Common stock, par value (in dollars per share)

^[1]

$ 1,583

$ 1,539

$ 0.10

Common stock, shares authorized (in shares)

1,000.0

Common stock, shares issued (in shares)

645.0

653.0

Treasury Stock, Shares

0.6

CDM [Member]

Summary Of Significant Accounting Policies

$ 112

$ 109

[1]	$112 million and $109 million related to CDM in 2023 and 2022, respectively.

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings	$ 1,003	$ 995
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization	615	489
Leasehold impairments	0	1
Amortization of liabilities	(7)	(6)
Total (gains) losses on commodity derivatives	(64)	683
Cash settlements on commodity derivatives	13	(344)
Gains on asset dispositions	0	(1)
Deferred income tax expense	80	164
Share-based compensation	23	20
Other	2	(21)
Changes in assets and liabilities, net	12	(143)
Net cash from operating activities	1,677	1,837
Cash flows from investing activities:
Capital expenditures	(1,012)	(537)
Acquisitions of property and equipment	(13)	(1)
Divestitures of property and equipment	21	26
Distributions from investments	8	8
Contributions to investments	(37)	(22)
Net cash from investing activities	(1,033)	(526)
Cash flows from financing activities:
Repurchases of common stock	(517)	(211)
Dividends paid on common stock	(596)	(667)
Distributions to noncontrolling interests	(11)	(8)
Shares exchanged for tax withholdings and other	(87)	(73)
Net cash from financing activities	(1,211)	(959)
Effect of exchange rate changes on cash	0	2
Net change in cash, cash equivalents and restricted cash	(567)	354
Cash, cash equivalents and restricted cash at beginning of period	1,454	2,271
Cash, cash equivalents and restricted cash at end of period	887	2,625
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	761	2,459
Restricted cash	126	166
Total cash, cash equivalents and restricted cash	$ 887	$ 2,625

Consolidated Statements Of Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2021	$ 9,399	$ 66	$ 7,636	$ 1,692	$ (132)		$ 137
Balance, shares at Dec. 31, 2021		663
Net earnings	995			989			6
Other comprehensive earnings (loss), net of tax	1				1
Restricted stock grants, net of cancellations, value	1		1
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(305)					$ (305)
Common stock retired			(286)			286
Common stock retired, shares		(5)
Common stock dividends	(668)			(668)
Share-based compensation	20		20
Share-based compensation, shares		1
Distributions to noncontrolling interests	(8)						(8)
Balance at Mar. 31, 2022	9,435	$ 66	7,371	2,013	(131)	(19)	135
Balance, shares at Mar. 31, 2022		661
Balance at Dec. 31, 2022	11,296	$ 65	6,921	4,297	(116)		129
Balance, shares at Dec. 31, 2022		653
Net earnings	1,003			995			8
Other comprehensive earnings (loss), net of tax	1				1
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(629)		(4)			(625)
Common stock retired		$ 1	(596)			597
Common stock retired, shares		11
Common stock dividends	(580)			580
Share-based compensation	23		23
Share-based compensation, shares		1
Distributions to noncontrolling interests	(11)						(11)
Balance at Mar. 31, 2023	$ 11,103	$ 64	$ 6,344	$ 4,712	$ (115)	$ (28)	$ 126
Balance, shares at Mar. 31, 2023		645

Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

1.

Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2022 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, 2023 and 2022 and Devon’s financial position as of March 31, 2023.

Restricted Cash

As of March 31, 2023, approximately $126 million of cash on the consolidated balance sheets is presented as restricted cash. These obligations primarily relate to an abandoned Canadian firm transportation agreement.

Variable Interest Entity

CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets.

Investments

The following table presents Devon's investments.


		Carrying Amount
Investments	% Interest	March 31, 2023		December 31, 2022
Catalyst	50%	$	332	$	339
Matterhorn	12.5%		90		54
Other	Various		47		47
Total		$	469	$	440

Devon has an interest in Catalyst, which is a joint venture with an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50% voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.

During 2023 and 2022, Devon made investments in Matterhorn. Matterhorn is a joint venture entity and was formed for the purpose of constructing a natural gas pipeline that will transport natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn.

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,
	2023		2022
Oil	$	2,143	$	2,406
Gas		213		307
NGL		323		462
Oil, gas and NGL sales		2,679		3,175

Oil		730		776
Gas		152		209
NGL		198		335
Marketing and midstream revenues		1,080		1,320
Total revenues from contracts with customers	$	3,759	$	4,495

Acquisition and Divestitures

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Acquisition and Divestitures

2. Acquisitions and Divestitures

Acquisitions

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

Contingent Earnout Payments

Devon is entitled to contingent earnout payments associated with the sale of its Barnett Shale assets in 2020 with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. Devon received $65 million in contingent earnout payments related to this transaction in the first quarter of 2023 and 2022 and could receive up to an additional $130 million in contingent earnout payments for the remaining performance periods depending on future commodity prices. The valuation of the future contingent earnout payments included within other current assets and other long-term assets in the March 31, 2023 consolidated balance sheet was approximately $53 million and $35 million, respectively. These values were derived utilizing a Monte Carlo valuation model and qualify as a level 3 fair value measurement.

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

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

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, 2023, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Given Devon's current credit ratings and the terms of the underlying contracts, Devon is not currently required to post collateral to its counterparties with respect to its open derivative positions, and we would not be required to post any such collateral as a result of any change to the amount of Devon's net liability for such positions.

