DEVON ENERGY CORP/DE, 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
Document And Entity Information - shares
shares in Millions
 9 Months Ended
Sep. 30, 2025
Oct. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
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 $0.10 per share  
Trading Symbol DVN  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   627.3
v3.25.3
Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Oil, gas and NGL sales $ 4,251 $ 3,797 $ 12,849 $ 11,432
Oil, gas and NGL derivatives 80 227 218 105
Total revenues 4,331 4,024 13,067 11,537
Production expenses 895 763 2,706 2,302
Exploration expenses 8 4 38 16
Depreciation, depletion and amortization 879 794 2,705 2,284
Asset impairments 0 0 254 0
Asset dispositions (37) 0 (342) 16
General and administrative expenses 114 117 357 345
Financing costs, net 109 88 348 240
Other, net (2) 45 36 72
Total expenses 3,419 2,960 10,348 8,665
Earnings before income taxes 912 1,064 2,719 2,872
Income tax expense 219 239 600 583
Net earnings 693 825 2,119 2,289
Net earnings attributable to noncontrolling interests 6 13 39 37
Net earnings attributable to Devon $ 687 $ 812 $ 2,080 $ 2,252
Net earnings per share:        
Basic net earnings per share $ 1.09 $ 1.31 $ 3.27 $ 3.6
Diluted net earnings per share $ 1.09 $ 1.3 $ 3.27 $ 3.59
Comprehensive earnings:        
Net earnings $ 693 $ 825 $ 2,119 $ 2,289
Other comprehensive earnings, net of tax:        
Pension and postretirement plans 1 1 3 3
Other comprehensive earnings, net of tax 1 1 3 3
Comprehensive earnings: 694 826 2,122 2,292
Comprehensive earnings attributable to noncontrolling interests 6 13 39 37
Comprehensive earnings attributable to Devon 688 813 2,083 2,255
Oil, Gas and NGL Sales [Member]        
Oil, gas and NGL sales 2,809 2,665 8,645 8,090
Marketing and Midstream Revenues [Member]        
Oil, gas and NGL sales 1,442 1,132 4,204 3,342
Marketing and Midstream Expenses [Member]        
Marketing and midstream expenses $ 1,453 $ 1,149 $ 4,246 $ 3,390
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Cash, cash equivalents and restricted cash $ 1,278 $ 846
Accounts receivable 1,835 1,972
Inventory 361 294
Other current assets 393 315
Total current assets 3,867 3,427
Oil and gas property and equipment, based on successful efforts accounting, net 23,591 23,198
Other property and equipment, net 1,698 1,813
Total property and equipment, net 25,289 25,011
Goodwill 753 753
Right-of-use assets 247 303
Investments 679 727
Other long-term assets 386 268
Total assets 31,221 30,489
LIABILITIES AND EQUITY    
Accounts payable 934 806
Revenues and royalties payable 1,464 1,432
Short-term debt 998 485
Other current liabilities 646 586
Total current liabilities 4,042 3,309
Long-term debt 7,393 8,398
Lease liabilities 158 320
Asset retirement obligations 850 770
Other long-term liabilities 962 840
Deferred income taxes 2,466 2,148
Stockholders' equity:    
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 629 million and 651 million shares in 2025 and 2024, respectively 63 65
Additional paid-in capital 5,618 6,387
Retained earnings 9,788 8,166
Accumulated other comprehensive loss (119) (122)
Total stockholders’ equity attributable to Devon 15,350 14,496
Noncontrolling interests 0 208
Total equity 15,350 14,704
Total liabilities and equity $ 31,221 $ 30,489
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Other property and equipment, net $ 1,698 $ 1,813
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) 629 651
v3.25.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:        
Net earnings $ 693 $ 825 $ 2,119 $ 2,289
Adjustments to reconcile net earnings to net cash from operating activities:        
Depreciation, depletion and amortization 879 794 2,705 2,284
Asset impairments 0 0 254 0
Leasehold impairments 1 1 13 2
Accretion of liabilities 4 2 13 2
Total gains on commodity derivatives (80) (227) (218) (105)
Cash settlements on commodity derivatives 50 61 107 139
(Gains) losses on asset dispositions (37) 0 (342) 16
Deferred income tax expense 263 164 322 243
Share-based compensation 24 24 77 75
Other (45) 3 (62) 6
Changes in assets and liabilities, net (62) 16 189 (15)
Net cash from operating activities 1,690 1,663 5,177 4,936
Cash flows from investing activities:        
Capital expenditures (870) (877) (2,760) (2,719)
Acquisitions of property and equipment (197) (3,602) (221) (3,692)
Divestitures of property, equipment and investments 38 0 543 18
Grayson Mill acquired cash 0 147 0 147
Distributions from investments 7 13 27 35
Contributions to investments and other (2) (30) (12) (78)
Net cash from investing activities (1,024) (4,349) (2,423) (6,289)
Cash flows from financing activities:        
Borrowings of long-term debt, net of issuance costs 0 3,219 0 3,219
Repayments of long-term debt (485) (472) (485) (472)
Repurchases of common stock (250) (295) (800) (756)
Dividends paid on common stock (151) (272) (470) (794)
Contributions from noncontrolling interests 0 20 14 44
Distributions to noncontrolling interests 0 (10) (23) (36)
Repayment of finance lease 0 0 (274) 0
Acquisition of noncontrolling interests (260) 0 (260) 0
Shares exchanged for tax withholdings and other (1) 2 (25) (49)
Net cash from financing activities (1,147) 2,192 (2,323) 1,156
Effect of exchange rate changes on cash 0 1 1 (2)
Net change in cash, cash equivalents and restricted cash (481) (493) 432 (199)
Cash, cash equivalents and restricted cash at beginning of period 1,759 1,169 846 875
Cash, cash equivalents and restricted cash at end of period 1,278 676 1,278 676
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 1,229 645 1,229 645
Restricted cash 49 31 49 31
Total cash, cash equivalents and restricted cash $ 1,278 $ 676 $ 1,278 $ 676
v3.25.3
Consolidated Statements Of Equity - 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, 2023 $ 12,217 $ 64 $ 5,939 $ 6,195 $ (124) $ (13) $ 156
Balance, Shares at Dec. 31, 2023   636          
Net earnings 2,289     2,252     37
Other comprehensive earnings, net of tax 3       3    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (792)         (792)  
Common stock retired   $ (2) (803)     805  
Common stock retired, shares   (18)          
Common stock dividends (777)     (777)      
Common stock issued 1,455 $ 4 1,451        
Common stock issued, Shares   37          
Share-based compensation 75   75        
Share-based compensation, shares   1          
Contributions from noncontrolling interests 44           44
Distributions to noncontrolling interests (36)           (36)
Balance at Sep. 30, 2024 14,478 $ 66 6,662 7,670 (121) 0 201
Balance, Shares at Sep. 30, 2024   658          
Balance at Jun. 30, 2024 12,729 $ 63 5,478 7,132 (122) 0 178
Balance, Shares at Jun. 30, 2024   628          
Net earnings 825     812     13
Other comprehensive earnings, net of tax 1       1    
Common stock repurchased (292) $ (1) 4     (295)  
Common stock retired     (295)     295  
Common stock retired, shares   (7)          
Common stock dividends (274)     (274)      
Common stock issued 1,455 $ 4 1,451        
Common stock issued, Shares   37          
Share-based compensation 24   24        
Contributions from noncontrolling interests 20           20
Distributions to noncontrolling interests (10)           (10)
Balance at Sep. 30, 2024 14,478 $ 66 6,662 7,670 (121) 0 201
Balance, Shares at Sep. 30, 2024   658          
Balance at Dec. 31, 2024 14,704 $ 65 6,387 8,166 (122)   208
Balance, Shares at Dec. 31, 2024   651          
Net earnings 2,119     2,080     39
Other comprehensive earnings, net of tax 3       3    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (831)   7     (824)  
Common stock retired   $ (2) (822)     824  
Common stock retired, shares   (24)          
Common stock dividends (458)     (458)      
Share-based compensation 77   77        
Contributions from noncontrolling interests 14           14
Distributions to noncontrolling interests (23)           (23)
Acquisition of noncontrolling interests (255)   (17)       (238)
Balance at Sep. 30, 2025 15,350 $ 63 5,618 9,788 (119) 0 0
Balance, Shares at Sep. 30, 2025   629          
Balance at Jun. 30, 2025 15,292 $ 64 5,864 9,252 (120) 0 232
Balance, Shares at Jun. 30, 2025   636          
Net earnings 693     687     6
Other comprehensive earnings, net of tax 1       1    
Common stock repurchased (254)   (3)     (251)  
Common stock retired   $ (1) (250)     251  
Common stock retired, shares   (7)          
Common stock dividends (151)     (151)      
Share-based compensation 24   24        
Acquisition of noncontrolling interests (255)   (17)       (238)
Balance at Sep. 30, 2025 $ 15,350 $ 63 $ 5,618 $ 9,788 $ (119) $ 0 $ 0
Balance, Shares at Sep. 30, 2025   629          
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 687 $ 812 $ 2,080 $ 2,252
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
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
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
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 2024 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month and nine-month periods ended September 30, 2025 and 2024 and Devon’s financial position as of September 30, 2025.

