Other current liabilities

^[1]

354

115

997

1,201

Total current liabilities

3,482

3,315

Long-term debt

9,628

10,291

Asset retirement obligations

1,141

1,113

Other long-term liabilities

567

583

Deferred income taxes

773

835

Equity:

Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 526 million and 525 million shares in 2018 and 2017, respectively

53

Treasury stock, at cost, 0.4 million shares in 2018

(12)

Additional paid-in capital

7,269

7,333

Retained earnings

473

702

Accumulated other comprehensive earnings

1,122

1,166

Total stockholders’ equity attributable to Devon

8,905

9,254

Noncontrolling interests

4,820

4,850

Total equity

13,725

14,104

Total liabilities and equity

$ 29,316

$ 30,241

[1]

Short-term debt as of March 31, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019 and $77 million of borrowings under the General Partner’s credit facility due March 7, 2019.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	526,000,000	525,000,000
Treasury stock, shares	400,000

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2016	$ 12,722	$ 52	$ 7,237	$ (69)	$ 1,054		$ 4,448
Balance, shares at Dec. 31, 2016		523
Net earnings (loss)	317			303			14
Other comprehensive earnings (loss), net of tax	13				13
Restricted stock grants, net of cancellations, value	1	$ 1
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(38)					$ (38)
Common stock retired			(38)			38
Common stock dividends	(32)			(32)
Share-based compensation	30		30
Share-based compensation, shares		1
Subsidiary equity transactions	85		10				75
Distributions to noncontrolling interests	(81)						(81)
Balance at Mar. 31, 2017	13,017	$ 53	7,239	202	1,067		4,456
Balance, shares at Mar. 31, 2017		526
Balance at Dec. 31, 2017	14,104	$ 53	7,333	702	1,166		4,850
Balance, shares at Dec. 31, 2017		525
Net earnings (loss)	(153)			(197)			44
Other comprehensive earnings (loss), net of tax	(44)				(44)
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(111)					(111)
Common stock retired			(99)			99
Common stock retired, shares		(3)
Common stock dividends	(32)			(32)
Share-based compensation	36		36
Share-based compensation, shares		1
Subsidiary equity transactions	27		(1)				28
Distributions to noncontrolling interests	(102)						(102)
Balance at Mar. 31, 2018	$ 13,725	$ 53	$ 7,269	$ 473	$ 1,122	$ (12)	$ 4,820
Balance, shares at Mar. 31, 2018		526

Summary Of Significant Accounting Policies	3 Months Ended
Summary Of Significant Accounting Policies	Mar. 31, 2018
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	1.Summary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2017 Annual Report on Form 10-K. The accompanying unaudited interim financial statements furnished in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2018 and 2017 and Devon’s financial position as of March 31, 2018. Recently Adopted Accounting Standards In January 2018, Devon adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. See Note 2 for further discussion regarding Devon’s adoption of the revenue recognition standard. In January 2018, Devon adopted ASU 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item as other employee compensation costs. Only the service cost component of net periodic benefit cost is eligible for capitalization. As a result of adoption of this ASU, consolidated statement of earnings presentation changes were applied retrospectively, while service cost component capitalization was applied prospectively. In January 2018, Devon adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires an entity to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. As a result of adoption, Devon made changes to the statement of cash flows to include the required presentation and reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents retrospectively. Other than presentation, adoption of this ASU did not have a material impact on Devon’s consolidated statement of cash flows. Issued Accounting Standards Not Yet Adopted The FASB issued ASU 2016-02, Leases (Topic 842). This ASU will supersede the lease requirements in Topic 840, Leases. Its objective is to increase transparency and comparability among organizations. This ASU provides guidance requiring lessees to recognize most leases on their balance sheet. Lessor accounting does not significantly change, except for some changes made to align with new revenue recognition requirements. This ASU is effective for Devon beginning January 1, 2019. Early adoption is permitted, but Devon does not plan to early adopt. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. Recently, the FASB issued ASU No. 2018-01, Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842. This ASU would permit an entity not to apply Topic 842 to land easements and rights-of-way that exist or expired before the effective date of Topic 842 and that were not previously assessed under Topic 840. An entity would continue to apply its current accounting policy for accounting for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements and rights-of-way to determine whether the arrangement should be accounted for as a lease. For Devon, these easement and right-of-way contracts represent a relatively small percentage of the aggregate value of contracts being evaluated but represent a significant number of contracts. Devon has preliminarily determined its portfolio of leased assets and is reviewing all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Devon anticipates the adoption of this standard will significantly impact its consolidated financial statements, systems, processes and controls. Devon is in the process of designing processes and controls and implementing a technology solution needed to comply with the requirements of this ASU. While Devon cannot currently estimate the quantitative effect that ASU 2016-02 will have on its consolidated financial statements, the adoption will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right-of-use assets and corresponding lease liabilities. The FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU will expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company's risk management activities. The guidance also eliminates the requirement to separately measure and report hedge ineffectiveness. This ASU only applies to entities that elect hedge accounting, which Devon has not for derivative financial instruments. This ASU is effective for annual and interim periods beginning January 1, 2019, with early adoption permitted in 2018. The ASU is required to be adopted using a cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Devon is currently evaluating the provisions of this ASU and assessing the impact it may have on its consolidated financial statements if hedge accounting were elected by Devon in the future. The FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Legislation. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and allows for early adoption in any interim period after issuance of the update. Devon is currently assessing the impact this ASU will have on its consolidated financial statements.

Revenue Recognition

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue Recognition

2.	Revenue Recognition

Impact of ASC 606 Adoption

Devon adopted ASC 606 - Revenue from Contracts with Customers (ASC 606) using the modified retrospective method and has applied the standard to all existing contracts. ASC 606 supersedes previous revenue recognition requirements in ASC 605 and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration in exchange for those goods or services.

The impact of adoption in the current period results is as follows:

	Three Months Ended March 31, 2018
	Under ASC 606			Under ASC 605			Increase/(Decrease)
Upstream revenues	$	1,319		$	1,257		$	62
Marketing and midstream revenues		2,491			2,629			(138	)
Total impacted revenues	$	3,810		$	3,886		$	(76	)

Production expenses	$	543		$	481		$	62
Marketing and midstream expenses		2,214			2,352			(138	)
Total impacted expenses	$	2,757		$	2,833		$	(76	)

Loss before income taxes	$	(181	)	$	(181	)	$	—

Changes to upstream revenues and production expenses are due to the conclusion that Devon represents the principal and controls a promised product before transferring it to the ultimate third party customer in accordance with the control model in ASC 606. This is a change from previous conclusions reached for these agreements utilizing the principal versus agent indicators under ASC 605 where the assessment was focused on Devon passing title and not control to the processing entity and Devon ultimately receiving a net price from the third-party end customer. As a result, Devon has changed the presentation of revenues and expenses for these agreements. Revenues related to these agreements are now presented on a gross basis for amounts expected to be received from third-party customers through the marketing process. Gathering, processing and transportation expenses related to these agreements, incurred prior to the transfer of control to the customer at the tailgate of the natural gas processing facilities, are now presented as production expenses.

Changes to marketing and midstream revenues and expenses are due to the determination of when control is transferred. As a result, Devon has changed the classification of certain transactions from marketing and midstream revenues to expenses or from marketing and midstream expenses to revenues.

Upstream Revenues

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

Natural gas and NGL Sales

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

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

Oil sales

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

Marketing and Midstream Revenues

Marketing and midstream revenues are generated as a result of performing gathering, transmission, processing, fractionation, storage, condensate stabilization, brine services and marketing, through various contractual arrangements, which include fee-based arrangements or arrangements where Devon purchases and resells commodities in connection with providing the related service and earns a net margin for its fee. Marketing and midstream revenues are recognized when performance obligations are satisfied. This occurs at the time contract specified products are sold or services are provided to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable. Control is transferred from the producer when the midstream processor has discretion on the sale or further processing of the liquids. The transaction price used to recognize revenue and invoice customers is based on a contractually stated fee or on a third party published index price plus or minus a known differential. Devon typically receives payment for invoiced amounts within 30 days. Marketing and midstream revenues and expenses attributable to oil, gas and NGL purchases, transportation and processing contracts are reported on a gross basis when Devon takes control of the products and has risks and rewards of ownership.

For contracts where control of commodities is transferred before the service is performed, Devon generally has no performance obligation for its services, and accordingly, does not consider these revenue-generating service contracts. Based on that determination, all fees or fee-equivalent deductions stated in such contracts reduce the cost to purchase commodities. Alternatively, for contracts where control of commodities is transferred after the service is performed, Devon considers these contracts to contain performance obligations for its services. Accordingly, Devon considers the satisfaction of these performance obligations as revenue-generating and recognizes these fees as midstream services revenue at the time its performance obligations are satisfied. For contracts where control of commodities is never transferred, Devon simply earns a fee for its services and recognizes these fees as midstream services revenue at the time its performance obligations are satisfied.

Satisfaction of Performance Obligations and Revenue Recognitions

Since Devon has a right to consideration from its customers in amounts that correspond directly to the value that the customer receives from the performance completed on each contract, Devon applies the practical expedient in ASC 606 that allows recognition of revenue in the amount to which there is a right to invoice and prevents the need to estimate a transaction price for each contract and allocating that transaction price to the performance obligations within each contract. Devon recognizes revenue for sales or services at the time the natural gas, NGLs, crude oil or condensate are delivered at a fixed or determinable price.

Transaction Price Allocated to Remaining Performance Obligations

Most of Devon’s contracts are short-term in nature with a contract term of one year or less. Devon applies the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For contracts with terms greater than one year, Devon applies the practical expedient in ASC 606 exempting the disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under Devon’s contracts, each unit of product typically represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Cash received relating to future performance obligations are deferred and recognized when all revenue recognition criteria are met. Contract liabilities generated from such deferred revenue are not considered material as of March 31, 2018. Devon’s product sales and marketing and midstream contracts do not give rise to contract assets under ASC 606.

Disaggregation of Revenue

Revenue from both upstream revenues and marketing and midstream revenues represent revenue from contracts with customers and these revenue line items are reflected in the consolidated comprehensive statements of earnings. The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. During the quarter ended March 31, 2018, no purchaser accounted for more than 10% of Devon’s consolidated sales revenue.

