DEVON ENERGY CORP/DE, 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Document And Entity Information - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Apr. 22, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Registrant Name DEVON ENERGY CORP/DE  
Entity Central Index Key 0001090012  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
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  
City Area Code 405  
Local Phone Number 235-3611  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol DVN  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   621.4
v3.26.1
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Oil, gas and NGL sales $ 4,508 $ 4,550
Oil, gas and NGL derivatives (701) (98)
Total revenues 3,807 4,452
Production expenses 894 912
Exploration expenses 25 10
Depreciation, depletion and amortization 904 912
Asset impairments 0 254
Asset dispositions 1 2
General and administrative expenses 125 130
Financing costs, net 109 123
Restructuring and transaction costs 19 18
Other, net 17 9
Total expenses 3,641 3,806
Earnings before income taxes 166 646
Income tax expense 46 137
Net earnings 120 509
Net earnings attributable to noncontrolling interests 0 15
Net earnings attributable to Devon $ 120 $ 494
Net earnings per share:    
Basic net earnings per share $ 0.19 $ 0.77
Diluted net earnings per share $ 0.19 $ 0.77
Comprehensive earnings (loss):    
Net earnings $ 120 $ 509
Other comprehensive earnings (loss), net of tax:    
Pension and postretirement plans 1 1
Other comprehensive earnings (loss), net of tax 1 1
Comprehensive earnings: 121 510
Comprehensive earnings attributable to noncontrolling interests 0 15
Comprehensive earnings attributable to Devon 121 495
Oil, Gas and NGL Sales [Member]    
Oil, gas and NGL sales 2,977 3,126
Marketing and Midstream Revenues [Member]    
Oil, gas and NGL sales 1,531 1,424
Marketing and Midstream Expenses [Member]    
Marketing and midstream expenses $ 1,547 $ 1,436
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash, cash equivalents and restricted cash $ 1,815 $ 1,434
Accounts receivable 2,250 1,792
Inventory 319 336
Other current assets 378 444
Total current assets 4,762 4,006
Oil and gas property and equipment, based on successful efforts accounting, net 23,912 23,731
Other property and equipment, net 1,686 1,688
Property and equipment, net 25,598 25,419
Goodwill 753 753
Right-of-use assets 312 299
Investments 715 727
Other long-term assets 403 395
Total assets 32,543 31,599
LIABILITIES AND EQUITY    
Accounts payable 975 790
Revenues and royalties payable 1,678 1,491
Short-term debt 999 998
Other current liabilities 1,082 807
Total current liabilities 4,734 4,086
Long-term debt 7,387 7,391
Lease liabilities 206 197
Asset retirement obligations 986 863
Other long-term liabilities 940 907
Deferred income taxes 2,862 2,627
Stockholders' equity:    
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 621 million and 622 million shares in 2026 and 2025, respectively 62 62
Additional paid-in capital 5,316 5,388
Retained earnings 10,171 10,200
Accumulated other comprehensive loss (121) (122)
Total stockholders' equity 15,428 15,528
Total equity 15,428 15,528
Total liabilities and equity $ 32,543 $ 31,599
v3.26.1
Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Other property and equipment, net $ 1,686 $ 1,688
Common stock, par value (in dollars per share) $ 0.1 $ 0.1
Common stock, shares authorized (in shares) 1,000 1,000
Common stock, shares issued (in shares) 621 622
v3.26.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net earnings $ 120 $ 509
Adjustments to reconcile net earnings to net cash from operating activities:    
Depreciation, depletion and amortization 904 912
Asset impairments 0 254
Leasehold impairments 3 5
Accretion of liabilities 4 6
Total losses on commodity derivatives 701 98
Cash settlements on commodity derivatives (57) (10)
Losses on asset dispositions 1 2
Deferred income tax expense 234 41
Share-based compensation 22 30
Other 22 (22)
Changes in assets and liabilities, net (299) 117
Net cash from operating activities 1,655 1,942
Cash flows from investing activities:    
Capital expenditures (839) (934)
Acquisitions of property and equipment (190) (8)
Divestitures of property and equipment 2 133
Distributions from investments 9 9
Contributions to investments and other (2) (2)
Net cash from investing activities (1,020) (802)
Cash flows from financing activities:    
Repurchases of common stock (69) (301)
Dividends paid on common stock (155) (163)
Contributions from noncontrolling interests 0 14
Distributions to noncontrolling interests 0 (9)
Repayment of finance lease (3) (274)
Shares exchanged for tax withholdings and other (27) (19)
Net cash from financing activities (254) (752)
Net change in cash, cash equivalents and restricted cash 381 388
Cash, cash equivalents and restricted cash at beginning of period 1,434 846
Cash, cash equivalents and restricted cash at end of period 1,815 1,234
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 1,763 1,198
Restricted cash 52 36
Total cash, cash equivalents and restricted cash $ 1,815 $ 1,234
v3.26.1
Consolidated Statements Of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Other Comprehensive Earnings (Loss) [Member]
Treasury Stock [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2024 $ 14,704 $ 65 $ 6,387 $ 8,166 $ (122)   $ 208
Balance, Shares at Dec. 31, 2024   651          
Net earnings 509     494     15
Other comprehensive earnings, net of tax 1       1    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (322)   (3)     $ (319)  
Common stock retired   $ (1) (318)     319  
Common stock retired, shares   (9)          
Common stock dividends (154)     (154)      
Share-based compensation 30   30        
Contributions from noncontrolling interests 14           14
Distributions to noncontrolling interests (9)           (9)
Balance at Mar. 31, 2025 14,773 $ 64 6,096 8,506 (121) 0 228
Balance, Shares at Mar. 31, 2025   644          
Balance at Dec. 31, 2025 15,528 $ 62 5,388 10,200 (122) 0 0
Balance, Shares at Dec. 31, 2025   622          
Net earnings 120     120      
Other comprehensive earnings, net of tax 1       1    
Restricted stock grants, net of cancellations, shares   1          
Common stock repurchased (94)         (94)  
Common stock retired     (94)     94  
Common stock retired, shares   (2)          
Common stock dividends (149)     (149)      
Share-based compensation 22   22        
Balance at Mar. 31, 2026 $ 15,428 $ 62 $ 5,316 $ 10,171 $ (121) $ 0 $ 0
Balance, Shares at Mar. 31, 2026   621          
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 120 $ 494
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
Non-Rule 10b5-1 Arrangement Modified false
Rule 10b5-1 Arrangement Modified false
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2025 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2026 and 2025 and Devon’s financial position as of March 31, 2026.

Variable Interest Entity

CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). Devon held a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest were shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM was considered a VIE to Devon. On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM.

