Common stock, par value (in dollars per share)

^[1]

$ 1,462

$ 957

$ 0.10

Common stock, shares authorized (in shares)

1,000,000,000.0

Common stock, shares issued (in shares)

677,000,000

382,000,000

CDM [Member]

Summary Of Significant Accounting Policies

$ 106

$ 102

[1]	$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 5,920	$ 38	$ 2,735	$ 3,148	$ (119)		$ 118
Balance, shares at Dec. 31, 2019		382
Net earnings (loss)	(2,483)			(2,486)			3
Other comprehensive earnings (loss), net of tax	2				2
Restricted stock grants, net of cancellations, shares		3
Common stock repurchased	(54)					$ (54)
Common stock retired			(54)			54
Common stock retired, shares		(3)
Common stock dividends	(76)			(76)
Share-based compensation	39		39
Share-based compensation, shares		1
Contributions from noncontrolling interests	11						11
Distributions to noncontrolling interests	(6)						(6)
Balance at Jun. 30, 2020	3,353	$ 38	2,720	586	(117)		126
Balance, shares at Jun. 30, 2020		383
Balance at Mar. 31, 2020	4,040	$ 38	2,701	1,298	(118)		121
Balance, shares at Mar. 31, 2020		383
Net earnings (loss)	(668)			(670)			2
Other comprehensive earnings (loss), net of tax	1				1
Common stock dividends	(42)			(42)
Share-based compensation	19		19
Contributions from noncontrolling interests	6						6
Distributions to noncontrolling interests	(3)						(3)
Balance at Jun. 30, 2020	3,353	$ 38	2,720	586	(117)		126
Balance, shares at Jun. 30, 2020		383
Balance at Dec. 31, 2020	3,019	$ 38	2,766	208	(127)		134
Balance, shares at Dec. 31, 2020		382
Net earnings (loss)	477			469			8
Other comprehensive earnings (loss), net of tax	26				26
Restricted stock grants, net of cancellations, value		$ 1	(1)
Restricted stock grants, net of cancellations, shares		6
Common stock repurchased	(40)					(40)
Common stock retired			(40)			40
Common stock retired, shares		(2)
Common stock dividends	(434)			(434)
Common stock issued	5,432	$ 29	5,403
Common stock issued, Shares		290
Share-based compensation	61		61
Share-based compensation, shares		1
Contributions from noncontrolling interests	2						2
Distributions to noncontrolling interests	(8)						(8)
Balance at Jun. 30, 2021	8,535	$ 68	8,189	243	(101)		136
Balance, shares at Jun. 30, 2021		677
Balance at Mar. 31, 2021	8,486	$ 67	8,172	218	(104)		133
Balance, shares at Mar. 31, 2021		675
Net earnings (loss)	261			256			5
Other comprehensive earnings (loss), net of tax	3				3
Restricted stock grants, net of cancellations, value		$ 1	(1)
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(2)					(2)
Common stock retired			(2)			$ 2
Common stock dividends	(231)			(231)
Share-based compensation	20		20
Contributions from noncontrolling interests	2						2
Distributions to noncontrolling interests	(4)						(4)
Balance at Jun. 30, 2021	$ 8,535	$ 68	$ 8,189	$ 243	$ (101)		$ 136
Balance, shares at Jun. 30, 2021		677

Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

DEVON ENERGY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2020 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, 2021 and 2020 and Devon’s financial position as of June 30, 2021. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Devon and WPX completed an all-stock merger of equals on January 7, 2021. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. The transaction has been accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. See Note 2 for further discussion.

As further discussed in Note 18, Devon closed on the sale of its Barnett Shale assets in October 2020. Prior to December 31, 2020, activity relating to Devon’s Barnett Shale assets is classified as discontinued operations within Devon’s consolidated statements of comprehensive earnings and consolidated statements of cash flows.

As of June 30, 2021, Devon classified approximately $180 million of cash as restricted cash on the consolidated balance sheets for obligations associated with the abandonment of certain gas processing contracts related to divestitures of our Barnett Shale assets that occurred in 2018 and obligations retained related to the Canadian business. Cash payments for these charges related to the Barnett assets and Canada business total approximately $10 million per quarter.

Variable Interest Entity

Cotton Draw Midstream, L.L.C. (“CDM”) is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). 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, on Devon's consolidated balance sheets if material.

Investments

In conjunction with the Merger, Devon acquired an interest in Catalyst which is a joint venture established between WPX and Howard Energy Partners (“HEP”) to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the agreement, Devon and HEP each have a 50 percent voting interest in the joint venture legal entity and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon’s investment in Catalyst is shown within investments on the consolidated balance sheet and Devon’s share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.