	Three Months Ended March 31, 2018
	U.S.			Canada		EnLink ⁽¹⁾		Total
Revenues from contracts with customers:
Oil	$	677		$	230	$	—	$	907
Gas		255			—		—		255
NGL		198			—		—		198
Oil, gas and NGL sales		1,130			230		—		1,360
Oil, gas and NGL derivatives		(113	)		72		—		(41	)
Total upstream revenues		1,017			302		—		1,319

Gathering and transportation		—			—		56		56
Processing		—			—		15		15
NGL services		—			—		16		16
Oil services		—			—		6		6
Total midstream services revenue		—			—		93		93
Oil and condensate		531			17		632		1,180
Gas		155			—		286		441
NGL		176			—		601		777
Total product sales		862			17		1,519		2,398
Total marketing and midstream revenues		862			17		1,612		2,491

Total revenues from contracts with customers	$	1,879		$	319	$	1,612	$	3,810

(1) Amounts presented net of eliminations

Acquisitions And Divestitures

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Acquisitions and Divestitures

3.	Acquisitions and Divestitures

Devon Divestitures

In March 2018, Devon entered into a definitive agreement to sell a portion of its Barnett Shale assets, primarily located in Johnson County for $553 million, before purchase price adjustments. The transaction is expected to close in the second quarter of 2018. Estimated proved reserves associated with these assets are approximately 10% of total proved reserves. Devon anticipates the impact of the Johnson County divestiture will result in an adjustment to its capitalized costs with no gain recognition in the consolidated statement of earnings. In conjunction with the divestiture, Devon will settle certain gas processing contracts and expects to recognize an approximate $40 million settlement expense.

EnLink Divestitures

During the first quarter of 2017, EnLink divested its ownership interest in Howard Energy Partners for approximately $190 million.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

4.	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 and EnLink periodically enter into derivative financial instruments with respect to a portion of their oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility and foreign exchange forward contracts to manage its exposure to fluctuations in the U.S. and Canadian dollar exchange rates. As of March 31, 2018, Devon did not have any open foreign exchange contracts.

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

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels.

Commodity Derivatives

As of March 31, 2018, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2-Q4 2018		58,855	$	53.74		83,167	$	50.28	$	60.28
Q1-Q4 2019		17,030	$	55.37		43,290	$	50.94	$	60.94

	Oil Basis Swaps						Oil Basis Collars
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)				Volume (Bbls/d)		Weighted Average Floor Differential to WTI ($/Bbl)			Weighted Average Ceiling Differential to WTI ($/Bbl)
Q2-Q4 2018	Midland Sweet		23,000	$	(1.02	)			—	$	—		$	—
Q2-Q4 2018	Argus LLS		12,000	$	3.95				—	$	—		$	—
Q2-Q4 2018	Western Canadian Select		69,018	$	(14.91	)			1,775	$	(15.50	)	$	(13.93	)
Q1-Q4 2019	Midland Sweet		28,000	$	(0.46	)			—	$	—		$	—

As of March 31, 2018, 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 swaps that settle against the NYMEX last day settle natural gas index. The third table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q2-Q4 2018		378,033	$	2.97		201,867	$	2.79	$	3.10
Q1-Q4 2019		52,622	$	2.90		52,844	$	2.77	$	3.07


	Price Swaps
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)
Q1-Q4 2019		128,164	$	2.78
Q1-Q4 2020		116,364	$	2.73

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2018	Panhandle Eastern Pipe Line		90,000	$	(0.43)
Q2-Q4 2018	El Paso Natural Gas		30,000	$	(0.85)
Q2-Q4 2018	Houston Ship Channel		60,000	$	(0.01)
Q2-Q4 2018	Transco Zone 4		10,036	$	(0.03)
Q1-Q4 2019	Houston Ship Channel		32,500	$	(0.02)
Q1-Q4 2019	Transco Zone 4		7,397	$	(0.03)

As of March 31, 2018, 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)
Q2-Q4 2018	Ethane		6,500	$	11.86
Q2-Q4 2018	Natural Gasoline		5,500	$	54.24
Q2-Q4 2018	Normal Butane		6,750	$	38.46
Q2-Q4 2018	Propane		10,500	$	33.30

As of March 31, 2018, EnLink had the following open derivative positions associated with gas processing and fractionation. EnLink’s NGL positions settle by purity product against the average of the prompt month OPIS Mont Belvieu, Texas index. EnLink’s natural gas positions settle against the Henry Hub Gas Daily index.

Period	Product	Volume (Total)			Weighted Average Price Paid	Weighted Average Price Received
Q2 2018-Q1 2019	Propane		688	MBbls	Index	$0.75/gal
Q2 2018-Q4 2019	Natural Gas		71,418	MMBtu/d	Index	$2.10/MMBtu

Interest Rate Derivatives

As of March 31, 2018, Devon had the following open interest rate derivative positions:

Notional		Rate Received	Rate Paid	Expiration
$	750	Three Month LIBOR	2.98%	December 2048 ⁽¹⁾
$	100	1.76%	Three Month LIBOR	January 2019

(1)

Mandatory settlement in December 2018.

Financial Statement Presentation

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended March 31,
	2018			2017
Commodity derivatives:
Upstream revenues	$	(41	)	$	232
Marketing and midstream revenues		1			4
Interest rate derivatives:
Other expenses		46			5
Net gains recognized	$	6		$	241

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	March 31, 2018		December 31, 2017
Commodity derivative assets:
Other current assets	$	193	$	209
Other long-term assets		22		2
Interest rate derivative assets:
Other current assets		1		1
Total derivative assets	$	216	$	212
Commodity derivative liabilities:
Other current liabilities	$	328	$	267
Other long-term liabilities		27		27
Interest rate derivative liabilities:
Other current liabilities		22		64
Total derivative liabilities	$	377	$	358

Share-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

5.	Share-Based Compensation

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

	Three Months Ended March 31,
	2018		2017
G&A	$	37	$	34
Exploration expenses		2		2
Total Devon		39		36
G&A		3		14
Marketing and midstream expenses		2		5
Total EnLink		5		19
Total	$	44	$	55
Related income tax benefit	$	1	$	1

Under its approved long-term incentive plan, Devon granted share-based awards to certain employees in the first three months of 2018. The following table presents a summary of Devon’s unvested restricted stock awards and units, performance-based restricted stock awards and performance share units granted under the plan.

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/17		6,328		$	36.81		575		$	38.92		2,758				$	41.21
Granted		3,425		$	35.77		—		$	—		845				$	37.40
Vested		(2,286	)	$	38.82		(227	)	$	43.14		(571	)			$	84.22
Forfeited		(85	)	$	35.13		—		$	—		(3	)			$	27.12
Unvested at 3/31/18		7,382		$	35.72		348		$	36.17		3,029		⁽¹	⁾	$	30.35

(1)	A maximum of 6.1 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

The following table presents the assumptions related to the performance share units granted in 2018, as indicated in the previous summary table.

	2018
Grant-date fair value		$36.23	—	$	37.88
Risk-free interest rate	2.28%
Volatility factor	45.8%
Contractual term (years)	2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2018.

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	213	$	3	$	53
Weighted average period for recognition (years)		2.9		1.5		2.2

EnLink Share-Based Awards

The General Partner and EnLink issue restricted incentive units as bonus payments to officers and certain employees in the first quarter each year for the prior year’s performance. For the first quarter of 2018 and the first quarter of 2017, the combined grant date fair value for these awards was $6 million and $10 million, respectively.

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with the General Partner’s and EnLink’s unvested restricted incentive units and performance units as of March 31, 2018.

	General Partner				EnLink
	Restricted		Performance		Restricted		Performance
	Incentive Units		Units		Incentive Units		Units
Unrecognized compensation cost	$	19	$	8	$	20	$	8
Weighted average period for recognition (years)		2.1		2.3		2.2		2.3

Asset Impairments

3 Months Ended

Mar. 31, 2018

Asset Impairment Charges [Abstract]

Asset Impairments

6.	Asset Impairments

Unproved Impairments

In the first quarter of 2018 and 2017, Devon allowed certain non-core acreage to expire without plans for development, resulting in unproved impairments of $8 million and $41 million, respectively. Unproved impairments are included in exploration expenses in the consolidated comprehensive statements of earnings.

Other Expenses

3 Months Ended

Mar. 31, 2018

Other Income And Expenses [Abstract]

Other Expenses

7.	Other Expenses

The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.

	Three Months Ended March 31,
	2018			2017
Foreign exchange (gain) loss, net	$	50		$	(15	)
Asset retirement obligation accretion		16			17
Other, net		(47	)		(33	)
Total	$	19		$	(31	)

Certain of Devon’s non-Canadian foreign subsidiaries have a U.S. dollar functional currency, hold Canadian-dollar cash and engage in intercompany loans with Canadian subsidiaries that are based in Canadian dollars. The value of the Canadian-dollar cash and intercompany loans increases or decreases from the remeasurement of the cash and loans into the U.S. dollar functional currency. During the first quarter of 2018, Devon recognized foreign exchange losses related to these activities resulting from the strengthening of the U.S. dollar in relation to the Canadian dollar.

Restructuring and Transaction Costs

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2017	$	19		$	31		$	50
Changes related to prior years' restructurings		(1	)		(4	)		(5	)
Balance as of March 31, 2018	$	18		$	27		$	45

Balance as of December 31, 2016		48			62			110
Changes related to prior years' restructurings		(15	)		(5	)		(20	)
Balance as of March 31, 2017	$	33		$	57		$	90

In April 2018, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure. As a result, Devon will incur additional restructuring charges and liabilities, ranging from $75 million to $100 million, beginning in the second quarter of 2018.

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

8.	Income Taxes

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

	Three Months Ended March 31,
	2018			2017
Current income tax expense	$	4		$	20
Deferred income tax benefit		(32	)		(12	)
Total income tax expense (benefit)	$	(28	)	$	8

U.S. statutory income tax rate		21	%		35	%
State income taxes		1	%		2	%
Other		(5	%)		(1	%)
Deferred tax asset valuation allowance		(2	%)		(34	%)
Effective income tax rate		15	%		2	%

Devon estimates its annual effective income tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. Under the Tax Reform Legislation, the U.S. corporate income tax rate was reduced to 21% effective January 1, 2018.

In the table above, the “other” effect is primarily composed of permanent differences for which dollar amounts do not increase or decrease in relation to the change in pre-tax earnings. Generally, such items have an insignificant impact on Devon’s effective income tax rate. However, these items have a more noticeable impact to the rate in the first quarter of 2018 due to lower relative earnings during the period.

