserves

 

 

120

 

 

 

328

 

 

 

73

 

 

 

247

 

Production

 

 

(127

)

 

 

(438

)

 

 

(70

)

 

 

(270

)

December 31, 2024

 

 

902

 

 

 

3,776

 

 

 

624

 

 

 

2,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proved developed reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

544

 

 

 

2,361

 

 

 

348

 

 

 

1,285

 

December 31, 2022

 

 

596

 

 

 

2,595

 

 

 

391

 

 

 

1,419

 

December 31, 2023

 

 

603

 

 

 

2,560

 

 

 

395

 

 

 

1,425

 

December 31, 2024

 

 

706

 

 

 

3,057

 

 

 

500

 

 

 

1,715

 

Proved undeveloped reserves:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

165

 

 

 

517

 

 

 

89

 

 

 

340

 

December 31, 2022

 

 

197

 

 

 

580

 

 

 

102

 

 

 

396

 

December 31, 2023

 

 

183

 

 

 

622

 

 

 

105

 

 

 

392

 

December 31, 2024

 

 

196

 

 

 

719

 

 

 

124

 

 

 

440

 

 

(1)
Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.
Proved Undeveloped Reserves

 

 

Total

 

 Proved undeveloped reserves as of December 31, 2023

 

 

392

 

 Extensions and discoveries

 

 

198

 

 Revisions due to prices

 

 

(2

)

 Revisions other than price

 

 

(6

)

 Purchase of reserves

 

 

47

 

 Conversion to proved developed reserves

 

 

(189

)

 Proved undeveloped reserves as of December 31, 2024

 

 

440

 
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves

The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Future cash inflows

 

$

82,422

 

 

$

75,734

 

 

$

108,361

 

Future costs:

 

 

 

 

 

 

 

 

 

Development

 

 

(6,099

)

 

 

(5,241

)

 

 

(5,176

)

Production

 

 

(38,326

)

 

 

(31,648

)

 

 

(35,264

)

Future income tax expense

 

 

(5,528

)

 

 

(6,644

)

 

 

(13,216

)

Future net cash flow

 

 

32,469

 

 

 

32,201

 

 

 

54,705

 

10% discount to reflect timing of cash flows

 

 

(12,699

)

 

 

(12,888

)

 

 

(23,391

)

Standardized measure of discounted future net cash flows

 

$

19,770

 

 

$

19,313

 

 

$

31,314

 
Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves

The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Beginning balance

 

$

19,313

 

 

$

31,314

 

 

$

19,301

 

Net changes in prices and production costs

 

 

(3,202

)

 

 

(16,797

)

 

 

14,081

 

Oil, gas and NGL sales, net of production costs

 

 

(7,993

)

 

 

(7,863

)

 

 

(11,285

)

Changes in estimated future development costs

 

 

806

 

 

 

218

 

 

 

(216

)

Extensions and discoveries, net of future development costs

 

 

3,951

 

 

 

5,222

 

 

 

7,279

 

Purchase of reserves

 

 

3,123

 

 

 

—

 

 

 

4,185

 

Sales of reserves in place

 

 

—

 

 

 

(9

)

 

 

(20

)

Revisions of quantity estimates

 

 

427

 

 

 

(747

)

 

 

(874

)

Previously estimated development costs incurred during the period

 

 

1,269

 

 

 

1,567

 

 

 

956

 

Accretion of discount

 

 

1,730

 

 

 

2,972

 

 

 

2,059

 

Net change in income taxes and other

 

 

346

 

 

 

3,436

 

 

 

(4,152

)

Ending balance

 

$

19,770

 

 

$

19,313

 

 

