DEVON ENERGY CORP/DE, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
shares in Millions
 6 Months Ended
Jun. 30, 2025
Jul. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Registrant Name DEVON ENERGY CORP/DE  
Entity Central Index Key 0001090012  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 001-32318  
Entity Tax Identification Number 73-1567067  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 333 West Sheridan Avenue  
Entity Address, City or Town Oklahoma City  
Entity Address, State or Province OK  
Entity Address, Postal Zip Code 73102-5015  
City Area Code 405  
Local Phone Number 235-3611  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol DVN  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   634.8
v3.25.2
Consolidated Statements of Comprehensive Earnings - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Oil, gas and NGL sales $ 4,048 $ 3,894 $ 8,598 $ 7,635
Oil, gas and NGL derivatives 236 23 138 (122)
Total revenues 4,284 3,917 8,736 7,513
Production expenses 899 788 1,811 1,539
Exploration expenses 20 3 30 12
Depreciation, depletion and amortization 914 768 1,826 1,490
Asset impairments 0 0 254 0
Asset dispositions (307) 15 (305) 16
General and administrative expenses 113 114 243 228
Financing costs, net 116 76 239 152
Other, net 11 5 38 27
Total expenses 3,123 2,877 6,929 5,705
Earnings before income taxes 1,161 1,040 1,807 1,808
Income tax expense 244 185 381 344
Net earnings 917 855 1,426 1,464
Net earnings attributable to noncontrolling interests 18 11 33 24
Net earnings attributable to Devon $ 899 $ 844 $ 1,393 $ 1,440
Net earnings per share:        
Basic net earnings per share $ 1.42 $ 1.35 $ 2.18 $ 2.29
Diluted net earnings per share $ 1.41 $ 1.34 $ 2.17 $ 2.29
Comprehensive earnings:        
Net earnings $ 917 $ 855 $ 1,426 $ 1,464
Other comprehensive earnings, net of tax:        
Pension and postretirement plans 1 1 2 2
Other comprehensive earnings, net of tax 1 1 2 2
Comprehensive earnings: 918 856 1,428 1,466
Comprehensive earnings attributable to noncontrolling interests 18 11 33 24
Comprehensive earnings attributable to Devon 900 845 1,395 1,442
Oil, Gas and NGL Sales [Member]        
Oil, gas and NGL sales 2,710 2,796 5,836 5,425
Marketing and Midstream Revenues [Member]        
Oil, gas and NGL sales 1,338 1,098 2,762 2,210
Marketing and Midstream Expenses [Member]        
Marketing and midstream expenses $ 1,357 $ 1,108 $ 2,793 $ 2,241
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash, cash equivalents and restricted cash $ 1,759 $ 846
Accounts receivable 1,853 1,972
Inventory 327 294
Other current assets 384 315
Total current assets 4,323 3,427
Oil and gas property and equipment, based on successful efforts accounting, net 23,428 23,198
Other property and equipment, net ($203 million and $178 million related to CDM in 2025 and 2024, respectively) [1] 1,687 1,813
Total property and equipment, net 25,115 25,011
Goodwill 753 753
Right-of-use assets 185 303
Investments 640 727
Other long-term assets 374 268
Total assets 31,390 30,489
LIABILITIES AND EQUITY    
Accounts payable 885 806
Revenues and royalties payable 1,440 1,432
Short-term debt 485 485
Income taxes payable 190 23
Other current liabilities 537 563
Total current liabilities 3,537 3,309
Long-term debt 8,393 8,398
Lease liabilities 113 320
Asset retirement obligations 839 770
Other long-term liabilities 1,008 840
Deferred income taxes 2,208 2,148
Stockholders' equity:    
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 636 million and 651 million shares in 2025 and 2024, respectively 64 65
Additional paid-in capital 5,864 6,387
Retained earnings 9,252 8,166
Accumulated other comprehensive loss (120) (122)
Total stockholders’ equity attributable to Devon 15,060 14,496
Noncontrolling interests 232 208
Total equity 15,292 14,704
Total liabilities and equity $ 31,390 $ 30,489
[1] $203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other property and equipment, net [1] $ 1,687 $ 1,813
Common stock, par value (in dollars per share) $ 0.1 $ 0.1
Common stock, shares authorized (in shares) 1,000 1,000
Common stock, shares issued (in shares) 636 651
CDM [Member]    
Other property and equipment, net $ 203 $ 178
[1] $203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net earnings $ 917 $ 855 $ 1,426 $ 1,464
Adjustments to reconcile net earnings to net cash from operating activities:        
Depreciation, depletion and amortization 914 768 1,826 1,490
Asset impairments 0 0 254 0
Leasehold impairments 7 1 12 1
Accretion of liabilities 3 0 9 0
Total (gains) losses on commodity derivatives (236) (23) (138) 122
Cash settlements on commodity derivatives 67 54 57 78
(Gains) losses on asset dispositions (307) 15 (305) 16
Deferred income tax expense 18 39 59 79
Share-based compensation 23 27 53 51
Other 5 0 (17) 3
Changes in assets and liabilities, net 134 (201) 251 (31)
Net cash from operating activities 1,545 1,535 3,487 3,273
Cash flows from investing activities:        
Capital expenditures (956) (948) (1,890) (1,842)
Acquisitions of property and equipment (16) (82) (24) (90)
Divestitures of property, equipment and investments 372 1 505 18
Distributions from investments 11 11 20 22
Contributions to investments and other (8) (1) (10) (48)
Net cash from investing activities (597) (1,019) (1,399) (1,940)
Cash flows from financing activities:        
Repurchases of common stock (249) (256) (550) (461)
Dividends paid on common stock (156) (223) (319) (522)
Contributions from noncontrolling interests 0 12 14 24
Distributions to noncontrolling interests (14) (19) (23) (26)
Repayment of finance lease 0 0 (274) 0
Shares exchanged for tax withholdings and other (5) (9) (24) (51)
Net cash from financing activities (424) (495) (1,176) (1,036)
Effect of exchange rate changes on cash 1 (1) 1 (3)
Net change in cash, cash equivalents and restricted cash 525 20 913 294
Cash, cash equivalents and restricted cash at beginning of period 1,234 1,149 846 875
Cash, cash equivalents and restricted cash at end of period 1,759 1,169 1,759 1,169
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 1,713 1,140 1,713 1,140
Restricted cash 46 29 46 29
Total cash, cash equivalents and restricted cash $ 1,759 $ 1,169 $ 1,759 $ 1,169
v3.25.2
Consolidated Statements Of Equity - USD ($)
$ in Millions
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Other Comprehensive Earnings (Loss) [Member]
Treasury Stock [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2023 $ 12,217 $ 64 $ 5,939 $ 6,195 $ (124) $ (13) $ 156
Balance, Shares at Dec. 31, 2023   636,000,000          
Net earnings 1,464     1,440     24
Other comprehensive earnings, net of tax 2       2    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (500)   (4)     (496)  
Common stock retired   $ (1) (508)     509  
Common stock retired, shares   (11,000,000)          
Common stock dividends (503)     (503)      
Share-based compensation 51   51        
Share-based compensation, shares   1,000,000          
Contributions from noncontrolling interests 24           24
Distributions to noncontrolling interests (26)           (26)
Balance at Jun. 30, 2024 12,729 $ 63 5,478 7,132 (122) 0 178
Balance, Shares at Jun. 30, 2024   628,000,000          
Balance at Mar. 31, 2024 12,341 $ 63 5,718 6,509 (123) 0 174
Balance, Shares at Mar. 31, 2024   633,000,000          
Net earnings 855     844     11
Other comprehensive earnings, net of tax 1       1    
Common stock repurchased (267)   (3)     (264)  
Common stock retired     (264)     264  
Common stock retired, shares   (5,000,000)          
Common stock dividends (221)     (221)      
Share-based compensation 27   27        
Contributions from noncontrolling interests 12           12
Distributions to noncontrolling interests (19)           (19)
Balance at Jun. 30, 2024 12,729 $ 63 5,478 7,132 (122) 0 178
Balance, Shares at Jun. 30, 2024   628,000,000          
Balance at Dec. 31, 2024 14,704 $ 65 6,387 8,166 (122)   208
Balance, Shares at Dec. 31, 2024   651,000,000          
Net earnings 1,426     1,393     33
Other comprehensive earnings, net of tax 2       2    
Restricted stock grants, net of cancellations, shares   2,000,000          
Common stock repurchased (577)   (4)     (573)  
Common stock retired   $ (1) (572)     573  
Common stock retired, shares   (17)          
Common stock dividends (307)     (307)      
Share-based compensation 53   53        
Contributions from noncontrolling interests 14           14
Distributions to noncontrolling interests (23)           (23)
Balance at Jun. 30, 2025 15,292 $ 64 5,864 9,252 (120) 0 232
Balance, Shares at Jun. 30, 2025   636,000,000          
Balance at Mar. 31, 2025 14,773 $ 64 6,096 8,506 (121) 0 228
Balance, Shares at Mar. 31, 2025   644,000,000          
Net earnings 917     899     18
Other comprehensive earnings, net of tax 1       1    
Common stock repurchased (255)   (1)     (254)  
Common stock retired     (254)     254  
Common stock retired, shares   (8,000,000)          
Common stock dividends (153)     (153)      
Share-based compensation 23   23        
Distributions to noncontrolling interests (14)           (14)
Balance at Jun. 30, 2025 $ 15,292 $ 64 $ 5,864 $ 9,252 $ (120) $ 0 $ 232
Balance, Shares at Jun. 30, 2025   636,000,000          
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 899 $ 844 $ 1,393 $ 1,440
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2024 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month and six-month periods ended June 30, 2025 and 2024 and Devon’s financial position as of June 30, 2025.