Throughout 2017 and through the first quarter of 2018, Devon continued to maintain a 100% valuation allowance against its U.S. deferred tax assets resulting from prior year cumulative financial losses largely due to oil and gas impairments and significant net operating losses for U.S. federal and state income tax. Furthermore, a partial allowance continues to be held against certain Canadian segment deferred tax assets.

During the first quarter of 2018, Devon repatriated approximately $92 million from certain international entities. This repatriation had no tax impact.

In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118), which allows Devon to record provisional amounts during a measurement period not to extend beyond one year after the enactment date. As the Tax Reform Legislation was passed late in the fourth quarter of 2017 and ongoing guidance and accounting interpretation are expected over the next 12 months, Devon considers the accounting of the transition tax, deferred tax remeasurements and other items to be incomplete due to the forthcoming guidance and ongoing analysis of Devon’s tax positions. Devon expects to complete its analysis within the measurement period in accordance with SAB 118. No material changes to the provisional amounts recorded in the fourth quarter of 2017 have been made during the first quarter of 2018.

Devon is under audit in the U.S. and various foreign jurisdictions as part of its normal course of business. The timing of resolution of income tax examinations is uncertain as are the amounts and timing of tax payments that are part of any audit settlement process. Devon believes that within the next 12 months it is reasonably possible that certain tax examinations will be resolved by settlement with the taxing authorities.

Net Earnings (Loss) Per Share Attributable to Devon

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Attributable to Devon

9.	Net Earnings (Loss) Per Share Attributable to Devon

The following table reconciles net earnings (loss) attributable to Devon and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings (loss) per share.

	Three Months Ended March 31,
	2018			2017
Net earnings (loss):
Net earnings (loss) attributable to Devon	$	(197	)	$	303
Attributable to participating securities		—			(3	)
Basic and diluted earnings (loss)	$	(197	)	$	300
Common shares:
Common shares outstanding - total		527			525
Attributable to participating securities		(7	)		(6	)
Common shares outstanding - basic		520			519
Dilutive effect of potential common shares issuable		—			3
Common shares outstanding - diluted		520			522
Net earnings (loss) per share attributable to Devon:
Basic	$	(0.38	)	$	0.58
Diluted	$	(0.38	)	$	0.58
Antidilutive options ⁽¹⁾		2			3

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings

3 Months Ended

Mar. 31, 2018

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Other Comprehensive Earnings

10.	Other Comprehensive Earnings

Components of other comprehensive earnings consist of the following:

	Three Months Ended March 31,
	2018			2017
Foreign currency translation and other:
Beginning accumulated foreign currency translation and other	$	1,309		$	1,226
Change in cumulative translation adjustment and other		(61	)		11
Income tax benefit (expense)		13			(3	)
Ending accumulated foreign currency translation and other		1,261		$	1,234
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(143	)		(172	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		4			5
Ending accumulated pension and postretirement benefits		(139	)		(167	)
Accumulated other comprehensive earnings, net of tax	$	1,122		$	1,067

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of Other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 18 for additional details.

Supplemental Information To Statements Of Cash Flows

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

11.	Supplemental Information to Statements of Cash Flows

	Three Months Ended March 31,
	2018			2017
Changes in assets and liabilities, net
Accounts receivable	$	(27	)	$	48
Other current assets		(79	)		(21	)
Other long-term assets		(52	)		1
Accounts payable		14			4
Revenues and royalties payable		84			73
Other current liabilities		76			(89	)
Other long-term liabilities		(10	)		20
Total	$	6		$	36
Interest paid (net of capitalized interest)	$	76		$	92
Income taxes paid	$	1		$	3

Accounts Receivable

3 Months Ended

Mar. 31, 2018

Accounts Receivable Net [Abstract]

Accounts Receivable

12.	Accounts Receivable

Components of accounts receivable include the following:

	March 31, 2018			December 31, 2017
Oil, gas and NGL sales	$	536		$	559
Joint interest billings		132			134
Marketing and midstream revenues		989			959
Other		50			29
Gross accounts receivable		1,707			1,681
Allowance for doubtful accounts		(12	)		(11	)
Net accounts receivable	$	1,695		$	1,670

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2018

Extractive Industries [Abstract]

Property, Plant and Equipment

13.Property, Plant and Equipment

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

	March 31, 2018			December 31, 2017
Property and equipment, at cost:
Proved	$	47,685		$	47,295
Unproved and properties under development		2,478			2,457
Total oil and gas		50,163			49,752
Less accumulated DD&A		(36,688	)		(36,434	)
Oil and gas property and equipment, net		13,475			13,318
EnLink midstream and other		9,298			9,120
Devon midstream and other		1,957			1,955
Less accumulated DD&A		(3,347	)		(3,222	)
Midstream and other property and equipment, net		7,908			7,853
Property and equipment, net	$	21,383		$	21,171

Other Intangible Assets

3 Months Ended

Mar. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Other Intangible Assets

14.	Other Intangible Assets

The following table presents other intangible assets reported in other long-term assets in the accompanying consolidated balance sheets.

	March 31, 2018			December 31, 2017
Customer relationships	$	1,796		$	1,796
Accumulated amortization		(330	)		(299	)
Net intangibles	$	1,466		$	1,497

The weighted-average amortization period for other intangible assets is 15 years. Amortization expense for intangibles was $31 million and $29 million for the three months ended March 31, 2018 and 2017, respectively. The remaining amortization expense is estimated to be $123 million for each of the next five years.

Other Current Liabilities

3 Months Ended

Mar. 31, 2018

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

15.	Other Current Liabilities

Components of other current liabilities include the following:

	March 31, 2018		December 31, 2017
Derivative liabilities	$	350	$	331
Installment payment		—		250
Income taxes payable		142		145
Accrued interest payable		147		131
Restructuring liabilities		18		19
Other		340		325
Other current liabilities	$	997	$	1,201

EnLink’s final installment payment relating to its acquisition of Anadarko Basin gathering and processing midstream assets in 2016 was paid in January 2018 using borrowings under EnLink’s credit facility.

Debt And Related Expenses

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt and Related Expenses

16.Debt and Related Expenses

A summary of debt is as follows:

	March 31, 2018			December 31, 2017
Devon debt:
8.25% due July 1, 2018	$	20		$	20
2.25% due December 15, 2018		95			95
6.30% due January 15, 2019		162			162
4.00% due July 15, 2021		500			500
3.25% due May 15, 2022		1,000			1,000
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			1,059
7.95% due April 15, 2032 ⁽¹⁾		366			789
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(25	)		(30	)
Debt issuance costs		(35	)		(39	)
Total Devon debt		6,066			6,864
EnLink and General Partner debt:
Credit facilities		447			74
2.70% due April 1, 2019		400			400
4.40% due April 1, 2024		550			550
4.15% due June 1, 2025		750			750
4.85% due July 15, 2026		500			500
5.60% due April 1, 2044		350			350
5.05% due April 1, 2045		450			450
5.45% due June 1, 2047		500			500
Net discount on debentures and notes		(6	)		(6	)
Debt issuance costs		(25	)		(26	)
Total EnLink and General Partner debt		3,916			3,542
Total debt		9,982			10,406
Less amount classified as short-term debt⁽²⁾		354			115
Total long-term debt	$	9,628		$	10,291

(1)	These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)

Short-term debt as of March 31, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019 and $77 million of borrowings under the General Partner’s credit facility due March 7, 2019.

Credit Lines

Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2018, Devon had $51 million in outstanding letters of credit under the Senior Credit Facility. There were no outstanding borrowings under the Senior Credit Facility at March 31, 2018. 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 noncash financial write-downs such as impairments. As of March 31, 2018, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 26.2%.

Retirement of Senior Notes

In the first quarter of 2018, Devon completed tender offers to repurchase $807 million in aggregate principal amount of debt securities, using cash on hand. This included $384 million of the 7.875% senior notes due September 30, 2031 and $423 million of the 7.95% senior notes due April 15, 2032. Devon recognized a $312 million loss on early retirement of debt, consisting of $304 million in cash retirement costs and $8 million of noncash charges. These costs, along with other charges associated with retiring the debt, are included in net financing costs in the consolidated comprehensive statements of earnings.

EnLink Debt

All of EnLink’s and the General Partner’s debt is non-recourse to Devon.

EnLink has a $1.5 billion unsecured revolving credit facility. As of March 31, 2018, there were $10 million in outstanding letters of credit and $370 million in outstanding borrowings at an average rate of 3.3% under the $1.5 billion credit facility. The General Partner has a $250 million secured revolving credit facility. As of March 31, 2018, the General Partner had $77 million in outstanding borrowings at an average rate of 3.5%. EnLink and the General Partner were in compliance with all financial covenants in their respective credit facilities as of March 31, 2018.

Net Financing Costs

The following schedule includes the components of net financing costs.

	Three Months Ended March 31,
	2018			2017
Devon net financing costs:
Interest based on debt outstanding	$	96		$	97
Early retirement of debt		312			—
Capitalized interest		(18	)		(16	)
Other		(3	)		2
Total Devon net financing costs		387			83
EnLink net financing costs:
Interest based on debt outstanding		44			40
Interest accretion on deferred installment payment		1			7
Other		(1	)		(2	)
Total EnLink net financing costs		44			45
Total net financing costs	$	431		$	128

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

17. Asset Retirement Obligations

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

	Three Months Ended March 31,
	2018			2017
Asset retirement obligations as of beginning of period	$	1,152		$	1,272
Liabilities incurred and assumed through acquisitions		15			10
Liabilities settled and divested		(20	)		(13	)
Revision of estimated obligation		23			(184	)
Accretion expense on discounted obligation		16			17
Foreign currency translation adjustment		(13	)		4
Asset retirement obligations as of end of period		1,173			1,106
Less current portion		32			39
Asset retirement obligations, long-term	$	1,141		$	1,067

During the first quarter of 2017, Devon reduced its estimated asset retirement obligations by $184 million primarily due to changes in the assumed inflation rate and retirement dates for its oil and gas assets.

Retirement Plans

3 Months Ended

Mar. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

18.	Retirement Plans

The following table presents the components of net periodic benefit cost for Devon’s pension. There were no net periodic benefit cost for postretirement benefit plans for all periods presented below.