Disaggregation of Revenue

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Oil

 

$

2,423

 

 

$

2,414

 

Gas

 

 

205

 

 

 

309

 

NGL

 

 

349

 

 

 

403

 

Oil, gas and NGL sales

 

 

2,977

 

 

 

3,126

 

 

 

 

 

 

 

 

Oil

 

 

1,001

 

 

 

918

 

Gas

 

 

254

 

 

 

272

 

NGL

 

 

276

 

 

 

234

 

Marketing and midstream revenues

 

 

1,531

 

 

 

1,424

 

Total revenues from contracts with customers

 

$

4,508

 

 

$

4,550

 

Recently Issued Accounting Standards Not Yet Adopted

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 will result in additional disclosures for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028.
v3.26.1
Acquisition and Divestitures
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisition and Divestitures
2.
Acquisitions and Divestitures

Pending Merger

On February 1, 2026, Devon, Coterra and Merger Sub entered into the Merger Agreement, providing for an all-stock merger of equals. Coterra is an oil and gas exploration and production company with assets in the Delaware Basin in Texas and New Mexico, Marcellus Shale in Pennsylvania and the Anadarko Basin in Oklahoma. On the closing date of the Merger, each share of Coterra common stock will be automatically converted into the right to receive 0.70 of a share of Devon common stock. No fractional shares of Devon’s common stock will be issued in the Merger, and holders of shares of Coterra common stock will instead receive cash in lieu of fractional shares of Devon common stock, if any. The Merger has been unanimously approved by the boards of directors of Devon and Coterra.

On May 4, 2026, the shareholders of Devon and Coterra each approved the Merger at their respective special meetings. The Merger is expected to close on May 7, 2026, subject to other customary closing conditions.

Asset Exchange

On April 1, 2025, Devon and BPX Energy dissolved their partnership and divided their acreage in the Eagle Ford Blackhawk field located in Texas' DeWitt County, resulting in increased operational flexibility for both parties. The assets exchanged were in close proximity and shared similar geological characteristics. The transaction was accounted for as an equal, non-monetary exchange, as it did not result in a significant change to the risks, expected future cash flows or the timing of those cash flows, and therefore was determined to lack commercial substance. As a result, the new acreage and underlying property costs were recorded at the historical cost of the assets exchanged.

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.
v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
3.
Derivative Financial Instruments

Objectives and Strategies

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

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

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of March 31, 2026, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Given Devon's current credit ratings and the terms of the underlying contracts, Devon is not required to post collateral to its counterparties with respect to its open derivative positions, and we would not be required to post any such collateral as a result of any change to the amount of Devon's net liability for such positions.

Commodity Derivatives

As of March 31, 2026, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

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)

 

Q2-Q4 2026

 

 

108,698

 

 

$

49.51

 

 

$

59.59

 

 

$

71.22

 

Q1-Q4 2027

 

 

37,397

 

 

$

45.78

 

 

$

55.78

 

 

$

71.89

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q2-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q2-Q4 2026

 

WTI/Brent

 

 

8,625

 

 

$

(5.61

)

Q2-Q4 2026

 

NYMEX Roll

 

 

86,051

 

 

$

1.24

 

Q1-Q4 2027

 

Magellan East Houston

 

 

20,000

 

 

$

1.77

 

Q1-Q4 2027

 

Midland Sweet

 

 

46,000

 

 

$

1.00

 

As of March 31, 2026, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q2-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

230,000

 

 

$

3.26

 

 

$

4.90

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

90,000

 

 

$

3.50

 

 

$

4.31

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q2-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q2-Q4 2026

 

WAHA

 

 

150,000

 

 

$

(1.79

)

 

Financial Statement Presentation

All derivative financial instruments are recognized at their current fair value as either assets or liabilities on 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 on the consolidated balance sheets. The table below presents a summary of these positions as of March 31, 2026 and December 31, 2025.

 

March 31, 2026

 

December 31, 2025

 

 

 

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

$

126

 

$

(4

)

$

122

 

$

199

 

$

(7

)

$

192

 

Other current assets

Long-term derivative asset

 

4

 

 

—

 

 

4

 

 

2

 

 

—

 

 

2

 

Other long-term assets

Short-term derivative liability

 

(526

)

 

4

 

 

(522

)

 

(8

)

 

7

 

 

(1

)

Other current liabilities

Long-term derivative liability

 

(55

)

 

—

 

 

(55

)

 

—

 

 

—

 

 

—

 

Other long-term liabilities

  Total derivative asset (liability)

$

(451

)

$

—

 

$

(451

)

$

193

 

$

—

 

$

193

 

 
v3.26.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
4.
Share-Based Compensation

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

G&A

 

$

22

 

 

$

24

 

Restructuring and transaction costs

 

 

—

 

 

 

6

 

Total

 

$

22

 

 

$

30

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

5

 

 

$

3

 

 

Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.

 

 

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 12/31/25

 

 

4,653

 

 

$

40.79

 

 

 

1,293

 

 

$

58.82

 

Granted

 

 

1,931

 

 

$

43.48

 

 

 

439

 

 

$

61.73

 

Vested

 

 

(1,468

)

 

$

44.54

 

 

 

(200

)

 

$

81.70

 

Forfeited

 

 

(42

)

 

$

41.03

 

 

 

(117

)

 

$

81.70

 

Unvested at 3/31/26

 

 

5,074

 

 

$

40.73

 

 

 

1,415

 

(1)

$

54.59

 

 

(1)
A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2026, as indicated in the previous summary table.

 

 

2026

 

 Grant-date fair value

 

$

61.73

 

 Risk-free interest rate

 

 

3.52

%

 Volatility factor

 

 

33.80

%

 Contractual term (years)

 

 

2.89

 

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2026.

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

169

 

 

$

40

 

Weighted average period for recognition (years)

 

 

3.0

 

 

 

2.3

 
v3.26.1
Asset Impairments
 3 Months Ended
Mar. 31, 2026
Asset Impairment Charges [Abstract]  
Asset Impairments Asset Impairments

In the first quarter of 2025, Devon rationalized two headquarters-related real estate assets, triggering assets held for sale and recording asset impairments of $254 million. Both transactions closed in the first quarter of 2025 and generated aggregate sales proceeds of $120 million.
 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
6.
Income Taxes

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

166

 

 

$

646

 

 

 

 

 

 

 

 

Current income tax expense (benefit)

 

$

(188

)

 

$

96

 

Deferred income tax expense

 

 

234

 

 

 

41

 

Total income tax expense

 

$

46

 

 

$

137

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

State income taxes

 

 

3

%

 

 

1

%

Other

 

 

4

%

 

 

(1

%)

Effective income tax rate

 

 

28

%

 

 

21

%

On February 18, 2026, the IRS issued additional interim CAMT guidance through Notice 2026-7 (“the Notice”). In addition to other provisions, the Notice includes a new Adjusted Financial Statement Income (“AFSI”) adjustment beginning in 2025 for amortization of domestic research costs, including accelerated amortization under the OBBB transition rule. Accordingly, Devon's first quarter 2026 income tax expense included a current tax benefit of approximately $218 million and a corresponding deferred tax expense associated with the deferral of income taxes resulting from the Notice.
v3.26.1
Net Earnings Per Share
 3 Months Ended
Mar. 31, 2026
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.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net earnings available to common shareholders - basic and diluted

 

$

120

 

 

$

494

 

Common shares:

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

616

 

 

 

643

 

Dilutive effect of potential common shares issuable

 

 

2

 

 

 

2

 

Average common shares outstanding - diluted

 

 

618

 

 

 

645

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

0.77

 

Diluted

 

$

0.19

 

 