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,
	2021		2020		2021		2020
Oil	$	1,686	$	296	$	3,017	$	958
Gas		188		72		390		142
NGL		280		56		504		131
Oil, gas and NGL sales		2,154		424		3,911		1,231

Oil		610		140		1,109		469
Gas		134		81		281		175
NGL		222		110		397		247
Marketing and midstream revenues		966		331		1,787		891
Total revenues from contracts with customers	$	3,120	$	755	$	5,698	$	2,122

Acquisition and Divestitures

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Acquisition and Divestitures

2.Acquisitions and Divestitures

WPX Merger

On January 7, 2021, Devon and WPX completed an all-stock merger of equals. WPX was an oil and gas exploration and production company with assets in the Delaware Basin in Texas and New Mexico and the Williston Basin in North Dakota. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. No fractional shares of Devon’s common stock were issued in the Merger, and holders of WPX common stock instead received cash in lieu of fractional shares of Devon common stock, if any. Based on the closing price of Devon’s common stock on January 7, 2021, the total value of Devon common stock issued to holders of WPX common stock as part of this transaction was approximately $5.4 billion. The Merger was structured as a tax-free reorganization for United States federal income tax purposes.

Purchase Price Allocation

The transaction has been accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of WPX and its subsidiaries have been recorded at their respective fair values as of the date of completion of the Merger and added to Devon’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the Merger. Determining the fair value of the assets and liabilities of WPX requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of WPX’s oil and gas properties. The inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy.

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

	Preliminary Purchase
	Price Allocation
	as of June 30, 2021
Consideration:
WPX Common Stock outstanding		561.2
Exchange Ratio		0.5165
Devon common stock issued		289.9
Devon closing price on January 7, 2021	$	18.57
Total common equity consideration		5,383
Share-based replacement awards		49
Total consideration	$	5,432
Assets acquired:
Cash, cash equivalents and restricted cash	$	344
Accounts receivable		425
Other current assets		49
Right-of-use assets		38
Proved oil and gas property and equipment		7,017
Unproved and properties under development		2,367
Other property and equipment		485
Investments		400
Other long-term assets		43
Total assets acquired	$	11,168
Liabilities assumed:
Accounts payable	$	346
Revenue and royalties payable		223
Other current liabilities		454
Debt		3,562
Lease liabilities		38
Asset retirement obligations		94
Deferred income taxes		254
Other long-term liabilities		765
Total liabilities assumed		5,736
Net assets acquired	$	5,432

WPX Revenues and Earnings

The following table represents WPX’s revenues and earnings included in Devon’s consolidated statements of comprehensive earnings subsequent to the closing date of the Merger.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
Total revenues	$	1,353	$	2,413
Net earnings	$	389	$	555

Pro Forma Financial Information

Due to the Merger closing on January 7, 2021, all activity in the first and second quarters of 2021 except for the first six days of January is included in Devon’s consolidated statements of comprehensive earnings for the six months ended June 30, 2021. The following unaudited pro forma financial information for the three and six months ended June 30, 2020 is based on our historical consolidated financial statements adjusted to reflect as if the Merger had occurred on January 1, 2020. The information below reflects pro forma adjustments to conform WPX’s historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.

	Three Months Ended June 30,			Six Months Ended June 30,
Continuing operations:	2020			2020
Total revenues	$	427		$	3,912
Net loss	$	(1,102	)	$	(2,966	)
Basic net loss per share	$	(1.65	)	$	(4.45	)

Divestitures

In the first quarter of 2021, Devon completed the sale of non-core assets in the Rockies for proceeds of $9 million, net of purchase price adjustments, and recognized a $35 million gain related to the sale. The transaction includes contingent earnout payments of up to $8 million. The total estimated proved reserves associated with these divested assets was approximately 3 MMBoe. As of December 31, 2020, the associated assets and liabilities were classified as assets held for sale and included in other current assets and other current liabilities, respectively.

In the fourth quarter of 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million. The agreement with BKV also provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. The valuation of the future contingent earnout payments included within other current assets and other long-term assets in the June 30, 2021 consolidated balance sheet was $46 million and $85 million, respectively. During the second quarter of 2021, Devon recorded a $65 million increase to the fair value within asset dispositions on the consolidated statements of comprehensive earnings. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement. Additional information can be found in Note 18.

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2021

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, price swaptions, basis swaps, costless price collars and call options. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of June 30, 2021, Devon did not have any open interest rate swap contracts.