On September 27, 2024, Devon acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The transaction was accounted for using the acquisition method of accounting. See Note 2 for further discussion.

 

Variable Interest Entity

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. The acquisition of the noncontrolling interests was accounted for as an equity transaction, resulting in a $17 million, net of tax, reduction in Devon's additional paid-in capital within the consolidated balance sheet. This amount represents the difference between the carrying amount of the noncontrolling interests and the consideration paid.

Prior to this transaction, CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. 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.

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,267

 

 

$

2,273

 

 

$

6,855

 

 

$

6,875

 

Gas

 

 

186

 

 

 

49

 

 

 

673

 

 

 

234

 

NGL

 

 

356

 

 

 

343

 

 

 

1,117

 

 

 

981

 

Oil, gas and NGL sales

 

 

2,809

 

 

 

2,665

 

 

 

8,645

 

 

 

8,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

932

 

 

 

815

 

 

 

2,709

 

 

 

2,423

 

Gas

 

 

252

 

 

 

105

 

 

 

769

 

 

 

326

 

NGL

 

 

258

 

 

 

212

 

 

 

726

 

 

 

593

 

Marketing and midstream revenues

 

 

1,442

 

 

 

1,132

 

 

 

4,204

 

 

 

3,342

 

Total revenues from contracts with customers

 

$

4,251

 

 

$

3,797

 

 

$

12,849

 

 

$

11,432

 

 

Recently Issued Accounting Standards Not Yet Adopted

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

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim

periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.3
Acquisition and Divestitures
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisition and Divestitures
2.
Acquisitions and Divestitures

Grayson Mill Acquisition

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

Purchase Price Allocation

This transaction was accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Grayson Mill and its subsidiaries were recorded at their respective fair values as of the date of completion of the acquisition and added to Devon’s. Determining the fair value of the assets and liabilities of Grayson Mill required judgment and certain assumptions to be made, the most significant of these being related to the valuation of Grayson Mill’s oil and gas properties. The inputs and assumptions related to the oil and gas properties were categorized as level 3 in the fair value hierarchy.

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

 

 

 

Final Purchase

 

 

 

Price Allocation

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 

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.

Divestiture of Matterhorn Investment

During the second quarter of 2025, Devon sold its investment in Matterhorn for $372 million and recognized a pre-tax gain of $307 million ($239 million, net of tax), which was recorded to asset dispositions on the accompanying consolidated statements of comprehensive earnings. For additional information, see Note 12.

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 nine months of both 2025 and 2024.
v3.25.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties.

Commodity Derivatives

As of September 30, 2025, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q4 2025

 

 

9,000

 

 

$

71.52

 

 

 

105,000

 

 

$

66.35

 

 

$

75.36

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q4 2025

 

 

13,000

 

 

$

50.77

 

 

$

65.00

 

 

$

77.37

 

Q1-Q4 2026

 

 

84,471

 

 

$

50.21

 

 

$

60.35

 

 

$

72.64

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q4 2025

 

WTI/Brent

 

 

5,391

 

 

$

(3.64

)

Q4 2025

 

NYMEX Roll

 

 

13,000

 

 

$

1.05

 

Q1-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q1-Q4 2027

 

Midland Sweet

 

 

14,000

 

 

$

1.04

 

As of September 30, 2025, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q4 2025

 

 

245,000

 

 

$

3.51

 

 

 

170,000

 

 

$

3.00

 

 

$

3.80

 

Q1-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

160,000

 

 

$

3.14

 

 

$

4.88

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q4 2025

 

WAHA

 

 

200,000

 

 

$

(1.53

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

120,000

 

 

$

(1.79

)

As of September 30, 2025, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

 

Financial Statement Presentation

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The table below presents a summary of these positions as of September 30, 2025 and December 31, 2024.

 

 

September 30, 2025

 

December 31, 2024

 

 

 

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

$

165

 

$

(13

)

$

152

 

$

78

 

$

(23

)

$

55

 

Other current assets

Long-term derivative asset

 

5

 

 

(2

)

 

3

 

 

5

 

 

(4

)

 

1

 

Other long-term assets

Short-term derivative liability

 

(15

)

 

13

 

 

(2

)

 

(37

)

 

23

 

 

(14

)

Other current liabilities

Long-term derivative liability

 

(21

)

 

2

 

 

(19

)

 

(23

)

 

4

 

 

(19

)

Other long-term liabilities

  Total derivative asset

$

134

 

$

—

 

$

134

 

$

23

 

$

—

 

$

23

 

 
v3.25.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2025
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.

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

G&A

 

$

67

 

 

$

74

 

Exploration expenses

 

 

1

 

 

 

1

 

Restructuring and transaction costs

 

 

9

 

 

 

—

 

Total

 

$

77

 

 

$

75

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

12

 

 

$

21

 

 

 

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 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

 

$

67.38

 

Granted

 

 

2,635

 

 

$

34.12

 

 

 

510

 

 

$

45.92

 

Vested

 

 

(1,847

)

 

$

41.23

 

 

 

(272

)

 

$

68.68

 

Forfeited

 

 

(215

)

 

$

40.18

 

 

 

(124

)

 

$

65.47

 

Unvested at 9/30/25

 

 

4,680

 

 

$

40.85

 

 

 

1,293

 

(1)

$

58.82

 

 

(1)
A maximum of 2.6 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 2025, as indicated in the previous summary table.

 

 

2025

 

 Grant-date fair value

 

$

45.92

 

 Risk-free interest rate

 

 

4.29

%

 Volatility factor

 

 

38.70

%

 Contractual term (years)

 

 

2.89

 

 

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of September 30, 2025.

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

124

 

 

$

22

 

Weighted average period for recognition (years)

 

 

2.7

 

 

 

2.0

 
v3.25.3
Asset Impairments
 9 Months Ended
Sep. 30, 2025
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.
 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

Nine Months Ended September 30,

 

 

 

2025

 

2024

 

2025

 

2024

 

Earnings before income taxes

 

$

912

 

$

1,064

 

$

2,719

 

$

2,872

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense (benefit)

 

$

(44

)

$

75

 

$

278

 

$

340

 

Deferred income tax expense

 

 

263

 

 

164

 

 

322

 

 

243

 

Total income tax expense

 

$

219

 

$

239

 

$

600

 

$

583

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

21

%

 

21

%

 

21

%

State income taxes

 

 

2

%

 

3

%

 

2

%

 

2

%

Other

 

 

1

%

 

(2

%)

 

(1

%)

 

(3

%)

Effective income tax rate

 

 

24

%

 

22

%

 

22

%

 

20

%

 

On July 4, 2025, OBBB was signed into law. In addition to other provisions, OBBB includes permanent reinstatement of 100% bonus depreciation and the expensing of domestic research costs beginning in 2025 and allows for the deduction of intangible drilling costs as part of the computation of the CAMT beginning in 2026. Accordingly, Devon’s third quarter 2025 income tax expense included a current tax benefit of approximately $155 million and a corresponding deferred tax expense associated with the deferral of income taxes resulting from the enactment of OBBB.
v3.25.3
Net Earnings Per Share
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings

 

$

687

 

 

$

812

 

 

$

2,080

 

 

$

2,252

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

628

 

 

 

622

 

 

 

636

 

 

 

626

 

Dilutive effect of potential common shares issuable

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

Average common shares outstanding - diluted

 

 

629

 

 

 

623

 

 

 

637

 

 

 

628

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.09

 

 

$

1.31

 

 

$

3.27

 

 

$

3.60

 

Diluted

 