$

0.77

 
v3.26.1
Other Comprehensive Earnings (Loss)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Earnings (Loss) Other Comprehensive Earnings (Loss)

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(122

)

 

$

(122

)

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

 

 

2

 

 

 

1

 

Income tax expense

 

 

(1

)

 

 

—

 

Accumulated other comprehensive loss, net of tax

 

$

(121

)

 

$

(121

)

 

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.
v3.26.1
Supplemental Information to Statements of Cash Flows
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

Accounts receivable

 

$

(462

)

 

$

(63

)

Other current assets

 

 

12

 

 

 

(35

)

Other long-term assets

 

 

(7

)

 

 

(85

)

Accounts payable and revenues and royalties payable

 

 

379

 

 

 

248

 

Other current liabilities

 

 

(212

)

 

 

(57

)

Other long-term liabilities

 

 

(9

)

 

 

109

 

Total

 

$

(299

)

 

$

117

 

Supplementary cash flow data:

 

 

 

 

 

 

Interest paid

 

$

152

 

 

$

160

 

Income taxes paid

 

$

4

 

 

$

—

 
v3.26.1
Accounts Receivable
 3 Months Ended
Mar. 31, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable Accounts Receivable

Components of accounts receivable include the following:

 

 

March 31, 2026

 

 

December 31, 2025

 

Oil, gas and NGL sales

 

$

1,210

 

 

$

865

 

Joint interest billings

 

 

281

 

 

 

245

 

Marketing and midstream revenues

 

 

754

 

 

 

669

 

Other

 

 

12

 

 

 

20

 

Gross accounts receivable

 

 

2,257

 

 

 

1,799

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(7

)

Net accounts receivable

 

$

2,250

 

 

$

1,792

 
v3.26.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Property, Plant and Equipment
11.
Property and Equipment

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

 

 

March 31, 2026

 

 

December 31, 2025

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

59,690

 

 

$

58,573

 

Unproved and properties under development

 

 

1,852

 

 

 

1,910

 

Total oil and gas

 

 

61,542

 

 

 

60,483

 

Less accumulated DD&A

 

 

(37,630

)

 

 

(36,752

)

Oil and gas property and equipment, net

 

 

23,912

 

 

 

23,731

 

Other property and equipment

 

 

2,412

 

 

 

2,624

 

Less accumulated DD&A

 

 

(726

)

 

 

(936

)

Other property and equipment, net

 

 

1,686

 

 

 

1,688

 

Property and equipment, net

 

$

25,598

 

 

$

25,419

 
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Investments Investments

The following table presents Devon's investments shown on the consolidated balance sheets.

 

 

% Interest

 

Carrying Amount

 

Investments

 

March 31, 2026

 

March 31, 2026

 

 

December 31, 2025

 

WaterBridge

 

14%

 

$

267

 

 

$

268

 

Catalyst

 

50%

 

 

240

 

 

 

247

 

Fervo

 

15%

 

 

163

 

 

 

162

 

Other

 

Various

 

 

45

 

 

 

50

 

      Total

 

 

 

$

715

 

 

$

727

 
v3.26.1
Debt And Related Expenses
 3 Months Ended
Mar. 31, 2026
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.

 

 

March 31, 2026

 

 

December 31, 2025

 

7.50% due September 15, 2027

 

$

73

 

 

$

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.50% due January 15, 2030

 

 

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

 

 

 

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

 

 

 

1,000

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

1,000

 

Net premium on debentures and notes

 

 

21

 

 

 

23

 

Debt issuance costs

 

 

(49

)

 

 

(48

)

Total debt

 

$

8,386

 

 

$

8,389

 

Less amount classified as short-term debt

 

 

999

 

 

 

998

 

Total long-term debt

 

$

7,387

 

 

$

7,391

 

Credit Lines

Devon has a $3.0 billion revolving Senior Credit Facility. In the first quarter of 2026, Devon amended the credit agreement governing the Senior Credit Facility to, among other things, extend the maturity date from March 24, 2030 to March 24, 2031, with the option to extend the maturity date by three additional one-year periods, subject to lender consent. As of March 31, 2026, Devon had no outstanding borrowings under the Senior Credit Facility and had less than $1.0 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon's ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of March 31, 2026, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 24.9%.

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. 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 5.2% as of March 31, 2026.

The Term Loan Credit Agreement contains substantially the same financial covenant as the Senior Credit Facility. As of March 31, 2026, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 24.9%.

Retirement of Senior Notes

On September 15, 2025, Devon early redeemed the $485 million of 5.85% senior notes due in December 2025 pursuant to the “par-call” rights set forth in the indenture document.

Net Financing Costs

The following schedule includes the components of net financing costs.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net financing costs:

 

 

 

 

 

 

Interest based on debt outstanding

 

$

118

 

 

$

127

 

Interest income

 

 

(14

)

 

 

(10

)

Other

 

 

5

 

 

 

6

 

Total net financing costs

 

$

109

 

 

$

123

 
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases
14.
Leases

Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. As of March 31, 2026, Devon’s financing lease right-of-use assets primarily relate to equipment related to the exploration, development and production of oil and gas. During the first quarter of 2025, Devon extinguished an approximately $300 million real estate finance lease by making a cash payment of $274 million and recognized a gain on early lease extinguishment in other, net related to the difference on the accompanying consolidated statement of comprehensive earnings. For additional information, see Note 5.

The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

32

 

 

$

280

 

 

$

312

 

 

$

23

 

 

$

276

 

 

$

299

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

8

 

 

$

95

 

 

$

103

 

 

$

7

 

 

$

95

 

 

$

102

 

Long-term lease liabilities

 

 

21

 

 

 

185

 

 

 

206

 

 

 

16

 

 

 

181

 

 

 

197

 

Total lease liabilities (2)

 

$

29

 

 

$

280

 

 

$

309

 

 

$

23

 

 

$

276

 

 

$

299

 

 

(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 March 31, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
15.
Asset Retirement Obligations

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Asset retirement obligations as of beginning of period

 

$

906

 

 

$

807

 

Liabilities incurred

 

 

11

 

 

 

11

 

Liabilities settled and divested

 

 

(11

)

 

 

(8

)

Revision and reclassification of estimated obligation

 

 

107

 

 

 

55

 

Accretion expense on discounted obligation

 

 

14

 

 

 

12

 

Asset retirement obligations as of end of period

 

 

1,027

 

 

 

877

 

Less current portion

 

 

41

 

 

 

42

 

Asset retirement obligations, long-term

 

$

986

 

 

$

835

 

During the first quarters of 2026 and 2025, Devon increased its asset retirement obligations by approximately $107 million and $55 million, respectively, primarily due to changes in current cost estimates for its oil and gas assets.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
Stockholders’ Equity

Share Repurchases

Devon’s Board of Directors has authorized a $5.0 billion share repurchase program with a June 30, 2026 expiration date. Pursuant to the terms of the Merger Agreement, Devon’s share repurchase activity has been suspended and is expected to remain suspended through the completion of the Merger. 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

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

 

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

Third quarter

 

 

7,324

 

 

 

250

 

 

$

34.06

 

Fourth quarter

 

 

7,118

 

 

 

250

 

 

$

35.12

 

2025 Total

 

 

30,813

 

 

 

1,050

 

 

$

34.07

 

2026:

 

 

 

 

 

 

 

 

 

First quarter

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Total plan

 

 

101,648

 

 

$

4,462

 

 

$

43.90

 

 

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. The following table summarizes Devon’s dividends paid for the first quarter of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 

Noncontrolling Interests

On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM. For additional information, see Note 1.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026, Devon has accrued approximately $60 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 filed for protection under Chapter 11 of the U.S. Bankruptcy Code and was 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 will also likely be unable to satisfy the eventual decommissioning obligations associated with the East Bay Field.