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

 

Variable Interest Entity

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

 

Disaggregation of Revenue

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,174

 

 

$

2,413

 

 

$

4,588

 

 

$

4,602

 

Gas

 

 

178

 

 

 

57

 

 

 

487

 

 

 

185

 

NGL

 

 

358

 

 

 

326

 

 

 

761

 

 

 

638

 

Oil, gas and NGL sales

 

 

2,710

 

 

 

2,796

 

 

 

5,836

 

 

 

5,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

859

 

 

 

801

 

 

 

1,777

 

 

 

1,608

 

Gas

 

 

246

 

 

 

100

 

 

 

517

 

 

 

221

 

NGL

 

 

233

 

 

 

197

 

 

 

468

 

 

 

381

 

Marketing and midstream revenues

 

 

1,338

 

 

 

1,098

 

 

 

2,762

 

 

 

2,210

 

Total revenues from contracts with customers

 

$

4,048

 

 

$

3,894

 

 

$

8,598

 

 

$

7,635

 

 

Recently Issued Accounting Standards Not Yet Adopted

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

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.2
Acquisition and Divestitures
 6 Months Ended
Jun. 30, 2025
Business Combinations [Abstract]  
Acquisition and Divestitures
2.
Acquisitions and Divestitures

Grayson Mill Acquisition

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

Purchase Price Allocation

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

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

 

 

 

Final Purchase

 

 

 

Price Allocation

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 

Asset Exchange

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

Divestiture of Matterhorn Investment

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

Contingent Earnout Payments

Devon was entitled to contingent earnout payments associated with the sale of its Barnett Shale assets in 2020 with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021, and had a term of four years. Devon received $20 million in contingent earnout payments related to this transaction in the first six months of both 2025 and 2024.
v3.25.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
3.
Derivative Financial Instruments

Objectives and Strategies

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

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

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of June 30, 2025, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties.

Commodity Derivatives

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

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q3-Q4 2025

 

 

9,000

 

 

$

71.52

 

 

 

105,000

 

 

$

66.35

 

 

$

75.36

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q3-Q4 2025

 

 

13,000

 

 

$

50.77

 

 

$

65.00

 

 

$

77.37

 

Q1-Q4 2026

 

 

76,984

 

 

$

50.23

 

 

$

60.39

 

 

$

72.82

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q3-Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q3-Q4 2025

 

NYMEX Roll

 

 

11,484

 

 

$

1.04

 

Q1-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q1-Q4 2027

 

Midland Sweet

 

 

10,000

 

 

$

1.05

 

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

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q3-Q4 2025

 

 

273,500

 

 

$

3.45

 

 

 

170,000

 

 

$

3.00

 

 

$

3.80

 

Q1-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

160,000

 

 

$

3.14

 

 

$

4.88

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q3-Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q3-Q4 2025

 

WAHA

 

 

200,000

 

 

$

(1.53

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

70,000

 

 

$

(1.76

)

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

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q3-Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q3-Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q3-Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

 

Financial Statement Presentation

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

 

 

June 30, 2025

 

December 31, 2024

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

190

 

$

(29

)

$

161

 

$

78

 

$

(23

)

$

55

 

Other current assets

Long-term derivative asset

 

10

 

 

(5

)

 

5

 

 

5

 

 

(4

)

 

1

 

Other long-term assets

Short-term derivative liability

 

(55

)

 

29

 

 

(26

)

 

(37

)

 

23

 

 

(14

)

Other current liabilities

Long-term derivative liability

 

(41

)

 

5

 

 

(36

)

 

(23

)

 

4

 

 

(19

)

Other long-term liabilities

  Total derivative asset

$

104

 

$

—

 

$

104

 

$

23

 

$

—

 

$

23

 

 
v3.25.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
4.
Share-Based Compensation

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

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

G&A

 

$

46

 

 

$

50

 

Exploration expenses

 

 

—

 

 

 

1

 

Restructuring and transaction costs

 

 

7

 

 

 

—

 

Total

 

$

53

 

 

$

51

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

8

 

 

$

18

 

 

 

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

 

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

 

$

67.38

 

Granted

 

 

2,530

 

 

$

34.17

 

 

 

510

 

 

$

45.92

 

Vested

 

 

(1,690

)

 

$

40.25

 

 

 

(272

)

 

$

68.68

 

Forfeited

 

 

(127

)

 

$

40.82

 

 

 

(110

)

 

$

66.68

 

Unvested at 6/30/25

 

 

4,820

 

 

$

41.35

 

 

 

1,307

 

(1)

$

58.79

 

 

(1)
A maximum of 2.6 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2025, as indicated in the previous summary table.

 

 

2025

 

 Grant-date fair value

 

$

45.92

 

 Risk-free interest rate

 

 

4.29

%

 Volatility factor

 

 

38.70

%

 Contractual term (years)

 

 

2.89

 

 

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

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

140

 

 

$

26

 

Weighted average period for recognition (years)

 

 

2.8

 

 

 

2.2

 
v3.25.2
Asset Impairments
 6 Months Ended
Jun. 30, 2025
Asset Impairment Charges [Abstract]  
Asset Impairments Asset Impairments

In the first quarter of 2025, Devon rationalized two headquarters-related real estate assets, triggering assets held for sale and recording asset impairments of $254 million. Both transactions closed in the first quarter of 2025 and generated aggregate sales proceeds of $120 million.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
6.
Income Taxes

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

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2025

 

2024

 

2025

 

2024

 

Earnings before income taxes

 

$

1,161

 

$

1,040

 

$

1,807

 

$

1,808

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

$

226

 

$

146

 

$

322

 

$

265

 

Deferred income tax expense

 

 

18

 

 

39

 

 

59

 

 

79

 

Total income tax expense

 

$

244

 

$

185

 

$

381

 

$

344

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

21

%

 

21

%

 

21

%

State income taxes

 

 

1

%

 

1

%

 

1

%

 

1

%

Income tax credits

 

 

(1

%)

 

(4

%)

 

(1

%)

 

(3

%)

Effective income tax rate

 

 

21

%

 

18

%

 

21

%

 

19

%

 

The increase in current income tax expense during the second quarter of 2025 is due to the sale of Devon’s investment in Matterhorn. For additional information, see Note 12.

On July 4, 2025, the OBBB was signed into law. The OBBB includes permanent reinstatement of 100% bonus depreciation and the expensing of domestic research costs. Devon is currently assessing the effects of the OBBB and, based on the enactment date, will recognize the impacts beginning in the third quarter of 2025. Devon anticipates that its current tax rates will be lower for the remainder of 2025 and in future periods.
v3.25.2
Net Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Earnings Per Share Net Earnings Per Share

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings

 

$

899

 

 

$

844

 

 

$

1,393

 

 

$

1,440

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

635

 

 

 

626

 

 

 

640

 

 

 

628

 

Dilutive effect of potential common shares issuable

 

 

1

 

 

 

2

 

 

 

1

 

 

 

2

 

Average common shares outstanding - diluted

 

 

636

 

 

 

628

 

 

 

641

 

 

 

630

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.42

 

 

$

1.35

 

 

$

2.18

 

 

$

2.29

 

Diluted

 

$

1.41

 

 

$

1.34

 

 

$

2.17

 

 

$

2.29

 
v3.25.2
Other Comprehensive Earnings (Loss)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Earnings (Loss) Other Comprehensive Earnings (Loss)

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(121

)

 

$

(123

)

 

$

(122

)

 

$

(124

)

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

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

Income tax expense

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(120

)

 

$

(122

)

 

$

(120

)

 

$

(122

)

 

Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.25.2
Supplemental Information to Statements of Cash Flows
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

183

 

 

$

81

 

 

$

120

 

 

$

(15

)

Other current assets

 

 

15

 

 

 

(84

)

 

 

(20

)

 

 

(107

)

Other long-term assets

 

 

(16

)

 

 

(16

)

 

 

(101

)

 

 

33

 

Accounts payable and revenues and royalties payable

 

 

(162

)

 

 