	Pension Benefits
	Three Months Ended
	March 31,
	2018			2017

Service cost	$	3		$	4
Interest cost		10			11
Expected return on plan assets		(14	)		(14	)
Amortization of prior service cost ⁽¹⁾		—			1
Net actuarial loss ⁽¹⁾		4			4
Net periodic benefit cost ⁽²⁾	$	3		$	6

(1)

These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)

The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in Other expenses in the accompanying consolidated comprehensive statements of earnings.

Stockholders' Equity

3 Months Ended

Mar. 31, 2018

Stockholders Equity Note [Abstract]

Stockholders' Equity

19.	Stockholders’ Equity

Devon announced a share-repurchase program to buy up to $1.0 billion of shares of common stock, which expires March 7, 2019. During the first quarter of 2018, Devon repurchased 2.6 million shares of common stock for $83 million, or $32.19 per share, under this program.

Devon paid common stock dividends of $32 million, or $0.06 per share, in the first three months of 2018 and 2017, respectively. Additionally, Devon announced a 33% increase to its quarterly dividend beginning in the second quarter of 2018.

Noncontrolling Interests

3 Months Ended

Mar. 31, 2018

Noncontrolling Interest [Abstract]

Noncontrolling interests

20.	Noncontrolling Interests

Subsidiary Equity Transactions

As of March 31, 2018, Devon’s ownership interest in EnLink was 23%, excluding the interest held by the General Partner. Devon’s controlling ownership interest in the General Partner as of March 31, 2018 was 64%.

EnLink has the ability to sell common units through its “at the market” equity offering programs. During the first three months of 2017, EnLink issued and sold 3 million common units through its programs and generated $55 million in net proceeds.

Distributions to Noncontrolling Interests

EnLink and the General Partner distributed $102 million and $81 million to non-Devon unitholders during the first three months of 2018 and 2017, respectively.

Commitments And Contingencies

3 Months Ended

Mar. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

21.	Commitments and Contingencies

Devon is party to various legal actions arising in the normal course of 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 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, 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. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters.

Environmental Matters

Devon is subject to certain environmental, health and safety laws and regulations, including with respect to environmental remediation activities associated with past operations, such as the Comprehensive Environmental Response, Compensation, and Liability Act and similar state statutes. In response to liabilities associated with these activities, loss accruals primarily consist of estimated uninsured remediation costs. Devon’s monetary exposure for environmental matters is not expected to be material.

Other Matters

Devon is involved in other various legal proceedings incidental to its business. However, to Devon’s knowledge, there were no other material pending legal proceedings to which Devon is a party or to which any of its property is subject.

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

22.	Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. None of the items below are measured using Level 3 inputs. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables and accrued expenses included in the accompanying consolidated balance sheets approximated fair value at March 31, 2018 and December 31, 2017. Therefore, such financial assets and liabilities are not presented in the following table. Additionally, the fair values of oil and gas assets, goodwill and other intangible assets and related impairments are measured as of the impairment date using Level 3 inputs. More information on these items is provided in Note 6 and Note 14, respectively.

							Fair Value
							Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
March 31, 2018 assets (liabilities):
Cash equivalents	$	335		$	335		$	259	$	76
Commodity derivatives	$	215		$	215		$	—	$	215
Commodity derivatives	$	(355	)	$	(355	)	$	—	$	(355	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(22	)	$	(22	)	$	—	$	(22	)
Debt	$	(9,982	)	$	(10,719	)	$	—	$	(10,719	)
Capital lease obligations	$	(4	)	$	(3	)	$	—	$	(3	)

December 31, 2017 assets (liabilities):
Cash equivalents	$	1,533		$	1,533		$	1,454	$	79
Commodity derivatives	$	211		$	211		$	—	$	211
Commodity derivatives	$	(294	)	$	(294	)	$	—	$	(294	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(64	)	$	(64	)	$	—	$	(64	)
Debt	$	(10,406	)	$	(11,782	)	$	—	$	(11,782	)
Installment payment	$	(250	)	$	(250	)	$	—	$	(250	)
Capital lease obligations	$	(4	)	$	(3	)	$	—	$	(3	)

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 U.S. and Canadian treasury securities. The fair value approximates the carrying value.

Level 2 Fair Value Measurements

Cash equivalents – Amounts consist primarily of commercial paper and Canadian agency and provincial securities investments. The fair value approximates the carrying value.

Commodity and interest rate derivatives – The fair values of commodity and interest rate derivatives are 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 actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity. The fair value of the credit facility balance is the carrying value.

Installment payment – The fair value of the EnLink installment payment was based on Level 2 inputs from third-party market quotations.

Capital lease obligations – The fair value was calculated using inputs from third-party banks.

- Definition

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

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Information

23.	Segment Information

Devon manages its operations through distinct operating segments, which are defined primarily by geographic areas. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of the businesses. However, Devon’s Canadian E&P operating segment is reported as a separate reporting segment primarily due to the significant differences between the U.S. and Canadian regulatory environments. Devon’s U.S. and Canadian segments are both primarily engaged in oil and gas E&P activities.

Devon considers EnLink, combined with the General Partner, to be an operating segment that is distinct from the U.S. and Canadian operating segments. EnLink’s operations consist of midstream assets and operations located across the U.S. Additionally, EnLink has a management team that is primarily responsible for capital and resource allocation decisions. Therefore, EnLink is presented as a separate reporting segment.

	U.S.			Canada			EnLink			Eliminations			Total
Three Months Ended March 31, 2018:
Revenues from external customers	$	1,879		$	319		$	1,612		$	—		$	3,810
Intersegment revenues	$	—		$	—		$	149		$	(149	)	$	—
Depreciation, depletion and amortization	$	305		$	94		$	138		$	—		$	537
Interest expense	$	247		$	164		$	44		$	(16	)	$	439
Asset dispositions	$	(12	)	$	—		$	—		$	—		$	(12	)
Earnings (loss) before income taxes	$	(100	)	$	(145	)	$	64		$	—		$	(181	)
Income tax expense (benefit)	$	1		$	(35	)	$	6		$	—		$	(28	)
Net earnings (loss)	$	(101	)	$	(110	)	$	58		$	—		$	(153	)
Net earnings attributable to noncontrolling interests	$	—		$	—		$	44		$	—		$	44
Net earnings (loss) attributable to Devon	$	(101	)	$	(110	)	$	14		$	—		$	(197	)
Property and equipment, net	$	10,538		$	4,186		$	6,659		$	—		$	21,383
Total assets	$	13,477		$	5,271		$	10,615		$	(47	)	$	29,316
Capital expenditures, including acquisitions	$	612		$	89		$	181		$	—		$	882
Three Months Ended March 31, 2017:
Revenues from external customers	$	2,081		$	319		$	1,151		$	—		$	3,551
Intersegment revenues	$	—		$	—		$	171		$	(171	)	$	—
Depreciation, depletion and amortization	$	302		$	98		$	128		$	—		$	528
Interest expense	$	80		$	20		$	45		$	(15	)	$	130
Asset impairments	$	—		$	—		$	7		$	—		$	7
Asset dispositions	$	(7	)	$	(1	)	$	5		$	—		$	(3	)
Earnings (loss) before income taxes	$	325		$	(12	)	$	12		$	—		$	325
Income tax expense	$	3		$	2		$	3		$	—		$	8
Net earnings (loss)	$	322		$	(14	)	$	9		$	—		$	317
Net earnings attributable to noncontrolling interests	$	—		$	—		$	14		$	—		$	14
Net earnings (loss) attributable to Devon	$	322		$	(14	)	$	(5	)	$	—		$	303
Property and equipment, net	$	10,030		$	4,078		$	6,396		$	—		$	20,504
Total assets	$	13,644		$	4,869		$	10,177		$	(55	)	$	28,635
Capital expenditures, including acquisitions	$	346		$	82		$	248		$	—		$	676

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
Summary Of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Recent Accounting Standards	Recently Adopted Accounting Standards In January 2018, Devon adopted ASU 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. See Note 2 for further discussion regarding Devon’s adoption of the revenue recognition standard. In January 2018, Devon adopted ASU 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item as other employee compensation costs. Only the service cost component of net periodic benefit cost is eligible for capitalization. As a result of adoption of this ASU, consolidated statement of earnings presentation changes were applied retrospectively, while service cost component capitalization was applied prospectively. In January 2018, Devon adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires an entity to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents on the statement of cash flows and to provide a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet when the cash, cash equivalents, restricted cash, and restricted cash equivalents are presented in more than one line item on the balance sheet. As a result of adoption, Devon made changes to the statement of cash flows to include the required presentation and reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents retrospectively. Other than presentation, adoption of this ASU did not have a material impact on Devon’s consolidated statement of cash flows. Issued Accounting Standards Not Yet Adopted The FASB issued ASU 2016-02, Leases (Topic 842). This ASU will supersede the lease requirements in Topic 840, Leases. Its objective is to increase transparency and comparability among organizations. This ASU provides guidance requiring lessees to recognize most leases on their balance sheet. Lessor accounting does not significantly change, except for some changes made to align with new revenue recognition requirements. This ASU is effective for Devon beginning January 1, 2019. Early adoption is permitted, but Devon does not plan to early adopt. Currently the guidance would be applied using a modified retrospective transition method, which requires applying the new guidance to leases that exist or are entered into after the beginning of the earliest period in the financial statements. However, the FASB recently issued Proposed ASU No. 2018-200, Leases (Topic 842), Targeted Improvements which would allow entities to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the consolidated financial statements. The proposed ASU will allow entities to continue to apply the legacy guidance in Topic 840, including its disclosure requirements, in the comparative periods presented in the year the new leases standard is adopted. Entities that elect this option would still adopt the new leases standard using a modified retrospective transition method, but would recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. Recently, the FASB issued ASU No. 2018-01, Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842. This ASU would permit an entity not to apply Topic 842 to land easements and rights-of-way that exist or expired before the effective date of Topic 842 and that were not previously assessed under Topic 840. An entity would continue to apply its current accounting policy for accounting for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements and rights-of-way to determine whether the arrangement should be accounted for as a lease. For Devon, these easement and right-of-way contracts represent a relatively small percentage of the aggregate value of contracts being evaluated but represent a significant number of contracts. Devon has preliminarily determined its portfolio of leased assets and is reviewing all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Devon anticipates the adoption of this standard will significantly impact its consolidated financial statements, systems, processes and controls. Devon is in the process of designing processes and controls and implementing a technology solution needed to comply with the requirements of this ASU. While Devon cannot currently estimate the quantitative effect that ASU 2016-02 will have on its consolidated financial statements, the adoption will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right-of-use assets and corresponding lease liabilities. The FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU will expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company's risk management activities. The guidance also eliminates the requirement to separately measure and report hedge ineffectiveness. This ASU only applies to entities that elect hedge accounting, which Devon has not for derivative financial instruments. This ASU is effective for annual and interim periods beginning January 1, 2019, with early adoption permitted in 2018. The ASU is required to be adopted using a cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. Devon is currently evaluating the provisions of this ASU and assessing the impact it may have on its consolidated financial statements if hedge accounting were elected by Devon in the future. The FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Reform Legislation. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and allows for early adoption in any interim period after issuance of the update. Devon is currently assessing the impact this ASU will have on its consolidated financial statements.
Commitments And Contingencies	Devon is party to various legal actions arising in the normal course of 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 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.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Schedule of Impact of Adoption