In March 2025, Devon received an order from the Department of the Interior, Bureau of Safety and Environmental Enforcement to decommission assets located on certain federal leases in the East Bay Field (the “Federal Assets”). As a result, during the first quarter of 2025, Devon recorded a contingent liability of $125 million within other liabilities in the consolidated balance sheet, reflecting the estimated costs of decommissioning the Federal Assets. The Company expects to be able to access funds available under certain bonds and a cash security account as and when Devon performs and pays these decommissioning obligations. Devon believes the funds will likely cover approximately $100 million of the estimated decommissioning costs for the Federal Assets. Accordingly, during the first quarter of 2025, Devon recorded an approximately $100 million receivable related to these sources of funds within other assets in the consolidated balance sheet. The remaining $25 million difference of the recorded decommissioning obligation and such sources of funds was recognized in the first quarter of 2025 in other, net on the consolidated statement of comprehensive earnings. Devon may also be required to perform or fund decommissioning obligations associated with the East Bay Field under state and federal regulations applicable to predecessor operators beyond amounts accrued. Factors impacting this contingency include, among others: (i) the ultimate outcome of the ongoing bankruptcy proceedings, including with respect to state lease assets included in the East Bay Field, (ii) the actual costs to decommission the Federal Assets relative to the estimates, which are subject to numerous assumptions and uncertainties, and (iii) Devon's ability to successfully access funds under decommissioning bonds and other sources.

As of March 31, 2026, Devon has accrued approximately $175 million of contingent liabilities related to such decommissioning legacy matters, including liabilities associated with the East Bay Field.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at March 31, 2026 and December 31, 2025, 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

 

March 31, 2026 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,021

 

 

$

1,021

 

 

$

1,021

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

126

 

 

$

126

 

 

$

—

 

 

$

126

 

 

$

—

 

Commodity derivatives

 

$

(577

)

 

$

(577

)

 

$

—

 

 

$

(577

)

 

$

—

 

Debt

 

$

(8,386

)

 

$

(8,292

)

 

$

—

 

 

$

(8,292

)

 

$

—

 

December 31, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

764

 

 

$

764

 

 

$

764

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

194

 

 

$

194

 

 

$

—

 

 

$

194

 

 

$

—

 

Commodity derivatives

 

$

(1

)

 

$

(1

)

 

$

—

 

 

$

(1

)

 

$

—

 

Debt

 

$

(8,389

)

 

$

(8,290

)

 

$

—

 

 

$

(8,290

)

 

$

—

 

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 our 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

Devon had no fair value measurements using Level 3 inputs at March 31, 2026 or December 31, 2025.
v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments 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, among others, the chief executive officer, chief operating officers and chief financial officer. To assess the performance of its assets, Devon uses net earnings. Devon believes net earnings provides information useful in assessing its operating and financial performance across periods.

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total revenues

 

$

3,807

 

 

$

4,452

 

 

 

 

 

 

 

 

LOE

 

 

486

 

 

 

479

 

Gathering, processing & transportation

 

 

191

 

 

 

204

 

Production and property taxes

 

 

217

 

 

 

229

 

Total significant expenses

 

 

894

 

 

 

912

 

Marketing and midstream expenses

 

 

1,547

 

 

 

1,436

 

DD&A

 

 

904

 

 

 

912

 

G&A

 

 

125

 

 

 

130

 

Financing costs, net

 

 

109

 

 

 

123

 

Income tax expense

 

 

46

 

 

 

137

 

Other segment items (1)

 

 

62

 

 

 

293

 

Total expenses

 

 

3,687

 

 

 

3,943

 

 

 

 

 

 

 

 

Net earnings

 

$

120

 

 

$

509

 

 

 

 

 

 

 

 

Total assets

 

$

32,543

 

 

$

30,928

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

999

 

 

$

972

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Variable Interest Entity

Variable Interest Entity

CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). Devon held a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest were shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM was considered a VIE to Devon. On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM.
Disaggregation of Revenue

Disaggregation of Revenue

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Oil

 

$

2,423

 

 

$

2,414

 

Gas

 

 

205

 

 

 

309

 

NGL

 

 

349

 

 

 

403

 

Oil, gas and NGL sales

 

 

2,977

 

 

 

3,126

 

 

 

 

 

 

 

 

Oil

 

 

1,001

 

 

 

918

 

Gas

 

 

254

 

 

 

272

 

NGL

 

 

276

 

 

 

234

 

Marketing and midstream revenues

 

 

1,531

 

 

 

1,424

 

Total revenues from contracts with customers

 

$

4,508

 

 

$

4,550

 
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

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 will result in additional disclosures for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Revenue from Contracts with Customers

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Oil

 

$

2,423

 

 

$

2,414

 

Gas

 

 

205

 

 

 

309

 

NGL

 

 

349

 

 

 

403

 

Oil, gas and NGL sales

 

 

2,977

 

 

 

3,126

 

 

 

 

 

 

 

 

Oil

 

 

1,001

 

 

 

918

 

Gas

 

 

254

 

 

 

272

 

NGL

 

 

276

 

 

 

234

 

Marketing and midstream revenues

 

 

1,531

 

 

 

1,424

 

Total revenues from contracts with customers

 

$

4,508

 

 

$

4,550

 
v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of March 31, 2026, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

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)

 

Q2-Q4 2026

 

 

108,698

 

 

$

49.51

 

 

$

59.59

 

 

$

71.22

 

Q1-Q4 2027

 

 

37,397

 

 

$

45.78

 

 

$

55.78

 

 

$

71.89

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q2-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q2-Q4 2026

 

WTI/Brent

 

 

8,625

 

 

$

(5.61

)

Q2-Q4 2026

 

NYMEX Roll

 

 

86,051

 

 

$

1.24

 

Q1-Q4 2027

 

Magellan East Houston

 

 

20,000

 

 

$

1.77

 

Q1-Q4 2027

 

Midland Sweet

 

 

46,000

 

 

$

1.00

 

As of March 31, 2026, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q2-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

230,000

 

 

$

3.26

 

 

$

4.90

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

90,000

 

 

$

3.50

 

 

$

4.31

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q2-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q2-Q4 2026

 

WAHA

 

 

150,000

 

 

$

(1.79

)

 
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of March 31, 2026 and December 31, 2025.