42

 

 

 

86

 

 

 

185

 

Other current liabilities

 

 

141

 

 

 

(224

)

 

 

84

 

 

 

(108

)

Other long-term liabilities

 

 

(27

)

 

 

—

 

 

 

82

 

 

 

(19

)

Total

 

$

134

 

 

$

(201

)

 

$

251

 

 

$

(31

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

101

 

 

$

112

 

 

$

261

 

 

$

175

 

Income taxes paid

 

$

152

 

 

$

388

 

 

$

152

 

 

$

384

 
v3.25.2
Accounts Receivable
 6 Months Ended
Jun. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable Accounts Receivable

Components of accounts receivable include the following:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Oil, gas and NGL sales

 

$

1,048

 

 

$

1,130

 

Joint interest billings

 

 

282

 

 

 

341

 

Marketing and midstream revenues

 

 

505

 

 

 

465

 

Other

 

 

25

 

 

 

42

 

Gross accounts receivable

 

 

1,860

 

 

 

1,978

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(6

)

Net accounts receivable

 

$

1,853

 

 

$

1,972

 
v3.25.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2025
Extractive Industries [Abstract]  
Property, Plant and Equipment
11.
Property, Plant and Equipment

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

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

55,745

 

 

$

53,647

 

Unproved and properties under development

 

 

2,733

 

 

 

2,814

 

Total oil and gas

 

 

58,478

 

 

 

56,461

 

Less accumulated DD&A

 

 

(35,050

)

 

 

(33,263

)

Oil and gas property and equipment, net

 

 

23,428

 

 

 

23,198

 

Other property and equipment

 

 

2,565

 

 

 

2,671

 

Less accumulated DD&A

 

 

(878

)

 

 

(858

)

Other property and equipment, net (1)

 

 

1,687

 

 

 

1,813

 

Property and equipment, net

 

$

25,115

 

 

$

25,011

 

 

(1)
$203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investments Investments

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

 

 

 

 

 

Carrying Amount

 

Investments

 

% Interest

 

June 30, 2025

 

 

December 31, 2024

 

Catalyst

 

50%

 

$

261

 

 

$

273

 

Water JV

 

30%

 

 

223

 

 

 

216

 

Fervo

 

17%

 

 

108

 

 

 

115

 

Matterhorn

 

12.5%

 

 

—

 

 

 

69

 

Other

 

Various

 

 

48

 

 

 

54

 

      Total

 

 

 

$

640

 

 

$

727

 

 

During the second quarter of 2025, Devon sold its investment in Matterhorn for $372 million and recognized a pre-tax gain of $307 million ($239 million, net of tax), which was recorded to asset dispositions in the accompanying consolidated statements of comprehensive earnings.
v3.25.2
Debt And Related Expenses
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Related Expenses Debt and Related Expenses

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

 

 

 

June 30, 2025

 

 

December 31, 2024

 

5.85% due December 15, 2025

 

$

485

 

 

$

485

 

7.50% due September 15, 2027

 

 

73

 

 

 

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.50% due January 15, 2030

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

1,250

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

1,000

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

1,000

 

Net premium on debentures and notes

 

 

30

 

 

 

37

 

Debt issuance costs

 

 

(51

)

 

 

(53

)

Total debt

 

$

8,878

 

 

$

8,883

 

Less amount classified as short-term debt

 

 

485

 

 

 

485

 

Total long-term debt

 

$

8,393

 

 

$

8,398

 

Credit Lines

Devon has a $3.0 billion revolving Senior Credit Facility, and, in the first quarter of 2025, Devon exercised its option to extend the Senior Credit Facility maturity date from March 24, 2029 to March 24, 2030. Devon has the option to extend the March 24, 2030 maturity date by an additional year subject to lender consent. As of June 30, 2025, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $4 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon's ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of June 30, 2025, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 25.9%.

 

Term Loan Credit Agreement

In August 2024, Devon entered into a delayed draw term loan credit agreement (the “Term Loan Credit Agreement”), providing for delayed draw term loans in an aggregate principal amount not to exceed $2.0 billion, including a 364-day tranche of $500 million and a two-year tranche of $1.5 billion. On September 27, 2024, Devon borrowed $1.0 billion on the two-year tranche (the “Term Loan”) to partially fund the closing of the Grayson Mill acquisition. In connection with the borrowing of the Term Loan, the undrawn commitments under the Term Loan Credit Agreement automatically terminated. The Term Loan bears interest at a rate based on term SOFR plus a spread adjustment that varies based on Devon's credit ratings. The interest rate on the Term Loan was 5.8% as of June 30, 2025.

The Term Loan Credit Agreement contains substantially the same financial covenant as the Senior Credit Facility. As of June 30, 2025, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 25.9%.

 

Issuance of Senior Notes

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

Retirement of Senior Notes

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

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

Net Financing Costs

The following schedule includes the components of net financing costs.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

126

 

 

$

88

 

 

$

253

 

 

$

175

 

Interest income

 

 

(14

)

 

 

(14

)

 

 

(24

)

 

 

(27

)

Other

 

 

4

 

 

 

2

 

 

 

10

 

 

 

4

 

Total net financing costs

 

$

116

 

 

$

76

 

 

$

239

 

 

$

152

 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
14.
Leases

Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. As of June 30, 2025, Devon’s financing lease right-of-use assets primarily relate to equipment related to the exploration, development and production of oil and gas. During the first quarter of 2025, Devon extinguished an approximately $300 million real estate finance lease by making a cash payment of $274 million and recognized a gain on early lease extinguishment in other, net related to the difference on the accompanying consolidated statement of comprehensive earnings. For additional information, see Note 5.

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2025 and December 31, 2024.

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

18

 

 

$

167

 

 

$

185

 

 

$

248

 

 

$

55

 

 

$

303

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

5

 

 

$

67

 

 

$

72

 

 

$

25

 

 

$

28

 

 

$

53

 

Long-term lease liabilities

 

 

13

 

 

 

100

 

 

 

113

 

 

 

293

 

 

 

27

 

 

 

320

 

Total lease liabilities (2)

 

$

18

 

 

$

167

 

 

$

185

 

 

$

318

 

 

$

55

 

 

$

373

 

 

(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.2
Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
15.
Asset Retirement Obligations

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

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Asset retirement obligations as of beginning of period

 

$

807

 

 

$

665

 

Liabilities incurred

 

 

21

 

 

 

15

 

Liabilities settled and divested

 

 

(22

)

 

 

(16

)

Revision and reclassification of estimated obligation

 

 

55

 

 

 

35

 

Accretion expense on discounted obligation

 

 

24

 

 

 

18

 

Asset retirement obligations as of end of period

 

 

885

 

 

 

717

 

Less current portion

 

 

46

 

 

 

26

 

Asset retirement obligations, long-term

 

$

839

 

 

$

691

 

 

During the first six months of 2025 and 2024, Devon increased its asset retirement obligations by approximately $55 million and $35 million, respectively, primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
16.
Stockholders’ Equity

Share Issuance

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

Share Repurchases

Devon's Board of Directors has authorized a $5.0 billion share repurchase program with a June 30, 2026 expiration date. The table below provides information regarding purchases of Devon’s common stock under the $5.0 billion share repurchase program (shares in thousands).

 

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

$

61.36

 

2023

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024:

 

 

 

 

 

 

 

 

 

First quarter

 

 

4,428

 

 

 

193

 

 

$

43.47

 

Second quarter

 

 

5,188

 

 

 

256

 

 

$

49.40

 

Third quarter

 

 

6,675

 

 

 

295

 

 

$

44.23

 

Fourth quarter

 

 

7,653

 

 

 

300

 

 

$

39.22

 

2024 Total

 

 

23,944

 

 

 

1,044

 

 

$

43.61

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

 

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

2025 Total

 

 

16,371

 

 

 

550

 

 

$

33.62

 

Total plan

 

 

85,356

 

 

$

3,893

 

 

$

45.62

 

 

Dividends

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

 

 

Dividends

 

 

Rate Per Share

 

2025:

 

 

 

 

 

First quarter

$

163

 

 

$

0.24

 

Second quarter

 

156

 

 

$

0.24

 

Total year-to-date

$

319

 

 

 

 

2024:

 

 

 

 

 

First quarter

$

299

 

 

$

0.44

 

Second quarter

 

223

 

 

$

0.35

 

Total year-to-date (1)

$

522

 

 

 

 
(1)
During the first six months of 2024, Devon paid variable dividends totaling $241 million in addition to its recurring fixed dividend.

 

In August 2025, Devon announced a fixed cash dividend in the amount of $0.24 per share for approximately $151 million payable in the third quarter of 2025.