$

31,314

 
v3.25.0.1
Summary Of Significant Accounting Policies (Narrative) (Details)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 27, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
a
Dec. 31, 2023
USD ($)
Customer
Dec. 31, 2022
USD ($)
Customer
Summary Of Significant Accounting Policies [Line Items]        
Gain on asset dispositions   $ (11) $ 30 $ 44
Number of customers | Customer     2 1
Derivative collateral held   0    
Cash collateral posted   0    
Restricted cash   35 $ 22 $ 140
Goodwill, Impairment Loss   $ 0 $ 0 $ 0
Minimum [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Other property and equipment, useful life   3 years    
Maximum [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Other property and equipment, useful life   60 years    
Customer Concentration Risk [Member] | One Customer [Member] | Consolidated Sales Revenue [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Concentration risk percentage     14.00% 15.00%
Customer Concentration Risk [Member] | Two Customer [Member] | Consolidated Sales Revenue [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Concentration risk percentage   10.00% 10.00%  
Upstream Revenues [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Number of days allowed for payment from end of production month   30 days    
Marketing Revenues [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Number of days allowed for payment of invoiced amount   30 days    
CDM [Member] | QL Capital Partners, LP [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Cash Contributed   $ 52 $ 37  
Cash distribution from entities   $ 51 45 $ 30
Williston Acquisition [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Business Aquisition $ 5,000      
Cash paid related to acquisition $ 3,500      
Williston Acquisition [Member] | Common Stock [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Number of shares sold in acquisition | shares 37.3      
WPX and Howard Energy Partners [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Voting interest in the join venture legal entity   50.00%    
Water JV [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Gain on asset dispositions     $ 64  
Catalyst [Member]        
Summary Of Significant Accounting Policies [Line Items]        
Area of land | a   50,000    
v3.25.0.1
Summary Of Significant Accounting Policies (Schedule of Components of Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]    
Investments $ 727 $ 666
Catalyst [Member]    
Summary Of Significant Accounting Policies [Line Items]    
% Interest 50.00%  
Investments $ 273 311
Water JV [Member]    
Summary Of Significant Accounting Policies [Line Items]    
% Interest 30.00%  
Investments $ 216 216
Matterhorn [Member]    
Summary Of Significant Accounting Policies [Line Items]    
% Interest 12.50%  
Investments $ 69 90
Other [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Investments $ 54 $ 49
v3.25.0.1
Summary Of Significant Accounting Policies (Schedule Of Additional Investment Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]      
Oil, gas and NGL sales $ 15,919 $ 15,140 $ 19,827
Accounts receivable 1,972 1,573  
Catalyst [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Oil, gas and NGL sales 284 213 405
Production expenses 131 93 55
Accounts receivable $ 18 $ 11 $ 14
v3.25.0.1
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales $ 15,919 $ 15,140 $ 19,827
Oil, Gas and NGL Sales [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 11,176 10,791 14,082
Oil, Gas and NGL Sales [Member] | Gas [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 398 703 1,948
Oil, Gas and NGL Sales [Member] | NGL [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 1,410 1,209 1,853
Oil, Gas and NGL Sales [Member] | Oil [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 9,368 8,879 10,281
Marketing and Midstream Revenues [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 4,743 4,349 5,745
Marketing and Midstream Revenues [Member] | Gas [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 517 572 1,163
Marketing and Midstream Revenues [Member] | NGL [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales 821 759 1,277
Marketing and Midstream Revenues [Member] | Oil [Member]      
Disaggregation Of Revenue [Line Items]      
Oil, gas and NGL sales $ 3,405 $ 3,018 $ 3,305
v3.25.0.1
Acquisitions and Divestitures (Narrative) (Details)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 27, 2024
USD ($)
shares
Sep. 30, 2022
USD ($)
MMBoe
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
$ / bbl
$ / MMBTU
shares
Dec. 31, 2023
USD ($)
MMBoe
shares
Dec. 31, 2022
USD ($)
MMBoe
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Devon common stock issued | shares           651.0 636.0  
Common Stock Shares Issued           $ 65 $ 64  
Total estimated proved reserves | MMBoe             1 3
Contingent earnout payments           20    
Total revenues           15,940 $ 15,258 $ 19,169
Net earnings           2,942 $ 3,782 $ 6,037
Barnett Shale [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Contingent earnout payments     $ 20 $ 65   $ 20    
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 had a term of four years.    
Non Core Assets [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Contingent earnout payments       $ 4 $ 4      
Eagle Ford Acquisition [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Cash consideration   $ 1,700            
Williston Acquisition [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Total consideration for business acquired $ 5,000              
Cash paid related to acquisition $ 3,500              
Cash consideration   $ 830            
Williston Acquisition [Member] | Common Stock [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Devon common stock issued | shares 37.3              
GME Revenues and Earnings [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Total revenues           $ 687    
Net earnings           $ 122    
Eagle Ford [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Total estimated proved reserves | MMBoe   87            
Williston Basin [Member]                
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]                
Total estimated proved reserves | MMBoe   66            
v3.25.0.1
Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Consideration    
Devon common stock issued 651.0 636.0
GME [Member]    
Consideration    
Devon common stock issued 37.3  
Devon closing price on September 27, 2024 $ 38.96  
Total common equity consideration $ 1,455  
Cash consideration 3,567  
Total consideration 5,022  
Assets acquired    
Cash, cash equivalents and restricted cash 147  
Accounts receivable 219  
Inventory 44  
Other current assets 9  
Proved oil and gas property and equipment 3,056  
Unproved oil and gas property and equipment 1,771  
Other property and equipment, net 210  
Right-of-use assets 29  
Total assets acquired 5,485  
Liabilities assumed    
Accounts payable 145  
Revenue and royalties payable 209  
Other current liabilities 16  
Asset retirement obligations 75  
Lease liabilities 18  
Total liabilities assumed 463  
Net assets acquired $ 5,022  
v3.25.0.1
Acquisitions and Divestitures - Schedule of Grayson Mill's Revenues & Earnings and Pro Forma Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Total revenues $ 15,940 $ 15,258 $ 19,169
Net earnings 2,942 3,782 $ 6,037
Pro Forma Financial Information [Member]      
Business Acquisition [Line Items]      
Total revenues 17,930 17,483  
Net earnings $ 3,166 $ 4,083  
v3.25.0.1
Derivative Financial Instruments (Schedule of Open Oil Derivative Positions) (Details)
 12 Months Ended
Dec. 31, 2024
$ / bbl
bbl
Nymex West Texas Intermediate Price Collars Oil Q1 Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 83,025
Weighted Average Floor Price 66.77
Weighted Average Ceiling Price 74.87
Nymex West Texas Intermediate Price Swaps Oil Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 12,468
Weighted Average Price Swap 71.86
NYMEX West Texas Intermediate Three Way Price Collars Oil Q1 Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 8,000
Weighted Average Ceiling Price 77.11
Weighted Average Floor Sold Price 51.25
Weighted Average Floor Purchased Price 65
Midland Sweet Q1-Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 63,000
Weighted Average Differential To WTI 1
Midland Sweet Q1 Q4 2026 Member  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 20,000
Weighted Average Differential To WTI 1.2
v3.25.0.1
Derivative Financial Instruments (Schedule of Open Natural Gas Derivative Positions) (Details)
 12 Months Ended
Dec. 31, 2024
MMBTU
$ / Customer
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 298,071
Weighted Average Price Swap 3.3
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 145,137
Weighted Average Floor Price 3
Weighted Average Ceiling Price 3.68
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2026 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 215,000
Weighted Average Price Swap 3.71
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 120,000
Weighted Average Floor Price 3.19
Weighted Average Ceiling Price 4.43
Houston Ship Channel Natural Gas Basis Swap Q1-Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 230,000
Weighted Average Differential To Henry Hub (0.35)
Houston Ship Channel Natural Gas Basis Swap Q1-Q4 2026 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 50,000
Weighted Average Differential To Henry Hub (0.29)