$

1.09

 

 

$

1.30

 

 

$

3.27

 

 

$

3.59

 
v3.25.3
Other Comprehensive Earnings (Loss)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(120

)

 

$

(122

)

 

$

(122

)

 

$

(124

)

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

 

 

1

 

 

 

1

 

 

 

4

 

 

 

4

 

Income tax expense

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(119

)

 

$

(121

)

 

$

(119

)

 

$

(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.
v3.25.3
Supplemental Information to Statements of Cash Flows
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

20

 

 

$

41

 

 

$

140

 

 

$

26

 

Other current assets

 

 

(51

)

 

 

(13

)

 

 

(71

)

 

 

(120

)

Other long-term assets

 

 

(17

)

 

 

(9

)

 

 

(118

)

 

 

24

 

Accounts payable and revenues and royalties payable

 

 

93

 

 

 

(64

)

 

 

179

 

 

 

121

 

Other current liabilities

 

 

(86

)

 

 

57

 

 

 

(2

)

 

 

(51

)

Other long-term liabilities

 

 

(21

)

 

 

4

 

 

 

61

 

 

 

(15

)

Total

 

$

(62

)

 

$

16

 

 

$

189

 

 

$

(15

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

162

 

 

$

90

 

 

$

423

 

 

$

265

 

Income taxes paid

 

$

31

 

 

$

92

 

 

$

183

 

 

$

476

 
v3.25.3
Accounts Receivable
 9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable Accounts Receivable

Components of accounts receivable include the following:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Oil, gas and NGL sales

 

$

966

 

 

$

1,130

 

Joint interest billings

 

 

342

 

 

 

341

 

Marketing and midstream revenues

 

 

519

 

 

 

465

 

Other

 

 

15

 

 

 

42

 

Gross accounts receivable

 

 

1,842

 

 

 

1,978

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(6

)

Net accounts receivable

 

$

1,835

 

 

$

1,972

 
v3.25.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2025
Extractive Industries [Abstract]  
Property, Plant and Equipment
11.
Property, Plant and Equipment

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

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

56,594

 

 

$

53,647

 

Unproved and properties under development

 

 

2,899

 

 

 

2,814

 

Total oil and gas

 

 

59,493

 

 

 

56,461

 

Less accumulated DD&A

 

 

(35,902

)

 

 

(33,263

)

Oil and gas property and equipment, net

 

 

23,591

 

 

 

23,198

 

Other property and equipment

 

 

2,595

 

 

 

2,671

 

Less accumulated DD&A

 

 

(897

)

 

 

(858

)

Other property and equipment, net

 

 

1,698

 

 

 

1,813

 

Property and equipment, net

 

$

25,289

 

 

$

25,011

 
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments

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

 

 

 

% Interest

 

Carrying Amount

 

Investments

 

September 30, 2025

 

September 30, 2025

 

 

December 31, 2024

 

WaterBridge

 

14%

 

$

271

 

 

$

216

 

Catalyst

 

50%

 

 

254

 

 

 

273

 

Fervo

 

17%

 

 

104

 

 

 

115

 

Matterhorn

 

—

 

 

—

 

 

 

69

 

Other

 

Various

 

 

50

 

 

 

54

 

      Total

 

 

 

$

679

 

 

$

727

 

 

During the third quarter of 2025, Devon and its joint venture partner in the Water JV combined the Water JV with certain other companies to form WaterBridge, a water infrastructure business focused in the Delaware Basin, which ultimately completed an initial public offering. Devon received approximately 14% of the equity interests in WaterBridge in connection with these transactions. Prior to these transactions, Devon owned a 30% interest in the Water JV. Devon accounts for its investment in WaterBridge under the equity method. As a result of the WaterBridge equity issued to third parties in the combination transaction and related initial public offering which were accretive, Devon's investment increased by approximately $45 million, which was recorded to other, net in the accompanying consolidated statements of comprehensive earnings.

During the second quarter of 2025, Devon sold its investment in Matterhorn for $372 million and recognized a pre-tax gain of $307 million ($239 million, net of tax), which was recorded to asset dispositions in the accompanying consolidated statements of comprehensive earnings.
 
v3.25.3
Debt And Related Expenses
 9 Months Ended
Sep. 30, 2025
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.

 

 

 

September 30, 2025

 

 

December 31, 2024

 

5.85% due December 15, 2025

 

$

—

 

 

$

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

 

5.20% 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

 

 

27

 

 

 

37

 

Debt issuance costs

 

 

(50

)

 

 

(53

)

Total debt

 

$

8,391

 

 

$

8,883

 

Less amount classified as short-term debt

 

 

998

 

 

 

485

 

Total long-term debt

 

$

7,393

 

 

$

8,398

 

Credit Lines

Devon has a $3.0 billion revolving Senior Credit Facility, and, in the first quarter of 2025, Devon exercised its option to extend the Senior Credit Facility maturity date from March 24, 2029 to March 24, 2030. Devon has the option to extend the March 24, 2030 maturity date by an additional year subject to lender consent. As of September 30, 2025, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $4 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 September 30, 2025, 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. In connection with the borrowing of the Term Loan, the undrawn commitments under the Term Loan Credit Agreement automatically terminated. The Term Loan bears interest at a rate based on term SOFR plus a spread adjustment that varies based on Devon's credit ratings. The interest rate on the Term Loan was 5.8% as of September 30, 2025.

The Term Loan Credit Agreement contains substantially the same financial covenant as the Senior Credit Facility. As of September 30, 2025, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 24.9%.

 

Issuance of Senior Notes

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

Retirement of Senior Notes

On September 15, 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.

On September 15, 2024, Devon repaid $472 million of 5.25% senior notes at maturity.

Net Financing Costs

The following schedule includes the components of net financing costs.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

125

 

 

$

98

 

 

$

378

 

 

$

273

 

Interest income

 

 

(18

)

 

 

(19

)

 

 

(42

)

 

 

(46

)

Other

 

 

2

 

 

 

9

 

 

 

12

 

 

 

13

 

Total net financing costs

 

$

109

 

 

$

88

 

 

$

348

 

 

$

240

 
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025, 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 September 30, 2025 and December 31, 2024.

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

17

 

 

$

230

 

 

$

247

 

 

$

248

 

 

$

55

 

 

$

303

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

5

 

 

$

84

 

 

$

89

 

 

$

25

 

 

$

28

 

 

$

53

 

Long-term lease liabilities

 

 

12

 

 

 

146

 

 

 

158

 

 

 

293

 

 

 

27

 

 

 

320

 

Total lease liabilities (2)

 

$

17

 

 

$

230

 

 

$

247

 

 

$

318

 

 

$

55

 

 

$

373

 

 

(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 September 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.3
Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
15.
Asset Retirement Obligations

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

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

Asset retirement obligations as of beginning of period

 

$

807

 

 

$

665

 

Assumed Grayson Mill obligations

 

 

—

 

 

 

75

 

Liabilities incurred

 

 

50

 

 

 

21

 

Liabilities settled and divested

 

 

(54

)

 

 

(25

)

Revision and reclassification of estimated obligation

 

 

55

 

 

 

35

 

Accretion expense on discounted obligation

 

 

37

 

 

 

28

 

Asset retirement obligations as of end of period

 

 

895

 

 

 

799

 

Less current portion

 

 

45

 

 

 

34

 

Asset retirement obligations, long-term

 

$

850

 

 

$

765

 

 

During the first nine months of 2025 and 2024, Devon increased its asset retirement obligations by approximately $55 million and $35 million, respectively, primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets.
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
Stockholders’ Equity

Share Issuance

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

Share Repurchases

Devon's Board of Directors has authorized a $5.0 billion share repurchase program with a June 30, 2026 expiration date. 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:

 

 

 

 

 

 

 

 

 

First quarter

 

 

4,428

 

 

 

193

 

 

$

43.47

 

Second quarter

 

 

5,188

 

 

 

256

 

 

$

49.40

 

Third quarter

 

 

6,675

 

 

 

295

 

 

$

44.23

 

Fourth quarter

 

 

7,653

 

 

 

300

 

 

$

39.22

 

2024 Total

 

 

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

 

2025 Total

 

 

23,695

 

 

 

800

 

 

$

33.76

 

Total plan

 

 

92,680

 

 

$

4,143

 

 

$

44.70

 

 

Dividends

Devon pays a quarterly dividend which can be comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon has raised its fixed dividend multiple times over the past two calendar years and most recently raised it by 9% from $0.22 to $0.24 per share in the first quarter of 2025. The following table summarizes Devon’s dividends for the first nine months of 2025 and 2024, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2025:

 

 

 

 

 

First quarter

$

163

 

 

$

0.24

 

Second quarter

 

156

 

 

$

0.24

 

Third quarter

 

151

 

 

$

0.24

 

Total year-to-date

$

470

 

 

 

 

2024:

 

 

 

 

 

First quarter

$

299

 

 

$

0.44

 

Second quarter

 

223

 

 

$

0.35

 

Third quarter

 

272

 

 

$

0.44

 

Total year-to-date (1)

$

794

 

 

 

 
(1)
During the first nine months of 2024, Devon paid variable dividends totaling $377 million in addition to its recurring fixed dividend.