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

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of June 30, 2021, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties.

Commodity Derivatives

As of June 30, 2021, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

	Price Swaps				Price Swaptions				Price Collars						Call Options Sold
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2021		56,960	$	41.56		10,000	$	40.12		50,750	$	39.30	$	49.30		5,000	$	39.50
Q1-Q4 2022		25,619	$	43.82		10,323	$	46.46		20,233	$	46.41	$	56.41		—	$	—

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q3-Q4 2021	Midland Sweet		23,000	$	0.84
Q3-Q4 2021	Guernsey Light Sweet		4,000	$	(1.49	)
Q3-Q4 2021	BRENT		1,000	$	(8.00	)
Q3-Q4 2021	NYMEX Roll		13,000	$	0.39
Q1-Q4 2022	BRENT		1,000	$	(7.75	)
Q1-Q4 2022	NYMEX Roll		29,000	$	0.45

As of June 30, 2021, 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 and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

	Price Swaps ⁽¹⁾				Price Swaptions ⁽²⁾				Price Collars ⁽²⁾						Call Options Sold ⁽²⁾
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)
Q3-Q4 2021		266,500	$	2.63		—	$	—		180,500	$	2.48	$	2.98		50,000	$	2.68
Q1-Q4 2022		3,452	$	2.85		100,000	$	2.70		113,110	$	2.57	$	3.07		—	$	—

(1)

Related to the 2021 open positions, 26,500 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.77 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.

(2)

Price swaptions and call options settle against end of month NYMEX index. Price collars settle against the Inside FERC first of month Henry Hub Index.

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)
Q3-Q4 2021	WAHA		80,000	$	(0.65	)
Q1-Q4 2022	WAHA		70,000	$	(0.57	)
Q1-Q4 2023	WAHA		70,000	$	(0.51	)
Q1-Q4 2024	WAHA		40,000	$	(0.51	)

As of June 30, 2021, 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 2021	Natural Gasoline		1,000	$	47.57
Q3-Q4 2021	Normal Butane		1,000	$	31.40
Q3-Q4 2021	Propane		1,000	$	27.88

Financial Statement Presentation

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

	June 30, 2021		December 31, 2020
Commodity derivative assets:
Other current assets	$	5	$	5
Other long-term assets		1		1
Total derivative assets	$	6	$	6
Commodity derivative liabilities:
Other current liabilities	$	968	$	143
Other long-term liabilities		157		5
Total derivative liabilities	$	1,125	$	148

Share-Based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [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. The vesting for certain share-based awards was accelerated in conjunction with the reduction of workforce described in Note 6 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.

	Six Months Ended June 30,
	2021		2020
G&A	$	40	$	39
Restructuring and transaction costs		21		—
Total	$	61	$	39

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

						Performance-Based					Performance
	Restricted Stock Awards & Units					Restricted Stock Awards					Share Units
	Awards/Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/20		5,316		$	25.82		44		$	44.70		1,994				$	31.89
Granted ⁽¹⁾		7,691		$	19.67		—		$	—		861				$	18.08
Vested		(4,777	)	$	22.23		(44	)	$	44.70		(754	)			$	37.40
Forfeited		(69	)	$	23.45		—		$	—		(25	)			$	36.04
Unvested at 6/30/21		8,161		$	22.15		—		$	—		2,076		⁽²	⁾	$	24.12

(1)

Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.

(2)

A maximum of 4.2 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 2021, as indicated in the previous summary table.

	2021
Grant-date fair value	$	18.08
Risk-free interest rate	0.18%
Volatility factor	67.8%
Contractual term (years)	2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of June 30, 2021.


	Restricted Stock		Performance
	Awards/Units		Share Units
Unrecognized compensation cost	$	111	$	18
Weighted average period for recognition (years)		2.6		2.1

Asset Impairments

6 Months Ended

Jun. 30, 2021

Asset Impairment Charges [Abstract]

Asset Impairments

5.Asset Impairments

The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Proved oil and gas assets	$	—	$	—	$	—	$	2,664
Other assets		—		—		—		2
Total asset impairments	$	—	$	—	$	—	$	2,666

Unproved impairments	$	1	$	3	$	2	$	113

Proved Oil and Gas and Other Asset Impairments

Due to the reduced demand from the COVID-19 pandemic causing an unprecedented downturn in the price of oil and reductions in near-term capital investment, Devon recognized approximately $2.7 billion of proved asset impairments during the first quarter of 2020. These impairments related to the Anadarko Basin and Rockies fields in which the cost basis included acquisitions completed in 2016 and 2015, respectively, when commodity prices were much higher. During the first quarter of 2020, Devon also recognized $2 million of product line fill impairments.