WAHA Natural Gas Basis Swaps Q1-Q4 2025 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 110,000
Weighted Average Differential To Henry Hub (1.11)
WAHA Natural Gas Basis Swaps Q1-Q4 2026 [Member]  
Derivative [Line Items]  
Volume Per Day (MMBtu/d) | MMBTU 20,000
Weighted Average Differential To Henry Hub (1.3)
v3.25.0.1
Derivative Financial Instruments - (Schedule Of Open NGL Derivative Positions) (Details)
 12 Months Ended
Dec. 31, 2024
$ / bbl
bbl
Q1-Q4 2025 Natural Gasoline  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 63.35
Q1-Q4 2025 Normal Butane  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 323
Weighted Average Price Swap | $ / bbl 39.9
Q1-Q4 2025 Propane  
Derivative [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 32.29
v3.25.0.1
Derivative Financial Instruments (Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivatives Fair Value [Line Items]    
Gross Fair Value $ 23 $ 199
Amounts Netted 0 0
Net Fair Value 23 199
Short-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 78 213
Amounts Netted (23) (5)
Net Fair Value $ 55 208
Balance Sheet Classification Other current assets  
Long-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value $ 5 0
Amounts Netted (4) 0
Net Fair Value $ 1 0
Balance Sheet Classification Other long-term assets  
Short-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value $ (37) (7)
Amounts Netted 23 5
Net Fair Value $ (14) (2)
Balance Sheet Classification Other current liabilities  
Long-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value $ (23) (7)
Amounts Netted 4 0
Net Fair Value $ (19) $ (7)
Balance Sheet Classification Other long-term liabilities  
v3.25.0.1
Share-Based Compensation (Narrative) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2022
Restricted Stock Awards [Member] | Minimum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Vesting period 1 year  
Restricted Stock Awards [Member] | Maximum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Vesting period 4 years  
Performance Share Units [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Comparison period of peer companies for performance awards 3 years  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 100.00%  
Performance Share Units [Member] | Minimum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 0.00%  
Performance Share Units [Member] | Maximum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 200.00%  
2022 Plan [Member]    
Share Based Compensation Arrangement By Share Based Payment Award Line Items    
Number of shares used to calculate shares that may be granted under the Long-Term Incentive Plan, options and stock appreciation rights   1
Number of shares used to calculate shares that may be granted under the Long-Term Incentive Plan, other awards   1.74
v3.25.0.1
Share-Based Compensation (Schedule of Share-Based Compensation Expense Included in the Consolidated Statements of Comprehensive Earnings) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Share-based compensation expense $ 99 $ 93 $ 88
Related income tax benefit 25 34 34
G&A [Member]      
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Share-based compensation expense 98 92 87
Exploration Expenses [Member]      
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Share-based compensation expense $ 1 $ 1 $ 1
v3.25.0.1
Share-Based Compensation (Summary of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards and Performance Share Units) (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted Stock Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award Line Items  
Unvested at December 31, 2022 | shares 4,033
Granted, awards and units | shares 1,997
Vested, awards and units | shares (1,812)
Forfeited, awards and units | shares (111)
Unvested at December 31, 2023 | shares 4,107
Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares $ 42.1
Granted, weighted average grant-date fair value | $ / shares 42.34
Vested, weighted average grant-date fair value | $ / shares 34.88
Forfeited, weighted average grant-date fair value | $ / shares 45.69
Unvested weighted average grant-date fair value at December 31, 2023 | $ / shares $ 45.31
Performance Share Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award Line Items  
Unvested at December 31, 2022 | shares 1,547
Granted, awards and units | shares 858 [1]
Vested, awards and units | shares (1,226)
Forfeited, awards and units | shares 0
Unvested at December 31, 2023 | shares 1,179 [2]
Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares $ 43.25
Granted, weighted average grant-date fair value | $ / shares 40.41
Vested, weighted average grant-date fair value | $ / shares 18.08
Forfeited, weighted average grant-date fair value | $ / shares 0
Unvested weighted average grant-date fair value at December 31, 2023 | $ / shares $ 67.38
[1] These grants also include the impact of performance share units granted in prior year that vested higher than 100% target due to Devon's TSR performance compared to applicable peers.
[2] A maximum of 2.4 million common shares could be awarded based upon Devon’s final TSR ranking
v3.25.0.1
Share-Based Compensation (Summary of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards and Performance Share Units) (Parenthetical) (Details) - Performance Share Units [Member]
shares in Millions
 12 Months Ended
Dec. 31, 2024
shares
Share Based Compensation Arrangement By Share Based Payment Award Line Items  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 100.00%
Maximum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award Line Items  
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage 200.00%
Maximum common shares that could be awarded based upon total shareholder return 2.4
v3.25.0.1
Share-Based Compensation (Schedule of Aggregate Fair Value of Restricted Stock, Performance-Based Restricted Stock and Performance Shares, Awards and Units, that Vested During the Period) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Awards and Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Aggregate fair value of awards and units, vested $ 82 $ 172 $ 180
Performance Share Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Aggregate fair value of awards and units, vested $ 52 $ 66 $ 62
v3.25.0.1
Share-Based Compensation (Summary of Unrecognized Compensation Cost and Weighted Average Period for Recognition) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Restricted Stock Units (RSUs) [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 102
Weighted average period for recognition (years) 2 years 6 months
Performance Share Units [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 19
Weighted average period for recognition (years) 1 year 8 months 12 days
v3.25.0.1
Share-Based Compensation (Summary of Performance Share Units Grant-Date Fair Values and their Related Assumptions) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Share Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award Line Items      
Grant-date fair value $ 40.41    
Risk-free interest rate 4.28% 4.15% 1.81%
Volatility factor 46.03% 61.43% 70.10%
Contractual term (years) 2 years 10 months 20 days 2 years 10 months 20 days 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 $ 56.99 $ 81.7 $ 68.68
v3.25.0.1
Other, Net (Summary of Other Expenses (Income)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Expenses [Abstract]      
Estimated future obligation under a performance guarantee $ (28) $ 0 $ (144)
Asset retirement obligation accretion 39 29 25
Restructuring & transaction costs 9 0 0
Other 76 9 24
Total $ 96 $ 38 $ (95)
v3.25.0.1
Other, Net (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Expenses [Abstract]      
Estimated future obligation under a performance guarantee $ (28) $ 0 $ (144)
v3.25.0.1
Income Taxes (Schedule Of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current income tax expense (benefit):      
United States Federal, current income tax expense $ 427 $ 441 $ 501
Various states, current income tax expense 32 27 65
Canada, current income tax expense 0 (3) (7)
Total current income tax expense 459 465 559
Deferred income tax expense:      
United States Federal, deferred income tax expense 267 365 1,090
Various states, deferred income tax expense 44 11 82
Canada,deferred income tax expense 0 0 7
Total deferred income tax expense 311 376 1,179
Total income tax expense $ 770 $ 841 $ 1,738
v3.25.0.1
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Earnings before income taxes $ 3,712 $ 4,623 $ 7,775
U.S. statutory income tax rate 21.00% 21.00% 21.00%
State income taxes 2.00% 1.00% 1.00%
Income tax credits (2.00%) (3.00%) 0.00%
Other 0.00% (1.00%) 0.00%
Effective income tax rate 21.00% 18.00% 22.00%
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Tax [Line Items]    
Federal valuation allowance amount removed $ 794 $ 826
Valuation allowance against deferred tax assets, percent 50.00%  
Net operating loss carryforwards, deferred tax assets $ 428 447
Capital loss carryforwards 497 542
Unrecognized tax benefits, interest expense (benefit) 12 4
Unrecognized tax benefit that would impact effective tax rate 105 $ 83
United States Federal [Member]    
Income Tax [Line Items]    
Federal valuation allowance amount removed 281  
Net operating loss carryforwards 107  
United States Federal [Member] | Expires between 2035 and 2036 [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 60  
United States Federal [Member] | No Expire [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 47  
Various U.S. States [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 313  