 

March 31, 2026

 

December 31, 2025

 

 

 

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

$

126

 

$

(4

)

$

122

 

$

199

 

$

(7

)

$

192

 

Other current assets

Long-term derivative asset

 

4

 

 

—

 

 

4

 

 

2

 

 

—

 

 

2

 

Other long-term assets

Short-term derivative liability

 

(526

)

 

4

 

 

(522

)

 

(8

)

 

7

 

 

(1

)

Other current liabilities

Long-term derivative liability

 

(55

)

 

—

 

 

(55

)

 

—

 

 

—

 

 

—

 

Other long-term liabilities

  Total derivative asset (liability)

$

(451

)

$

—

 

$

(451

)

$

193

 

$

—

 

$

193

 

 
v3.26.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
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.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

G&A

 

$

22

 

 

$

24

 

Restructuring and transaction costs

 

 

—

 

 

 

6

 

Total

 

$

22

 

 

$

30

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

5

 

 

$

3

 
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 plan.

 

 

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 12/31/25

 

 

4,653

 

 

$

40.79

 

 

 

1,293

 

 

$

58.82

 

Granted

 

 

1,931

 

 

$

43.48

 

 

 

439

 

 

$

61.73

 

Vested

 

 

(1,468

)

 

$

44.54

 

 

 

(200

)

 

$

81.70

 

Forfeited

 

 

(42

)

 

$

41.03

 

 

 

(117

)

 

$

81.70

 

Unvested at 3/31/26

 

 

5,074

 

 

$

40.73

 

 

 

1,415

 

(1)

$

54.59

 

 

A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

The following table presents the assumptions related to the performance share units granted in 2026, as indicated in the previous summary table.

 

 

2026

 

 Grant-date fair value

 

$

61.73

 

 Risk-free interest rate

 

 

3.52

%

 Volatility factor

 

 

33.80

%

 Contractual term (years)

 

 

2.89

 
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2026.

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

169

 

 

$

40

 

Weighted average period for recognition (years)

 

 

3.0

 

 

 

2.3

 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

166

 

 

$

646

 

 

 

 

 

 

 

 

Current income tax expense (benefit)

 

$

(188

)

 

$

96

 

Deferred income tax expense

 

 

234

 

 

 

41

 

Total income tax expense

 

$

46

 

 

$

137

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

State income taxes

 

 

3

%

 

 

1

%

Other

 

 

4

%

 

 

(1

%)

Effective income tax rate

 

 

28

%

 

 

21

%
v3.26.1
Net Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net earnings available to common shareholders - basic and diluted

 

$

120

 

 

$

494

 

Common shares:

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

616

 

 

 

643

 

Dilutive effect of potential common shares issuable

 

 

2

 

 

 

2

 

Average common shares outstanding - diluted

 

 

618

 

 

 

645

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

0.77

 

Diluted

 

$

0.19

 

 

$

0.77

 
v3.26.1
Other Comprehensive Earnings (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components Of Other Comprehensive Earnings (Loss)

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(122

)

 

$

(122

)

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

 

 

2

 

 

 

1

 

Income tax expense

 

 

(1

)

 

 

—

 

Accumulated other comprehensive loss, net of tax

 

$

(121

)

 

$

(121

)

 

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.
v3.26.1
Supplemental Information to Statements of Cash Flows (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information to Statements of Cash Flows

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

Accounts receivable

 

$

(462

)

 

$

(63

)

Other current assets

 

 

12

 

 

 

(35

)

Other long-term assets

 

 

(7

)

 

 

(85

)

Accounts payable and revenues and royalties payable

 

 

379

 

 

 

248

 

Other current liabilities

 

 

(212

)

 

 

(57

)

Other long-term liabilities

 

 

(9

)

 

 

109

 

Total

 

$

(299

)

 

$

117

 

Supplementary cash flow data:

 

 

 

 

 

 

Interest paid

 

$

152

 

 

$

160

 

Income taxes paid

 

$

4

 

 

$

—

 

 
v3.26.1
Accounts Receivable (Tables)
 3 Months Ended
Mar. 31, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

 

 

March 31, 2026

 

 

December 31, 2025

 

Oil, gas and NGL sales

 

$

1,210

 

 

$

865

 

Joint interest billings

 

 

281

 

 

 

245

 

Marketing and midstream revenues

 

 

754

 

 

 

669

 

Other

 

 

12

 

 

 

20

 

Gross accounts receivable

 

 

2,257

 

 

 

1,799

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(7

)

Net accounts receivable

 

$

2,250

 

 

$

1,792

 
v3.26.1
Property, Plant and Equipment (Tables)
 3 Months Ended
Mar. 31, 2026
Extractive Industries [Abstract]  
Table of Property and Equipment, net

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

 

 

March 31, 2026

 

 

December 31, 2025

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

59,690

 

 

$

58,573

 

Unproved and properties under development

 

 

1,852

 

 

 

1,910

 

Total oil and gas

 

 

61,542

 

 

 

60,483

 

Less accumulated DD&A

 

 

(37,630

)

 

 

(36,752

)

Oil and gas property and equipment, net

 

 

23,912

 

 

 

23,731

 

Other property and equipment

 

 

2,412

 

 

 

2,624

 

Less accumulated DD&A

 

 

(726

)

 

 

(936

)

Other property and equipment, net

 

 

1,686

 

 

 

1,688

 

Property and equipment, net

 

$

25,598

 

 

$

25,419

 
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Components of Investment

The following table presents Devon's investments shown on the consolidated balance sheets.

 

 

% Interest

 

Carrying Amount

 

Investments

 

March 31, 2026

 

March 31, 2026

 

 

December 31, 2025

 

WaterBridge

 

14%

 

$

267

 

 

$

268

 

Catalyst

 

50%

 

 

240

 

 

 

247

 

Fervo

 

15%

 

 

163

 

 

 

162

 

Other

 

Various

 

 

45

 

 

 

50

 

      Total

 

 

 

$

715

 

 

$

727

 
v3.26.1
Debt And Related Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
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.

 

 

March 31, 2026

 

 

December 31, 2025

 

7.50% due September 15, 2027

 

$

73

 

 

$

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.50% due January 15, 2030

 

 

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

 

 

 

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

 

 

 

1,000

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

1,000

 

Net premium on debentures and notes

 

 

21

 

 

 

23

 

Debt issuance costs

 

 

(49

)

 

 

(48

)

Total debt

 

$

8,386

 

 

$

8,389

 

Less amount classified as short-term debt

 

 

999

 

 

 

998

 

Total long-term debt

 

$

7,387

 

 

$

7,391

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net financing costs:

 

 

 

 

 

 

Interest based on debt outstanding

 

$

118

 

 

$

127

 

Interest income

 

 

(14

)

 

 

(10

)

Other

 

 

5

 

 

 

6

 

Total net financing costs

 

$

109

 

 

$

123

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Right-of-use Assets and Lease Liabilities

The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2026 and December 31, 2025.