Commodity Derivatives

As of March 31, 2023, 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.


	Price Collars
Period	Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2-Q4 2023		83,329	$	69.48	$	94.66
Q1-Q4 2024		7,486	$	60.00	$	86.17


	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2023	Midland Sweet		50,091	$	1.09
Q1-Q4 2024	Midland Sweet		48,500	$	1.19
Q1-Q4 2025	Midland Sweet		36,000	$	0.94

As of March 31, 2023, 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 2023		57,309	$	3.32		187,215	$	3.62	$	7.27
Q1-Q4 2024		40,426	$	3.30		40,527	$	3.78	$	7.05


	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2023	El Paso Natural Gas		141,691	$	(1.58	)
Q2-Q4 2023	Houston Ship Channel		140,000	$	(0.19	)
Q2-Q4 2023	WAHA		70,000	$	(0.51	)
Q1-Q4 2024	El Paso Natural Gas		19,945	$	(0.92	)
Q1-Q4 2024	Houston Ship Channel		30,000	$	(0.32	)
Q1-Q4 2024	WAHA		44,973	$	(0.58	)

As of March 31, 2023, Devon did not have any open NGL positions.

Financial Statement Presentation

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of March 31, 2023 and December 31, 2022.


	March 31, 2023									December 31, 2022
	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	$	176		$	(5	)	$	171		$	138		$	(19	)	$	119		Other current assets
Long-term derivative asset		14			(3	)		11			12			—			12		Other long-term assets
Short-term derivative liability		(6	)		5			(1	)		(22	)		19			(3	)	Other current liabilities
Long-term derivative liability		(4	)		3			(1	)		—			—			—		Other long-term liabilities
Total derivative asset (liability)	$	180		$	—		$	180		$	128		$	—		$	128

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
G&A	$	23	$	20
Related income tax benefit	$	20	$	17

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 12/31/22		5,788		$	29.11		1,841			$	31.33
Granted		1,174		$	63.51		743			$	51.38
Vested		(2,378	)	$	25.15		(1,037	)		$	27.89
Forfeited		(32	)	$	42.04		—			$	—
Unvested at 3/31/23		4,552		$	39.95		1,547		(1)	$	43.25

(1)

A maximum of 3.1 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 2023, as indicated in the previous summary table. The grants in the previous summary table also include the impacts of performance share units granted in a prior year that vested higher than 100% of target due to Devon's TSR performance compared to our peers.


	2023
Grant-date fair value	$	81.70
Risk-free interest rate		4.15	%
Volatility factor		61.43	%
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, 2023.


	Restricted Stock		Performance
	Awards/Units		Share Units
Unrecognized compensation cost	$	132	$	37
Weighted average period for recognition (years)		3.0		2.0

Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

The following table summarizes Devon’s restructuring liabilities. The remaining liabilities primarily relate to an abandoned Canadian firm transportation agreement.


	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2022	$	34		$	81		$	115
Changes related to prior years' restructurings		(11	)		(3	)		(14	)
Balance as of March 31, 2023	$	23		$	78		$	101

Balance as of December 31, 2021	$	38		$	111		$	149
Changes related to prior years' restructurings		(4	)		(6	)		(10	)
Balance as of March 31, 2022	$	34		$	105		$	139

Other, Net

3 Months Ended

Mar. 31, 2023

Other Expenses [Abstract]

Other, Net

6. Other, Net

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


	Three Months Ended March 31,
	2023			2022
Estimated future obligation under a performance guarantee	$	—		$	(96	)
Ukraine charitable pledge		—			20
Asset retirement obligation accretion		7			7
Other		(2	)		8
Total	$	5		$	(61	)

Devon has guaranteed performance through 2026 for a minimum volume commitment associated with assets divested in 2018. Due to improved commodity prices, market conditions, and performance by the purchaser of the assets, the purchaser was able to fully satisfy the performance obligation due in the first quarter of 2023 and 2022. Additionally, at March 31, 2022, Devon reduced the estimated future exposure of the performance guarantee. The effect of these cash collections and liability revisions resulted in a $96 million benefit in the first quarter of 2022.

The first quarter of 2022 includes a $20 million pledge for humanitarian relief for the Ukrainian people and surrounding countries supporting refugees.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. 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,
	2023			2022
Earnings before income taxes	$	1,224		$	1,262

Current income tax expense	$	141		$	103
Deferred income tax expense		80			164
Total income tax expense	$	221		$	267

U.S. statutory income tax rate		21	%		21	%
State income taxes		1	%		1	%
Other		(4	%)		(1	%)
Effective income tax rate		18	%		21	%

On August 16, 2022 the IRA was signed into law and included various income tax related provisions with effective dates generally beginning in 2023. Among the enacted provisions are a 15% corporate alternative minimum tax ("CAMT") and several new and expanded clean energy credits and incentives. Dependent upon future regulations, Devon believes it is subject to the CAMT as Devon has an average annual adjusted financial statement income that exceeds $1 billion for the three-year period ended December 31, 2022.

In the first quarter of 2023, Devon recognized income tax credits associated with its qualified research activities performed during the 2018 to 2021 tax years. The impact of these credits is included within Other in the table above.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Other Comprehensive Income (Loss), Net of Tax [Abstract]

Net Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Earnings Per Share

8.