Various U.S. States [Member] | Expires between 2025 and 2040 [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 149  
Various U.S. States [Member] | No Expire [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 164  
Canada [Member]    
Income Tax [Line Items]    
Net operating loss carryforwards 8  
Capital loss carryforwards 505  
WPX Merger [Member]    
Income Tax [Line Items]    
Capital loss carryforwards $ 489  
v3.25.0.1
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Capital loss carryforwards $ 497 $ 542
Deferred tax assets, net operating loss carryforwards 428 447
Deferred tax assets, accrued liabilities 191 194
Deferred tax assets, asset retirement obligations 181 148
Other, including tax credits 28 25
Total deferred tax assets before valuation allowance 1,325 1,356
Less: valuation allowance (794) (826)
Net deferred tax assets 531 530
Deferred tax liabilities, property and equipment (2,669) (2,304)
Deferred tax liabilities, fair value of derivative financial instruments (6) (50)
Deferred tax liabilities, other (4) (14)
Total deferred tax liabilities (2,679) (2,368)
Net deferred tax liability $ (2,148) $ (1,838)
v3.25.0.1
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits, Balance at beginning of year $ 83 $ 73
Tax positions taken in prior periods 22 10
Unrecognized tax benefits, Balance at end of year $ 105 $ 83
v3.25.0.1
Income Taxes (Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (Details)
 12 Months Ended
Dec. 31, 2024
Minimum [Member] | United States Federal [Member]  
Tax years open 2018
Maximum [Member] | United States Federal [Member]  
Tax years open 2024
Various U.S. States [Member] | Minimum [Member]  
Tax years open 2020
Various U.S. States [Member] | Maximum [Member]  
Tax years open 2024
Canada [Member] | Minimum [Member]  
Tax years open 2006
Canada [Member] | Maximum [Member]  
Tax years open 2024
v3.25.0.1
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net earnings available to common shareholders - basic $ 2,891 $ 3,747 $ 5,958
Net earnings available to common shareholders - diluted $ 2,891 $ 3,747 $ 5,958
Common shares:      
Average common shares outstanding - basic 632 639 651
Dilutive effect of potential common shares issuable 2 3 2
Average common shares outstanding - diluted 634 642 653
Net earnings per share available to common shareholders:      
Basic $ 4.58 $ 5.86 $ 9.15
Diluted $ 4.56 $ 5.84 $ 9.12
v3.25.0.1
Other Comprehensive Earnings (loss) (Components Of Other Comprehensive Earnings (loss)) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension and postretirement benefit plans:      
Beginning accumulated pension and postretirement benefits $ (124) $ (116) $ (132)
Net actuarial gain (loss) and prior service cost arising in current year (3) (15) 15
Recognition of net actuarial loss and prior service cost in earnings [1] 6 5 6
Income tax benefit (expense) (1) 2 (5)
Accumulated other comprehensive loss, net of tax $ (122) $ (124) $ (116)
[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. See Note 16 for additional details.
v3.25.0.1
Supplemental Information to Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in assets and liabilities, net:      
Accounts receivable $ (170) $ 191 $ (142)
Other current assets (46) 95 (119)
Other long-term assets 12 (36) 90
Accounts payable and revenues and royalties payable (32) (335) 152
Other current liabilities 26 (50) (97)
Other long-term liabilities (7) (9) (110)
Total (217) (144) (226)
Supplementary cash flow data:      
Interest paid 366 378 370
Income taxes paid $ 480 $ 400 $ 438
v3.25.0.1
Supplemental Information to Statements Of Cash Flows (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Sep. 27, 2024
Dec. 31, 2023
Supplemental Cash Flow [Line Items]      
Accrued capital expenditures $ 340 $ 50 $ 350
Other property and equipment $ 2,671   2,289
Water JV [Member]      
Supplemental Cash Flow [Line Items]      
Other property and equipment     $ 150
v3.25.0.1
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Joint interest billings $ 341 $ 251
Other 42 22
Gross accounts receivable 1,978 1,580
Allowance for doubtful accounts (6) (7)
Net accounts receivable 1,972 1,573
Oil, Gas and NGL Sales [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable 1,130 965
Marketing and Midstream Revenues [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable $ 465 $ 342
v3.25.0.1
Property, Plant and Equipment (Schedule of Property and Equipment, net) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property and equipment:    
Proved $ 53,647 $ 46,659
Unproved and properties under development 2,814 1,279
Total oil and gas 56,461 47,938
Less accumulated DD&A (33,263) (30,113)
Oil and gas property and equipment, net 23,198 17,825
Other property and equipment 2,671 2,289
Less accumulated DD&A (858) (786)
Other property and equipment, net [1] 1,813 1,503
Total property and equipment, net $ 25,011 $ 19,328
[1] $178 million and $136 million related to CDM in 2024 and 2023, respectively.
v3.25.0.1
Property, Plant and Equipment (Schedule of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]    
Other property and equipment, net [1] $ 1,813 $ 1,503
CDM [Member]    
Property Plant And Equipment [Line Items]    
Other property and equipment, net $ 178 $ 136
[1] $178 million and $136 million related to CDM in 2024 and 2023, respectively.
v3.25.0.1
Property, Plant and Equipment (Summary of Changes in Suspended Exploratory Well Costs) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Beginning balance $ 136 $ 126 $ 66
Additions pending determination of proved reserves 674 522 462
Charges to exploration expense (1) (1) (1)
Reclassifications to proved properties (516) (511) (401)
Ending balance $ 293 $ 136 $ 126
v3.25.0.1
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt, gross $ 8,899  
Net premium on debentures and notes 37 $ 64
Debt issuance costs (53) (30)
Total debt 8,883 6,155
Less amount classified as short-term debt 485 483
Long-term debt 8,398 5,672
5.25% due September 15, 2024 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 0 $ 472
Debt, maturity date Sep. 15, 2024  
Debt interest rate, stated percentage 5.25% 5.25%
5.85% due December 15, 2025 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 485 $ 485
Debt, maturity date Dec. 15, 2025  
Debt interest rate, stated percentage 5.85% 5.85%
7.50% due September 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [2] $ 73 $ 73
Debt, maturity date Sep. 15, 2027  
Debt interest rate, stated percentage 7.50% 7.50%
5.25% due October 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 390 $ 390
Debt, maturity date Oct. 15, 2027  
Debt interest rate, stated percentage 5.25% 5.25%
5.875% due June 15, 2028 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 325 $ 325
Debt, maturity date Jun. 15, 2028  
Debt interest rate, stated percentage 5.875% 5.875%
4.50% due January 15, 2030 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 585 $ 585
Debt, maturity date Jan. 15, 2030  
Debt interest rate, stated percentage 4.50% 4.50%
7.875% due September 30, 2031 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 675 $ 675
Debt, maturity date Sep. 30, 2031  
Debt interest rate, stated percentage 7.875% 7.875%
7.95% due April 15, 2032 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 366 $ 366
Debt, maturity date Apr. 15, 2032  
Debt interest rate, stated percentage 7.95% 7.95%
5.20% due September 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 0
Debt, maturity date Sep. 15, 2034  
Debt interest rate, stated percentage 5.20% 5.20%
5.60% due July 15, 2041 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Debt, maturity date Jul. 15, 2041  
Debt interest rate, stated percentage 5.60% 5.60%
4.75% due May 15, 2042 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt, maturity date May 15, 2042  
Debt interest rate, stated percentage 4.75% 4.75%
5.00% due June 15, 2045 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt, maturity date Jun. 15, 2045  
Debt interest rate, stated percentage 5.00% 5.00%
5.75% due September 15, 2054 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 0
Debt, maturity date Sep. 15, 2054  
Debt interest rate, stated percentage 5.75% 5.75%
Term Loan due September 25, 2026 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 0
Debt, maturity date Sep. 25, 2026  
[1] These instruments were assumed by Devon in January 2021 in conjunction with the merger with WPX. Approximately $27 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.
[2] This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.
v3.25.0.1
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) - USD ($)
$ in Millions
 1 Months Ended
Apr. 30, 2003
Dec. 31, 2024
Dec. 31, 2022
Debt Instrument [Line Items]      
Long-term debt, gross   $ 8,899  
WPX      
Debt Instrument [Line Items]      
Long-term debt, gross     $ 27
Ocean Energy [Member]      
Debt Instrument [Line Items]      
Fair value of notes assumed $ 169    
Effective interest rate of notes 6.50%    
v3.25.0.1
Debt And Related Expenses (Schedule Of Debt Maturities) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 485
2026 1,000
2027 463
2028 325
2029 0
Thereafter 6,626
Total $ 8,899
v3.25.0.1
Debt And Related Expenses (Schedule of WPX Debt assumed with the Merger) (Details) - WPX
 12 Months Ended
Dec. 31, 2024
5.25% due October 15, 2027 [Member]  
Debt Instrument [Line Items]  
Optional Redemption Oct. 15, 2022
5.875% due June 15, 2028 [Member]  
Debt Instrument [Line Items]  
Optional Redemption Jun. 15, 2023
4.50% due January 15, 2030 [Member]  