 

In November 2025, Devon announced a fixed cash dividend in the amount of $0.24 per share for approximately $150 million payable in the fourth quarter of 2025.

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.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025, Devon has accrued approximately $40 million in other current liabilities pertaining to such royalty matters.

Environmental and Climate Change Matters

Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that

it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future.

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

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

The State of Delaware has filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of this matter, Devon denies the allegations asserted in this lawsuit and intends to vigorously defend against these claims.

Other Indemnifications and Legacy Matters

Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities, undertaking other restorative actions or performing requirements under surface agreements in existence at the time of disposition. For example, a predecessor entity of a Devon subsidiary previously sold certain private, state and federal oil and gas leases covering properties in shallow waters off the coast of Louisiana in the Gulf of America. These assets are generally referred to as the East Bay Field. The current operator of the East Bay Field has filed for protection under Chapter 11 of the U.S. Bankruptcy Code and will likely be unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Other companies in the chain of title of the East Bay Field have also sought bankruptcy protection and 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 September 30, 2025, Devon has accrued approximately $200 million of contingent liabilities related to such decommissioning legacy matters, including liabilities associated with the East Bay Field.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024, 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

 

September 30, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

631

 

 

$

631

 

 

$

631

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

155

 

 

$

155

 

 

$

—

 

 

$

155

 

 

$

—

 

Commodity derivatives

 

$

(21

)

 

$

(21

)

 

$

—

 

 

$

(21

)

 

$

—

 

Debt

 

$

(8,391

)

 

$

(8,274

)

 

$

—

 

 

$

(8,274

)

 

$

—

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 

 

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

Contingent Earnout Payments – Devon had 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 qualified as a level 3 fair value measurement. For additional information, see Note 2.
v3.25.3
Reportable Segments
 9 Months Ended
Sep. 30, 2025
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 the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.

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

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

4,331

 

 

$

4,024

 

 

$

13,067

 

 

$

11,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

481

 

 

 

366

 

 

 

1,443

 

 

 

1,129

 

Gathering, processing & transportation

 

 

213

 

 

 

200

 

 

 

636

 

 

 

577

 

Production and property taxes

 

 

201

 

 

 

197

 

 

 

627

 

 

 

596

 

Total significant expenses

 

 

895

 

 

 

763

 

 

 

2,706

 

 

 

2,302

 

Marketing and midstream expenses

 

 

1,453

 

 

 

1,149

 

 

 

4,246

 

 

 

3,390

 

DD&A

 

 

879

 

 

 

794

 

 

 

2,705

 

 

 

2,284

 

G&A

 

 

114

 

 

 

117

 

 

 

357

 

 

 

345

 

Financing costs, net

 

 

109

 

 

 

88

 

 

 

348

 

 

 

240

 

Income tax expense

 

 

219

 

 

 

239

 

 

 

600

 

 

 

583

 

Other segment items (1)

 

 

(31

)

 

 

49

 

 

 

(14

)

 

 

104

 

Total expenses

 

 

3,638

 

 

 

3,199

 

 

 

10,948

 

 

 

9,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

693

 

 

$

825

 

 

$

2,119

 

 

$

2,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

31,221

 

 

$

30,263

 

 

$

31,221

 

 

$

30,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

1,056

 

 

$

5,961

 

 

$

2,976

 

 

$

7,877

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Variable Interest Entity

Variable Interest Entity

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. The acquisition of the noncontrolling interests was accounted for as an equity transaction, resulting in a $17 million, net of tax, reduction in Devon's additional paid-in capital within the consolidated balance sheet. This amount represents the difference between the carrying amount of the noncontrolling interests and the consideration paid.

Prior to this transaction, CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. 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.
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,267

 

 

$

2,273

 

 

$

6,855

 

 

$

6,875

 

Gas

 

 

186

 

 

 

49

 

 

 

673

 

 

 

234

 

NGL

 

 

356

 

 

 

343

 

 

 

1,117

 

 

 

981

 

Oil, gas and NGL sales

 

 

2,809

 

 

 

2,665

 

 

 

8,645

 

 

 

8,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

932

 

 

 

815

 

 

 

2,709

 

 

 

2,423

 

Gas

 

 

252

 

 

 

105

 

 

 

769

 

 

 

326

 

NGL

 

 

258

 

 

 

212

 

 

 

726

 

 

 

593

 

Marketing and midstream revenues

 

 

1,442

 

 

 

1,132

 

 

 

4,204

 

 

 

3,342

 

Total revenues from contracts with customers

 

$

4,251

 

 

$

3,797

 

 

$

12,849

 

 

$

11,432

 
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

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

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim

periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,267

 

 

$

2,273

 

 

$

6,855

 

 

$

6,875

 

Gas

 

 

186

 

 

 

49

 

 

 

673

 

 

 

234

 

NGL

 

 

356

 

 

 

343

 

 

 

1,117

 

 

 

981

 

Oil, gas and NGL sales

 

 

2,809

 

 

 

2,665

 

 

 

8,645

 

 

 

8,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

932

 

 

 

815

 

 

 

2,709

 

 

 

2,423

 

Gas

 

 

252

 

 

 

105

 

 

 

769

 

 

 

326

 

NGL

 

 

258

 

 

 

212

 

 

 

726

 

 

 

593

 

Marketing and midstream revenues

 

 

1,442

 

 

 

1,132

 

 

 

4,204

 

 

 

3,342

 

Total revenues from contracts with customers

 

$

4,251

 

 

$

3,797

 

 

$

12,849

 

 

$

11,432

 
v3.25.3
Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 30, 2025
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

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

 

 

 

Final Purchase

 

 

 

Price Allocation

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 
v3.25.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of September 30, 2025, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q4 2025

 

 

9,000

 

 

$

71.52

 

 

 

105,000

 

 

$

66.35

 

 

$

75.36

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q4 2025

 

 

13,000

 

 

$

50.77

 

 

$

65.00

 

 

$

77.37

 

Q1-Q4 2026

 

 

84,471

 

 

$

50.21

 

 

$

60.35

 

 

$

72.64

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q4 2025

 

WTI/Brent

 

 

5,391

 

 

$

(3.64

)

Q4 2025

 

NYMEX Roll

 

 

13,000

 

 

$

1.05

 

Q1-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q1-Q4 2027

 

Midland Sweet

 

 

14,000

 

 

$

1.04

 

As of September 30, 2025, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q4 2025

 

 

245,000

 

 

$

3.51

 

 

 

170,000

 

 

$

3.00

 

 

$

3.80

 

Q1-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

160,000

 

 

$

3.14

 

 

$

4.88

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q4 2025

 

WAHA

 

 

200,000

 

 

$

(1.53

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

120,000

 

 

$

(1.79

)

As of September 30, 2025, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

 
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of September 30, 2025 and December 31, 2024.

 

 

September 30, 2025

 

December 31, 2024

 

 

 

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

$

165

 

$

(13

)

$

152

 

$

78

 

$

(23

)

$

55

 

Other current assets

Long-term derivative asset

 

5

 

 

(2

)

 

3

 

 

5

 

 

(4

)

 

1

 

Other long-term assets

Short-term derivative liability

 

(15

)

 

13

 

 

(2

)

 

(37

)

 

23

 

 

(14

)

Other current liabilities

Long-term derivative liability

 

(21

)

 

2

 

 

(19

)

 

(23

)

 

4

 

 

(19

)

Other long-term liabilities

  Total derivative asset

$

134

 

$

—

 

$

134

 

$

23

 

$

—

 

$

23

 

 
v3.25.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
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.