Net Earnings Per Share

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


	Three Months Ended March 31,
	2023			2022
Net earnings:
Net earnings	$	995		$	989
Attributable to participating securities		(8	)		(16	)
Basic and diluted earnings	$	987		$	973
Common shares:
Common shares outstanding - total		651			663
Attributable to participating securities		(6	)		(7	)
Common shares outstanding - basic		645			656
Dilutive effect of potential common shares issuable		2			2
Common shares outstanding - diluted		647			658
Net earnings per share:
Basic	$	1.53		$	1.48
Diluted	$	1.53		$	1.48

Other Comprehensive Earnings (Loss)

3 Months Ended

Mar. 31, 2023

Other Comprehensive Earnings (Loss)

9. Other Comprehensive Earnings (Loss)

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


	Three Months Ended March 31,
	2023			2022
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits	$	(116	)	$	(132	)
Recognition of net actuarial loss and prior service cost in earnings (1)		1			1
Accumulated other comprehensive loss, net of tax	$	(115	)	$	(131	)

(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.

Supplemental Information To Statements Of Cash Flows

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

10.

Supplemental Information to Statements of Cash Flows


	Three Months Ended March 31,
	2023			2022
Changes in assets and liabilities, net:
Accounts receivable	$	150		$	(457	)
Other current assets		16			64
Other long-term assets		31			66
Accounts payable and revenues and royalties payable		(165	)		247
Other current liabilities		(3	)		8
Other long-term liabilities		(17	)		(71	)
Total	$	12		$	(143	)
Supplementary cash flow data:
Interest paid	$	101		$	100
Income taxes refunded	$	—		$	(23	)

Accounts Receivable

3 Months Ended

Mar. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable

11.

Accounts Receivable

Components of accounts receivable include the following:


	March 31, 2023			December 31, 2022
Oil, gas and NGL sales	$	1,025		$	1,153
Joint interest billings		238			162
Marketing and midstream revenues		325			428
Other		36			33
Gross accounts receivable		1,624			1,776
Allowance for doubtful accounts		(9	)		(9	)
Net accounts receivable	$	1,615		$	1,767

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2023

Extractive Industries [Abstract]

Property, Plant and Equipment

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


	March 31, 2023			December 31, 2022
Property and equipment:
Proved	$	43,584		$	42,734
Unproved and properties under development		1,654			1,548
Total oil and gas		45,238			44,282
Less accumulated DD&A		(28,306	)		(27,715	)
Oil and gas property and equipment, net		16,932			16,567
Other property and equipment		2,340			2,280
Less accumulated DD&A		(757	)		(741	)
Other property and equipment, net (1)		1,583			1,539
Property and equipment, net	$	18,515		$	18,106

(1)

$112 million and $109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt and Related Expenses

13.

Debt and Related Expenses

See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.


	March 31, 2023			December 31, 2022
8.25% due August 1, 2023	$	242		$	242
5.25% due September 15, 2024		472			472
5.85% due December 15, 2025		485			485
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
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net premium on debentures and notes		92			103
Debt issuance costs		(33	)		(26	)
Total debt	$	6,422		$	6,440
Less amount classified as short-term debt		247			251
Total long-term debt	$	6,175		$	6,189

Credit Lines

On March 24, 2023, Devon amended and restated its 2018 Senior Credit Facility to provide for a new $3.0 billion revolving 2023 Senior Credit Facility with a financial covenant and other terms similar to the 2018 Senior Credit Facility. The 2023 Senior Credit Facility matures on March 24, 2028, with the option to extend the maturity date by three additional one-year periods, subject to lender consent. As of March 31, 2023, Devon had no outstanding borrowings under the 2023 Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The 2023 Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of March 31, 2023, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 23.2%.

Net Financing Costs

The following schedule includes the components of net financing costs.


	Three Months Ended March 31,
	2023			2022
Interest based on debt outstanding	$	93		$	92
Interest income		(17	)		(1	)
Other		(4	)		(6	)
Total net financing costs	$	72		$	85

Interest income increased from 2022 to 2023 primarily due to higher interest rates on cash balances.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Asset Retirement Obligation Disclosure [Abstract]

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

14. Leases

The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2023 and December 31, 2022.


	March 31, 2023						December 31, 2022
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	201	$	18	$	219	$	203	$	21	$	224
Lease liabilities:
Current lease liabilities (1)	$	8	$	12	$	20	$	8	$	13	$	21
Long-term lease liabilities		250		6		256		249		8		257
Total lease liabilities	$	258	$	18	$	276	$	257	$	21	$	278

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

Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate.

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2023

Asset Retirement Obligations

15.

Asset Retirement Obligations

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


	Three Months Ended March 31,
	2023			2022
Asset retirement obligations as of beginning of period	$	529		$	485
Liabilities incurred		6			8
Liabilities settled and divested		(6	)		(3	)
Revision of estimated obligation		27			(35	)
Accretion expense on discounted obligation		7			7
Asset retirement obligations as of end of period		563			462
Less current portion		17			19
Asset retirement obligations, long-term	$	546		$	443

During the first quarter of 2023, Devon increased its asset retirement obligations by approximately $27 million primarily due to inflation-driven increases in current cost estimates. During the first quarter of 2022, Devon reduced its asset retirement obligations by $35 million primarily due to extended retirement dates for oil and gas assets, partially offset by inflation-driven increases to current settlement costs.

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

16.