Noncontrolling Interests

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

On August 1, 2025, Devon completed the acquisition of all the outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM. The acquisition of the noncontrolling interests will be accounted for as an equity transaction. Accordingly, the difference between the carrying amount of the noncontrolling interests and the consideration paid will be recognized in Devon's additional paid in capital in the consolidated balance sheet.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies

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

Royalty Matters

Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, paid royalty proceeds in an untimely manner without including required interest, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. As of June 30, 2025, Devon has accrued approximately $40 million in other current liabilities pertaining to such royalty matters.

Environmental and Climate Change Matters

Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result

in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future.

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

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

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

Other Indemnifications and Legacy Matters

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

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

As of June 30, 2025, Devon has accrued approximately $200 million of contingent liabilities related to such decommissioning legacy matters, including liabilities associated with the East Bay Field.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at June 30, 2025 and December 31, 2024, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

June 30, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,192

 

 

$

1,192

 

 

$

1,192

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

166

 

 

$

166

 

 

$

—

 

 

$

166

 

 

$

—

 

Commodity derivatives

 

$

(62

)

 

$

(62

)

 

$

—

 

 

$

(62

)

 

$

—

 

Debt

 

$

(8,878

)

 

$

(8,600

)

 

$

—

 

 

$

(8,600

)

 

$

—

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 

 

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

Level 1 Fair Value Measurements

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

Level 2 Fair Value Measurements

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

 

Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of our debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. Our variable rate debt is non-public and consists of our Term Loan. The fair value of our variable rate debt approximates the carrying value as the underlying SOFR resets every month based on the prevailing market rate.

Level 3 Fair Value Measurements

Contingent Earnout Payments – Devon had the right to receive contingent consideration related to the Barnett asset divestiture based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualified as a level 3 fair value measurement. For additional information, see Note 2.
v3.25.2
Reportable Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments Reportable Segments

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

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

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

4,284

 

 

$

3,917

 

 

$

8,736

 

 

$

7,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

483

 

 

 

383

 

 

 

962

 

 

 

763

 

Gathering, processing & transportation

 

 

219

 

 

 

197

 

 

 

423

 

 

 

377

 

Production and property taxes

 

 

197

 

 

 

208

 

 

 

426

 

 

 

399

 

Total significant expenses

 

 

899

 

 

 

788

 

 

 

1,811

 

 

 

1,539

 

Marketing and midstream expenses

 

 

1,357

 

 

 

1,108

 

 

 

2,793

 

 

 

2,241

 

DD&A

 

 

914

 

 

 

768

 

 

 

1,826

 

 

 

1,490

 

G&A

 

 

113

 

 

 

114

 

 

 

243

 

 

 

228

 

Financing costs, net

 

 

116

 

 

 

76

 

 

 

239

 

 

 

152

 

Income tax expense

 

 

244

 

 

 

185

 

 

 

381

 

 

 

344

 

Other segment items (1)

 

 

(276

)

 

 

23

 

 

 

17

 

 

 

55

 

Total expenses

 

 

3,367

 

 

 

3,062

 

 

 

7,310

 

 

 

6,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

917

 

 

$

855

 

 

$

1,426

 

 

$

1,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

31,390

 

 

$

25,162

 

 

$

31,390

 

 

$

25,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

948

 

 

$

971

 

 

$

1,920

 

 

$

1,916

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Variable Interest Entity

Variable Interest Entity

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

Disaggregation of Revenue

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,174

 

 

$

2,413

 

 

$

4,588

 

 

$

4,602

 

Gas

 

 

178

 

 

 

57

 

 

 

487

 

 

 

185

 

NGL

 

 

358

 

 

 

326

 

 

 

761

 

 

 

638

 

Oil, gas and NGL sales

 

 

2,710

 

 

 

2,796

 

 

 

5,836

 

 

 

5,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

859

 

 

 

801

 

 

 

1,777

 

 

 

1,608

 

Gas

 

 

246

 

 

 

100

 

 

 

517

 

 

 

221

 

NGL

 

 

233

 

 

 

197

 

 

 

468

 

 

 

381

 

Marketing and midstream revenues

 

 

1,338

 

 

 

1,098

 

 

 

2,762

 

 

 

2,210

 

Total revenues from contracts with customers

 

$

4,048

 

 

$

3,894

 

 

$

8,598

 

 

$

7,635

 
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

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

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU is effective for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Revenue from Contracts with Customers

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Oil

 

$

2,174

 

 

$

2,413

 

 

$

4,588

 

 

$

4,602

 

Gas

 

 

178

 

 

 

57

 

 

 

487

 

 

 

185

 

NGL

 

 

358

 

 

 

326

 

 

 

761

 

 

 

638

 

Oil, gas and NGL sales

 

 

2,710

 

 

 

2,796

 

 

 

5,836

 

 

 

5,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

859

 

 

 

801

 

 

 

1,777

 

 

 

1,608

 

Gas

 

 

246

 

 

 

100

 

 

 

517

 

 

 

221

 

NGL

 

 

233

 

 

 

197

 

 

 

468

 

 

 

381

 

Marketing and midstream revenues

 

 

1,338

 

 

 

1,098

 

 

 

2,762

 

 

 

2,210

 

Total revenues from contracts with customers

 

$

4,048

 

 

$

3,894

 

 

$

8,598

 

 

$

7,635

 
v3.25.2
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2025
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

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

 

 

 

Final Purchase

 

 

 

Price Allocation

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 
v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

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

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q3-Q4 2025

 

 

9,000

 

 

$

71.52

 

 

 

105,000

 

 

$

66.35

 

 

$

75.36

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q3-Q4 2025

 

 

13,000

 

 

$

50.77

 

 

$

65.00

 

 

$

77.37

 

Q1-Q4 2026

 

 

76,984

 

 

$

50.23

 

 

$

60.39

 

 

$

72.82

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q3-Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q3-Q4 2025

 

NYMEX Roll

 

 

11,484

 

 

$

1.04

 

Q1-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q1-Q4 2027

 

Midland Sweet

 

 

10,000

 

 

$

1.05

 

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

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q3-Q4 2025

 

 

273,500

 

 

$

3.45

 

 

 

170,000

 

 

$

3.00

 

 

$

3.80

 

Q1-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

160,000

 

 

$

3.14

 

 

$

4.88

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q3-Q4 2025

 

Houston Ship Channel

 

 

230,000

 

 

$

(0.35

)

Q3-Q4 2025

 

WAHA

 

 

200,000

 

 

$

(1.53

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q1-Q4 2026

 

WAHA

 

 

70,000

 

 

$

(1.76

)

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

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q3-Q4 2025

 

Natural Gasoline

 

 

3,000

 

 

$

63.35

 

Q3-Q4 2025

 

Normal Butane

 

 

323

 

 

$

39.90

 

Q3-Q4 2025

 

Propane

 

 

3,000

 

 

$

32.29

 

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

 

 

June 30, 2025

 

December 31, 2024

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

190

 

$

(29

)

$

161

 

$

78

 

$

(23

)

$

55

 

Other current assets

Long-term derivative asset

 

10

 

 

(5

)

 

5

 

 

5

 

 

(4

)

 

1

 

Other long-term assets

Short-term derivative liability

 

(55

)

 

29

 

 

(26

)

 

(37

)

 

23

 

 

(14

)

Other current liabilities

Long-term derivative liability

 

(41

)

 

5

 

 

(36

)

 

(23

)

 

4

 

 

(19

)

Other long-term liabilities

  Total derivative asset

$

104

 

$

—

 

$

104

 

$

23

 

$

—

 

$

23

 

 
v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings

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

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

G&A

 

$

46

 

 

$

50

 

Exploration expenses

 

 

—

 

 

 

1

 

Restructuring and transaction costs

 

 

7

 

 

 

—

 

Total

 

$

53

 

 

$

51

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

8

 

 

$

18

 
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.

 

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

 

$

67.38

 

Granted

 

 

2,530

 

 

$

34.17

 

 

 

510

 

 

$

45.92

 

Vested

 

 

(1,690

)

 

$

40.25

 

 

 

(272

)

 

$

68.68

 

Forfeited

 

 

(127

)

 

$

40.82

 

 

 

(110

)

 

$

66.68

 

Unvested at 6/30/25

 

 

4,820

 

 

$

41.35

 

 

 

1,307

 

(1)

$

58.79

 

 

A maximum of 2.6 million common shares could be awarded based upon Devon’s final TSR ranking.
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

The following table presents the assumptions related to the performance share units granted in 2025, as indicated in the previous summary table.