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

G&A

 

$

67

 

 

$

74

 

Exploration expenses

 

 

1

 

 

 

1

 

Restructuring and transaction costs

 

 

9

 

 

 

—

 

Total

 

$

77

 

 

$

75

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

12

 

 

$

21

 
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 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

 

$

67.38

 

Granted

 

 

2,635

 

 

$

34.12

 

 

 

510

 

 

$

45.92

 

Vested

 

 

(1,847

)

 

$

41.23

 

 

 

(272

)

 

$

68.68

 

Forfeited

 

 

(215

)

 

$

40.18

 

 

 

(124

)

 

$

65.47

 

Unvested at 9/30/25

 

 

4,680

 

 

$

40.85

 

 

 

1,293

 

(1)

$

58.82

 

 

A maximum of 2.6 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 2025, as indicated in the previous summary table.

 

 

2025

 

 Grant-date fair value

 

$

45.92

 

 Risk-free interest rate

 

 

4.29

%

 Volatility factor

 

 

38.70

%

 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 September 30, 2025.

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

124

 

 

$

22

 

Weighted average period for recognition (years)

 

 

2.7

 

 

 

2.0

 
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

Nine Months Ended September 30,

 

 

 

2025

 

2024

 

2025

 

2024

 

Earnings before income taxes

 

$

912

 

$

1,064

 

$

2,719

 

$

2,872

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense (benefit)

 

$

(44

)

$

75

 

$

278

 

$

340

 

Deferred income tax expense

 

 

263

 

 

164

 

 

322

 

 

243

 

Total income tax expense

 

$

219

 

$

239

 

$

600

 

$

583

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

21

%

 

21

%

 

21

%

State income taxes

 

 

2

%

 

3

%

 

2

%

 

2

%

Other

 

 

1

%

 

(2

%)

 

(1

%)

 

(3

%)

Effective income tax rate

 

 

24

%

 

22

%

 

22

%

 

20

%
v3.25.3
Net Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings

 

$

687

 

 

$

812

 

 

$

2,080

 

 

$

2,252

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

628

 

 

 

622

 

 

 

636

 

 

 

626

 

Dilutive effect of potential common shares issuable

 

 

1

 

 

 

1

 

 

 

1

 

 

 

2

 

Average common shares outstanding - diluted

 

 

629

 

 

 

623

 

 

 

637

 

 

 

628

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.09

 

 

$

1.31

 

 

$

3.27

 

 

$

3.60

 

Diluted

 

$

1.09

 

 

$

1.30

 

 

$

3.27

 

 

$

3.59

 
v3.25.3
Other Comprehensive Earnings (Loss) (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(120

)

 

$

(122

)

 

$

(122

)

 

$

(124

)

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

 

 

1

 

 

 

1

 

 

 

4

 

 

 

4

 

Income tax expense

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(119

)

 

$

(121

)

 

$

(119

)

 

$

(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.
v3.25.3
Supplemental Information to Statements of Cash Flows (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information to Statements of Cash Flows

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

20

 

 

$

41

 

 

$

140

 

 

$

26

 

Other current assets

 

 

(51

)

 

 

(13

)

 

 

(71

)

 

 

(120

)

Other long-term assets

 

 

(17

)

 

 

(9

)

 

 

(118

)

 

 

24

 

Accounts payable and revenues and royalties payable

 

 

93

 

 

 

(64

)

 

 

179

 

 

 

121

 

Other current liabilities

 

 

(86

)

 

 

57

 

 

 

(2

)

 

 

(51

)

Other long-term liabilities

 

 

(21

)

 

 

4

 

 

 

61

 

 

 

(15

)

Total

 

$

(62

)

 

$

16

 

 

$

189

 

 

$

(15

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

162

 

 

$

90

 

 

$

423

 

 

$

265

 

Income taxes paid

 

$

31

 

 

$

92

 

 

$

183

 

 

$

476

 

 
v3.25.3
Accounts Receivable (Tables)
 9 Months Ended
Sep. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Oil, gas and NGL sales

 

$

966

 

 

$

1,130

 

Joint interest billings

 

 

342

 

 

 

341

 

Marketing and midstream revenues

 

 

519

 

 

 

465

 

Other

 

 

15

 

 

 

42

 

Gross accounts receivable

 

 

1,842

 

 

 

1,978

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(6

)

Net accounts receivable

 

$

1,835

 

 

$

1,972

 
v3.25.3
Property, Plant and Equipment (Tables)
 9 Months Ended
Sep. 30, 2025
Extractive Industries [Abstract]  
Table of Property and Equipment, net

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

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

56,594

 

 

$

53,647

 

Unproved and properties under development

 

 

2,899

 

 

 

2,814

 

Total oil and gas

 

 

59,493

 

 

 

56,461

 

Less accumulated DD&A

 

 

(35,902

)

 

 

(33,263

)

Oil and gas property and equipment, net

 

 

23,591

 

 

 

23,198

 

Other property and equipment

 

 

2,595

 

 

 

2,671

 

Less accumulated DD&A

 

 

(897

)

 

 

(858

)

Other property and equipment, net

 

 

1,698

 

 

 

1,813

 

Property and equipment, net

 

$

25,289

 

 

$

25,011

 
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Schedule of Components of Investment

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

 

 

 

% Interest

 

Carrying Amount

 

Investments

 

September 30, 2025

 

September 30, 2025

 

 

December 31, 2024

 

WaterBridge

 

14%

 

$

271

 

 

$

216

 

Catalyst

 

50%

 

 

254

 

 

 

273

 

Fervo

 

17%

 

 

104

 

 

 

115

 

Matterhorn

 

—

 

 

—

 

 

 

69

 

Other

 

Various

 

 

50

 

 

 

54

 

      Total

 

 

 

$

679

 

 

$

727

 
v3.25.3
Debt And Related Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
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.

 

 

 

September 30, 2025

 

 

December 31, 2024

 

5.85% due December 15, 2025

 

$

—

 

 

$

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

 

5.20% 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

 

 

27

 

 

 

37

 

Debt issuance costs

 

 

(50

)

 

 

(53

)

Total debt

 

$

8,391

 

 

$

8,883

 

Less amount classified as short-term debt

 

 

998

 

 

 

485

 

Total long-term debt

 

$

7,393

 

 

$

8,398

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

125

 

 

$

98

 

 

$

378

 

 

$

273

 

Interest income

 

 

(18

)

 

 

(19

)

 

 

(42

)

 

 

(46

)

Other

 

 

2

 

 

 

9

 

 

 

12

 

 

 

13

 

Total net financing costs

 

$

109

 

 

$

88

 

 

$

348

 

 

$

240

 
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024.

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

17

 

 

$

230

 

 

$

247

 

 

$

248

 

 

$

55

 

 

$

303

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

5

 

 

$

84

 

 

$

89

 

 

$

25

 

 

$

28

 

 

$

53

 

Long-term lease liabilities

 

 

12

 

 

 

146

 

 

 

158

 

 

 

293

 

 

 

27

 

 

 

320

 

Total lease liabilities (2)

 

$

17

 

 

$

230

 

 

$

247

 

 

$

318

 

 

$

55

 

 

$

373

 

 

(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 September 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.3
Asset Retirement Obligations (Tables)
 9 Months Ended
Sep. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Summary of Changes in Asset Retirement Obligations

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

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

Asset retirement obligations as of beginning of period

 

$

807

 

 

$

665

 

Assumed Grayson Mill obligations

 

 

—

 

 

 

75

 

Liabilities incurred

 

 

50

 

 

 

21

 

Liabilities settled and divested

 

 

(54

)

 

 

(25

)

Revision and reclassification of estimated obligation

 

 

55

 

 

 

35

 

Accretion expense on discounted obligation

 

 

37

 

 

 

28

 

Asset retirement obligations as of end of period

 

 

895

 

 

 

799

 

Less current portion

 

 

45

 

 

 

34

 

Asset retirement obligations, long-term

 

$

850

 

 

$

765

 
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
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:

 

 

 

 

 

 

 

 

 

First quarter

 

 

4,428

 

 

 

193

 

 

$

43.47

 

Second quarter

 

 

5,188

 

 

 

256

 

 

$

49.40

 

Third quarter

 

 

6,675

 

 

 

295

 

 

$

44.23

 

Fourth quarter

 

 

7,653

 

 

 

300

 

 

$

39.22

 

2024 Total

 

 

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

 

2025 Total

 

 

23,695

 