Stockholders’ Equity

Share Repurchases

In November 2021, Devon authorized a share repurchase program of $1.0 billion with a December 31, 2022 expiration date. In 2022, the Board of Directors authorized expansions of the share repurchase program ultimately to $2.0 billion and extended the expiration date to May 4, 2023. In May 2023, the Board of Directors authorized a further expansion to $3.0 billion and extended the expiration date to December 31, 2024. The table below provides information regarding purchases of Devon’s common stock under the $3.0 billion share repurchase program (shares in thousands).


	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
$3.0 Billion Plan
2021:
Fourth quarter		13,983	$	589	$	42.15
2022:
First quarter		3,979		230	$	57.74
Second quarter		5,052		318	$	63.07
Third quarter		1,875		113	$	59.99
Fourth quarter		802		57	$	71.69
2023:
First quarter		10,090		545	$	53.96
Total plan		35,781	$	1,852	$	51.77

Dividends

Devon pays a quarterly dividend which is comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon raised its fixed dividend multiple times over the past year from $0.16 per share in the first quarter of 2022 to $0.20 per share beginning in the first quarter of 2023. The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2023 and 2022, respectively.


	Fixed		Variable		Total		Rate Per Share
2023:
First quarter	$	133	$	463	$	596	$	0.89
2022:
First quarter	$	109	$	558	$	667	$	1.00

In May 2023, Devon announced a cash dividend in the amount of $0.72 per share payable in the second quarter of 2023. The dividend consists of a $0.20 per share fixed quarterly dividend and a $0.52 per share variable quarterly dividend and will total approximately $461 million.

Noncontrolling Interests

The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

17.

Commitments and Contingencies

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

Royalty Matters

Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the

plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, paid royalty proceeds in an untimely manner without including required interest, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims.

Environmental and Climate Change Matters

Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future.

Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon denies the allegations in these lawsuits and intends to vigorously defend against these claims.

The State of Delaware and various municipalities and other governmental and private parties in California have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of these matters, Devon denies all allegations asserted in these lawsuits 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 or performing requirements under surface agreements in existence at the time of disposition.

In November 2020, the Department of the Interior, Bureau of Safety and Environmental Enforcement ordered several oil and gas operators, including Devon, to perform decommissioning and reclamation activities related to two California offshore oil and gas production platforms and related facilities. The current operator and owner of the platforms contends that it does not have the financial ability to perform these obligations and relinquished the related federal lease in October 2020. In response to the apparent insolvency of the current operator, the government has ordered the former operators and alleged former lease record title owners to decommission the platforms and related facilities. The government contends that an alleged corporate predecessor of Devon owned a partial interest in the subject lease and platforms. Although Devon cannot predict the ultimate outcome of this matter, Devon denies any obligation to decommission the subject platforms, has appealed the order, and believes any decommissioning obligation related to the subject platforms should be assumed by others.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

18.

Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at March 31, 2023 and December 31, 2022, 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, 2023 assets (liabilities):
Cash equivalents	$	217		$	217		$	217	$	—		$	—
Commodity derivatives	$	182		$	182		$	—	$	182		$	—
Commodity derivatives	$	(2	)	$	(2	)	$	—	$	(2	)	$	—
Debt	$	(6,422	)	$	(6,278	)	$	—	$	(6,278	)	$	—
Contingent earnout payments	$	88		$	88		$	—	$	—		$	88
December 31, 2022 assets (liabilities):
Cash equivalents	$	708		$	708		$	708	$	—		$	—
Commodity derivatives	$	131		$	131		$	—	$	131		$	—
Commodity derivatives	$	(3	)	$	(3	)	$	—	$	(3	)	$	—
Debt	$	(6,440	)	$	(6,231	)	$	—	$	(6,231	)	$	—
Contingent earnout payments	$	157		$	157		$	—	$	—		$	157

The following methods and assumptions were used to estimate the fair values in the table above.

Level 1 Fair Value Measurements

Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value.

Level 2 Fair Value Measurements

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

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

Level 3 Fair Value Measurements

Contingent Earnout Payments – Devon has the right to receive contingent consideration related to the Barnett asset divestiture based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualify as a level 3 fair value measurement. For additional information, see Note 2.

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

Schedule of Components of Investment

Summary Of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Restricted Cash

As of March 31, 2023, approximately $126 million of cash on the consolidated balance sheets is presented as restricted cash. These obligations primarily relate to an abandoned Canadian firm transportation agreement.

Variable Interest Entity

CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets.

Investments

The following table presents Devon's investments.


		Carrying Amount
Investments	% Interest	March 31, 2023		December 31, 2022
Catalyst	50%	$	332	$	339
Matterhorn	12.5%		90		54
Other	Various		47		47
Total		$	469	$	440

Devon has an interest in Catalyst, which is a joint venture with an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50% voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.

During 2023 and 2022, Devon made investments in Matterhorn. Matterhorn is a joint venture entity and was formed for the purpose of constructing a natural gas pipeline that will transport natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn.

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

The following table presents Devon's investments.


		Carrying Amount
Investments	% Interest	March 31, 2023		December 31, 2022
Catalyst	50%	$	332	$	339
Matterhorn	12.5%		90		54
Other	Various		47		47
Total		$	469	$	440

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,
	2023		2022
Oil	$	2,143	$	2,406
Gas		213		307
NGL		323		462
Oil, gas and NGL sales		2,679		3,175

Oil		730		776
Gas		152		209
NGL		198		335
Marketing and midstream revenues		1,080		1,320
Total revenues from contracts with customers	$	3,759	$	4,495

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Open Derivative Positions

Commodity Derivatives

As of March 31, 2023, 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.