 

 

2025

 

 Grant-date fair value

 

$

45.92

 

 Risk-free interest rate

 

 

4.29

%

 Volatility factor

 

 

38.70

%

 Contractual term (years)

 

 

2.89

 
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

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

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

140

 

 

$

26

 

Weighted average period for recognition (years)

 

 

2.8

 

 

 

2.2

 
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

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

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2025

 

2024

 

2025

 

2024

 

Earnings before income taxes

 

$

1,161

 

$

1,040

 

$

1,807

 

$

1,808

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

$

226

 

$

146

 

$

322

 

$

265

 

Deferred income tax expense

 

 

18

 

 

39

 

 

59

 

 

79

 

Total income tax expense

 

$

244

 

$

185

 

$

381

 

$

344

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

21

%

 

21

%

 

21

%

State income taxes

 

 

1

%

 

1

%

 

1

%

 

1

%

Income tax credits

 

 

(1

%)

 

(4

%)

 

(1

%)

 

(3

%)

Effective income tax rate

 

 

21

%

 

18

%

 

21

%

 

19

%
v3.25.2
Net Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Computations from Continuing Operations

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings

 

$

899

 

 

$

844

 

 

$

1,393

 

 

$

1,440

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

 

635

 

 

 

626

 

 

 

640

 

 

 

628

 

Dilutive effect of potential common shares issuable

 

 

1

 

 

 

2

 

 

 

1

 

 

 

2

 

Average common shares outstanding - diluted

 

 

636

 

 

 

628

 

 

 

641

 

 

 

630

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.42

 

 

$

1.35

 

 

$

2.18

 

 

$

2.29

 

Diluted

 

$

1.41

 

 

$

1.34

 

 

$

2.17

 

 

$

2.29

 
v3.25.2
Other Comprehensive Earnings (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components Of Other Comprehensive Earnings (Loss)

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

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(121

)

 

$

(123

)

 

$

(122

)

 

$

(124

)

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

 

 

2

 

 

 

2

 

 

 

3

 

 

 

3

 

Income tax expense

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(120

)

 

$

(122

)

 

$

(120

)

 

$

(122

)

 

Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.25.2
Supplemental Information to Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information to Statements of Cash Flows

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

183

 

 

$

81

 

 

$

120

 

 

$

(15

)

Other current assets

 

 

15

 

 

 

(84

)

 

 

(20

)

 

 

(107

)

Other long-term assets

 

 

(16

)

 

 

(16

)

 

 

(101

)

 

 

33

 

Accounts payable and revenues and royalties payable

 

 

(162

)

 

 

42

 

 

 

86

 

 

 

185

 

Other current liabilities

 

 

141

 

 

 

(224

)

 

 

84

 

 

 

(108

)

Other long-term liabilities

 

 

(27

)

 

 

—

 

 

 

82

 

 

 

(19

)

Total

 

$

134

 

 

$

(201

)

 

$

251

 

 

$

(31

)

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

101

 

 

$

112

 

 

$

261

 

 

$

175

 

Income taxes paid

 

$

152

 

 

$

388

 

 

$

152

 

 

$

384

 

 
v3.25.2
Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Oil, gas and NGL sales

 

$

1,048

 

 

$

1,130

 

Joint interest billings

 

 

282

 

 

 

341

 

Marketing and midstream revenues

 

 

505

 

 

 

465

 

Other

 

 

25

 

 

 

42

 

Gross accounts receivable

 

 

1,860

 

 

 

1,978

 

Allowance for doubtful accounts

 

 

(7

)

 

 

(6

)

Net accounts receivable

 

$

1,853

 

 

$

1,972

 
v3.25.2
Property, Plant and Equipment (Tables)
 6 Months Ended
Jun. 30, 2025
Extractive Industries [Abstract]  
Table of Property and Equipment, net

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

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

55,745

 

 

$

53,647

 

Unproved and properties under development

 

 

2,733

 

 

 

2,814

 

Total oil and gas

 

 

58,478

 

 

 

56,461

 

Less accumulated DD&A

 

 

(35,050

)

 

 

(33,263

)

Oil and gas property and equipment, net

 

 

23,428

 

 

 

23,198

 

Other property and equipment

 

 

2,565

 

 

 

2,671

 

Less accumulated DD&A

 

 

(878

)

 

 

(858

)

Other property and equipment, net (1)

 

 

1,687

 

 

 

1,813

 

Property and equipment, net

 

$

25,115

 

 

$

25,011

 

 

(1)
$203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Components of Investment

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

 

 

 

 

 

Carrying Amount

 

Investments

 

% Interest

 

June 30, 2025

 

 

December 31, 2024

 

Catalyst

 

50%

 

$

261

 

 

$

273

 

Water JV

 

30%

 

 

223

 

 

 

216

 

Fervo

 

17%

 

 

108

 

 

 

115

 

Matterhorn

 

12.5%

 

 

—

 

 

 

69

 

Other

 

Various

 

 

48

 

 

 

54

 

      Total

 

 

 

$

640

 

 

$

727

 
v3.25.2
Debt And Related Expenses (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances

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

 

 

 

June 30, 2025

 

 

December 31, 2024

 

5.85% due December 15, 2025

 

$

485

 

 

$

485

 

7.50% due September 15, 2027

 

 

73

 

 

 

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.50% due January 15, 2030

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

1,250

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

1,000

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

1,000

 

Net premium on debentures and notes

 

 

30

 

 

 

37

 

Debt issuance costs

 

 

(51

)

 

 

(53

)

Total debt

 

$

8,878

 

 

$

8,883

 

Less amount classified as short-term debt

 

 

485

 

 

 

485

 

Total long-term debt

 

$

8,393

 

 

$

8,398

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

126

 

 

$

88

 

 

$

253

 

 

$

175

 

Interest income

 

 

(14

)

 

 

(14

)

 

 

(24

)

 

 

(27

)

Other

 

 

4

 

 

 

2

 

 

 

10

 

 

 

4

 

Total net financing costs

 

$

116

 

 

$

76

 

 

$

239

 

 

$

152

 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Right-of-use Assets and Lease Liabilities

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2025 and December 31, 2024.

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

18

 

 

$

167

 

 

$

185

 

 

$

248

 

 

$

55

 

 

$

303

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

5

 

 

$

67

 

 

$

72

 

 

$

25

 

 

$

28

 

 

$

53

 

Long-term lease liabilities

 

 

13

 

 

 

100

 

 

 

113

 

 

 

293

 

 

 

27

 

 

 

320

 

Total lease liabilities (2)

 

$

18

 

 

$

167

 

 

$

185

 

 

$

318

 

 

$

55

 

 

$

373

 

 

(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.2
Asset Retirement Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Summary of Changes in Asset Retirement Obligations

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

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Asset retirement obligations as of beginning of period

 

$

807

 

 

$

665

 

Liabilities incurred

 

 

21

 

 

 

15

 

Liabilities settled and divested

 

 

(22

)

 

 

(16

)

Revision and reclassification of estimated obligation

 

 

55

 

 

 

35

 

Accretion expense on discounted obligation

 

 

24

 

 

 

18

 

Asset retirement obligations as of end of period

 

 

885

 

 

 

717

 

Less current portion

 

 

46

 

 

 

26

 

Asset retirement obligations, long-term

 

$

839

 

 

$

691

 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Summary of Purchases of Common Stock The table below provides information regarding purchases of Devon’s common stock under the $5.0 billion share repurchase program (shares in thousands).

 

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

$5.0 Billion Plan

 

 

 

 

 

 

 

 

 

2021

 

 

13,983

 

 

$

589

 

 

$

42.15

 

2022

 

 

11,708

 

 

 

718

 

 

$

61.36

 

2023

 

 

19,350

 

 

 

992

 

 

$

51.23

 

2024:

 

 

 

 

 

 

 

 

 

First quarter

 

 

4,428

 

 

 

193

 

 

$

43.47

 

Second quarter

 

 

5,188

 

 

 

256

 

 

$

49.40

 

Third quarter

 

 

6,675

 

 

 

295

 

 

$

44.23

 

Fourth quarter

 

 

7,653

 

 

 

300

 

 

$

39.22

 

2024 Total

 

 

23,944

 

 

 

1,044

 

 

$

43.61

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

 

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

2025 Total

 

 

16,371

 

 

 

550

 

 

$

33.62

 

Total plan

 

 

85,356

 

 

$

3,893

 

 

$

45.62

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

 

 

Dividends

 

 

Rate Per Share

 

2025:

 

 

 

 

 

First quarter

$

163

 

 

$

0.24

 

Second quarter

 

156

 

 

$

0.24

 

Total year-to-date

$

319

 

 

 

 

2024:

 

 

 

 

 

First quarter

$

299

 

 

$

0.44

 

Second quarter

 

223

 

 

$

0.35

 

Total year-to-date (1)

$

522

 

 

 

 
(1)
During the first six months of 2024, Devon paid variable dividends totaling $241 million in addition to its recurring fixed dividend.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

June 30, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

1,192

 

 

$

1,192

 

 

$

1,192

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

166

 

 

$

166

 

 

$

—

 

 

$

166

 

 

$

—

 

Commodity derivatives

 

$

(62

)

 

$

(62

)

 

$

—

 

 

$

(62

)

 

$

—

 

Debt

 

$

(8,878

)

 

$

(8,600

)

 

$

—

 

 

$

(8,600

)

 

$

—

 