The impact of adoption in the current period results is as follows:

	Three Months Ended March 31, 2018
	Under ASC 606			Under ASC 605			Increase/(Decrease)
Upstream revenues	$	1,319		$	1,257		$	62
Marketing and midstream revenues		2,491			2,629			(138	)
Total impacted revenues	$	3,810		$	3,886		$	(76	)

Production expenses	$	543		$	481		$	62
Marketing and midstream expenses		2,214			2,352			(138	)
Total impacted expenses	$	2,757		$	2,833		$	(76	)

Loss before income taxes	$	(181	)	$	(181	)	$	—

Schedule of Revenue from Contracts with Customers that are Disaggregated Based on Type of Good or Service

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

	Three Months Ended March 31, 2018
	U.S.			Canada		EnLink ⁽¹⁾		Total
Revenues from contracts with customers:
Oil	$	677		$	230	$	—	$	907
Gas		255			—		—		255
NGL		198			—		—		198
Oil, gas and NGL sales		1,130			230		—		1,360
Oil, gas and NGL derivatives		(113	)		72		—		(41	)
Total upstream revenues		1,017			302		—		1,319

Gathering and transportation		—			—		56		56
Processing		—			—		15		15
NGL services		—			—		16		16
Oil services		—			—		6		6
Total midstream services revenue		—			—		93		93
Oil and condensate		531			17		632		1,180
Gas		155			—		286		441
NGL		176			—		601		777
Total product sales		862			17		1,519		2,398
Total marketing and midstream revenues		862			17		1,612		2,491

Total revenues from contracts with customers	$	1,879		$	319	$	1,612	$	3,810

(1) Amounts presented net of eliminations

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Schedule Of Derivative Financial Instruments Included In Consolidated Comprehensive Statements Of Earnings And Consolidated Balance Sheets

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Three Months Ended March 31,
	2018			2017
Commodity derivatives:
Upstream revenues	$	(41	)	$	232
Marketing and midstream revenues		1			4
Interest rate derivatives:
Other expenses		46			5
Net gains recognized	$	6		$	241

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	March 31, 2018		December 31, 2017
Commodity derivative assets:
Other current assets	$	193	$	209
Other long-term assets		22		2
Interest rate derivative assets:
Other current assets		1		1
Total derivative assets	$	216	$	212
Commodity derivative liabilities:
Other current liabilities	$	328	$	267
Other long-term liabilities		27		27
Interest rate derivative liabilities:
Other current liabilities		22		64
Total derivative liabilities	$	377	$	358

Interest Rate Derivatives [Member]

Open Oil Derivative Positions [Member]

Notional		Rate Received	Rate Paid	Expiration
$	750	Three Month LIBOR	2.98%	December 2048 ⁽¹⁾
$	100	1.76%	Three Month LIBOR	January 2019

(1)

Mandatory settlement in December 2018.

Open Natural Gas Derivative Positions [Member]

	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)
Q2-Q4 2018		58,855	$	53.74		83,167	$	50.28	$	60.28
Q1-Q4 2019		17,030	$	55.37		43,290	$	50.94	$	60.94

	Oil Basis Swaps						Oil Basis Collars
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)				Volume (Bbls/d)		Weighted Average Floor Differential to WTI ($/Bbl)			Weighted Average Ceiling Differential to WTI ($/Bbl)
Q2-Q4 2018	Midland Sweet		23,000	$	(1.02	)			—	$	—		$	—
Q2-Q4 2018	Argus LLS		12,000	$	3.95				—	$	—		$	—
Q2-Q4 2018	Western Canadian Select		69,018	$	(14.91	)			1,775	$	(15.50	)	$	(13.93	)
Q1-Q4 2019	Midland Sweet		28,000	$	(0.46	)			—	$	—		$	—

Open NGL Derivative Positions [Member]

	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q2-Q4 2018		378,033	$	2.97		201,867	$	2.79	$	3.10
Q1-Q4 2019		52,622	$	2.90		52,844	$	2.77	$	3.07


	Price Swaps
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)
Q1-Q4 2019		128,164	$	2.78
Q1-Q4 2020		116,364	$	2.73

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2018	Panhandle Eastern Pipe Line		90,000	$	(0.43)
Q2-Q4 2018	El Paso Natural Gas		30,000	$	(0.85)
Q2-Q4 2018	Houston Ship Channel		60,000	$	(0.01)
Q2-Q4 2018	Transco Zone 4		10,036	$	(0.03)
Q1-Q4 2019	Houston Ship Channel		32,500	$	(0.02)
Q1-Q4 2019	Transco Zone 4		7,397	$	(0.03)

Gas Processing And Fractionation Open Positions [Member] | EnLink [Member]

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q2-Q4 2018	Ethane		6,500	$	11.86
Q2-Q4 2018	Natural Gasoline		5,500	$	54.24
Q2-Q4 2018	Normal Butane		6,750	$	38.46
Q2-Q4 2018	Propane		10,500	$	33.30

Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings

Period	Product	Volume (Total)			Weighted Average Price Paid	Weighted Average Price Received
Q2 2018-Q1 2019	Propane		688	MBbls	Index	$0.75/gal
Q2 2018-Q4 2019	Natural Gas		71,418	MMBtu/d	Index	$2.10/MMBtu

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

	Three Months Ended March 31,
	2018		2017
G&A	$	37	$	34
Exploration expenses		2		2
Total Devon		39		36
G&A		3		14
Marketing and midstream expenses		2		5
Total EnLink		5		19
Total	$	44	$	55
Related income tax benefit	$	1	$	1

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

	Restricted Stock					Performance-Based					Performance
	Awards and Units					Restricted Stock Awards					Share Units
	Awards and Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/17		6,328		$	36.81		575		$	38.92		2,758				$	41.21
Granted		3,425		$	35.77		—		$	—		845				$	37.40
Vested		(2,286	)	$	38.82		(227	)	$	43.14		(571	)			$	84.22
Forfeited		(85	)	$	35.13		—		$	—		(3	)			$	27.12
Unvested at 3/31/18		7,382		$	35.72		348		$	36.17		3,029		⁽¹	⁾	$	30.35

(1)	A maximum of 6.1 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

	2018
Grant-date fair value		$36.23	—	$	37.88
Risk-free interest rate	2.28%
Volatility factor	45.8%
Contractual term (years)	2.89

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

			Performance-Based
	Restricted Stock		Restricted Stock		Performance
	Awards and Units		Awards		Share Units
Unrecognized compensation cost	$	213	$	3	$	53
Weighted average period for recognition (years)		2.9		1.5		2.2

General Partner And EnLink [Member]

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

	General Partner				EnLink
	Restricted		Performance		Restricted		Performance
	Incentive Units		Units		Incentive Units		Units
Unrecognized compensation cost	$	19	$	8	$	20	$	8
Weighted average period for recognition (years)		2.1		2.3		2.2		2.3

Other Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Other Income And Expenses [Abstract]

Schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements of Earnings

The following table summarizes Devon’s other expenses presented in the accompanying consolidated comprehensive statement of earnings.

	Three Months Ended March 31,
	2018			2017
Foreign exchange (gain) loss, net	$	50		$	(15	)
Asset retirement obligation accretion		16			17
Other, net		(47	)		(33	)
Total	$	19		$	(31	)

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2017	$	19		$	31		$	50
Changes related to prior years' restructurings		(1	)		(4	)		(5	)
Balance as of March 31, 2018	$	18		$	27		$	45

Balance as of December 31, 2016		48			62			110
Changes related to prior years' restructurings		(15	)		(5	)		(20	)
Balance as of March 31, 2017	$	33		$	57		$	90

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

	Three Months Ended March 31,
	2018			2017
Current income tax expense	$	4		$	20
Deferred income tax benefit		(32	)		(12	)
Total income tax expense (benefit)	$	(28	)	$	8

U.S. statutory income tax rate		21	%		35	%
State income taxes		1	%		2	%
Other		(5	%)		(1	%)
Deferred tax asset valuation allowance		(2	%)		(34	%)
Effective income tax rate		15	%		2	%

Net Earnings (Loss) Per Share Attributable to Devon (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations

	Three Months Ended March 31,
	2018			2017
Net earnings (loss):
Net earnings (loss) attributable to Devon	$	(197	)	$	303
Attributable to participating securities		—			(3	)
Basic and diluted earnings (loss)	$	(197	)	$	300
Common shares:
Common shares outstanding - total		527			525
Attributable to participating securities		(7	)		(6	)
Common shares outstanding - basic		520			519
Dilutive effect of potential common shares issuable		—			3
Common shares outstanding - diluted		520			522
Net earnings (loss) per share attributable to Devon:
Basic	$	(0.38	)	$	0.58
Diluted	$	(0.38	)	$	0.58
Antidilutive options ⁽¹⁾		2			3

(1)	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

Other Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2018

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]

Components Of Other Comprehensive Earnings

	Three Months Ended March 31,
	2018			2017
Foreign currency translation and other:
Beginning accumulated foreign currency translation and other	$	1,309		$	1,226
Change in cumulative translation adjustment and other		(61	)		11
Income tax benefit (expense)		13			(3	)
Ending accumulated foreign currency translation and other		1,261		$	1,234
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		(143	)		(172	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		4			5
Ending accumulated pension and postretirement benefits		(139	)		(167	)
Accumulated other comprehensive earnings, net of tax	$	1,122		$	1,067

(1)	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of Other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 18 for additional details.