	Price Collars
Period	Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2-Q4 2023		83,329	$	69.48	$	94.66
Q1-Q4 2024		7,486	$	60.00	$	86.17


	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2023	Midland Sweet		50,091	$	1.09
Q1-Q4 2024	Midland Sweet		48,500	$	1.19
Q1-Q4 2025	Midland Sweet		36,000	$	0.94

As of March 31, 2023, 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 2023		57,309	$	3.32		187,215	$	3.62	$	7.27
Q1-Q4 2024		40,426	$	3.30		40,527	$	3.78	$	7.05


	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2023	El Paso Natural Gas		141,691	$	(1.58	)
Q2-Q4 2023	Houston Ship Channel		140,000	$	(0.19	)
Q2-Q4 2023	WAHA		70,000	$	(0.51	)
Q1-Q4 2024	El Paso Natural Gas		19,945	$	(0.92	)
Q1-Q4 2024	Houston Ship Channel		30,000	$	(0.32	)
Q1-Q4 2024	WAHA		44,973	$	(0.58	)

Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets

Financial Statement Presentation

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of March 31, 2023 and December 31, 2022.


	March 31, 2023									December 31, 2022
	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	$	176		$	(5	)	$	171		$	138		$	(19	)	$	119		Other current assets
Long-term derivative asset		14			(3	)		11			12			—			12		Other long-term assets
Short-term derivative liability		(6	)		5			(1	)		(22	)		19			(3	)	Other current liabilities
Long-term derivative liability		(4	)		3			(1	)		—			—			—		Other long-term liabilities
Total derivative asset (liability)	$	180		$	—		$	180		$	128		$	—		$	128

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

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Share-Based Payment Arrangement [Abstract]

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023		2022
G&A	$	23	$	20
Related income tax benefit	$	20	$	17

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

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


	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 12/31/22		5,788		$	29.11		1,841			$	31.33
Granted		1,174		$	63.51		743			$	51.38
Vested		(2,378	)	$	25.15		(1,037	)		$	27.89
Forfeited		(32	)	$	42.04		—			$	—
Unvested at 3/31/23		4,552		$	39.95		1,547		(1)	$	43.25

(1)

A maximum of 3.1 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 2023, as indicated in the previous summary table. The grants in the previous summary table also include the impacts of performance share units granted in a prior year that vested higher than 100% of target due to Devon's TSR performance compared to our peers.


	2023
Grant-date fair value	$	81.70
Risk-free interest rate		4.15	%
Volatility factor		61.43	%
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, 2023.


	Restricted Stock		Performance
	Awards/Units		Share Units
Unrecognized compensation cost	$	132	$	37
Weighted average period for recognition (years)		3.0		2.0

Restructuring (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities. The remaining liabilities primarily relate to an abandoned Canadian firm transportation agreement.


	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2022	$	34		$	81		$	115
Changes related to prior years' restructurings		(11	)		(3	)		(14	)
Balance as of March 31, 2023	$	23		$	78		$	101

Balance as of December 31, 2021	$	38		$	111		$	149
Changes related to prior years' restructurings		(4	)		(6	)		(10	)
Balance as of March 31, 2022	$	34		$	105		$	139

Other, Net (Tables)

3 Months Ended

Mar. 31, 2023

Other Expenses [Abstract]

Schedule of Other Expenses (Income)

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


	Three Months Ended March 31,
	2023			2022
Estimated future obligation under a performance guarantee	$	—		$	(96	)
Ukraine charitable pledge		—			20
Asset retirement obligation accretion		7			7
Other		(2	)		8
Total	$	5		$	(61	)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023			2022
Earnings before income taxes	$	1,224		$	1,262

Current income tax expense	$	141		$	103
Deferred income tax expense		80			164
Total income tax expense	$	221		$	267

U.S. statutory income tax rate		21	%		21	%
State income taxes		1	%		1	%
Other		(4	%)		(1	%)
Effective income tax rate		18	%		21	%

Net Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations from Continuing Operations

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


	Three Months Ended March 31,
	2023			2022
Net earnings:
Net earnings	$	995		$	989
Attributable to participating securities		(8	)		(16	)
Basic and diluted earnings	$	987		$	973
Common shares:
Common shares outstanding - total		651			663
Attributable to participating securities		(6	)		(7	)
Common shares outstanding - basic		645			656
Dilutive effect of potential common shares issuable		2			2
Common shares outstanding - diluted		647			658
Net earnings per share:
Basic	$	1.53		$	1.48
Diluted	$	1.53		$	1.48

Other Comprehensive Earnings (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023			2022
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits	$	(116	)	$	(132	)
Recognition of net actuarial loss and prior service cost in earnings (1)		1			1
Accumulated other comprehensive loss, net of tax	$	(115	)	$	(131	)

(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.