 

 

800

 

 

$

33.76

 

Total plan

 

 

92,680

 

 

$

4,143

 

 

$

44.70

 
Schedule of Dividends Payable The following table summarizes Devon’s dividends for the first nine months of 2025 and 2024, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2025:

 

 

 

 

 

First quarter

$

163

 

 

$

0.24

 

Second quarter

 

156

 

 

$

0.24

 

Third quarter

 

151

 

 

$

0.24

 

Total year-to-date

$

470

 

 

 

 

2024:

 

 

 

 

 

First quarter

$

299

 

 

$

0.44

 

Second quarter

 

223

 

 

$

0.35

 

Third quarter

 

272

 

 

$

0.44

 

Total year-to-date (1)

$

794

 

 

 

 
(1)
During the first nine months of 2024, Devon paid variable dividends totaling $377 million in addition to its recurring fixed dividend.
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
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

 

September 30, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

631

 

 

$

631

 

 

$

631

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

155

 

 

$

155

 

 

$

—

 

 

$

155

 

 

$

—

 

Commodity derivatives

 

$

(21

)

 

$

(21

)

 

$

—

 

 

$

(21

)

 

$

—

 

Debt

 

$

(8,391

)

 

$

(8,274

)

 

$

—

 

 

$

(8,274

)

 

$

—

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 
v3.25.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

4,331

 

 

$

4,024

 

 

$

13,067

 

 

$

11,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

481

 

 

 

366

 

 

 

1,443

 

 

 

1,129

 

Gathering, processing & transportation

 

 

213

 

 

 

200

 

 

 

636

 

 

 

577

 

Production and property taxes

 

 

201

 

 

 

197

 

 

 

627

 

 

 

596

 

Total significant expenses

 

 

895

 

 

 

763

 

 

 

2,706

 

 

 

2,302

 

Marketing and midstream expenses

 

 

1,453

 

 

 

1,149

 

 

 

4,246

 

 

 

3,390

 

DD&A

 

 

879

 

 

 

794

 

 

 

2,705

 

 

 

2,284

 

G&A

 

 

114

 

 

 

117

 

 

 

357

 

 

 

345

 

Financing costs, net

 

 

109

 

 

 

88

 

 

 

348

 

 

 

240

 

Income tax expense

 

 

219

 

 

 

239

 

 

 

600

 

 

 

583

 

Other segment items (1)

 

 

(31

)

 

 

49

 

 

 

(14

)

 

 

104

 

Total expenses

 

 

3,638

 

 

 

3,199

 

 

 

10,948

 

 

 

9,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

693

 

 

$

825

 

 

$

2,119

 

 

$

2,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

31,221

 

 

$

30,263

 

 

$

31,221

 

 

$

30,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

1,056

 

 

$

5,961

 

 

$

2,976

 

 