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

32

 

 

$

280

 

 

$

312

 

 

$

23

 

 

$

276

 

 

$

299

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

8

 

 

$

95

 

 

$

103

 

 

$

7

 

 

$

95

 

 

$

102

 

Long-term lease liabilities

 

 

21

 

 

 

185

 

 

 

206

 

 

 

16

 

 

 

181

 

 

 

197

 

Total lease liabilities (2)

 

$

29

 

 

$

280

 

 

$

309

 

 

$

23

 

 

$

276

 

 

$

299

 

 

(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 March 31, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Asset Retirement Obligations (Tables)
 3 Months Ended
Mar. 31, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Summary of Changes in Asset Retirement Obligations

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

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Asset retirement obligations as of beginning of period

 

$

906

 

 

$

807

 

Liabilities incurred

 

 

11

 

 

 

11

 

Liabilities settled and divested

 

 

(11

)

 

 

(8

)

Revision and reclassification of estimated obligation

 

 

107

 

 

 

55

 

Accretion expense on discounted obligation

 

 

14

 

 

 

12

 

Asset retirement obligations as of end of period

 

 

1,027

 

 

 

877

 

Less current portion

 

 

41

 

 

 

42

 

Asset retirement obligations, long-term

 

$

986

 

 

$

835

 
v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
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

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

 

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

Third quarter

 

 

7,324

 

 

 

250

 

 

$

34.06

 

Fourth quarter

 

 

7,118

 

 

 

250

 

 

$

35.12

 

2025 Total

 

 

30,813

 

 

 

1,050

 

 

$

34.07

 

2026:

 

 

 

 

 

 

 

 

 

First quarter

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Total plan

 

 

101,648

 

 

$

4,462

 

 

$

43.90

 

 
Schedule of Dividends Payable The following table summarizes Devon’s dividends paid for the first quarter of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

March 31, 2026 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,021

 

 

$

1,021

 

 

$

1,021

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

126

 

 

$

126

 

 

$

—

 

 

$

126

 

 

$

—

 

Commodity derivatives

 

$

(577

)

 

$

(577

)

 

$

—

 

 

$

(577

)

 

$

—

 

Debt

 

$

(8,386

)

 

$

(8,292

)

 

$

—

 

 

$

(8,292

)

 

$

—

 

December 31, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

764

 

 

$

764

 

 

$

764

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

194

 

 

$

194

 

 

$

—

 

 

$

194

 

 

$

—

 

Commodity derivatives

 

$

(1

)

 

$

(1

)

 

$

—

 

 

$

(1

)

 

$

—

 

Debt

 

$

(8,389

)

 

$

(8,290

)

 

$

—

 

 

$

(8,290

)

 

$

—

 
v3.26.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2026
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.

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Total revenues

 

$

3,807

 

 

$

4,452

 

 

 

 

 

 

 

 

LOE

 

 

486

 

 

 

479

 

Gathering, processing & transportation

 

 

191

 

 

 

204

 

Production and property taxes

 

 

217

 

 

 

229

 

Total significant expenses

 

 

894

 

 

 

912

 

Marketing and midstream expenses

 

 

1,547

 

 

 

1,436

 

DD&A

 

 

904

 

 

 

912

 

G&A

 

 

125

 

 

 

130

 

Financing costs, net

 

 

109

 

 

 

123

 

Income tax expense

 

 

46

 

 

 

137

 

Other segment items (1)

 

 

62

 

 

 

293

 

Total expenses

 

 

3,687

 

 

 

3,943

 

 

 

 

 

 

 

 

Net earnings

 

$

120

 

 

$

509

 

 

 

 

 

 

 

 

Total assets

 

$

32,543

 

 

$

30,928

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

999

 

 