Unproved Impairments

Due to the downturn in the commodity price environment and reduced near-term investment as discussed above, Devon also recognized $113 million of unproved impairments during the first six months of 2020, primarily in the Rockies field.

Restructuring and Transaction Costs

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Restructuring and Transaction Costs

6.Restructuring and Transaction Costs

The following table summarizes Devon’s restructuring and transaction costs.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Restructuring	$	23	$	—	$	166	$	—
Transaction costs		—		—		46		—
Total	$	23	$	—	$	212	$	—

In conjunction with the Merger closing, Devon recognized $166 million of restructuring expenses during the first six months of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $40 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees.

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2020	$	35		$	137		$	172
Changes related to 2021 workforce reductions		51			—			51
Changes related to prior years' restructurings		(3	)		(15	)		(18	)
Balance as of June 30, 2021	$	83		$	122		$	205

Balance as of December 31, 2019	$	20		$	1		$	21
Changes related to prior years' restructurings		(13	)		—			(13	)
Balance as of June 30, 2020	$	7		$	1		$	8

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

7.Income Taxes

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Earnings (loss) from continuing operations before income taxes	$	304		$	(680	)	$	272		$	(2,787	)

Current income tax expense (benefit)	$	19		$	(3	)	$	14		$	(109	)
Deferred income tax expense (benefit)		24			—			(219	)		(311	)
Total income tax expense (benefit)	$	43		$	(3	)	$	(205	)	$	(420	)

U.S. statutory income tax rate		21	%		21	%		21	%		21	%
State income taxes		0	%		0	%		1	%		1	%
Subsidiary reorganization		6	%		0	%		7	%		0	%
Deferred tax asset valuation allowance		(19	%)		(20	%)		(116	%)		(8	%)
Other		6	%		(1	%)		12	%		1	%
Effective income tax rate		14	%		0	%		(75	%)		15	%

The deferred income tax benefit recognized in the first six months of 2021 primarily relates to the Merger. As shown in Note 2, Devon recognized $254 million of deferred tax liabilities to account for the Merger. The recognition of these deferred tax liabilities

caused a decrease to Devon’s net deferred tax assets and a corresponding decrease to the valuation allowance Devon has recognized on its U.S. Federal deferred tax assets.

As of June 30, 2021, Devon continued to maintain a valuation allowance against materially all U.S. deferred tax assets. Devon continues to assess its valuation allowance position every quarter. Absent any additional objective negative evidence, and with the addition of subjective evidence such as forecasted taxable income, Devon may adjust the valuation allowance on its deferred tax assets in future periods.

In the table above, the “other” effect is composed primarily of permanent differences related to costs incurred in connection with the Merger. Such items represent $18 million of income tax expense in the first six months of 2021.

In the fourth quarter of 2020, Devon recorded a deferred tax asset representing the deductible outside basis difference in its investment in a consolidated subsidiary. In the second quarter of 2021, Devon realized this deferred tax asset, increasing its U.S. federal net operating loss carryforwards by $1.8 billion.

Net Earnings (Loss) Per Share from Continuing Operations

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

+ References + Details

Net Earnings (Loss) Per Share from Continuing Operations

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

8.	Net Earnings (Loss) Per Share from Continuing Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	256		$	(679	)	$	469		$	(2,370	)
Attributable to participating securities		(3	)		—			(5	)		(1	)
Basic and diluted earnings (loss) from continuing operations	$	253		$	(679	)	$	464		$	(2,371	)
Common shares:
Common shares outstanding - total		677			383			666			383
Attributable to participating securities		(6	)		(6	)		(6	)		(6	)
Common shares outstanding - basic		671			377			660			377
Dilutive effect of potential common shares issuable		2			—			2			—
Common shares outstanding - diluted		673			377			662			377
Net earnings (loss) per share from continuing operations:
Basic	$	0.38		$	(1.80	)	$	0.70		$	(6.29	)
Diluted	$	0.38		$	(1.80	)	$	0.70		$	(6.29	)

Other Comprehensive Earnings (Loss)

6 Months Ended

Jun. 30, 2021

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

Other Comprehensive Earnings (Loss)

9.Other Comprehensive Earnings (Loss)

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits	$	(104	)	$	(118	)	$	(127	)	$	(119	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		—			1			1			3
Settlement of pension benefits ⁽²⁾		3			—			18			—
Income tax expense		—			—			—			(1	)
Other ⁽³⁾		—			—			7			—
Accumulated other comprehensive loss, net of tax	$	(101	)	$	(117	)	$	(101	)	$	(117	)

(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.