December 31, 2024 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

319

 

 

$

319

 

 

$

319

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

56

 

 

$

56

 

 

$

—

 

 

$

56

 

 

$

—

 

Commodity derivatives

 

$

(33

)

 

$

(33

)

 

$

—

 

 

$

(33

)

 

$

—

 

Debt

 

$

(8,883

)

 

$

(8,520

)

 

$

—

 

 

$

(8,520

)

 

$

—

 

Contingent earnout payments

 

$

20

 

 

$

20

 

 

$

—

 

 

$

—

 

 

$

20

 
v3.25.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

4,284

 

 

$

3,917

 

 

$

8,736

 

 

$

7,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

483

 

 

 

383

 

 

 

962

 

 

 

763

 

Gathering, processing & transportation

 

 

219

 

 

 

197

 

 

 

423

 

 

 

377

 

Production and property taxes

 

 

197

 

 

 

208

 

 

 

426

 

 

 

399

 

Total significant expenses

 

 

899

 

 

 

788

 

 

 

1,811

 

 

 

1,539

 

Marketing and midstream expenses

 

 

1,357

 

 

 

1,108

 

 

 

2,793

 

 

 

2,241

 

DD&A

 

 

914

 

 

 

768

 

 

 

1,826

 

 

 

1,490

 

G&A

 

 

113

 

 

 

114

 

 

 

243

 

 

 

228

 

Financing costs, net

 

 

116

 

 

 

76

 

 

 

239

 

 

 

152

 

Income tax expense

 

 

244

 

 

 

185

 

 

 

381

 

 

 

344

 

Other segment items (1)

 

 

(276

)

 

 

23

 

 

 

17

 

 

 

55

 

Total expenses

 

 

3,367

 

 

 

3,062

 

 

 

7,310

 

 

 

6,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

917

 

 

$

855

 

 

$

1,426

 

 

$

1,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

31,390

 

 

$

25,162

 

 

$

31,390

 

 

$

25,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

948

 

 

$

971

 

 

$

1,920

 

 