Debt Instrument [Line Items]  
Optional Redemption Jan. 15, 2025
v3.25.0.1
Debt And Related Expenses (Narrative) (Details)
$ in Millions
 12 Months Ended
Sep. 15, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 27, 2024
USD ($)
Debt Instrument [Line Items]          
Repayments of Long-term Debt   $ 472 $ 242 $ 0  
Maturity date extension   In the first quarter of 2024, Devon exercised its option to extend the 2023 Senior Credit Facility maturity date from March 24, 2028 to March 24, 2029      
Credit Facility, Commitment Fee   $ 5      
Commercial paper   0      
Commercial Paper [Member]          
Debt Instrument [Line Items]          
Credit Facility, borrowing capacity   3,000      
Senior Credit Facility [Member]          
Debt Instrument [Line Items]          
Credit Facility, borrowing capacity     $ 3,000    
Outstanding credit facility borrowings   0      
Outstanding letters of credit   $ 4      
Debt-to-capitalization ratio   0.265      
Senior Credit Facility [Member] | Maximum [Member]          
Debt Instrument [Line Items]          
Debt-to-capitalization ratio   0.65      
Term Loan Credit Agreement [Member]          
Debt Instrument [Line Items]          
Outstanding credit facility borrowings         $ 1,000
Debt-to-capitalization ratio   0.265      
Aggregate Principal Amount   $ 2,000      
Interest rate on the term loan   5.81%      
Term Loan Credit Agreement [Member] | Tranche One [Member]          
Debt Instrument [Line Items]          
Aggregate Principal Amount   $ 500,000      
Term Loan Credit Agreement [Member] | Tranche Two [Member]          
Debt Instrument [Line Items]          
Aggregate Principal Amount   $ 1,500      
5.20% due 2034 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Debt interest rate, stated percentage   5.20%      
Issuance of Senior Long-Term Debt   $ 1,250      
5.75% due 2054 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Debt interest rate, stated percentage   5.75%      
Issuance of Senior Long-Term Debt   $ 1,000      
5.25% due September 15, 2024 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Repayments of Long-term Debt $ 472        
Debt interest rate, stated percentage 5.25%        
8.25% due August 1, 2023 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Repayments of Long-term Debt $ 242        
Debt interest rate, stated percentage 8.25%        
v3.25.0.1
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]      
Interest based on debt outstanding $ 401 $ 369 $ 370
Interest income (62) (55) (38)
Other 24 (6) (23)
Total net financing costs $ 363 $ 308 $ 309
v3.25.0.1
Leases (Additional Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 14, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Extinguishment of Debt [Line Items]        
Depreciation, depletion and amortization   $ 3,255 $ 2,554 $ 2,223
Subsequent Event        
Extinguishment of Debt [Line Items]        
Extinguishment of real estate finance lease $ 300      
Cash payment 275      
gain on early lease extinguishment 25      
Asset impairment 185      
Non-cash loss 160      
Depreciation, depletion and amortization 11      
Net financing costs $ 18      
v3.25.0.1
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Right-of-use assets Right-of-use assets
Right-of-use assets, finance lease $ 248 $ 246
Finance lease liabilities:    
Finance Lease, Liability, Current Other current liabilities Other current liabilities
Current lease liabilities, finance lease [1] $ 25 $ 21
Finance Lease, Liability, Noncurrent Long-term lease liabilities Long-term lease liabilities
Long-term lease liabilities, finance lease $ 293 $ 286
Total lease liabilities, finance lease [2] $ 318 $ 307
Operating Lease, Right-of-Use Asset Right-of-use assets Right-of-use assets
Right-of-use assets, operating lease $ 55 $ 21
Operating lease liabilities:    
Operating Lease, Liability, Current Other current liabilities Other current liabilities
Current lease liabilities, operating lease [1] $ 28 $ 12
Operating Lease, Liability, Noncurrent Long-term lease liabilities Long-term lease liabilities
Long-term lease liabilities, operating lease $ 27 $ 9
Total lease liabilities, operating lease [2] 55 21
Right-of-use assets 303 267
Lease liabilities:    
Current lease liabilities [1] 53 33
Long-term lease liabilities 320 295
Total lease liabilities [2] $ 373 $ 328
[1] Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
[2] Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of December 31, 2024 and are therefore excluded from the amounts shown above.
v3.25.0.1
Leases (Schedule of Total Lease Cost) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 28 $ 13 $ 22
Short-term lease cost [1] 234 193 140
Amortization of right-of-use assets 11 9 8
Interest on lease liabilities 19 15 11
Variable lease cost 0 5 0
Lease income (10) (10) (8)
Net lease cost $ 282 $ 225 $ 173
[1] Short-term lease cost excludes leases with terms of one month or less.
v3.25.0.1
Leases (Schedule of Additional Lease Information) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash outflows for lease liabilities:    
Operating cash flows, Finance lease $ 22 $ 15
Investing cash flows, Finance lease 0 0
Right-of-use assets obtained in exchange for new lease liabilities, Finance lease $ 14 $ 0
Weighted average remaining lease term (years), Finance lease 8 years 2 months 12 days 9 years 4 months 24 days
Weighted average discount rate, Finance lease 6.20% 6.10%
Operating cash flows, Operating lease $ 27 $ 13
Investing cash flows, Operating lease 1 1
Right-of-use assets obtained in exchange for new lease liabilities, Operating lease $ 59 $ 13
Weighted average remaining lease term (years), Operating lease 2 years 1 month 6 days 2 years 2 months 12 days
Weighted average discount rate, Operating lease 5.30% 4.90%
v3.25.0.1
Leases (Maturities of Lease Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 30  
2026 24  
2027 4  
2028 0  
2029 0  
Thereafter [1] 0  
Total lease payments 470  
Less: interest (152)  
Present value of lease liabilities [2] 318 $ 307
2025 55  
2026 49  
2027 29  
2028 24  
2029 22  
Thereafter [1] 349  
Total lease payments 58  
Less: interest (3)  
Present value of lease liabilities [2] 55 21
2025 25  
2026 25  
2027 25  
2028 24  
2029 22  
Thereafter [1] 349  
Total lease payments 528  
Less: interest (155)  
Present value of lease liabilities [2] $ 373 $ 328
[1] Devon has one real estate lease that contains a residual value guarantee. Under the lease terms, the residual value guarantee stipulates that if the lessor were to sell the leased property and receive sale proceeds less than 90% of the lease liability at the time of sale, Devon would be required to make a shortfall payment to the lessor for the difference.
[2] Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of December 31, 2024 and are therefore excluded from the amounts shown above.
v3.25.0.1
Leases (Maturities of Lease Liabilities) (Details) (Parenthetical)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Liability Shortfall Payment Percentage 90.00%
v3.25.0.1
Leases (Schedule of Expected Lease Income ) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 14
2026 15
2027 16
2028 16
2029 15
Thereafter 67
Total $ 143
v3.25.0.1
Investments (Additional Information) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
a
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Investments [Line Items]      
Investments $ 727 $ 666  
Gain on asset dispositions $ (11) 30 $ 44
WPX and Howard Energy Partners [Member]      
Schedule of Investments [Line Items]      
Voting interest in the join venture legal entity 50.00%    
Catalyst [Member]      
Schedule of Investments [Line Items]      
Investments $ 273 $ 311  
Area of land | a 50,000    
Devon Energy Corporation [Member]      
Schedule of Investments [Line Items]      
Voting interest in the join venture legal entity   30.00%  
Equity Method Investment, Underlying Equity in Net Assets $ 200    
Water JV [Member]      
Schedule of Investments [Line Items]      
Investments 216 $ 216  
Gain on asset dispositions   $ 64  
Fervo [Member]      
Schedule of Investments [Line Items]      
Investments $ 117    
Catalyst and the Water JV [Member]      
Schedule of Investments [Line Items]      
Equity Method Investment Amortized Time Period 13 years    
Waterbridge [Member] | Devon Energy Corporation [Member]      
Schedule of Investments [Line Items]      
Voting interest in the join venture legal entity   70.00%  
v3.25.0.1
Investments - Summary of Components of Investment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Investments $ 727 $ 666
Catalyst [Member]    
Schedule of Investments [Line Items]    
% Interest 50.00%  
Investments $ 273 311
Water JV [Member]    
Schedule of Investments [Line Items]    
% Interest 30.00%  
Investments $ 216 216
Fervo [Member]    
Schedule of Investments [Line Items]    
% Interest 17.00%  
Investments $ 115 0
Matterhorn [Member]    
Schedule of Investments [Line Items]    
% Interest 12.50%  
Investments $ 69 90
Other [Member]    
Schedule of Investments [Line Items]    
Investments $ 54 $ 49
v3.25.0.1
Investments - Summary of Investment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
Oil, gas and NGL sales $ 15,919 $ 15,140 $ 19,827
Accounts receivable 1,972 1,573  
Catalyst [Member]      
Schedule of Investments [Line Items]      
Oil, gas and NGL sales 284 213 405
Production expenses 131 93 55
Accounts receivable $ 18 $ 11 $ 14
v3.25.0.1
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]      