$

972

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.
v3.26.1
Summary of Significant Accounting Policies (Narrative) (Details) - CDM [Member]
$ in Millions
Aug. 01, 2025
USD ($)
Summary Of Significant Accounting Policies [Line Items]  
Acquisition of all the Outstanding Noncontrolling Interests in CDM $ 260
Ownership in Cotton Draw Midstream [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Business Aquisition Ownership Percentage 100.00%
v3.26.1
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers $ 4,508 $ 4,550
Oil, Gas and NGL Sales [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 2,977 3,126
Oil, Gas and NGL Sales [Member] | Crude Oil, Condensate, and Natural Gas Liquids (NGL) [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 2,423 2,414
Oil, Gas and NGL Sales [Member] | Gas [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 205 309
Oil, Gas and NGL Sales [Member] | NGL [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 349 403
Marketing and Midstream Revenues [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 1,531 1,424
Marketing and Midstream Revenues [Member] | Crude Oil, Condensate, and Natural Gas Liquids (NGL) [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 1,001 918
Marketing and Midstream Revenues [Member] | Gas [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers 254 272
Marketing and Midstream Revenues [Member] | NGL [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenues from contracts with customers $ 276 $ 234
v3.26.1
Acquisition and Divestitures (Narrative) (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
$ / MMBTU
$ / bbl
shares
Mar. 31, 2025
USD ($)
Feb. 01, 2026
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Common stock right to receive | $ / shares $ 0.1     $ 0.1
Investments | $ $ 715     $ 727
Common stock, shares issued (in shares) | shares 621     622
Common Stock [Member]        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Common stock right to receive | $ / shares     $ 0.7  
Barnett Shale [Member]        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Contingent earnout payments | $ $ 20 $ 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.      
v3.26.1
Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details) - shares
shares in Millions
Mar. 31, 2026
Dec. 31, 2025
Consideration:    
Devon common stock issued 621 622
v3.26.1
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash collateral posted $ 0
v3.26.1
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
 3 Months Ended
Mar. 31, 2026
$ / bbl
$ / Customer
bbl
Midland Sweet Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 46,000
Weighted Average Differential to WTI 1.1
WTI/Brent Q2-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 8,625
Weighted Average Differential to WTI (5.61)
NYMEX Roll Q2-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 86,051
Weighted Average Differential to WTI 1.24
Magellan East Houston Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 20,000
Weighted Average Differential to WTI 1.77
Midland Sweet Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 46,000
Weighted Average Differential to WTI 1
NYMEX West Texas Intermediate Three Way Price Collars Oil Q2 Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 108,698
Weighted Average Floor Sold Price 49.51
Weighted Average Floor Purchased Price 59.59
Weighted Average Ceiling Price 71.22
NYMEX West Texas Intermediate Three Way Price Collars Oil Q1 Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 37,397
Weighted Average Floor Sold Price | $ / Customer 45.78
Weighted Average Floor Purchased Price 55.78
Weighted Average Ceiling Price 71.89
v3.26.1
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
 3 Months Ended
Mar. 31, 2026
MMBTU
$ / Customer
$ / MMBTU
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 247,500
Weighted Average Price Swap | $ / MMBTU 3.8
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 0
Weighted Average Price Swap | $ / MMBTU 0
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 230,000
Weighted Average Floor Price | $ / Customer 3.26
Weighted Average Ceiling Price | $ / Customer 4.9
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 90,000
Weighted Average Floor Price | $ / Customer 3.5
Weighted Average Ceiling Price | $ / Customer 4.31
Houston Ship Channel Natural Gas Basis Swap Q2-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 50,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.29)
Waha Natural Gas Basis Swaps Q2-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 150,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.79)
v3.26.1
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives Fair Value [Line Items]    
Gross Fair Value $ (451) $ 193
Amounts Netted 0 0
Net Fair Value (451) 193
Short-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 126 199
Amounts Netted (4) (7)
Net Fair Value 122 192
Long-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 4 2
Amounts Netted 0 0
Net Fair Value 4 2
Short-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (526) (8)
Amounts Netted 4 7
Net Fair Value (522) (1)
Long-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (55) (0)
Amounts Netted 0 0
Net Fair Value $ (55) $ (0)
v3.26.1
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 22 $ 30
Related income tax benefit 5 3
G&A [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense 22 24
Restructuring and Transaction Costs [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 0 $ 6
v3.26.1
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2025 | shares 4,653
Granted, awards and units | shares 1,931
Vested, awards and units | shares (1,468)
Forfeited, awards and units | shares (42)
Unvested at 3/31/26 | shares 5,074
Unvested weighted average grant-date fair value at December 31, 2025 | $ / shares $ 40.79
Granted, weighted average grant-date fair value | $ / shares 43.48
Vested, weighted average grant-date fair value | $ / shares 44.54
Forfeited, weighted average grant-date fair value | $ / shares 41.03
Unvested weighted average grant-date fair value at 3/31/26 | $ / shares $ 40.73
Performance Share Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2025 | shares 1,293
Granted, awards and units | shares 439
Vested, awards and units | shares (200)
Forfeited, awards and units | shares (117)
Unvested at 3/31/26 | shares 1,415 [1]
Unvested weighted average grant-date fair value at December 31, 2025 | $ / shares $ 58.82
Granted, weighted average grant-date fair value | $ / shares 61.73
Vested, weighted average grant-date fair value | $ / shares 81.7
Forfeited, weighted average grant-date fair value | $ / shares 81.7
Unvested weighted average grant-date fair value at 3/31/26 | $ / shares $ 54.59
[1] A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.
v3.26.1
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2026
shares
Performance Share Units [Member] | Maximum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Maximum common shares that could be awarded based upon total shareholder return 2.8
v3.26.1
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Including Performance Factor Shares Granted [Member]
 3 Months Ended
Mar. 31, 2026
$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Grant-date fair value $ 61.73
Risk-free interest rate 3.52%
Volatility factor 33.80%
Contractual term (years) 2 years 10 months 20 days
v3.26.1
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Restricted Stock Awards [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 169
Weighted average period for recognition (years) 3 years
Performance Share Units [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 40
Weighted average period for recognition (years) 2 years 3 months 18 days
v3.26.1
Asset Impairments (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Asset Impairments [Line Items]    
Asset impairments $ 0 $ 254
Devon [Member]    
Asset Impairments [Line Items]    
Asset impairments   254
Sale proceeds   $ 120
v3.26.1
Restructuring - (Schedule Of Restructuring And Transaction Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Cost And Reserve [Line Items]    
Restructuring costs $ 19 $ 18
v3.26.1
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Earnings before income taxes $ 166 $ 646
Current income tax expense (benefit) (188) 96
Deferred income tax expense 234 41
Total income tax expense $ 46 $ 137
U.S. statutory income tax rate 21.00% 21.00%
State income taxes 3.00% 1.00%
Other 4.00% (1.00%)
Effective income tax rate 28.00% 21.00%
v3.26.1
Income Taxes (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Income Tax [Line Items]  
Other income tax expense benefit $ 218
v3.26.1
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net earnings available to common shareholders - basic $ 120 $ 494
Net earnings available to common shareholders - diluted $ 120 $ 494
Common shares:    
Average common shares outstanding - basic 616 643
Dilutive effect of potential common shares issuable 2 2
Average common shares outstanding - diluted 618 645
Net earnings per share available to common shareholders:    
Basic $ 0.19 $ 0.77
Diluted $ 0.19 $ 0.77
v3.26.1
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pension and postretirement benefit plans:    
Beginning accumulated pension and postretirement benefits $ (122) $ (122)
Recognition of net actuarial loss and prior service cost in earnings [1] 2 1
Income tax expense (1) 0
Ending accumulated pension and postretirement benefits $ (121) $ (121)
[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.
v3.26.1
Supplemental Information to Statements of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in assets and liabilities, net:    
Accounts receivable $ (462) $ (63)
Other current assets 12 (35)
Other long-term assets (7) (85)
Accounts payable and revenues and royalties payable 379 248
Other current liabilities (212) (57)
Other long-term liabilities (9) 109
Total (299) 117
Supplementary cash flow data:    
Interest paid 152 160
Income taxes paid $ 4 $ 0
v3.26.1
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Joint interest billings $ 281 $ 245
Other 12 20
Gross accounts receivable 2,257 1,799
Allowance for doubtful accounts (7) (7)
Net accounts receivable 2,250 1,792
Oil Gas And N G L Sales [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable 1,210 865
Marketing And Midstream Revenues [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable $ 754 $ 669
v3.26.1
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property and equipment:    