Supplemental Information To Statements Of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows


	Three Months Ended March 31,
	2023			2022
Changes in assets and liabilities, net:
Accounts receivable	$	150		$	(457	)
Other current assets		16			64
Other long-term assets		31			66
Accounts payable and revenues and royalties payable		(165	)		247
Other current liabilities		(3	)		8
Other long-term liabilities		(17	)		(71	)
Total	$	12		$	(143	)
Supplementary cash flow data:
Interest paid	$	101		$	100
Income taxes refunded	$	—		$	(23	)

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:


	March 31, 2023			December 31, 2022
Oil, gas and NGL sales	$	1,025		$	1,153
Joint interest billings		238			162
Marketing and midstream revenues		325			428
Other		36			33
Gross accounts receivable		1,624			1,776
Allowance for doubtful accounts		(9	)		(9	)
Net accounts receivable	$	1,615		$	1,767

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023			December 31, 2022
Property and equipment:
Proved	$	43,584		$	42,734
Unproved and properties under development		1,654			1,548
Total oil and gas		45,238			44,282
Less accumulated DD&A		(28,306	)		(27,715	)
Oil and gas property and equipment, net		16,932			16,567
Other property and equipment		2,340			2,280
Less accumulated DD&A		(757	)		(741	)
Other property and equipment, net (1)		1,583			1,539
Property and equipment, net	$	18,515		$	18,106

(1)

$112 million and $109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Debt Instrument [Line Items]

Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.


	March 31, 2023			December 31, 2022
8.25% due August 1, 2023	$	242		$	242
5.25% due September 15, 2024		472			472
5.85% due December 15, 2025		485			485
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
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net premium on debentures and notes		92			103
Debt issuance costs		(33	)		(26	)
Total debt	$	6,422		$	6,440
Less amount classified as short-term debt		247			251
Total long-term debt	$	6,175		$	6,189

Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.


	Three Months Ended March 31,
	2023			2022
Interest based on debt outstanding	$	93		$	92
Interest income		(17	)		(1	)
Other		(4	)		(6	)
Total net financing costs	$	72		$	85

Leases (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022.


	March 31, 2023						December 31, 2022
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	201	$	18	$	219	$	203	$	21	$	224
Lease liabilities:
Current lease liabilities (1)	$	8	$	12	$	20	$	8	$	13	$	21
Long-term lease liabilities		250		6		256		249		8		257
Total lease liabilities	$	258	$	18	$	276	$	257	$	21	$	278

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

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2023

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,
	2023			2022
Asset retirement obligations as of beginning of period	$	529		$	485
Liabilities incurred		6			8
Liabilities settled and divested		(6	)		(3	)
Revision of estimated obligation		27			(35	)
Accretion expense on discounted obligation		7			7
Asset retirement obligations as of end of period		563			462
Less current portion		17			19
Asset retirement obligations, long-term	$	546		$	443

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Summary of Purchases of Common Stock

The table below provides information regarding purchases of Devon’s common stock under the $3.0 billion share repurchase program (shares in thousands).


	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share
$3.0 Billion Plan
2021:
Fourth quarter		13,983	$	589	$	42.15
2022:
First quarter		3,979		230	$	57.74
Second quarter		5,052		318	$	63.07
Third quarter		1,875		113	$	59.99
Fourth quarter		802		57	$	71.69
2023:
First quarter		10,090		545	$	53.96
Total plan		35,781	$	1,852	$	51.77

Schedule of Dividends Payable

The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2023 and 2022, respectively.


	Fixed		Variable		Total		Rate Per Share
2023:
First quarter	$	133	$	463	$	596	$	0.89
2022:
First quarter	$	109	$	558	$	667	$	1.00

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 assets (liabilities):
Cash equivalents	$	217		$	217		$	217	$	—		$	—
Commodity derivatives	$	182		$	182		$	—	$	182		$	—
Commodity derivatives	$	(2	)	$	(2	)	$	—	$	(2	)	$	—
Debt	$	(6,422	)	$	(6,278	)	$	—	$	(6,278	)	$	—
Contingent earnout payments	$	88		$	88		$	—	$	—		$	88
December 31, 2022 assets (liabilities):
Cash equivalents	$	708		$	708		$	708	$	—		$	—
Commodity derivatives	$	131		$	131		$	—	$	131		$	—
Commodity derivatives	$	(3	)	$	(3	)	$	—	$	(3	)	$	—
Debt	$	(6,440	)	$	(6,231	)	$	—	$	(6,231	)	$	—
Contingent earnout payments	$	157		$	157		$	—	$	—		$	157

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($) a	Mar. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted cash \| $	$ 126	$ 166
WPX and Howard Energy Partners [Member]
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the join venture legal entity	50.00%
Catalyst [Member]
Summary Of Significant Accounting Policies [Line Items]
Area of land \| a	50,000

summary Of Significant Accounting Policies - (Schedule of Components of Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 469	$ 440
Catalyst [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 332	339
Percentage Of Interest In Investments	50.00%
Matterhorn [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 90	54
Percentage Of Interest In Investments	12.50%
Other Member
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 47	$ 47

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	$ 3,759	$ 4,495
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	2,679	3,175
Oil, Gas and NGL Sales [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	2,143	2,406
Oil, Gas and NGL Sales [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	213	307
Oil, Gas and NGL Sales [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	323	462
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	1,080	1,320
Marketing and Midstream Revenues [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	730	776
Marketing and Midstream Revenues [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	152	209
Marketing and Midstream Revenues [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	$ 198	$ 335

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Restricted Stock Awards [Member]