Asset retirement obligations as of beginning of period $ 665 $ 529  
Assumed Grayson Mill obligations 75 0  
Liabilities incurred 30 110  
Liabilities settled and divested (37) (30)  
Revision of estimated obligation 35 27  
Accretion expense on discounted obligation 39 29 $ 25
Asset retirement obligations as of end of period 807 665 $ 529
Less current portion 37 22  
Asset retirement obligations, long-term $ 770 $ 643  
v3.25.0.1
Asset Retirement Obligations (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Asset Acquisition [Line Items]    
Revision of estimated obligation $ 35 $ 27
v3.25.0.1
Retirement Plans (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Contributions to defined contribution plans $ 44 $ 38 $ 37
Expected benefit plan payments for each of the next five years 52    
Expected total benefit plan payments for five years after the next five years 239    
Benefit plan payments expected to be funded from cash and cash equivalents and other assets for next fiscal year 15    
Pension Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 447 476 $ 458
Pension Benefits [Member] | Fixed Income Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 70.00%    
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 2 Inputs [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 286 418  
Pension Benefits [Member] | Equity Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 30.00%    
Fair value of plan assets $ 97 44  
Pension Benefits [Member] | Other Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 64 14  
Postretirement Benefits [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0 $ 0  
Defined benefit plan health care cost trend rate assumed for next fiscal year 6.60%    
Defined benefit plan ultimate health care cost trend rate 5.00%    
v3.25.0.1
Retirement Plans (Schedule of Changes In Defined Benefit Plan Obligations) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits [Member]      
Change in benefit obligation:      
Benefit obligation at beginning of year $ 655 $ 629  
Interest cost 31 34 $ 19
Actuarial loss (gain) (14) 46  
Participant contributions 0 0  
Benefits paid (52) (54)  
Benefit obligation at end of year 620 655 629
Change in plan assets:      
Fair value of plan assets at beginning of year 476 458  
Actual return on plan assets 9 58  
Employer contributions 14 14  
Participant contributions 0 0  
Benefits paid (52) (54)  
Fair value of plan assets at end of year 447 476 458
Funded status at end of year (173) (179)  
Amounts recognized in balance sheet:      
Other current liabilities (13) (13)  
Other long-term liabilities (160) (166)  
Net amount (173) (179)  
Amounts recognized in accumulated other comprehensive earnings:      
Net actuarial loss (gain) 195 198  
Prior service cost 0 0  
Total 195 198  
Postretirement Benefits [Member]      
Change in benefit obligation:      
Benefit obligation at beginning of year 7 7  
Actuarial loss (gain) 0 1  
Participant contributions 1 1  
Benefits paid (1) (2)  
Benefit obligation at end of year 7 7 $ 7
Change in plan assets:      
Fair value of plan assets at beginning of year 0    
Employer contributions 1 1  
Participant contributions 1 1  
Benefits paid (2) (2)  
Fair value of plan assets at end of year 0 0  
Funded status at end of year (7) (7)  
Amounts recognized in balance sheet:      
Other current liabilities (1) (1)  
Other long-term liabilities (6) (6)  
Net amount (7) (7)  
Amounts recognized in accumulated other comprehensive earnings:      
Net actuarial loss (gain) (13) (14)  
Prior service cost 1 1  
Total $ (12) $ (13)  
v3.25.0.1
Retirement Plans (Schedule of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Retirement Plans[Abstract]    
Projected and accumulated benefit obligation $ 620 $ 655
Fair value of plan assets $ 447 $ 476
v3.25.0.1
Retirement Plans (Schedule of Net Periodic Benefit Cost And Other Comprehensive Loss (Earnings) For Pension And Other Postretirement Benefit Plans) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net periodic benefit cost:      
Recognition of net actuarial loss (gain) (1) Oil, gas and NGL derivatives Oil, gas and NGL derivatives Oil, gas and NGL derivatives
Pension Benefits [Member]      
Net periodic benefit cost:      
Interest cost $ 31 $ 34 $ 19
Expected return on plan assets (27) (27) (31)
Recognition of net actuarial loss (gain) [1] 7 6 6
Total net periodic benefit cost [2] 11 13 (6)
Other comprehensive loss (earnings):      
Actuarial loss (gain) arising in current year 4 16 (11)
Recognition of net actuarial (loss) gain, including settlement expense, in net periodic benefit cost (7) (6) (6)
Total other comprehensive loss (earnings) (3) 10 (17)
Total 8 23 (23)
Postretirement Benefits [Member]      
Net periodic benefit cost:      
Recognition of net actuarial loss (gain) [1] (1) (1) (1)
Total net periodic benefit cost [2] (1) (1) (1)
Other comprehensive loss (earnings):      
Actuarial loss (gain) arising in current year 0 0 (4)
Recognition of net actuarial (loss) gain, including settlement expense, in net periodic benefit cost 1 1 1
Total other comprehensive loss (earnings) 1 1 (3)
Total $ 0 $ 0 $ (4)
[1] These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period.
[2] The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in other, net in the accompanying consolidated statements of comprehensive earnings.
v3.25.0.1
Retirement Plans (Schedule of Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost) (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits [Member]      
Assumptions to determine benefit obligations:      
Discount rate 5.27% 5.01% 5.78%
Assumptions to determine net periodic benefit cost:      
Discount rate - interest cost 4.95% 5.61% 2.18%
Expected return on plan assets 5.80% 6.21% 4.80%
Postretirement Benefits [Member]      
Assumptions to determine benefit obligations:      
Discount rate 5.18% 4.96% 5.71%
Assumptions to determine net periodic benefit cost:      
Discount rate - service cost 5.01% 5.81% 2.83%
Discount rate - interest cost 4.94% 5.49% 1.57%
v3.25.0.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 27, 2024
Jul. 31, 2024
Feb. 28, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Stockholders Equity [Abstract]                                  
Common stock, shares authorized (in shares)         1,000.0       1,000.0               1,000.0
Common stock, par value (in dollars per share)         $ 0.1       $ 0.1               $ 0.1
Preferred Stock, Shares Authorized         4.5                       4.5
Preferred Stock, Par or Stated Value Per Share         $ 1                       $ 1
Common stock value for business acquisition                                 $ 1,455
Dividends rate per share         $ 0.22 $ 0.44 $ 0.35 $ 0.44 $ 0.77 $ 0.49 $ 0.72 $ 0.89 $ 1.35 $ 1.55 $ 1.27 $ 1  
Subsequent Event                                  
Stockholders Equity [Abstract]                                  
Dividend payable amount     $ 156                            
Dividends payable, per share     $ 0.24                            
Dividends Payable, Date to be Paid, Year     2025                            
Subsequent Event | Minimum [Member]                                  
Stockholders Equity [Abstract]                                  
Dividends rate per share       $ 0.22                          
Subsequent Event | Maximum [Member]                                  
Stockholders Equity [Abstract]                                  
Dividends rate per share       $ 0.24                          
Subsequent Event | Fixed Dividend [Member]                                  
Stockholders Equity [Abstract]                                  
Percentage of increase to quarterly dividend     9.00%                            
Williston Basin Business [Member]                                  
Stockholders Equity [Abstract]                                  
Business aquisition date Sep. 27, 2024                                
Total consideration for business acquired $ 5,000                                
Cash transaction $ 3,500                                
Common Stock [Member]                                  
Stockholders Equity [Abstract]                                  
Common shares issued for business acquisition                                 37.0
Common stock value for business acquisition                                 $ 3
Common Stock [Member] | Williston Basin Business [Member]                                  
Stockholders Equity [Abstract]                                  
Common shares issued for business acquisition 37.3                                
Common shares issued price per share for business acquisition $ 38.96                                
Common stock value for business acquisition $ 1,500                                
Share Repurchase Program [Member] | Minimum [Member]                                  
Stockholders Equity [Abstract]                                  
Repurchase of common stock   $ 3,000                              
Share Repurchase Program [Member] | Maximum [Member]                                  
Stockholders Equity [Abstract]                                  
Repurchase of common stock   $ 5,000                              
Five Billion Dollar Share Repurchase Program Open [Member]                                  
Stockholders Equity [Abstract]                                  
Repurchase of common stock         $ 5,000                       $ 5,000
Five Billion Dollar Share Repurchase Program Open [Member] | Minimum [Member]                                  