$

1,916

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.
v3.25.2
Summary of Significant Accounting Policies (Narrative) (Details) - Williston Acquisition [Member]
shares in Millions, $ in Billions
Sep. 27, 2024
USD ($)
shares
Summary Of Significant Accounting Policies [Line Items]  
Business Combination, Contingent Consideration, Asset, Total $ 5.0
Cash paid related to acquisition $ 3.5
Common Stock [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Number of shares sold in acquisition | shares 37.3
v3.25.2
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 4,048 $ 3,894 $ 8,598 $ 7,635
Oil, Gas and NGL Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 2,710 2,796 5,836 5,425
Oil, Gas and NGL Sales [Member] | Oil [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 2,174 2,413 4,588 4,602
Oil, Gas and NGL Sales [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 246 100 517 221
Oil, Gas and NGL Sales [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 233 197 468 381
Marketing and Midstream Revenues [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 1,338 1,098 2,762 2,210
Marketing and Midstream Revenues [Member] | Oil [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 859 801 1,777 1,608
Marketing and Midstream Revenues [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 178 57 487 185
Marketing and Midstream Revenues [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 358 $ 326 $ 761 $ 638
v3.25.2
Acquisition and Divestitures (Narrative) (Details)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
USD ($)
shares
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
$ / bbl
$ / MMBTU
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]          
Investments   $ 640 $ 640   $ 727
Common stock, shares issued (in shares) | shares   636.0 636.0   651.0
Barnett Shale [Member]          
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]          
Contingent earnout payments     $ 20 $ 20  
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU     2.75    
WTI oil price for contingent earnout payment upside | $ / bbl     50    
Contingent earnout payment period     The contingent payment period commenced on January 1, 2021, and had a term of four years.    
Williston Acquisition [Member]          
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]          
Total consideration for business acquired $ 5,000        
Cash paid related to acquisition $ 3,500        
Williston Acquisition [Member] | Common Stock [Member]          
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]          
Common stock, shares issued (in shares) | shares 37.3        
Matterhorn [Member]          
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]          
Investments   $ 372 $ 372    
Gain on sale of investment   307      
Gain (Loss) on Investments   $ 239      
v3.25.2
Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Consideration:    
Devon common stock issued 636,000,000 651,000,000
GME    
Consideration:    
Devon common stock issued 37.3  
Devon closing price on September 27, 2024 $ 38.96  
Total common equity consideration $ 1,455  
Cash consideration 3,567  
Total consideration 5,022  
Assets acquired:    
Cash, cash equivalents and restricted cash 147  
Accounts receivable 219  
Inventory 44  
Other current assets 9  
Proved oil and gas property and equipment 3,056  
Unproved oil and gas property and equipment 1,771  
Other property and equipment, net 210  
Right-of-use assets 29  
Total assets acquired 5,485  
Liabilities assumed:    
Accounts payable 145  
Revenue and royalties payable 209  
Other current liabilities 16  
Asset retirement obligations 75  
Lease liabilities 18  
Total liabilities assumed 463  
Net assets acquired $ 5,022  
v3.25.2
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash collateral posted $ 0
v3.25.2
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
 6 Months Ended
Jun. 30, 2025
$ / bbl
$ / Customer
bbl
NYMEX West Texas Intermediate Price Collars Oil Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 105,000
Weighted Average Floor Price 66.35
Weighted Average Ceiling Price 75.36
NYMEX West Texas Intermediate Three Way Price Collars Oil Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 13,000
Weighted Average Floor Sold Price 50.77
Weighted Average Floor Price 65
Weighted Average Ceiling Price 77.37
NYMEX West Texas Intermediate Three Way Price Collars Oil Q1 Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 76,984
Weighted Average Floor Sold Price | $ / Customer 50.23
Weighted Average Floor Price 60.39
Weighted Average Ceiling Price 72.82
Midland Sweet Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 46,000
Weighted Average Differential To WTI Price 1.1
NYMEX West Texas Intermediate Price Swaps Oil Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 9,000
Weighted Average Price Swap 71.52
Midland Sweet Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 63,000
Weighted Average Differential To WTI Price 1
NYMEX Roll Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 11,484
Weighted Average Differential To WTI Price 1.04
Midland Sweet Q1 Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 10,000
Weighted Average Differential To WTI Price 1.05
v3.25.2
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
 6 Months Ended
Jun. 30, 2025
MMBTU
$ / Customer
$ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q3-Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 273,500
Weighted Average Price Swap | $ / MMBTU 3.45
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 247,500
Weighted Average Price Swap | $ / MMBTU 3.8
FERC Henry Hub Price Collars Natural Gas Q3-Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 170,000
Weighted Average Floor Price | $ / Customer 3
Weighted Average Ceiling Price | $ / Customer 3.8
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 160,000
Weighted Average Floor Price | $ / Customer 3.14
Weighted Average Ceiling Price | $ / Customer 4.88
Waha Natural Gas Basis Swaps Q1- Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 70,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.76)
Houston Ship Channel Natural Gas Basis Swap Q3 Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 230,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.35)
Waha Natural Gas Basis Swaps Q3-Q4 2025 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 200,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.53)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 50,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.29)
v3.25.2
Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)
 6 Months Ended
Jun. 30, 2025
$ / bbl
bbl
Q4 2025 Natural Gasoline [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 63.35
Q4 2025 Normal Butane [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 323
Weighted Average Price Swap | $ / bbl 39.9
Q4 2025 Propane [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 3,000
Weighted Average Price Swap | $ / bbl 32.29
v3.25.2
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivatives Fair Value [Line Items]    
Gross Fair Value $ 104 $ 23
Amounts Netted 0 0
Net Fair Value 104 23
Short-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 190 78
Amounts Netted (29) (23)
Net Fair Value 161 55
Long-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 10 5
Amounts Netted (5) (4)
Net Fair Value 5 1
Short-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (55) (37)
Amounts Netted 29 23
Net Fair Value (26) (14)
Long-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (41) (23)
Amounts Netted 5 4
Net Fair Value $ (36) $ (19)
v3.25.2
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 53 $ 51
Related income tax benefit 8 18
G&A [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense 46 50
Exploration Expenses [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense 0 1
Restructuring and Transaction Costs [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share-based compensation expense $ 7 $ 0
v3.25.2
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted Stock Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2024 | shares 4,107
Granted, awards and units | shares 2,530
Vested, awards and units | shares (1,690)
Forfeited, awards and units | shares (127)
Unvested at 6/30/25 | shares 4,820
Unvested weighted average grant-date fair value at December 31, 2024 | $ / shares $ 45.31
Granted, weighted average grant-date fair value | $ / shares 34.17
Vested, weighted average grant-date fair value | $ / shares 40.25
Forfeited, weighted average grant-date fair value | $ / shares 40.82
Unvested weighted average grant-date fair value at 6/30/25 | $ / shares $ 41.35
Performance Share Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2024 | shares 1,179
Granted, awards and units | shares 510
Vested, awards and units | shares (272)
Forfeited, awards and units | shares (110)
Unvested at 6/30/25 | shares 1,307 [1]
Unvested weighted average grant-date fair value at December 31, 2024 | $ / shares $ 67.38
Granted, weighted average grant-date fair value | $ / shares 45.92
Vested, weighted average grant-date fair value | $ / shares 68.68
Forfeited, weighted average grant-date fair value | $ / shares 66.68
Unvested weighted average grant-date fair value at 6/30/25 | $ / shares $ 58.79
[1] A maximum of 2.6 million common shares could be awarded based upon Devon’s final TSR ranking.
v3.25.2
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details)
shares in Millions
 6 Months Ended
Jun. 30, 2025
shares
Performance Share Units [Member] | Maximum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Maximum common shares that could be awarded based upon total shareholder return 2.6
v3.25.2
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Including Performance Factor Shares Granted [Member]
 6 Months Ended
Jun. 30, 2025
$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Grant-date fair value $ 45.92
Risk-free interest rate 4.29%
Volatility factor 38.70%
Contractual term (years) 2 years 10 months 20 days
v3.25.2
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
Restricted Stock Awards [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 140
Weighted average period for recognition (years) 2 years 9 months 18 days
Performance Share Units [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 26
Weighted average period for recognition (years) 2 years 2 months 12 days
v3.25.2
Asset Impairments (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Asset Impairments [Line Items]          
Asset impairments $ 0   $ 0 $ 254 $ 0
Devon [Member]          
Asset Impairments [Line Items]          
Asset impairments   $ 254      
Sale proceeds   $ 120      
v3.25.2
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Earnings before income taxes $ 1,161 $ 1,040 $ 1,807 $ 1,808
Current income tax expense 226 146 322 265
Deferred income tax expense 18 39 59 79
Total income tax expense $ 244 $ 185 $ 381 $ 344
U.S. statutory income tax rate 21.00% 21.00% 21.00% 21.00%
State income taxes 1.00% 1.00% 1.00% 1.00%
Income tax credits (1.00%) (4.00%) (1.00%) (3.00%)
Effective income tax rate 21.00% 18.00% 21.00% 19.00%
v3.25.2
Income Taxes (Narrative) (Details)
Jul. 04, 2025
Subsequent Event [Member]  
Income Tax [Line Items]  
Percentage of bonus depreciation and domestic research cost expensing 100.00%
v3.25.2
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net earnings available to common shareholders - basic $ 899 $ 844 $ 1,393 $ 1,440
Net earnings available to common shareholders - diluted $ 899 $ 844 $ 1,393 $ 1,440
Common shares:        
Average common shares outstanding - basic 635 626 640 628
Dilutive effect of potential common shares issuable 1 2 1 2
Average common shares outstanding - diluted 636 628 641 630
Net earnings per share available to common shareholders:        
Basic $ 1.42 $ 1.35 $ 2.18 $ 2.29
Diluted $ 1.41 $ 1.34 $ 2.17 $ 2.29
v3.25.2
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension and postretirement benefit plans:        
Beginning accumulated pension and postretirement benefits $ (121) $ (123) $ (122) $ (124)
Recognition of net actuarial loss and prior service cost in earnings [1] 2 2 3 3
Income tax expense (1) (1) (1) (1)
Ending accumulated pension and postretirement benefits $ (120) $ (122) $ (120) $ (122)
[1] Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.25.2
Supplemental Information to Statements of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Changes in assets and liabilities, net:        
Accounts receivable $ 183 $ 81 $ 120 $ (15)
Other current assets 15 (84) (20) (107)
Other long-term assets (16) (16) (101) 33
Accounts payable and revenues and royalties payable (162) 42 86 185
Other current liabilities 141 (224) 84 (108)
Other long-term liabilities (27) 0 82 (19)
Total 134 (201) 251 (31)
Supplementary cash flow data:        
Interest paid 101 112 261 175
Income taxes paid $ 152 $ 388 $ 152 $ 384
v3.25.2
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Joint interest billings $ 282 $ 341
Other 25 42
Gross accounts receivable 1,860 1,978
Allowance for doubtful accounts (7) (6)
Net accounts receivable 1,853 1,972
Oil Gas And N G L Sales [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable 1,048 1,130
Marketing And Midstream Revenues [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable $ 505 $ 465
v3.25.2
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Property and equipment:    
Proved $ 55,745 $ 53,647
Unproved and properties under development 2,733 2,814
Total oil and gas 58,478 56,461
Less accumulated DD&A (35,050) (33,263)
Oil and gas property and equipment, net 23,428 23,198
Other property and equipment 2,565 2,671
Less accumulated DD&A (878) (858)
Other property and equipment, net [1] 1,687 1,813
Total property and equipment, net $ 25,115 $ 25,011
[1] $203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Other property and equipment, net [1] $ 1,687 $ 1,813
CDM [Member]    
Property Plant And Equipment [Line Items]    
Other property and equipment, net $ 203 $ 178