Acquisition and Divestitures (Narrative) (Details) $ in Millions	1 Months Ended		3 Months Ended
	Sep. 30, 2022 USD ($) MMBoe	Jul. 31, 2022 USD ($) MMBoe	Mar. 31, 2023 USD ($) $ / MMBTU $ / bbl	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Common Stock Shares Issued			$ 64		$ 65
Eagle Ford [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total estimated proved reserves \| MMBoe	87
Williston Basin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total estimated proved reserves \| MMBoe		66
Other Current Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments			53
Other Noncurrent Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments			35
Barnett Shale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments				$ 65
Additional contingent earnout payment			$ 130
Henry Hub gas price for contingent earnout payment upside \| $ / MMBTU			2.75
WTI oil price for contingent earnout payment upside \| $ / bbl			50
Contingent earnout payment period			The contingent payment period commenced on January 1, 2021 and has a term of four years.
Eagle Ford Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Cash consideration	$ 1,700
Williston Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Cash consideration		$ 830
Non Core Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments			$ 4	$ 4

Derivative Financial Instruments (Narrative) (Details)	Mar. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 0

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2023 $ / bbl bbl
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	83,329
Weighted Average Floor Price	69.48
Weighted Average Ceiling Price	94.66
NYMEX West Texas Intermediate Price Collars Oil Q1 Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	7,486
Weighted Average Floor Price	60.00
Weighted Average Ceiling Price	86.17
Midland Sweet Q2 Q4 2023
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	50,091
Oil Basis Swaps	1.09
Midland Sweet Q1 Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	48,500
Oil Basis Swaps	1.19
Midland Sweet Q1 Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	36,000
Oil Basis Swaps	0.94

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2023 MMBTU $ / MMBTU
Ferc Henry Hub Price Swaps Natural Gas Q2 Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	57,309
Weighted Average Price Swap	3.32
FERC Henry Hub Price Swaps Natural Gas Q1 Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	40,426
Weighted Average Price Swap	3.30
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	40,527
Weighted Average Floor Price	3.78
Weighted Average Ceiling Price	7.05
FERC Henry Hub Price Collars Natural Gas Q2 Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	187,215
Weighted Average Floor Price	3.62
Weighted Average Ceiling Price	7.27
El Paso Natural Gas Basis Swaps Q2-Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	141,691
Weighted Average Differential To Henry Hub	(1.58)
ElPasoNaturalGasBasisSwapsQ1Q42024Member
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	19,945
Weighted Average Differential To Henry Hub	(0.92)
W A H A Natural Gas Basis Swaps Q2 Q42023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	70,000
Weighted Average Differential To Henry Hub	(0.51)
WAHA Natural Gas Basis Swaps Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	44,973
Weighted Average Differential To Henry Hub	(0.58)
Houston Ship Channel Natural Gas Basis Swaps Q2 Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	140,000
Weighted Average Differential To Henry Hub	(0.19)
HoustonShipChannelNaturalGasBasisSwapsQ1Q42024Member
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	30,000
Weighted Average Differential To Henry Hub	0.32

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Gross Fair Value	$ 180	$ 128
Amounts Netted
Net Fair Value	180	128
Short-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	176	138
Amounts Netted	5	19
Net Fair Value	$ 171	119
Balance Sheet Classification	Other current assets
Long-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ 14	12
Amounts Netted	3
Net Fair Value	$ 11	12
Balance Sheet Classification	Other long-term assets
Short-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ (6)	(22)
Amounts Netted	(5)	(19)
Net Fair Value	$ (1)	(3)
Balance Sheet Classification	Other current liabilities
Long-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ (4)
Amounts Netted	(3)
Net Fair Value	$ (1)
Balance Sheet Classification	Other long-term liabilities

Share-Based Compensation (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2023
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement By Share-Based Payment Award Award Vesting Rights Percentage	100.00%

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, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Related income tax benefit	$ 20	$ 17
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 23	$ 20

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, 2023

$ / shares

shares

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

Unvested at December 31, 2022 | shares

5,788

Granted, awards and units | shares

1,174

Vested, awards and units | shares

(2,378)

Forfeited, awards and units | shares

(32)

Unvested at March 31, 2023 share | shares

4,552

Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares

$ 29.11

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

63.51

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

25.15

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

42.04

Unvested weighted average grant-date fair value at March 31, 2023 | $ / shares

$ 39.95

Performance Share Units [Member]

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

Unvested at December 31, 2022 | shares

1,841

Granted, awards and units | shares

743

Vested, awards and units | shares

(1,037)

Forfeited, awards and units | shares

0

Unvested at March 31, 2023 share | shares

1,547

^[1]

Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares

$ 31.33

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

51.38

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

27.89

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

0

Unvested weighted average grant-date fair value at March 31, 2023 | $ / shares

$ 43.25

[1]	A maximum of 3.1 million common shares could be awarded based upon Devon’s final TSR ranking.

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, 2023 shares
Performance Share Units [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum common shares that could be awarded based upon total shareholder return	3.1

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 51.38
Risk-free interest rate	4.15%
Volatility factor	61.43%
Contractual term (years)	2 years 10 months 20 days
Including Performance Factor Shares Granted [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 81.70

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 132
Weighted average period for recognition (years)	3 years
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 37
Weighted average period for recognition (years)	2 years

Restructuring (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 115	$ 149
Ending balance	101	139
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(14)	(10)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	34	38
Ending balance	23	34
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(11)	(4)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	81	111
Ending balance	78	105
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (3)	$ (6)

Other, Net (Schedule of Other Expenses (Income)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Expenses [Abstract]
Estimated future obligation under a performance guarantee	$ 0	$ (96)
Ukraine charitable pledge	0	20
Asset retirement obligation accretion	7	7
Other	(2)	8
Total	$ 5	$ (61)