Supplemental Information To Statements Of Cash Flows (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows

	Three Months Ended March 31,
	2018			2017
Changes in assets and liabilities, net
Accounts receivable	$	(27	)	$	48
Other current assets		(79	)		(21	)
Other long-term assets		(52	)		1
Accounts payable		14			4
Revenues and royalties payable		84			73
Other current liabilities		76			(89	)
Other long-term liabilities		(10	)		20
Total	$	6		$	36
Interest paid (net of capitalized interest)	$	76		$	92
Income taxes paid	$	1		$	3

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2018

Accounts Receivable Net [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

	March 31, 2018			December 31, 2017
Oil, gas and NGL sales	$	536		$	559
Joint interest billings		132			134
Marketing and midstream revenues		989			959
Other		50			29
Gross accounts receivable		1,707			1,681
Allowance for doubtful accounts		(12	)		(11	)
Net accounts receivable	$	1,695		$	1,670

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2018

Extractive Industries [Abstract]

Table of Property and Equipment, net

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

	March 31, 2018			December 31, 2017
Property and equipment, at cost:
Proved	$	47,685		$	47,295
Unproved and properties under development		2,478			2,457
Total oil and gas		50,163			49,752
Less accumulated DD&A		(36,688	)		(36,434	)
Oil and gas property and equipment, net		13,475			13,318
EnLink midstream and other		9,298			9,120
Devon midstream and other		1,957			1,955
Less accumulated DD&A		(3,347	)		(3,222	)
Midstream and other property and equipment, net		7,908			7,853
Property and equipment, net	$	21,383		$	21,171

Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2018

General Partner And EnLink [Member]

Schedule Of Other Intangible Assets

	March 31, 2018			December 31, 2017
Customer relationships	$	1,796		$	1,796
Accumulated amortization		(330	)		(299	)
Net intangibles	$	1,466		$	1,497

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Other Liabilities Disclosure [Abstract]

Schedule Of Other Current Liabilities

	March 31, 2018		December 31, 2017
Derivative liabilities	$	350	$	331
Installment payment		—		250
Income taxes payable		142		145
Accrued interest payable		147		131
Restructuring liabilities		18		19
Other		340		325
Other current liabilities	$	997	$	1,201

Debt And Related Expenses (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule Of Debt Instruments and Balances

A summary of debt is as follows:

	March 31, 2018			December 31, 2017
Devon debt:
8.25% due July 1, 2018	$	20		$	20
2.25% due December 15, 2018		95			95
6.30% due January 15, 2019		162			162
4.00% due July 15, 2021		500			500
3.25% due May 15, 2022		1,000			1,000
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
7.875% due September 30, 2031 ⁽¹⁾		675			1,059
7.95% due April 15, 2032 ⁽¹⁾		366			789
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(25	)		(30	)
Debt issuance costs		(35	)		(39	)
Total Devon debt		6,066			6,864
EnLink and General Partner debt:
Credit facilities		447			74
2.70% due April 1, 2019		400			400
4.40% due April 1, 2024		550			550
4.15% due June 1, 2025		750			750
4.85% due July 15, 2026		500			500
5.60% due April 1, 2044		350			350
5.05% due April 1, 2045		450			450
5.45% due June 1, 2047		500			500
Net discount on debentures and notes		(6	)		(6	)
Debt issuance costs		(25	)		(26	)
Total EnLink and General Partner debt		3,916			3,542
Total debt		9,982			10,406
Less amount classified as short-term debt⁽²⁾		354			115
Total long-term debt	$	9,628		$	10,291

(1)	These senior notes were included in the 2018 tender offer repurchases discussed below.

(2)

Short-term debt as of March 31, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019 and $77 million of borrowings under the General Partner’s credit facility due March 7, 2019.

Schedule Of Net Financing Cost Components

	Three Months Ended March 31,
	2018			2017
Devon net financing costs:
Interest based on debt outstanding	$	96		$	97
Early retirement of debt		312			—
Capitalized interest		(18	)		(16	)
Other		(3	)		2
Total Devon net financing costs		387			83
EnLink net financing costs:
Interest based on debt outstanding		44			40
Interest accretion on deferred installment payment		1			7
Other		(1	)		(2	)
Total EnLink net financing costs		44			45
Total net financing costs	$	431		$	128

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Summary Of Changes In Asset Retirement Obligations

	Three Months Ended March 31,
	2018			2017
Asset retirement obligations as of beginning of period	$	1,152		$	1,272
Liabilities incurred and assumed through acquisitions		15			10
Liabilities settled and divested		(20	)		(13	)
Revision of estimated obligation		23			(184	)
Accretion expense on discounted obligation		16			17
Foreign currency translation adjustment		(13	)		4
Asset retirement obligations as of end of period		1,173			1,106
Less current portion		32			39
Asset retirement obligations, long-term	$	1,141		$	1,067

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Schedule Of Net Periodic Benefit Cost For Pension Benefit Plans

	Pension Benefits
	Three Months Ended
	March 31,
	2018			2017

Service cost	$	3		$	4
Interest cost		10			11
Expected return on plan assets		(14	)		(14	)
Amortization of prior service cost ⁽¹⁾		—			1
Net actuarial loss ⁽¹⁾		4			4
Net periodic benefit cost ⁽²⁾	$	3		$	6

(1)

These net periodic benefit costs were reclassified out of other comprehensive earnings.

(2)

The service cost component of net periodic benefit cost is included in G&A expense and the remaining components of net periodic benefit costs are included in Other expenses in the accompanying consolidated comprehensive statements of earnings.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities

							Fair Value
							Measurements Using:
	Carrying			Total Fair			Level 1		Level 2
	Amount			Value			Inputs		Inputs
March 31, 2018 assets (liabilities):
Cash equivalents	$	335		$	335		$	259	$	76
Commodity derivatives	$	215		$	215		$	—	$	215
Commodity derivatives	$	(355	)	$	(355	)	$	—	$	(355	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(22	)	$	(22	)	$	—	$	(22	)
Debt	$	(9,982	)	$	(10,719	)	$	—	$	(10,719	)
Capital lease obligations	$	(4	)	$	(3	)	$	—	$	(3	)

December 31, 2017 assets (liabilities):
Cash equivalents	$	1,533		$	1,533		$	1,454	$	79
Commodity derivatives	$	211		$	211		$	—	$	211
Commodity derivatives	$	(294	)	$	(294	)	$	—	$	(294	)
Interest rate derivatives	$	1		$	1		$	—	$	1
Interest rate derivatives	$	(64	)	$	(64	)	$	—	$	(64	)
Debt	$	(10,406	)	$	(11,782	)	$	—	$	(11,782	)
Installment payment	$	(250	)	$	(250	)	$	—	$	(250	)
Capital lease obligations	$	(4	)	$	(3	)	$	—	$	(3	)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments

	U.S.			Canada			EnLink			Eliminations			Total
Three Months Ended March 31, 2018:
Revenues from external customers	$	1,879		$	319		$	1,612		$	—		$	3,810
Intersegment revenues	$	—		$	—		$	149		$	(149	)	$	—
Depreciation, depletion and amortization	$	305		$	94		$	138		$	—		$	537
Interest expense	$	247		$	164		$	44		$	(16	)	$	439
Asset dispositions	$	(12	)	$	—		$	—		$	—		$	(12	)
Earnings (loss) before income taxes	$	(100	)	$	(145	)	$	64		$	—		$	(181	)
Income tax expense (benefit)	$	1		$	(35	)	$	6		$	—		$	(28	)
Net earnings (loss)	$	(101	)	$	(110	)	$	58		$	—		$	(153	)
Net earnings attributable to noncontrolling interests	$	—		$	—		$	44		$	—		$	44
Net earnings (loss) attributable to Devon	$	(101	)	$	(110	)	$	14		$	—		$	(197	)
Property and equipment, net	$	10,538		$	4,186		$	6,659		$	—		$	21,383
Total assets	$	13,477		$	5,271		$	10,615		$	(47	)	$	29,316
Capital expenditures, including acquisitions	$	612		$	89		$	181		$	—		$	882
Three Months Ended March 31, 2017:
Revenues from external customers	$	2,081		$	319		$	1,151		$	—		$	3,551
Intersegment revenues	$	—		$	—		$	171		$	(171	)	$	—
Depreciation, depletion and amortization	$	302		$	98		$	128		$	—		$	528
Interest expense	$	80		$	20		$	45		$	(15	)	$	130
Asset impairments	$	—		$	—		$	7		$	—		$	7
Asset dispositions	$	(7	)	$	(1	)	$	5		$	—		$	(3	)
Earnings (loss) before income taxes	$	325		$	(12	)	$	12		$	—		$	325
Income tax expense	$	3		$	2		$	3		$	—		$	8
Net earnings (loss)	$	322		$	(14	)	$	9		$	—		$	317
Net earnings attributable to noncontrolling interests	$	—		$	—		$	14		$	—		$	14
Net earnings (loss) attributable to Devon	$	322		$	(14	)	$	(5	)	$	—		$	303
Property and equipment, net	$	10,030		$	4,078		$	6,396		$	—		$	20,504
Total assets	$	13,644		$	4,869		$	10,177		$	(55	)	$	28,635
Capital expenditures, including acquisitions	$	346		$	82		$	248		$	—		$	676

Revenue Recognition (Schedule of Impact of Adoption) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	$ 1,319	$ 1,541
Marketing and midstream revenues	2,491	2,010
Total impacted revenues	3,810	3,551
Production expenses	543	457
Marketing and midstream expenses	2,214	1,814
Total impacted expenses	2,757
Earnings (loss) before income taxes	(181)	$ 325
Under ASC 605 [Member] \| Accounting Standards Update 2014-09
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	1,257
Marketing and midstream revenues	2,629
Total impacted revenues	3,886
Production expenses	481
Marketing and midstream expenses	2,352
Total impacted expenses	2,833
Earnings (loss) before income taxes	(181)
Increase/(Decrease) of Under ASC 606 and Under ASC 605 [Member] \| Accounting Standards Update 2014-09
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Upstream revenues	62
Marketing and midstream revenues	(138)
Total impacted revenues	(76)
Production expenses	62
Marketing and midstream expenses	(138)
Total impacted expenses	$ (76)