$

7,877

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.
v3.25.3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
Aug. 01, 2025
Sep. 27, 2024
CDM [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Acquisition of all the Outstanding Noncontrolling Interests in CDM $ 260  
Gain (Loss) on Investments $ 17  
CDM [Member] | Ownership in Cotton Draw Midstream [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Business Aquisition Ownership Percentage 100.00%  
Williston Acquisition [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Business Combination, Contingent Consideration, Asset, Total   $ 5,000
Cash paid related to acquisition   $ 3,500
Common Stock [Member] | Williston Acquisition [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Number of shares sold in acquisition   37.3
v3.25.3
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 4,251 $ 3,797 $ 12,849 $ 11,432
Oil, Gas and NGL Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 2,809 2,665 8,645 8,090
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 2,267 2,273 6,855 6,875
Oil, Gas and NGL Sales [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 186 49 673 234
Oil, Gas and NGL Sales [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 356 343 1,117 981
Marketing and Midstream Revenues [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 1,442 1,132 4,204 3,342
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 932 815 2,709 2,423
Marketing and Midstream Revenues [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 252 105 769 326
Marketing and Midstream Revenues [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 258 $ 212 $ 726 $ 593
v3.25.3
Acquisition and Divestitures (Narrative) (Details)
shares in Millions, $ in Millions
 9 Months Ended
Sep. 27, 2024
USD ($)
shares
Sep. 30, 2025
USD ($)
$ / MMBTU
$ / bbl
shares
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Investments   $ 679   $ 727
Common stock, shares issued (in shares) | shares   629.0   651.0
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.    
Williston Acquisition [Member]        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Total consideration for business acquired $ 5,000      
Cash paid related to acquisition $ 3,500      
Williston Acquisition [Member] | Common Stock [Member]        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Common stock, shares issued (in shares) | shares 37.3      
Matterhorn [Member]        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]        
Investments   $ 372    
Gain on sale of investment   307    
Gain (Loss) on Investments   $ 239    
v3.25.3
Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Consideration:    
Devon common stock issued 629,000,000 651,000,000
GME    
Consideration:    
Devon common stock issued 37.3  
Devon closing price on September 27, 2024 $ 38.96  
Total common equity consideration $ 1,455  
Cash consideration 3,567  
Total consideration 5,022  
Assets acquired:    
Cash, cash equivalents and restricted cash 147  
Accounts receivable 219  
Inventory 44  
Other current assets 9  
Proved oil and gas property and equipment 3,056  
Unproved oil and gas property and equipment 1,771  
Other property and equipment, net 210  
Right-of-use assets 29  
Total assets acquired 5,485  
Liabilities assumed:    
Accounts payable 145  
Revenue and royalties payable 209  
Other current liabilities 16  
Asset retirement obligations 75  
Lease liabilities 18  
Total liabilities assumed 463  
Net assets acquired $ 5,022  
v3.25.3
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash collateral posted $ 0
v3.25.3
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
 9 Months Ended
Sep. 30, 2025
$ / Customer
$ / bbl
bbl
NYMEX West Texas Intermediate Three Way Price Collars Oil Q1 Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 84,471
Weighted Average Floor Sold Price | $ / Customer 50.21
Weighted Average Floor Price 60.35
Weighted Average Ceiling Price 72.64
Midland Sweet Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 46,000
Weighted Average Differential To WTI Price 1.1
Midland Sweet Q1 Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 14,000
Weighted Average Differential To WTI Price 1.04
NYMEX West Texas Intermediate Price Swaps Oil Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 9,000
Weighted Average Price Swap 71.52
NYMEX West Texas Intermediate Price Collars Oil Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 105,000
Weighted Average Floor Price 66.35
Weighted Average Ceiling Price 75.36
NYMEX West Texas Intermediate Three Way Price Collars Oil Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 13,000
Weighted Average Floor Sold Price 50.77
Weighted Average Floor Price 65
Weighted Average Ceiling Price 77.37
Midland Sweet [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 63,000
Weighted Average Differential To WTI Price 1
WTI/Brent [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 5,391
Weighted Average Differential To WTI Price (3.64)
NYMEX Roll [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 13,000
Weighted Average Differential To WTI Price 1.05
v3.25.3
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
 9 Months Ended
Sep. 30, 2025
MMBTU
$ / MMBTU
$ / Customer
FERC Henry Hub Price Swaps Natural Gas Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 245,000
Weighted Average Price Swap | $ / MMBTU 3.51
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
FERC Henry Hub Price Collars Natural Gas Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 170,000
Weighted Average Floor Price | $ / Customer 3
Weighted Average Ceiling Price | $ / Customer 3.8
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 160,000
Weighted Average Floor Price | $ / Customer 3.14
Weighted Average Ceiling Price | $ / Customer 4.88
Waha Natural Gas Basis Swaps Q1- Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 120,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.79)
Houston Ship Channel Natural Gas Basis Swap Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 230,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.35)
Waha Natural Gas Basis Swaps Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 200,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.53)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 50,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.29)
v3.25.3
Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)
 9 Months Ended
Sep. 30, 2025
$ / bbl
bbl
Q4 2025 Natural Gasoline [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 63.35
Q4 2025 Normal Butane [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 323
Weighted Average Price Swap | $ / bbl 39.9
Q4 2025 Propane [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 32.29
v3.25.3
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Gross Fair Value $ 134 $ 23
Amounts Netted 0 0
Net Fair Value 134 23
Short-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 165 78
Amounts Netted (13) (23)
Net Fair Value 152 55
Long-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 5 5
Amounts Netted (2) (4)
Net Fair Value 3 1
Short-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (15) (37)
Amounts Netted 13 23
Net Fair Value (2) (14)
Long-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (21) (23)
Amounts Netted 2 4
Net Fair Value $ (19) $ (19)
v3.25.3
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 77 $ 75
Related income tax benefit 12 21
G&A [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense 67 74
Exploration Expenses [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense 1 1
Restructuring and Transaction Costs [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 9 $ 0
v3.25.3
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Restricted Stock Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2024 | shares 4,107
Granted, awards and units | shares 2,635
Vested, awards and units | shares (1,847)
Forfeited, awards and units | shares (215)
Unvested at 6/30/25 | shares 4,680
Unvested weighted average grant-date fair value at December 31, 2024 | $ / shares $ 45.31
Granted, weighted average grant-date fair value | $ / shares 34.12
Vested, weighted average grant-date fair value | $ / shares 41.23
Forfeited, weighted average grant-date fair value | $ / shares 40.18
Unvested weighted average grant-date fair value at 6/30/25 | $ / shares $ 40.85
Performance Share Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2024 | shares 1,179
Granted, awards and units | shares 510
Vested, awards and units | shares (272)
Forfeited, awards and units | shares (124)
Unvested at 6/30/25 | shares 1,293 [1]
Unvested weighted average grant-date fair value at December 31, 2024 | $ / shares $ 67.38
Granted, weighted average grant-date fair value | $ / shares 45.92
Vested, weighted average grant-date fair value | $ / shares 68.68
Forfeited, weighted average grant-date fair value | $ / shares 65.47
Unvested weighted average grant-date fair value at 6/30/25 | $ / shares $ 58.82
[1] A maximum of 2.6 million common shares could be awarded based upon Devon’s final TSR ranking.
v3.25.3
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2025
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 2.6
v3.25.3
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Including Performance Factor Shares Granted [Member]
 9 Months Ended
Sep. 30, 2025
$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Grant-date fair value $ 45.92
Risk-free interest rate 4.29%
Volatility factor 38.70%
Contractual term (years) 2 years 10 months 20 days
v3.25.3
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
Restricted Stock Awards [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 124
Weighted average period for recognition (years) 2 years 8 months 12 days
Performance Share Units [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 22
Weighted average period for recognition (years) 2 years
v3.25.3
Asset Impairments (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Asset Impairments [Line Items]          
Asset impairments $ 0   $ 0 $ 254 $ 0
Devon [Member]          
Asset Impairments [Line Items]          
Asset impairments   $ 254      
Sale proceeds   $ 120      
v3.25.3
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Earnings before income taxes $ 912 $ 1,064 $ 2,719 $ 2,872
Current income tax expense (benefit) (44) 75 278 340
Deferred income tax expense 263 164 322 243
Total income tax expense $ 219 $ 239 $ 600 $ 583
U.S. statutory income tax rate 21.00% 21.00% 21.00% 21.00%
State income taxes 2.00% 3.00% 2.00% 2.00%
Other 1.00% (2.00%) (1.00%) (3.00%)
Effective income tax rate 24.00% 22.00% 22.00% 20.00%
v3.25.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2025
Jul. 04, 2025
Income Tax [Line Items]    
Other income tax expense benefit $ 155  
Percentage of bonus depreciation and domestic research cost expensing   100.00%
v3.25.3
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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Net earnings available to common shareholders - basic $ 687 $ 812 $ 2,080 $ 2,252
Net earnings available to common shareholders - diluted $ 687 $ 812 $ 2,080 $ 2,252
Common shares:        
Average common shares outstanding - basic 628 622 636 626
Dilutive effect of potential common shares issuable 1 1 1 2
Average common shares outstanding - diluted 629 623 637 628
Net earnings per share available to common shareholders:        
Basic $ 1.09 $ 1.31 $ 3.27 $ 3.6
Diluted $ 1.09 $ 1.3 $ 3.27 $ 3.59
v3.25.3
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension and postretirement benefit plans:        
Beginning accumulated pension and postretirement benefits $ (120) $ (122) $ (122) $ (124)
Recognition of net actuarial loss and prior service cost in earnings [1] 1 1 4 4
Income tax expense (0) 0 (1) (1)
Ending accumulated pension and postretirement benefits $ (119) $ (121) $ (119) $ (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.
v3.25.3
Supplemental Information to Statements of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Changes in assets and liabilities, net:        
Accounts receivable $ 20 $ 41 $ 140 $ 26
Other current assets (51) (13) (71) (120)
Other long-term assets (17) (9) (118) 24
Accounts payable and revenues and royalties payable 93 (64) 179 121
Other current liabilities (86) 57 (2) (51)
Other long-term liabilities (21) 4 61 (15)
Total (62) 16 189 (15)
Supplementary cash flow data:        
Interest paid 162 90 423 265
Income taxes paid $ 31 $ 92 $ 183 $ 476
v3.25.3
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Joint interest billings $ 342 $ 341
Other 15 42
Gross accounts receivable 1,842 1,978
Allowance for doubtful accounts (7) (6)
Net accounts receivable 1,835 1,972
Oil Gas And N G L Sales [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable 966 1,130
Marketing And Midstream Revenues [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable $ 519 $ 465
v3.25.3
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Property and equipment:    
Proved $ 56,594 $ 53,647
Unproved and properties under development 2,899 2,814
Total oil and gas 59,493 56,461
Less accumulated DD&A (35,902) (33,263)
Oil and gas property and equipment, net 23,591 23,198