Proved $ 59,690 $ 58,573
Unproved and properties under development 1,852 1,910
Total oil and gas 61,542 60,483
Less accumulated DD&A (37,630) (36,752)
Oil and gas property and equipment, net 23,912 23,731
Other property and equipment 2,412 2,624
Less accumulated DD&A (726) (936)
Other property and equipment, net 1,686 1,688
Property and equipment, net $ 25,598 $ 25,419
v3.26.1
Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property Plant And Equipment [Line Items]    
Other property and equipment, net $ 1,686 $ 1,688
v3.26.1
Investments - Summary of Components of Investment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investments $ 715 $ 727
WaterBridge [Member]    
Schedule of Investments [Line Items]    
% Interest 14.00%  
Investments $ 267 268
Catalyst [Member]    
Schedule of Investments [Line Items]    
% Interest 50.00%  
Investments $ 240 247
Fervo [Member]    
Schedule of Investments [Line Items]    
% Interest 15.00%  
Investments $ 163 162
Other [Member]    
Schedule of Investments [Line Items]    
Investments $ 45 $ 50
v3.26.1
Investments - (Additional Information) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Investments $ 715 $ 727
v3.26.1
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Net premium on debentures and notes $ 21 $ 23
Debt issuance costs (49) (48)
Total debt 8,386 8,389
Less amount classified as short-term debt 999 998
Long-term debt 7,387 7,391
7.50% due September 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 73 $ 73
Debt interest rate, stated percentage 7.50% 7.50%
Debt, maturity date Sep. 15, 2027  
5.25% due October 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 390 $ 390
Debt interest rate, stated percentage 5.25% 5.25%
Debt, maturity date Oct. 15, 2027  
5.875% due June 15, 2028 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 325 $ 325
Debt interest rate, stated percentage 5.875% 5.875%
Debt, maturity date Jun. 15, 2028  
4.50% due January 15, 2030 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 585 $ 585
Debt interest rate, stated percentage 4.50% 4.50%
Debt, maturity date Jan. 15, 2030  
7.875% due September 30, 2031 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 675 $ 675
Debt interest rate, stated percentage 7.875% 7.875%
Debt, maturity date Sep. 30, 2031  
7.95% due April 15, 2032 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 366 $ 366
Debt interest rate, stated percentage 7.95% 7.95%
Debt, maturity date Apr. 15, 2032  
5.20% due September 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Debt interest rate, stated percentage 5.20% 5.20%
Debt, maturity date Sep. 15, 2034  
5.60% due July 15, 2041 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Debt interest rate, stated percentage 5.60% 5.60%
Debt, maturity date Jul. 15, 2041  
4.75% due May 15, 2042 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage 4.75% 4.75%
Debt, maturity date May 15, 2042  
5.00% due June 15, 2045 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage 5.00% 5.00%
Debt, maturity date Jun. 15, 2045  
5.75% due September 15, 2054 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Debt interest rate, stated percentage 5.75% 5.75%
Debt, maturity date Sep. 15, 2054  
Term Loan due September 25, 2026 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Debt, maturity date Sep. 25, 2026  
v3.26.1
Debt And Related Expenses (Narrative) (Details)
$ in Millions
 3 Months Ended
Sep. 15, 2025
USD ($)
Aug. 31, 2024
USD ($)
Mar. 31, 2026
USD ($)
Sep. 27, 2024
USD ($)
Debt Instrument [Line Items]        
Maturity date extension     n the first quarter of 2026, Devon amended the credit agreement governing the Senior Credit Facility to, among other things, extend the maturity date from March 24, 2030 to March 24, 2031, with the option to extend the maturity date by three additional one-year periods, subject to lender consent  
Term Loan Credit Agreement [Member]        
Debt Instrument [Line Items]        
Aggregate Principal Amount   $ 2,000.0    
Outstanding credit facility borrowings       $ 1,000.0
Debt-to-capitalization ratio     0.249  
Interest rate on the term loan     5.20%  
Line of Credit [Member]        
Debt Instrument [Line Items]        
Credit facility, borrowing capacity     $ 3,000.0  
Outstanding credit facility borrowings     $ 0.0  
Debt-to-capitalization ratio     0.249  
Outstanding letters of credit     $ 1.0  
Line of Credit [Member] | Maximum [Member]        
Debt Instrument [Line Items]        
Debt-to-capitalization ratio     0.65  
Tranche One [Member] | Term Loan Credit Agreement [Member]        
Debt Instrument [Line Items]        
Aggregate Principal Amount   500.0    
Tranche Two [Member] | Term Loan Credit Agreement [Member]        
Debt Instrument [Line Items]        
Aggregate Principal Amount   $ 1,500.0    
Senior Notes [Member] | Devon [Member]        
Debt Instrument [Line Items]        
Early Repayments of Related Party Debt $ 485.0      
Debt interest rate, stated percentage 5.85%      
v3.26.1
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Disclosure [Abstract]    
Interest based on debt outstanding $ 118 $ 127
Interest income (14) (10)
Other 5 6
Total net financing costs $ 109 $ 123
v3.26.1
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Right-of-use assets, finance lease $ 32 $ 23
Finance lease liabilities:    
Current lease liabilities, finance lease [1] 8 7
Long-term lease liabilities, finance lease 21 16
Total lease liabilities, finance lease [2] 29 23
Right-of-use assets, operating lease 280 276
Operating lease liabilities:    
Current lease liabilities, operating lease [1] 95 95
Long-term lease liabilities, operating lease 185 181
Total lease liabilities, operating lease [2] 280 276
Right-of-use assets 312 299
Lease liabilities:    
Current lease liabilities [1] 103 102
Long-term lease liabilities 206 197
Total lease liabilities [2] $ 309 $ 299
[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 March 31, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Leases (Additional Information) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Extinguishment of real estate finance lease $ 300
Gain on early lease extinguishment $ 274
v3.26.1
Asset Retirement Obligations (Summary of Changes in Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]      
Asset retirement obligations as of beginning of period $ 906 $ 807  
Liabilities incurred 11 11  
Liabilities settled and divested (11) (8)  
Revision and reclassification of estimated obligation 107 55  
Accretion expense on discounted obligation 14 12  
Asset retirement obligations as of end of period 1,027 877  
Less current portion 41 42  
Asset retirement obligations, long-term $ 986 $ 835 $ 863
v3.26.1
Asset Retirement Obligations (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]    
Asset retirement obligation, assumed $ 107 $ 55
v3.26.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 01, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Stockholders Equity [Line Items]        
Rate Per Share   $ 0.24 $ 0.24  
Additional paid-in capital   $ 5,316   $ 5,388
CDM [Member]        
Stockholders Equity [Line Items]        
Acquisition of all the Outstanding Noncontrolling Interests in CDM $ 260      
CDM [Member] | Ownership in CDM [Member]        
Stockholders Equity [Line Items]        
Business Aquisition Ownership Percentage 100.00%      
Share Repurchase Program [Member]        
Stockholders Equity [Line Items]        
Repurchase of common stock   5,000    
Five Billion Dollar Share Repurchase Program Open [Member]        
Stockholders Equity [Line Items]        
Repurchase of common stock   $ 5,000    
Repurchase program expiration date   Jun. 30, 2026    
v3.26.1
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
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 1,850,000 7,118,000 7,324,000 7,866,000 8,505,000 30,813,000 23,944,000 19,350,000 11,708,000 13,983
Dollar Value of Shares Purchased $ 69 $ 250 $ 250 $ 249 $ 301 $ 1,050 $ 1,044 $ 992 $ 718 $ 589
Average Price Paid per Share $ 37.39 $ 35.12 $ 34.06 $ 31.78 $ 35.33 $ 34.07 $ 43.61 $ 51.23 $ 61.36 $ 42.15
Share Repurchase Program Open [Member]                    
Stockholders Equity [Line Items]                    
Total Number of Shares Purchased 101,648,000                  
Dollar Value of Shares Purchased $ 4,462                  
Average Price Paid per Share $ 43.9                  
v3.26.1
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stockholders Equity [Line Items]    
Rate Per Share $ 0.24 $ 0.24
Fixed Dividend Date March 31, 2026    
Stockholders Equity [Line Items]    
Dividends $ 155  
Fixed Dividend Date March 31, 2025    
Stockholders Equity [Line Items]    
Dividends   $ 163
v3.26.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]    
Other accrued liabilities current   $ 60
Contingent liability $ 125  
Estimated decommissioning costs 100  
Other Long-Term Investments 100  
Difference of decommissioning obligation and available bond $ 25  
Accrued approximation   $ 175
v3.26.1
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Carrying Amount [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 1,021 $ 764
Debt (8,386) (8,389)
Carrying Amount [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 126 194
Derivatives, liabilities (577) (1)
Total Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,021 764
Debt (8,292) (8,290)
Total Fair Value [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 126 194
Derivatives, liabilities (577) (1)
Level 1 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,021 764
Level 2 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt (8,292) (8,290)
Level 2 Inputs [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 126 194
Derivatives, liabilities $ (577) $ (1)
v3.26.1
Reportable Segments - Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total revenues $ 3,807 $ 4,452  
LOE 486 479  
Gathering, processing & transportation 191 204  
Production and property taxes 217 229  
Total significant expenses 894 912  
DD&A 904 912  
G&A 125 130  
Financing costs, net 109 123  
Income tax expense 46 137  
Other segment items [1] 62 293  
Total expenses 3,687 3,943  
Net earnings 120 509  
Total assets 32,543 30,928 $ 31,599
Capital expenditures, including acquisitions 999 972  
Marketing and Midstream Expenses [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Marketing and midstream expenses $ 1,547 $ 1,436  
[1] Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.