Revenue Recognition (Narrative) (Details)	3 Months Ended
Revenue Recognition (Narrative) (Details)	Mar. 31, 2018
Major Customer Accounting For More Than 10 Percent Of Operating Revenues [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk percentage	0.00%
Upstream Revenues [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of days allowed for payment of invoiced amount	30 days
Marketing And Midstream Revenues [Member]
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of days allowed for payment of invoiced amount	30 days

Revenue Recognition (Schedule of Revenue from Contracts with Customers that are Disaggregated Based on Type of Good or Service) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Oil, gas and NGL derivatives

$ 1,360

(41)

$ 232

Total upstream revenues

1,319

1,541

2,491

2,010

3,810

3,551

Oil [Member]

907

Gas [Member]

255

NGL [Member]

Operating Segments [Member] | U.S. [Member]

198

Oil, gas and NGL derivatives

1,130

(113)

Total upstream revenues

1,017

Operating Segments [Member] | Canada [Member]

1,879

2,081

Oil, gas and NGL derivatives

230

72

Total upstream revenues

302

Operating Segments [Member] | General Partner And EnLink [Member]

319

Operating Segments [Member] | Oil [Member] | U.S. [Member]

1,612

^[1]

$ 1,151

Operating Segments [Member] | Oil [Member] | Canada [Member]

677

Operating Segments [Member] | Gas [Member] | U.S. [Member]

230

Operating Segments [Member] | NGL [Member] | U.S. [Member]

255

Marketing And Midstream Revenues [Member]

198

Marketing And Midstream Revenues [Member] | Gathering and Transportation [Member]

2,491

Marketing And Midstream Revenues [Member] | Processing [Member]

56

Marketing And Midstream Revenues [Member] | NGL Services [Member]

15

Marketing And Midstream Revenues [Member] | Oil Services [Member]

16

Marketing And Midstream Revenues [Member] | Midstream Services [Member]

6

Marketing And Midstream Revenues [Member] | Gas [member]

93

Marketing And Midstream Revenues [Member] | NGL [Member]

441

Marketing And Midstream Revenues [Member] | Oil and Condensate [Member]

777

Marketing And Midstream Revenues [Member] | Product [Member]

1,180

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | U.S. [Member]

2,398

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Canada [Member]

862

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | General Partner And EnLink [Member]

17

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Gathering and Transportation [Member] | General Partner And EnLink [Member]

^[1]

1,612

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Processing [Member] | General Partner And EnLink [Member]

^[1]

56

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | NGL Services [Member] | General Partner And EnLink [Member]

^[1]

15

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Oil Services [Member] | General Partner And EnLink [Member]

^[1]

16

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Midstream Services [Member] | General Partner And EnLink [Member]

^[1]

6

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Gas [member] | U.S. [Member]

^[1]

93

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Gas [member] | General Partner And EnLink [Member]

155

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | NGL [Member] | U.S. [Member]

^[1]

286

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | NGL [Member] | General Partner And EnLink [Member]

176

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Oil and Condensate [Member] | U.S. [Member]

^[1]

601

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Oil and Condensate [Member] | Canada [Member]

531

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Oil and Condensate [Member] | General Partner And EnLink [Member]

17

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Product [Member] | U.S. [Member]

^[1]

632

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Product [Member] | Canada [Member]

862

Marketing And Midstream Revenues [Member] | Operating Segments [Member] | Product [Member] | General Partner And EnLink [Member]

17

Interest Rate Contract 2.98% Expiration December 2048 [Member]

^[1]

$ 1,519

[1]	Amounts presented net of eliminations

Acquisitions And Divestitures (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Divestitures of property and equipment		$ 48	$ 32
Gain recognition		$ 12	3
Proceeds from sale of investment			190
EnLink [Member] \| Howard Energy Partners [Member]
Business Acquisition [Line Items]
Proceeds from sale of investment			$ 190
Barnett Shale [Member] \| Scenario Forecast [Member]
Business Acquisition [Line Items]
Percentage of Estimated proved reserves associated with divestiture assets	10.00%
Divestitures of property and equipment	$ 553
Gain recognition	0
Settlement expense relating to gas processing contracts	$ 40

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2018 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	58,855
Weighted Average Price Swap	53.74
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	17,030
Weighted Average Price Swap	55.37
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	83,167
Weighted Average Floor Price	50.28
Weighted Average Ceiling Price	60.28
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	43,290
Weighted Average Floor Price	50.94
Weighted Average Ceiling Price	60.94
Midland Sweet Basis Swaps Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	23,000
Weighted Average Differential To WTI	(1.02)
Argus LLS Basis Swaps Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	12,000
Weighted Average Differential To WTI	3.95
Western Canadian Select Basis Swaps Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	69,018
Weighted Average Differential To WTI	(14.91)
Midland Sweet Basis Swaps Oil Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	28,000
Weighted Average Differential To WTI	(0.46)
Western Canadian Select Basis Collars Oil Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,775
Weighted Average Floor Differential to WTI	(15.50)
Weighted Average Ceiling Differential to WTI	(13.93)

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2018 MMBTU $ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	378,033
Weighted Average Price Swap	2.97
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	52,622
Weighted Average Price Swap	2.90
FERC Henry Hub Price Collars Natural Gas Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	201,867
Weighted Average Floor Price	2.79
Weighted Average Ceiling Price	3.10
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	52,844
Weighted Average Floor Price	2.77
Weighted Average Ceiling Price	3.07
NYMEX Natural Gas Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	128,164
Weighted Average Price Swap	2.78
NYMEX Natural Gas Q1-Q4 2020 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	116,364
Weighted Average Price Swap	2.73
PEPL Basis Swaps Natural Gas Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	90,000
Weighted Average Differential To Henry Hub	(0.43)
El Paso Natural Gas Basis Swaps Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	30,000
Weighted Average Differential To Henry Hub	(0.85)
Houston Ship Channel Natural Gas Basis Swaps Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	60,000
Weighted Average Differential To Henry Hub	(0.01)
Transco Zone 4 Natural Gas Basis Swaps Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	10,036
Weighted Average Differential To Henry Hub	(0.03)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	32,500
Weighted Average Differential To Henry Hub	(0.02)
Transco Zone 4 Natural Gas Basis Swaps Q1-Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	7,397
Weighted Average Differential To Henry Hub	(0.03)

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	3 Months Ended
	Mar. 31, 2018 $ / bbl bbl
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	6,500
Weighted Average Price Swap \| $ / bbl	11.86
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	5,500
Weighted Average Price Swap \| $ / bbl	54.24
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	6,750
Weighted Average Price Swap \| $ / bbl	38.46
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2018 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) \| bbl	10,500
Weighted Average Price Swap \| $ / bbl	33.30

Derivative Financial Instruments (Schedule Of Gas Processing and Fractionation Open Positions) (Details) - EnLink [Member]	3 Months Ended
	Mar. 31, 2018 MMBTU $ / MMBTU $ / gal MBbls
OPIS Mont Belvieu Texas Propane Basis Swap Q2 2018-Q1 2019 [Member]
Derivative [Line Items]
Volume (MBbls) \| MBbls	688
Weighted average price paid	Index
Weighted average price received \| $ / gal	0.75
Henry Hub Natural Gas Basis Swap Q2 2018 - Q4 2019 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) \| MMBTU	71,418
Weighted average price paid	Index
Weighted average price received \| $ / MMBTU	2.10

Derivative Financial Instruments (Schedule Of Open Interest Rate Swap Derivative Positions) (Details)
$ in Millions

3 Months Ended

Mar. 31, 2018

USD ($)

Reference period end date

$ 750

Three Month LIBOR

2.98%

Dec. 31, 2018

Dec. 31, 2048

^[1]

Interest Rate Contract 1.76% Expiration January 2019 [Member]

Restricted Stock Awards And Units [Member]

Notional

$ 100

Rate Received, percent

1.76%

Rate Paid

Three Month LIBOR

Expiration

Jan. 31, 2019

[1]	Mandatory settlement in December 2018.

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ 6	$ 241
Commodity Derivatives [Member] \| Upstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	(41)	232
Commodity Derivatives [Member] \| Marketing And Midstream Revenues [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	1	4
Interest Rate Derivatives [Member] \| Other Expenses [Member]
Derivative [Line Items]
Net gains (losses) recognized in consolidated comprehensive statements of earnings	$ 46	$ 5

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivatives Fair Value [Line Items]
Fair value of derivative assets	$ 216	$ 212
Fair value of derivative liabilities	377	358
Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	350	331
Commodity Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	193	209
Commodity Derivatives [Member] \| Other Long-Term Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	22	2
Commodity Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	328	267
Commodity Derivatives [Member] \| Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	27	27
Interest Rate Derivatives [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	1	1
Interest Rate Derivatives [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	$ 22	$ 64

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 44	$ 55
Related income tax benefit	1	1
Devon [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	39	36
General Partner And EnLink [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	5	19
G&A [Member] \| Devon [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	37	34
G&A [Member] \| General Partner And EnLink [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	3	14
Exploration Expenses [Member] \| Devon [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	2	2
Marketing And Midstream Expenses [Member] \| General Partner And EnLink [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 2	$ 5

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands

3 Months Ended

Mar. 31, 2018

$ / shares

shares

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

Unvested at December 31, 2017 | shares

6,328

Granted, awards and units | shares

3,425

Vested, awards and units | shares

(2,286)

Forfeited, awards and units | shares

(85)

Unvested at March 31, 2018 | shares

7,382

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 36.81

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

35.77

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

38.82

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

35.13

Unvested weighted average grant-date fair value at March 31, 2018 | $ / shares

$ 35.72

Performance-Based Restricted Stock Awards [Member]

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

Unvested at December 31, 2017 | shares

575

Vested, awards and units | shares

(227)

Unvested at March 31, 2018 | shares

348

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 38.92

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

43.14

Unvested weighted average grant-date fair value at March 31, 2018 | $ / shares

$ 36.17

Performance Share Units [Member]

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

Unvested at December 31, 2017 | shares

2,758

Granted, awards and units | shares

845

Vested, awards and units | shares

(571)

Forfeited, awards and units | shares

(3)

Unvested at March 31, 2018 | shares

3,029

^[1]

Unvested weighted average grant-date fair value at December 31, 2017 | $ / shares

$ 41.21

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

37.40

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

84.22

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

27.12

Unvested weighted average grant-date fair value at March 31, 2018 | $ / shares

$ 30.35

[1]	A maximum of 6.1 million common shares could be awarded based upon Devon’s final TSR ranking relative to Devon’s peer group established under applicable award agreements.