Other property and equipment 2,595 2,671
Less accumulated DD&A (897) (858)
Other property and equipment, net 1,698 1,813
Total property and equipment, net $ 25,289 $ 25,011
v3.25.3
Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Other property and equipment, net $ 1,698 $ 1,813
v3.25.3
Investments - Summary of Components of Investment (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investments $ 679 $ 727
WaterBridge OpCo [Member]    
Schedule of Investments [Line Items]    
% Interest 14.00%  
WaterBridge [Member]    
Schedule of Investments [Line Items]    
% Interest 14.00%  
Investments $ 271 216
Catalyst [Member]    
Schedule of Investments [Line Items]    
% Interest 50.00%  
Investments $ 254 273
Water JV [Member]    
Schedule of Investments [Line Items]    
% Interest 30.00%  
Fervo [Member]    
Schedule of Investments [Line Items]    
% Interest 17.00%  
Investments $ 104 115
Matterhorn [Member]    
Schedule of Investments [Line Items]    
% Interest 0.00%  
Investments $ 0 69
Other [Member]    
Schedule of Investments [Line Items]    
Investments $ 50 $ 54
v3.25.3
Investments - (Additional Information) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investments $ 679 $ 727
Matterhorn [Member]    
Schedule of Investments [Line Items]    
% Interest 0.00%  
Investments $ 0 $ 69
Gain on sale of investment 307  
Gain (Loss) on Investments 239  
Matterhorn [Member] | Investments [Member]    
Schedule of Investments [Line Items]    
Investments $ 372  
WaterBridge OpCo [Member]    
Schedule of Investments [Line Items]    
% Interest 14.00%  
Water JV [Member]    
Schedule of Investments [Line Items]    
% Interest 30.00%  
Devon [Member]    
Schedule of Investments [Line Items]    
Investments $ 45  
v3.25.3
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Net premium on debentures and notes $ 27 $ 37
Debt issuance costs (50) (53)
Total debt 8,391 8,883
Less amount classified as short-term debt 998 485
Long-term debt 7,393 8,398
5.85% due December 15, 2025 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 $ 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  
5.20% due September 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Charge on early retirement of debt, cash retirement costs 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
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  
5.75% due September 15, 2054 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Charge on early retirement of debt, cash retirement costs 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  
v3.25.3
Debt And Related Expenses (Narrative) (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 15, 2025
USD ($)
Sep. 15, 2024
USD ($)
Aug. 12, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Aug. 28, 2024
USD ($)
Debt Instrument [Line Items]                
Repayments of long-term debt       $ 485 $ 472 $ 485 $ 472  
Maturity date extension           in the first quarter of 2025, Devon exercised its option to extend the Senior Credit Facility maturity date from March 24, 2029 to March 24, 2030    
Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount     $ 2,000          
Outstanding credit facility borrowings     1,000          
Debt-to-capitalization ratio       0.249   0.249    
Interest rate on the term loan       5.80%   5.80%    
Senior Credit Facility [Member]                
Debt Instrument [Line Items]                
Credit facility, borrowing capacity       $ 3,000   $ 3,000    
Outstanding credit facility borrowings       $ 0   $ 0    
Debt-to-capitalization ratio       0.249   0.249    
Outstanding letters of credit       $ 4   $ 4    
Senior Credit Facility [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Debt-to-capitalization ratio       0.65   0.65    
Tranche One [Member] | Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount     500          
Tranche Two [Member] | Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount     $ 1,500          
Senior Notes [Member] | Devon [Member]                
Debt Instrument [Line Items]                
Repayments of Related Party Debt   $ 472            
Early Repayments of Related Party Debt $ 485              
Debt interest rate, stated percentage 5.85% 5.25%            
5.2% due 2034 [Member] | Senior Notes [Member]                
Debt Instrument [Line Items]                
Issuance of Senior Long-Term Debt               $ 1,250
Debt interest rate, stated percentage               5.20%
5.75% due 2054 [Member] | Senior Notes [Member]                
Debt Instrument [Line Items]                
Issuance of Senior Long-Term Debt               $ 1,000
Debt interest rate, stated percentage               5.75%
v3.25.3
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Disclosure [Abstract]        
Interest based on debt outstanding $ 125 $ 98 $ 378 $ 273
Interest income (18) (19) (42) (46)
Other 2 9 12 13
Total net financing costs $ 109 $ 88 $ 348 $ 240
v3.25.3
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets, finance lease $ 17 $ 248
Finance lease liabilities:    
Current lease liabilities, finance lease [1] 5 25
Long-term lease liabilities, finance lease 12 293
Total lease liabilities, finance lease [2] 17 318
Right-of-use assets, operating lease 230 55
Operating lease liabilities:    
Current lease liabilities, operating lease [1] 84 28
Long-term lease liabilities, operating lease 146 27
Total lease liabilities, operating lease [2] 230 55
Right-of-use assets 247 303
Lease liabilities:    
Current lease liabilities [1] 89 53
Long-term lease liabilities 158 320
Total lease liabilities [2] $ 247 $ 373
[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 September 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.3
Leases (Additional Information) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Extinguishment of real estate finance lease $ 300
Gain on early lease extinguishment $ 274
v3.25.3
Asset Retirement Obligations (Summary of Changes in Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]      
Asset retirement obligations as of beginning of period $ 807 $ 665  
Assumed Grayson Mill obligations 0 75  
Liabilities incurred 50 21  
Liabilities settled and divested (54) (25)  
Revision and reclassification of estimated obligation 55 35  
Accretion expense on discounted obligation 37 28  
Asset retirement obligations as of end of period 895 799  
Less current portion 45 34  
Asset retirement obligations, long-term $ 850 $ 765 $ 770
v3.25.3
Asset Retirement Obligations (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]    
Asset retirement obligation, assumed $ 55 $ 35
v3.25.3
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Aug. 01, 2025
Sep. 27, 2024
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Nov. 30, 2025
Dec. 31, 2024
Stockholders Equity [Line Items]                        
Common stock value for business acquisition           $ 1,455       $ 1,455    
Dividend payable amount           $ 377       $ 377    
Rate Per Share     $ 0.24 $ 0.24 $ 0.24 $ 0.44 $ 0.35 $ 0.44        
Additional paid-in capital     $ 5,618           $ 5,618     $ 6,387
Maximum [Member]                        
Stockholders Equity [Line Items]                        
Rate Per Share         0.24              
Minimum [Member]                        
Stockholders Equity [Line Items]                        
Rate Per Share         $ 0.22              
Fixed Dividends Year To Date March 31, 2025 [Member]                        
Stockholders Equity [Line Items]                        
Percentage of increase to quarterly dividend         9.00%              
Devon [Member]                        
Stockholders Equity [Line Items]                        
Cash Transaction   $ 3,500                    
Common shares issued for business acquisition   37.3                    
Common stock value for business acquisition   $ 1,500                    
Common shares issued price per share for business acquisition   $ 38.96                    
Common Stock [Member]                        
Stockholders Equity [Line Items]                        
Common shares issued for business acquisition           37.0       37.0    
Common stock value for business acquisition           $ 4       $ 4    
Subsequent Event                        
Stockholders Equity [Line Items]                        
Dividend payable, per share                     $ 0.24  
Dividends payable, year                     2025  
Williston Basin Business [Member]                        
Stockholders Equity [Line Items]                        
Total consideration for business acquired   $ 5,000                    
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           5,000      
Five Billion Dollar Share Repurchase Program Open [Member]                        
Stockholders Equity [Line Items]                        
Repurchase of common stock     $ 5,000           $ 5,000      
Repurchase program expiration date                 Jun. 30, 2026      
v3.25.3
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 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 7,324 7,866 8,505 7,653 6,675 5,188 4,428 23,695 23,944 19,350 11,708 13,983
Dollar Value of Shares Purchased $ 250 $ 249 $ 301 $ 300 $ 295 $ 256 $ 193 $ 800 $ 1,044 $ 992 $ 718 $ 589
Average Price Paid per Share $ 34.06 $ 31.78 $ 35.33 $ 39.22 $ 44.23 $ 49.4 $ 43.47 $ 33.76 $ 43.61 $ 51.23 $ 61.36 $ 42.15
Share Repurchase Program Open [Member]                        
Stockholders Equity [Line Items]                        
Total Number of Shares Purchased               92,680        
Dollar Value of Shares Purchased               $ 4,143        
Average Price Paid per Share               $ 44.7        
v3.25.3
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
 [1]
Stockholders Equity [Line Items]                
Dividends             $ 470 $ 794
Rate Per Share $ 0.24 $ 0.24 $ 0.24 $ 0.44 $ 0.35 $ 0.44    
Variable Dividend Date March 31, 2024                
Stockholders Equity [Line Items]                
Dividends           $ 299    
Variable Dividend Date June 30, 2024                
Stockholders Equity [Line Items]                
Dividends         $ 223      
Variable Dividend Date September 30, 2024                
Stockholders Equity [Line Items]                
Dividends       $ 272        
Fixed Dividends Year To Date March 31, 2025                
Stockholders Equity [Line Items]                
Dividends     $ 163          
Fixed Dividends Year To Date June 30, 2025 [Member]                
Stockholders Equity [Line Items]                
Dividends   $ 156            
Fixed Dividends Year To Date September 30, 2025 [Member]                
Stockholders Equity [Line Items]                
Dividends $ 151              
[1] During the first nine months of 2024, Devon paid variable dividends totaling $377 million in addition to its recurring fixed dividend.
v3.25.3
Stockholders' Equity - (Summary Of Dividends Paid On Common Stock) (Parenthetical) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Stockholders' Equity Note [Abstract]  
Dividend payable amount $ 377
v3.25.3
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]    
Other accrued liabilities current   $ 40
Contingent liability $ 125  
Estimated decommissioning costs 100  
Other Long-Term Investments 100  
Difference of decommissioning obligation and available bond $ 25  
Accrued approximation   $ 200
v3.25.3
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Carrying Amount [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 631 $ 319
Debt (8,391) (8,883)
Contingent earnout payments   20
Carrying Amount [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 155 56
Derivatives, liabilities (21) (33)
Total Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 631 319
Debt (8,274) (8,520)
Contingent earnout payments   20
Total Fair Value [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 155 56
Derivatives, liabilities (21) (33)
Level 1 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 631 319
Level 2 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt (8,274) (8,520)
Level 2 Inputs [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 155 56
Derivatives, liabilities $ (21) (33)
Level 3 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent earnout payments   $ 20
v3.25.3
Reportable Segments - Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Total revenues $ 4,331 $ 4,024 $ 13,067 $ 11,537  
LOE 481 366 1,443 1,129  
Gathering, processing & transportation 213 200 636 577  
Production and property taxes 201 197 627 596  
Total significant expenses 895 763 2,706 2,302  
DD&A 879 794 2,705 2,284  
G&A 114 117 357 345  
Financing costs, net 109 88 348 240  
Income tax expense 219 239 600 583  
Other segment items [1] 31 49 14 104  
Total expenses 3,638 3,199 10,948 9,248  
Net earnings 693 825 2,119 2,289  
Total assets 31,221 30,263 31,221 30,263 $ 30,489
Capital expenditures, including acquisitions 1,056 5,961 2,976 7,877  
Marketing and Midstream Expenses [Member]          
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Marketing and midstream expenses $ 1,453 $ 1,149 $ 4,246 $ 3,390  
[1] Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.