Stockholders Equity [Abstract]                                  
Share-repurchase program expiration date   Dec. 31, 2024                              
Five Billion Dollar Share Repurchase Program Open [Member] | Maximum [Member]                                  
Stockholders Equity [Abstract]                                  
Share-repurchase program expiration date   Jun. 30, 2026                              
v3.25.0.1
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
5.0 Billion Dollar Share Repurchase Program Closed [Member]        
Stockholders Equity [Line Items]        
Total Number of Shares Purchased 23,944 19,350 11,708 13,983
Dollar Value of Shares Purchased $ 1,044 $ 992 $ 718 $ 589
Average Price Paid per Share $ 43.61 $ 51.23 $ 61.36 $ 42.15
Share Repurchase Program Open [Member]        
Stockholders Equity [Line Items]        
Total Number of Shares Purchased 68,985      
Dollar Value of Shares Purchased $ 3,343      
Average Price Paid per Share $ 48.46      
v3.25.0.1
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stockholders Equity [Line Items]                              
Dividends amount $ 143 $ 272 $ 223 $ 299 $ 488 $ 312 $ 462 $ 596 $ 875 $ 1,007 $ 830 $ 667 $ 937 $ 1,858 $ 3,379
Dividends rate per share $ 0.22 $ 0.44 $ 0.35 $ 0.44 $ 0.77 $ 0.49 $ 0.72 $ 0.89 $ 1.35 $ 1.55 $ 1.27 $ 1      
Fixed Dividend Date March 31, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount       $ 143                      
Fixed Dividend Date June 30, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount     $ 138                        
Fixed Dividend Date September 30, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount   $ 136                          
Fixed Dividend Date December 31, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount $ 143                            
Fixed Dividend Year to Date 2024                              
Stockholders Equity [Line Items]                              
Dividends amount                         560    
Variable Dividend Date March 31, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount       $ 156                      
Variable Dividend Date June 30, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount     $ 85                        
Variable Dividend Date September 30, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount   $ 136                          
Variable Dividend Date December 31, 2024                              
Stockholders Equity [Line Items]                              
Dividends amount $ 0                            
Variable Dividend Year to Date 2024                              
Stockholders Equity [Line Items]                              
Dividends amount                         $ 377    
Fixed Dividend Date March 31, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount               $ 133              
Fixed Dividend Date June 30, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount             $ 128                
Fixed Dividend Date September 30, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount           $ 127                  
Fixed Dividend Date December 31, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount         $ 127                    
Fixed Dividend Year to Date 2023                              
Stockholders Equity [Line Items]                              
Dividends amount                           515  
Variable Dividend Date March 31, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount               $ 463              
Variable Dividend Date June 30, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount             $ 334                
Variable Dividend Date September 30, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount           $ 185                  
Variable Dividend Date December 31, 2023                              
Stockholders Equity [Line Items]                              
Dividends amount         $ 361                    
Variable Dividend Year to Date 2023                              
Stockholders Equity [Line Items]                              
Dividends amount                           $ 1,343  
Fixed Dividend Date March 31, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                       $ 109      
Fixed Dividend Date June 30, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                     $ 105        
Fixed Dividend Date September 30, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                   $ 117          
Fixed Dividend Date December 31, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                 $ 117            
Fixed Dividend Year to Date 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                             448
Variable Dividend Date March 31, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                       $ 558      
Variable Dividend Date June 30, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                     $ 725        
Variable Dividend Date September 30, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                   $ 890          
Variable Dividend Date December 31, 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                 $ 758            
Variable Dividend Year to Date 2022                              
Stockholders Equity [Line Items]                              
Dividends amount                             $ 2,931
v3.25.0.1
Commitments and Contingencies (Additional Information) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Other accrued liabilities current $ 70
v3.25.0.1
Commitments and Contingencies (Schedule of Commitments and Contingencies) (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Drilling and Facility Obligations [Member]  
Long Term Purchase Commitment [Line Items]  
2025 $ 142 [1]
2026 23 [1]
2027 19 [1]
2028 36 [1]
2029 4 [1]
Thereafter 0 [1]
Total 224 [1]
Operational Agreements [Member]  
Long Term Purchase Commitment [Line Items]  
2025 594 [1]
2026 465 [1]
2027 534 [1]
2028 451 [1]
2029 401 [1]
Thereafter 1,289 [1]
Total 3,734 [1]
Office and Equipment Leases and Other [Member]  
Long Term Purchase Commitment [Line Items]  
2025 128
2026 118
2027 159
2028 105
2029 86
Thereafter 432
Total $ 1,028
[1] Total costs incurred under take-or-pay and throughput obligations were approximately $800 million, $750 million and $650 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Commitments and Contingencies - (Schedule of Commitments and Contingencies) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Long-Term Purchase Commitment [Line Items]      
Cost of take-or-pay and throughput obligations $ 800 $ 750 $ 650
v3.25.0.1
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Carrying Amount [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 319 $ 306
Debt (8,883) (6,155)
Contingent earnout payments 20 55
Carrying Amount [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 56 208
Derivatives, liabilities (33) (9)
Total Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 319 306
Debt (8,520) (6,090)
Contingent earnout payments 20 55
Total Fair Value [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 56 208
Derivatives, liabilities (33) (9)
Level 1 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 319 306
Level 2 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt (8,520) (6,090)
Level 2 Inputs [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 56 208
Derivatives, liabilities (33) (9)
Level 3 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent earnout payments $ 20 $ 55
v3.25.0.1
Reportable Segments - Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues $ 15,940 $ 15,258 $ 19,169
Less Expenses:      
LOE 1,574 1,428 1,071
Gathering, processing & transportation 790 702 693
Production and property taxes 819 798 1,033
Total significant expenses 3,183 2,928 2,797
DD&A 3,255 2,554 2,223
G&A 500 408 395
Financing costs, net 363 308 309
Income tax expense 770 841 1,738
Other segment items [1] 135 28 (110)
Total expenses 12,998 11,476 13,132
Net earnings 2,942 3,782 6,037
Total assets 30,489 24,490 23,271
Capital expenditures, including acquisitions 8,919 3,907 5,301
Marketing and Midstream Expenses [Member]      
Less Expenses:      
Marketing and midstream expenses $ 4,792 $ 4,409 $ 5,780
[1] Other segment items included in segment net earnings are exploration expenses, asset dispositions and other, net.
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Costs Incurred) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property acquisition costs:      
Proved properties $ 3,058 $ 2 $ 1,760
Unproved properties 1,949 63 803
Exploration costs 690 534 472
Development costs 2,856 3,160 2,132
Costs incurred $ 8,553 $ 3,759 $ 5,167
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Results Of Operations) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / Boe
Dec. 31, 2023
USD ($)
$ / Boe
Dec. 31, 2022
USD ($)
$ / Boe
Oil and Gas Disclosure [Abstract]      
Oil, gas and NGL sales $ 11,176 $ 10,791 $ 14,082
Production expenses (3,183) (2,928) (2,797)
Exploration expenses (28) (20) (29)
Depreciation, depletion and amortization (3,156) (2,464) (2,119)
Asset dispositions (15) (33) 43
Accretion of asset retirement obligations (39) (29) (25)
Income tax expense (972) (1,044) (2,041)
Results of operations $ 3,783 $ 4,273 $ 7,114
Depreciation, depletion and amortization per Boe | $ / Boe 11.7 10.27 9.52
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Proved Developed and Undeveloped Reserves) (Details)