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards and Units, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions	3 Months Ended
	Mar. 31, 2018 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	6.1

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member]	3 Months Ended
	Mar. 31, 2018 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 37.40
Risk-free interest rate	2.28%
Volatility factor	45.80%
Contractual term (years)	2 years 10 months 20 days
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 36.23
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 37.88

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 213
Weighted average period for recognition (years)	2 years 10 months 24 days
Performance-Based Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 3
Weighted average period for recognition (years)	1 year 6 months
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 53
Weighted average period for recognition (years)	2 years 2 months 12 days

Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 44	$ 55
General Partner And EnLink [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	5	19
General Partner And EnLink [Member] \| Restricted Stock Awards And Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 6	$ 10

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition General Partner And EnLink) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 213
Weighted average period for recognition (years)	2 years 10 months 24 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 53
Weighted average period for recognition (years)	2 years 2 months 12 days
General Partner [Member] \| Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 19
Weighted average period for recognition (years)	2 years 1 month 6 days
General Partner [Member] \| Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 8
Weighted average period for recognition (years)	2 years 3 months 18 days
EnLink [Member] \| Restricted Stock Awards And Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 20
Weighted average period for recognition (years)	2 years 2 months 12 days
EnLink [Member] \| Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 8
Weighted average period for recognition (years)	2 years 3 months 18 days

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments		$ 7
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments	$ 8	$ 41

Other Expenses (Schedule Of Other Expenses Presented In The Accompanying Consolidated Comprehensive Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income And Expenses [Abstract]
Foreign exchange (gain) loss, net	$ 50	$ (15)
Asset retirement obligation accretion	16	17
Other, net	(47)	(33)
Total	$ 19	$ (31)

Other Expenses (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 50	$ 110
Ending balance	45	90
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(5)	(20)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	19	48
Ending balance	18	33
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(1)	(15)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	31	62
Ending balance	27	57
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (4)	$ (5)

Other Expenses (Narrative) (Details) $ in Millions	Mar. 31, 2018 USD ($)
Minimum [Member]
Restructuring Cost And Reserve [Line Items]
Expected restructuring charges	$ 75
Maximum [Member]
Restructuring Cost And Reserve [Line Items]
Expected restructuring charges	$ 100

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Current income tax expense	$ 4	$ 20
Deferred income tax benefit	(32)	(12)
Total income tax expense (benefit)	$ (28)	$ 8
U.S. statutory income tax rate	21.00%	35.00%
State income taxes	1.00%	2.00%
Other	(5.00%)	(1.00%)
Deferred tax asset valuation allowance	(2.00%)	(34.00%)
Effective income tax rate	15.00%	2.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax [Line Items]
U.S. statutory income tax rate	21.00%	35.00%
Valuation allowance against U.S. deferred tax assets, percent	100.00%		100.00%
Foreign earnings repatriated	$ 92
Current income tax expense	4	$ 20
Repatriated Earnings [Member]
Income Tax [Line Items]
Current income tax expense	$ 0

Net Earnings (Loss) Per Share Attributable To Devon (Earnings Per Share Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Net earnings (loss):

Net earnings (loss) attributable to Devon

$ (197)

$ 303

Attributable to participating securities

(3)

Basic and diluted earnings (loss)

$ (197)

$ 300

Common shares:

Common shares outstanding - total

527

525

Attributable to participating securities

(7)

(6)

Common shares outstanding - basic

520

519

Dilutive effect of potential common shares issuable

3

Common shares outstanding - diluted

520

522

Net earnings (loss) per share attributable to Devon:

Basic

$ (0.38)

$ 0.58

Diluted

$ (0.38)

$ 0.58

Antidilutive options

^[1]

2

3

[1]	Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive.

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

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Foreign currency translation and other:

Beginning accumulated foreign currency translation and other

$ 1,309

$ 1,226

Change in cumulative translation adjustment and other

(61)

11

Income tax benefit (expense)

13

(3)

Ending accumulated foreign currency translation and other

1,261

1,234

Pension and postretirement benefit plans:

Beginning accumulated pension and postretirement benefits

(143)

(172)

Recognition of net actuarial loss and prior service cost in earnings

^[1]

4

5

Ending accumulated pension and postretirement benefits

(139)

(167)

Accumulated other comprehensive earnings, net of tax

$ 1,122

$ 1,067

$ 1,166

[1]	These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of Other expenses in the accompanying consolidated comprehensive statements of earnings. See Note 18 for additional details.

Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in assets and liabilities, net
Accounts receivable	$ (27)	$ 48
Other current assets	(79)	(21)
Other long-term assets	(52)	1
Accounts payable	14	4
Revenues and royalties payable	84	73
Other current liabilities	76	(89)
Other long-term liabilities	(10)	20
Total	6	36
Interest paid (net of capitalized interest)	76	92
Income taxes paid	$ 1	$ 3

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 132	$ 134
Other	50	29
Gross accounts receivable	1,707	1,681
Allowance for doubtful accounts	(12)	(11)
Net accounts receivable	1,695	1,670
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	536	559
Marketing And Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 989	$ 959

Property, Plant and Equipment - Table of Property and Equipment, net (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Property and equipment, at cost:
Proved	$ 47,685	$ 47,295
Unproved and properties under development	2,478	2,457
Total oil and gas	50,163	49,752
Less accumulated DD&A	(36,688)	(36,434)
Oil and gas property and equipment, net	13,475	13,318
Less accumulated DD&A	(3,347)	(3,222)
Midstream and other property and equipment, net	7,908	7,853
Total property and equipment, net	21,383	21,171	$ 20,504
EnLink [Member]
Property and equipment, at cost:
Midstream and other	9,298	9,120
Devon [Member]
Property and equipment, at cost:
Midstream and other	$ 1,957	$ 1,955

Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Customer relationships	$ 1,796	$ 1,796
Accumulated amortization	(330)	(299)
Net intangibles	$ 1,466	$ 1,497

Other Intangible Assets (Narrative) (Details) - Customer Relationships [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period, customer relationships	15 years
Amortization expense of intangible assets	$ 31	$ 29
Amortization expense, for each of the next five years	$ 123

Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Other Liabilities, Current [Abstract]
Derivative liabilities	$ 377	$ 358
Income taxes payable	142	145
Accrued interest payable	147	131
Restructuring liabilities	18	19
Other	340	325
Other current liabilities	997	1,201
Installment Payable, Current [Member]
Other Liabilities, Current [Abstract]
Installment payment		250
Other Current Liabilities [Member]
Other Liabilities, Current [Abstract]
Derivative liabilities	$ 350	$ 331

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

8.25% Due July 1, 2018 [Member]

^[1]

$ 354

$ 115

Total debt

9,982

10,406

Total long-term debt

9,628

10,291

$ 20

Jul. 01, 2018

2.25% Due December 15, 2018 [Member]

8.25%

$ 95

Dec. 15, 2018

6.30% Due January 15, 2019 [Member]

2.25%

$ 162

Jan. 15, 2019

6.30%

Devon [Member]

Net discount on debentures and notes

$ (25)

(30)

Debt issuance costs

(35)

(39)

Total debt

6,066

6,864

Devon [Member] | 8.25% Due July 1, 2018 [Member]

$ 20

Jul. 01, 2018

Devon [Member] | 2.25% Due December 15, 2018 [Member]

8.25%

$ 95

Dec. 15, 2018

Devon [Member] | 6.30% Due January 15, 2019 [Member]

2.25%

$ 162

$ 162

Jan. 15, 2019

Devon [Member] | 4.00% Due July 15, 2021 [Member]

6.30%

$ 500

Jul. 15, 2021

Devon [Member] | 3.25% due May 15, 2022 [Member]

4.00%

$ 1,000

May 15, 2022

Devon [Member] | 5.85% due December 15, 2025 [Member]

3.25%

$ 485

Dec. 15, 2025

Devon [Member] | 7.50% due September 15, 2027 [Member]

5.85%

$ 73

Sep. 15, 2027

Devon [Member] | 7.875% due September 30, 2031 [Member]

7.50%

^[2]

$ 675

$ 1,059

Sep. 30, 2031

Devon [Member] | 7.95% due April 15, 2032 [Member]

7.875%

^[2]

$ 366

$ 789

Apr. 15, 2032

Devon [Member] | 5.60% due July 15, 2041 [Member]

7.95%

$ 1,250

Jul. 15, 2041

Devon [Member] | 4.75% due May 15, 2042 [Member]

5.60%

$ 750

May 15, 2042

Devon [Member] | 5.00% due June 15, 2045 [Member]

4.75%

$ 750

Jun. 15, 2045

General Partner And EnLink [Member]

5.00%

Net discount on debentures and notes

Credit facilities

$ 447

$ 74

(6)

Debt issuance costs

(25)

(26)

Total debt

3,916

3,542

General Partner And EnLink [Member] | 2.70% due April 1, 2019 [Member]

$ 400

Apr. 01, 2019

General Partner And EnLink [Member] | 4.40% due April 1, 2024 [Member]

2.70%

$ 550

Apr. 01, 2024

General Partner And EnLink [Member] | 4.15% due June 1, 2025 [Member]

4.40%

$ 750

Jun. 01, 2025

General Partner And EnLink [Member] | 4.85% due July 15, 2026 [Member]

4.15%

$ 500

Jul. 15, 2026

General Partner And EnLink [Member] | 5.60% due April 1, 2044 [Member]

4.85%

$ 350

Apr. 01, 2044

General Partner And EnLink [Member] | 5.05% due April 1, 2045 [Member]

5.60%

$ 450

Apr. 01, 2045

General Partner And EnLink [Member] | 5.45% due June 1, 2047 [Member]

5.05%

$ 500

Jun. 01, 2047

5.45%

[1]	Short-term debt as of March 31, 2018 consists of Devon’s $20 million of 8.25% senior notes due July 1, 2018, $95 million of 2.25% senior notes due December 15, 2018 and $162 million of 6.30% senior notes due January 15, 2019 and $77 million of borrowings under the General Partner’s credit facility due March 7, 2019.
[2]	These senior notes were included in the 2018 tender offer repurchases discussed below.

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

8.25% Due July 1, 2018 [Member]

^[1]

$ 354

$ 115

$ 20

8.25%

2.25% Due December 15, 2018 [Member]

Jul. 01, 2018

$ 95

2.25%

6.30% Due January 15, 2019 [Member]

Dec. 15, 2018

$ 162

6.30%

Jan. 15, 2019

General Partner [Member]