Other, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Other, Net (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Other Expenses [Abstract]
Estimated future obligation under a performance guarantee	$ 0	$ (96)
Ukraine charitable pledge	$ 0	$ 20

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Earnings before income taxes	$ 1,224	$ 1,262
Current income tax expense	141	103
Deferred income tax expense	80	164
Total income tax expense (benefit)	$ 221	$ 267

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (f)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Pension and postretirement benefit plans:

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%
State income taxes	1.00%	1.00%
Other	(4.00%)	(1.00%)
Effective income tax rate	18.00%	21.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Aug. 16, 2022
Income Tax [Line Items]
Corporate Alternative Minimum Tax		15.00%
WPX Merger [Member]
Income Tax [Line Items]
Deferred income taxes	$ 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, 2023	Mar. 31, 2022
Net earnings:
Net earnings	$ 995	$ 989
Attributable to participating securities	(8)	(16)
Basic and diluted earnings	$ 987	$ 973
Common shares:
Common shares outstanding - total	651	663
Attributable to participating securities	(6)	(7)
Common shares outstanding - basic	645	656
Dilutive effect of potential common shares issuable	2	2
Common shares outstanding - diluted	647	658
Net earnings per share:
Basic	$ 1.53	$ 1.48
Diluted	$ 1.53	$ 1.48

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Beginning accumulated pension and postretirement benefits

$ (116)

$ (132)

Recognition of net actuarial loss and prior service cost in earnings

^[1]

1

Accumulated other comprehensive loss

$ (115)

$ (131)

$ (116)

[1]	Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

Unproved and properties under development

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, 2023	Mar. 31, 2022
Changes in assets and liabilities, net:
Accounts receivable	$ 150	$ (457)
Other current assets	16	64
Other long-term assets	31	66
Accounts payable and revenues and royalties payable	(165)	247
Other current liabilities	(3)	8
Other long-term liabilities	(17)	(71)
Total	12	(143)
Supplementary cash flow data:
Interest paid	101	100
Income taxes refunded	$ 0	$ (23)

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 238	$ 162
Other	36	33
Gross accounts receivable	1,624	1,776
Allowance for doubtful accounts	(9)	(9)
Net accounts receivable	1,615	1,767
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	1,025	1,153
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 325	$ 428

Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

Property and equipment:

Proved

$ 43,584

$ 42,734

1,654

1,548

Total oil and gas

45,238

44,282

Less accumulated DD&A

(28,306)

(27,715)

Oil and gas property and equipment, net

16,932

16,567

Other property and equipment

2,340

2,280

Less accumulated DD&A

(757)

(741)

Total property and equipment, net

^[1]

1,583

1,539

$ 18,515

$ 18,106

[1]	$112 million and $109 million related to CDM in 2023 and 2022, respectively.

Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions

Mar. 31, 2023

Dec. 31, 2022

Property Plant And Equipment [Line Items]

Property Plant And Equipment [Line Items]

^[1]

$ 1,583

$ 1,539

CDM [Member]

$ 112

$ 109

[1]	$112 million and $109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net premium (discount) on debentures and notes	$ 92	$ 103
Debt issuance costs	(33)	(26)
Total debt	6,422	6,440
Less amount classified as short-term debt	247	251
Long-term debt	6,175	6,189
8.25% due August 1, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 242	$ 242
Charge on early retirement of debt, cash retirement costs	8.25%	8.25%
Debt, maturity date	Aug. 01, 2023
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 472	$ 472
Charge on early retirement of debt, cash retirement costs	5.25%	5.25%
Debt, maturity date	Sep. 15, 2024
5.85% due December 15, 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 485	$ 485
Charge on early retirement of debt, cash retirement costs	5.85%	5.85%
Debt, maturity date	Dec. 15, 2025
7.50% due September 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 73	$ 73
Charge on early retirement of debt, cash retirement costs	7.50%	7.50%
Debt, maturity date	Sep. 15, 2027
5.25% due October 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 390	$ 390
Charge on early retirement of debt, cash retirement costs	5.25%	5.25%
Debt, maturity date	Oct. 15, 2027
5.875% due June 15, 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 325	$ 325
Charge on early retirement of debt, cash retirement costs	5.875%	5.875%
Debt, maturity date	Jun. 15, 2028
4.50% due January 15, 2030 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 585	$ 585
Charge on early retirement of debt, cash retirement costs	4.50%	4.50%
Debt, maturity date	Jan. 15, 2030
7.875% due September 30, 2031 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 675	$ 675
Charge on early retirement of debt, cash retirement costs	7.875%	7.875%
Debt, maturity date	Sep. 30, 2031
7.95% due April 15, 2032 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 366	$ 366
Charge on early retirement of debt, cash retirement costs	7.95%	7.95%
Debt, maturity date	Apr. 15, 2032
5.60% due July 15, 2041 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,250	$ 1,250
Charge on early retirement of debt, cash retirement costs	5.60%	5.60%
Debt, maturity date	Jul. 15, 2041
4.75% due May 15, 2042 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	4.75%	4.75%
Debt, maturity date	May 15, 2042
5.00% due June 15, 2045 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	5.00%	5.00%
Debt, maturity date	Jun. 15, 2045

Debt And Related Expenses (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest Income. Received	$ 17	$ 1
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, borrowing capacity	3,000
Outstanding credit facility borrowings	$ 0
Debt-to-capitalization ratio	0.232
Outstanding letters of credit	$ 2
Senior Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt-to-capitalization ratio	0.65

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.