[1] $203 million and $178 million related to CDM in 2025 and 2024, respectively.
v3.25.2
Investments - Summary of Components of Investment (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investments $ 640 $ 727
Catalyst [Member]    
Schedule of Investments [Line Items]    
% Interest 50.00%  
Investments $ 261 273
Water JV [Member]    
Schedule of Investments [Line Items]    
% Interest 30.00%  
Investments $ 223 216
Fervo [Member]    
Schedule of Investments [Line Items]    
% Interest 17.00%  
Investments $ 108 115
Matterhorn [Member]    
Schedule of Investments [Line Items]    
% Interest 12.50%  
Investments $ 0 69
Other [Member]    
Schedule of Investments [Line Items]    
Investments $ 48 $ 54
v3.25.2
Investments - (Additional Information) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investments $ 640 $ 727
Matterhorn [Member]    
Schedule of Investments [Line Items]    
Investments 0 $ 69
Gain on sale of investment 307  
Gain (Loss) on Investments 239  
Matterhorn [Member] | Investments [Member]    
Schedule of Investments [Line Items]    
Investments $ 372  
v3.25.2
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Net premium on debentures and notes $ 30 $ 37
Debt issuance costs (51) (53)
Total debt 8,878 8,883
Less amount classified as short-term debt 485 485
Long-term debt 8,393 8,398
5.85% due December 15, 2025 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 485 $ 485
Charge on early retirement of debt, cash retirement costs 5.85% 5.85%
Debt, maturity date Dec. 15, 2025  
7.50% due September 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 73 $ 73
Charge on early retirement of debt, cash retirement costs 7.50% 7.50%
Debt, maturity date Sep. 15, 2027  
5.25% due October 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 390 $ 390
Charge on early retirement of debt, cash retirement costs 5.25% 5.25%
Debt, maturity date Oct. 15, 2027  
5.875% due June 15, 2028 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 325 $ 325
Charge on early retirement of debt, cash retirement costs 5.875% 5.875%
Debt, maturity date Jun. 15, 2028  
4.50% due January 15, 2030 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 585 $ 585
Charge on early retirement of debt, cash retirement costs 4.50% 4.50%
Debt, maturity date Jan. 15, 2030  
7.875% due September 30, 2031 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 675 $ 675
Charge on early retirement of debt, cash retirement costs 7.875% 7.875%
Debt, maturity date Sep. 30, 2031  
7.95% due April 15, 2032 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 366 $ 366
Charge on early retirement of debt, cash retirement costs 7.95% 7.95%
Debt, maturity date Apr. 15, 2032  
5.20% due September 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Charge on early retirement of debt, cash retirement costs 5.20% 5.20%
Debt, maturity date Sep. 15, 2034  
5.60% due July 15, 2041 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Charge on early retirement of debt, cash retirement costs 5.60% 5.60%
Debt, maturity date Jul. 15, 2041  
4.75% due May 15, 2042 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Charge on early retirement of debt, cash retirement costs 4.75% 4.75%
Debt, maturity date May 15, 2042  
5.00% due June 15, 2045 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Charge on early retirement of debt, cash retirement costs 5.00% 5.00%
Debt, maturity date Jun. 15, 2045  
5.75% due September 15, 2054 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Charge on early retirement of debt, cash retirement costs 5.75% 5.75%
Debt, maturity date Sep. 15, 2054  
Term Loan due September 25, 2026    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Debt, maturity date Sep. 25, 2026  
v3.25.2
Debt And Related Expenses (Narrative) (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Sep. 15, 2024
USD ($)
Aug. 12, 2024
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Aug. 28, 2024
USD ($)
Debt Instrument [Line Items]          
Maturity date extension       in the first quarter of 2025, Devon exercised its option to extend the Senior Credit Facility maturity date from March 24, 2029 to March 24, 2030  
Term Loan Credit Agreement [Member]          
Debt Instrument [Line Items]          
Aggregate Principal Amount   $ 2,000      
Outstanding credit facility borrowings   1,000      
Debt-to-capitalization ratio       0.259  
Interest rate on the term loan       5.80%  
Senior Credit Facility [Member]          
Debt Instrument [Line Items]          
Credit facility, borrowing capacity       $ 3,000  
Outstanding credit facility borrowings       $ 0  
Debt-to-capitalization ratio       0.259  
Outstanding letters of credit       $ 4  
Senior Credit Facility [Member] | Maximum [Member]          
Debt Instrument [Line Items]          
Debt-to-capitalization ratio       0.65  
Tranche One [Member] | Term Loan Credit Agreement [Member]          
Debt Instrument [Line Items]          
Aggregate Principal Amount   500      
Tranche Two [Member] | Term Loan Credit Agreement [Member]          
Debt Instrument [Line Items]          
Aggregate Principal Amount   $ 1,500      
Senior Notes [Member] | Devon [Member]          
Debt Instrument [Line Items]          
Repayments of Related Party Debt $ 472        
Debt interest rate, stated percentage 5.25%        
Subsequent Event [Member] | Senior Notes [Member] | Devon [Member]          
Debt Instrument [Line Items]          
Early Repayments of Related Party Debt     $ 485    
Debt interest rate, stated percentage     5.85%    
5.2% due 2034 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Issuance of Senior Long-Term Debt         $ 1,250
Debt interest rate, stated percentage         5.20%
5.75% due 2054 [Member] | Senior Notes [Member]          
Debt Instrument [Line Items]          
Issuance of Senior Long-Term Debt         $ 1,000
Debt interest rate, stated percentage         5.75%
v3.25.2
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Disclosure [Abstract]        
Interest based on debt outstanding $ 126 $ 88 $ 253 $ 175
Interest income (14) (14) (24) (27)
Other 4 2 10 4
Total net financing costs $ 116 $ 76 $ 239 $ 152
v3.25.2
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets, finance lease $ 18 $ 248
Finance lease liabilities:    
Current lease liabilities, finance lease [1] 5 25
Long-term lease liabilities, finance lease 13 293
Total lease liabilities, finance lease [2] 18 318
Right-of-use assets, operating lease 167 55
Operating lease liabilities:    
Current lease liabilities, operating lease [1] 67 28
Long-term lease liabilities, operating lease 100 27
Total lease liabilities, operating lease [2] 167 55
Right-of-use assets 185 303
Lease liabilities:    
Current lease liabilities [1] 72 53
Long-term lease liabilities 113 320
Total lease liabilities [2] $ 185 $ 373
[1] Current lease liabilities are included in other current liabilities on the consolidated balance sheets
[2] Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2025 and are therefore excluded from the amounts shown above.
v3.25.2
Leases (Additional Information) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Extinguishment of real estate finance lease $ 300
Gain on early lease extinguishment $ 274
v3.25.2
Asset Retirement Obligations (Summary of Changes in Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]      
Asset retirement obligations as of beginning of period $ 807 $ 665  
Liabilities incurred 21 15  
Liabilities settled and divested (22) (16)  
Revision and reclassification of estimated obligation 55 35  
Accretion expense on discounted obligation 24 18  
Asset retirement obligations as of end of period 885 717  
Less current portion 46 26  
Asset retirement obligations, long-term $ 839 $ 691 $ 770
v3.25.2
Asset Retirement Obligations (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]    
Asset retirement obligation, assumed $ 55 $ 35
v3.25.2
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 01, 2025
Sep. 27, 2024
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Aug. 31, 2025
Stockholders Equity [Line Items]                
Dividend payable amount         $ 241      
Rate Per Share     $ 0.24 $ 0.24 $ 0.35 $ 0.44    
Maximum [Member]                
Stockholders Equity [Line Items]                
Rate Per Share       0.24        
Minimum [Member]                
Stockholders Equity [Line Items]                
Rate Per Share       $ 0.22        
Fixed Dividends Year To Date March 31, 2025 [Member]                
Stockholders Equity [Line Items]                
Percentage of increase to quarterly dividend       9.00%        
Devon [Member]                
Stockholders Equity [Line Items]                
Cash Transaction   $ 3,500            
Common shares issued for business acquisition   37.3            
Common stock value for business acquisition   $ 1,500            
Common shares issued price per share for business acquisition   $ 38.96            
Subsequent Event                
Stockholders Equity [Line Items]                
Dividend payable, per share               $ 0.24
Dividend payable amount               $ 151
Dividends payable, year               2025
Williston Basin Business [Member]                
Stockholders Equity [Line Items]                
Total consideration for business acquired   $ 5,000            
CDM [Member] | Subsequent Event                
Stockholders Equity [Line Items]                
Acquisition of all the Outstanding Noncontrolling Interests in CDM $ 260              
CDM [Member] | Subsequent Event | Ownership in CDM [Member]                
Stockholders Equity [Line Items]                
Business Aquisition Ownership Percentage 100.00%              
Share Repurchase Program [Member]                
Stockholders Equity [Line Items]                
Repurchase of common stock     $ 5,000       $ 5,000  
Five Billion Dollar Share Repurchase Program Open [Member]                
Stockholders Equity [Line Items]                
Repurchase of common stock     $ 5,000       $ 5,000  
Repurchase program expiration date             Jun. 30, 2026  
v3.25.2
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
5.0 Billion Dollar Share Repurchase Program Closed [Member]                      
Stockholders Equity [Line Items]                      
Total Number of Shares Purchased 7,866 8,505 7,653 6,675 5,188 4,428 16,371 23,944 19,350 11,708 13,983
Dollar Value of Shares Purchased $ 249 $ 301 $ 300 $ 295 $ 256 $ 193 $ 550 $ 1,044 $ 992 $ 718 $ 589
Average Price Paid per Share $ 31.78 $ 35.33 $ 39.22 $ 44.23 $ 49.4 $ 43.47 $ 33.62 $ 43.61 $ 51.23 $ 61.36 $ 42.15
Share Repurchase Program Open [Member]                      
Stockholders Equity [Line Items]                      
Total Number of Shares Purchased             85,356        
Dollar Value of Shares Purchased             $ 3,893        
Average Price Paid per Share             $ 45.62        
v3.25.2
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
 [1]
Stockholders Equity [Line Items]            
Dividends         $ 319 $ 522
Rate Per Share $ 0.24 $ 0.24 $ 0.35 $ 0.44    
Variable Dividend Date March 31, 2024            
Stockholders Equity [Line Items]            
Dividends       $ 299    
Variable Dividend Date June 30, 2024            
Stockholders Equity [Line Items]            
Dividends     $ 223      
Fixed Dividends Year To Date March 31, 2025            
Stockholders Equity [Line Items]            
Dividends   $ 163        
Fixed Dividends Year To Date June 30, 2025 [Member]            
Stockholders Equity [Line Items]            
Dividends $ 156          
[1] During the first six months of 2024, Devon paid variable dividends totaling $241 million in addition to its recurring fixed dividend.
v3.25.2
Stockholders' Equity - (Summary Of Dividends Paid On Common Stock) (Parenthetical) (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Stockholders' Equity Note [Abstract]  
Dividend payable amount $ 241
v3.25.2
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]    
Other accrued liabilities current   $ 40
Contingent liability $ 125  
Estimated decommissioning costs 100  
Other Long-Term Investments 100  
Difference of decommissioning obligation and available bond $ 25  
Accrued approximation   $ 200
v3.25.2
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Carrying Amount [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 1,192 $ 319
Debt (8,878) (8,883)
Contingent earnout payments   20
Carrying Amount [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 166 56
Derivatives, liabilities (62) (33)
Total Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,192 319
Debt (8,600) (8,520)
Contingent earnout payments   20
Total Fair Value [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 166 56
Derivatives, liabilities (62) (33)
Level 1 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 1,192 319
Level 2 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt (8,600) (8,520)
Level 2 Inputs [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 166 56
Derivatives, liabilities $ (62) (33)
Level 3 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent earnout payments   $ 20
v3.25.2
Reportable Segments - Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Total revenues $ 4,284 $ 3,917 $ 8,736 $ 7,513  
LOE 483 383 962 763  
Gathering, processing & transportation 219 197 423 377  
Production and property taxes 197 208 426 399  
Total significant expenses 899 788 1,811 1,539  
DD&A 914 768 1,826 1,490  
G&A 113 114 243 228  
Financing costs, net 116 76 239 152  
Income tax expense 244 185 381 344  
Other segment items [1] (276) 23 17 55  
Total expenses 3,367 3,062 7,310 6,049  
Net earnings 917 855 1,426 1,464  
Total assets 31,390 25,162 31,390 25,162 $ 30,489
Capital expenditures, including acquisitions 948 971 1,920 1,916  
Marketing and Midstream Expenses [Member]          
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]          
Marketing and midstream expenses $ 1,357 $ 1,108 $ 2,793 $ 2,241  
[1] Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.