 12 Months Ended
Dec. 31, 2024
MMBoe
MMcfe
MMBbls
Bcf
Dec. 31, 2023
MMBoe
MMcfe
MMBbls
Bcf
Dec. 31, 2022
MMBoe
Bcf
MMBbls
Dec. 31, 2021
MMBoe
MMBbls
Bcf
Reserve Quantities [Line Items]        
Proved developed and undeveloped reserves, beginning balance 1,817 1,815 1,625  
Proved developed and undeveloped reserves, revisions due to prices | MMBoe (54) (78) 34  
Proved developed and undeveloped reserves, revisions other than price | MMBoe 75 (1) (49)  
Proved developed and undeveloped reserves, extensions and discoveries | MMBoe 340 322 278  
Proved developed and undeveloped reserves, Purchase of reserves | MMBoe 247   153  
Proved developed and undeveloped reserves, production | MMBoe (270) (240) (223)  
Proved developed and undeveloped reserves, sale of reserves | MMBoe   (1) (3)  
Proved developed and undeveloped reserves, ending balance 2,155 1,817 1,815  
Proved developed reserves | MMBoe 1,715 1,425 1,419 1,285
Proved undeveloped reserves | MMBoe 440 392 396 340
Conversion rate of gas reserves from barrels of oil to Boe 6      
Oil [Member]        
Reserve Quantities [Line Items]        
Proved developed and undeveloped reserves, beginning balance 786 793 709  
Proved developed and undeveloped reserves, revisions due to prices (9) (25) 15  
Proved developed and undeveloped reserves, revisions other than price 3 (12) (55)  
Proved developed and undeveloped reserves, extensions and discoveries 129 147 127  
Proved developed and undeveloped reserves, Purchase of reserves 120   106  
Proved developed and undeveloped reserves, production (127) (117) (109)  
Proved developed and undeveloped reserves, sale of reserves   0 0  
Proved developed and undeveloped reserves, ending balance 902 786 793  
Proved developed reserves 706 603 596 544
Proved undeveloped reserves 196 183 197 165
Natural Gas [Member]        
Reserve Quantities [Line Items]        
Proved developed and undeveloped reserves, beginning balance | Bcf [1] 3,182 3,175 2,878  
Proved developed and undeveloped reserves, revisions due to prices | Bcf [1] (187) (189) 61  
Proved developed and undeveloped reserves, revisions other than price | Bcf [1] 245 58 13  
Proved developed and undeveloped reserves, extensions and discoveries | Bcf [1] 646 525 449  
Proved developed and undeveloped reserves, Purchase of reserves | Bcf [1] 328   137  
Proved developed and undeveloped reserves, production | Bcf [1] (438) (385) (356)  
Proved developed and undeveloped reserves, sale of reserves | Bcf [1]   (2) (7)  
Proved developed and undeveloped reserves, ending balance | Bcf [1] 3,776 3,182 3,175  
Proved developed reserves | Bcf [1] 3,057 2,560 2,595 2,361
Proved undeveloped reserves | Bcf [1] 719 622 580 517
Natural Gas Liquids [Member]        
Reserve Quantities [Line Items]        
Proved developed and undeveloped reserves, beginning balance 500 493 437  
Proved developed and undeveloped reserves, revisions due to prices (14) (22) 8  
Proved developed and undeveloped reserves, revisions other than price 31 1 3  
Proved developed and undeveloped reserves, extensions and discoveries 104 87 76  
Proved developed and undeveloped reserves, Purchase of reserves 73   24  
Proved developed and undeveloped reserves, production (70) (59) (54)  
Proved developed and undeveloped reserves, sale of reserves   0 (1)  
Proved developed and undeveloped reserves, ending balance 624 500 493  
Proved developed reserves 500 395 391 348
Proved undeveloped reserves 124 105 102 89
[1] Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
MMBoe
$ / bbl
$ / Mcf
Dec. 31, 2023
USD ($)
MMBoe
Dec. 31, 2022
USD ($)
MMBoe
Dec. 31, 2027
USD ($)
Dec. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, revisions due to prices 54 78 (34)      
Proved developed and undeveloped reserves, revisions other than price (MMBoe) 75 (1) (49)      
Proved developed reserve net energy period increase decrease 81 11        
Proved developed and undeveloped reserves, additional downward revisions other than price(MMBoe) (6) (12)        
Proved developed and undeveloped reserves, extensions and discoveries 340 322 278      
Proved developed and undeveloped reserves revisions due to change in previously adopted development plans (8)          
Proved developed and undeveloped reserves, Purchase of reserves 247   153      
Proved undeveloped reserves increased percentage 12.00%          
Proved undeveloped reserves as percentage of entire proved reserves 20.00%          
Proved undeveloped reserves due to drilling and development activities (MMBoe) 198          
Conversion to proved developed reserves 189          
Cost incurred related to development and conversion of proved undeveloped reserves | $ $ 1,200          
Proved Undeveloped Reserves Revisions with Additional Revisions (2)          
Average estimated future realized price per barrel of oil used to estimate future cash inflows for proved oil reserves | $ / bbl 73.65          
Average estimated future realized price per Mcf of gas used to estimate future cash inflows for proved gas reserves | $ / Mcf 0.81          
Average estimated future realized price per barrel of natural gas liquids used to estimate future cash inflows for proved NGL reserves | $ / bbl 20.75          
Future development costs | $ $ 6,099 $ 5,241 $ 5,176      
Future dismantlement, abandonment and rehabilitation costs | $ $ 1,300          
Scenario Forecast [Member]            
Reserve Quantities [Line Items]            
Future development costs | $       $ 500 $ 1,400 $ 2,200
Delaware Basin            
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, revisions other than price (MMBoe) 55 7 (33)      
Proved developed and undeveloped reserves, extensions and discoveries 252 212 255      
Proved undeveloped reserves percentage 68.00%          
Percentage of extensions and discoveries proved undeveloped reserves 75.00%          
Proved undeveloped reserves revisions other than price (6)          
Williston Basin            
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, additional downward revisions other than price(MMBoe)   (19)        
Proved developed and undeveloped reserves, extensions and discoveries 36 19 5      
Proved developed and undeveloped reserves, Purchase of reserves 247   66      
Percentage of extensions and discoveries proved undeveloped reserves 17.00%          
Proved undeveloped reserves revisions other than price (2)          
Eagle Ford [Member]            
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, revisions other than price (MMBoe)   5        
Proved developed and undeveloped reserves, extensions and discoveries 16 32 6      
Proved developed and undeveloped reserves, Purchase of reserves     87      
Percentage of extensions and discoveries proved undeveloped reserves 2.00%          
Powder River Basin [Member]            
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, revisions other than price (MMBoe) 6 2 (5)      
Proved developed and undeveloped reserves, extensions and discoveries 6 26 7      
Percentage of extensions and discoveries proved undeveloped reserves 3.00%          
Anadarko Basin            
Reserve Quantities [Line Items]            
Proved developed and undeveloped reserves, revisions other than price (MMBoe) 7 4 (4)      
Proved developed and undeveloped reserves, extensions and discoveries 30 33 5      
Proved undeveloped reserves percentage 17.00%          
Percentage of extensions and discoveries proved undeveloped reserves 3.00%          
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Proved Undeveloped Reserves) (Details)
 12 Months Ended
Dec. 31, 2024
MMBoe
Reserve Quantities [Line Items]  
Proved undeveloped reserves (MMBoe) beginning balance 392
Extensions and discoveries 198
Revisions due to prices (2)
Revisions other than price (6)
Purchases of reserves 47
Conversion to proved developed reserves (189)
Proved undeveloped reserves (MMBoe) ending balance 440
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Standardized Measure Of Discounted Future Net Cash Flows Related To Proved Reserves) (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Oil and Gas Disclosure [Abstract]        
Future cash inflows $ 82,422 $ 75,734 $ 108,361  
Future costs:        
Development (6,099) (5,241) (5,176)  
Production (38,326) (31,648) (35,264)  
Future income tax expense (5,528) (6,644) (13,216)  
Future net cash flow 32,469 32,201 54,705  
10% discount to reflect timing of cash flows (12,699) (12,888) (23,391)  
Standardized measure of discounted future net cash flows $ 19,770 $ 19,313 $ 31,314 $ 19,301
v3.25.0.1
Supplemental Information on Oil and Gas Operations (Unaudited) (Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental Information On Oil And Gas Operations [Abstract]      
Standardized measure of discounted future net cash flows, beginning balance $ 19,313 $ 31,314 $ 19,301
Net changes in prices and production costs (3,202) (16,797) 14,081
Oil, gas and NGL sales, net of production costs (7,993) (7,863) (11,285)
Changes in estimated future development costs 806 218 (216)
Extensions and discoveries, net of future development costs 3,951 5,222 7,279
Purchase of reserves 3,123 0 4,185
Sales of reserves in place 0 (9) (20)
Revisions of quantity estimates 427 (747) (874)
Previously estimated development costs incurred during the period 1,269 1,567 956
Accretion of discount 1,730 2,972 2,059
Net change in income taxes and other 346 3,436 (4,152)
Standardized measure of discounted future net cash flows, ending balance $ 19,770 $ 19,313 $ 31,314