(2)

The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.

(3)

Includes a remeasurement of the pension obligation due to the Merger, which was partially offset by a change in mortality assumption.

Supplemental Information To Statements Of Cash Flows

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Information To Statements Of Cash Flows

10.	Supplemental Information to Statements of Cash Flows

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Changes in assets and liabilities, net:
Accounts receivable	$	(100	)	$	80		$	(163	)	$	318
Income tax receivable		121			1			136			(112	)
Other current assets		(33	)		30			(58	)		(8	)
Other long-term assets		(14	)		—			(24	)		(24	)
Accounts payable and revenues and royalties payable		72			(189	)		88			(260	)
Other current liabilities		52			(16	)		19			(97	)
Other long-term liabilities		(81	)		(5	)		(108	)		28
Total	$	17		$	(99	)	$	(110	)	$	(155	)
Supplementary cash flow data - total operations:
Interest paid	$	105		$	66		$	219		$	130
Income taxes paid (refunded)	$	(106	)	$	21		$	(112	)	$	172

As of June 30, 2021, Devon had approximately $200 million of accrued capital expenditures included in total property and equipment, net and accounts payable on the consolidated balance sheets. As of December 31, 2020 (pre-merger), Devon had approximately $100 million of accrued capital expenditures in total property and equipment, net and accounts payable on the consolidated balance sheets. As of January 7, 2021 (date of Merger closing), Devon assumed approximately $150 million of accrued capital expenditures included in accounts payable.

Accounts Receivable

6 Months Ended

Jun. 30, 2021

Accounts Receivable Net [Abstract]

Accounts Receivable

11.	Accounts Receivable

Components of accounts receivable include the following:

	June 30, 2021			December 31, 2020
Oil, gas and NGL sales	$	858		$	335
Joint interest billings		128			57
Marketing and midstream revenues		181			195
Other		30			25
Gross accounts receivable		1,197			612
Allowance for doubtful accounts		(12	)		(11	)
Net accounts receivable	$	1,185		$	601

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

Extractive Industries [Abstract]

Property, Plant and Equipment

12.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, 2021			December 31, 2020
Property and equipment:
Proved	$	35,761		$	27,589
Unproved and properties under development		2,458			392
Total oil and gas		38,219			27,981
Less accumulated DD&A		(24,492	)		(23,545	)
Oil and gas property and equipment, net		13,727			4,436
Other property and equipment		2,095			1,737
Less accumulated DD&A		(633	)		(780	)
Other property and equipment, net ⁽¹⁾		1,462			957
Property and equipment, net	$	15,189		$	5,393

(1)

$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Debt And Related Expenses

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt and Related Expenses

13.	Debt and Related Expenses

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

	June 30, 2021			December 31, 2020
8.25% due August 1, 2023 ⁽¹⁾	$	242		$	—
5.25% due September 15, 2024 ⁽¹⁾		472			—
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
5.25% due October 15, 2027 ⁽¹⁾		390			—
5.875% due June 15, 2028 ⁽¹⁾		325			—
4.50% due January 15, 2030 ⁽¹⁾		585			—
7.875% due September 30, 2031		675			675
7.95% due April 15, 2032		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net premium (discount) on debentures and notes		171			(20	)
Debt issuance costs		(32	)		(31	)
Total long-term debt	$	6,502		$	4,298

(1)

These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Subsequent to debt retirements and the obligor exchange transaction completed during the first six months of 2021, approximately $51 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.

Debt maturities as of June 30, 2021, excluding debt issuance costs, premiums and discounts, are as follows:

	Total
2022	$	—
2023		242
2024		472
2025		485
2026		—
Thereafter		5,164
Total	$	6,363

The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.

	Face Value		Fair Value		Optional Redemption⁽¹⁾
6.00% due January 15, 2022	$	43	$	44
8.25% due August 1, 2023		242		281	June 1, 2023
5.25% due September 15, 2024		472		530	June 15, 2024
5.75% due June 1, 2026		500		529	June 1, 2021
5.25% due October 15, 2027		600		646	October 15, 2022
5.875% due June 15, 2028		500		554	June 15, 2023
4.50% due January 15, 2030		900		978	January 15, 2025
	$	3,257	$	3,562

(1)

At any time prior to these dates, Devon has or had the option to redeem (i) some or all of the notes at a specified "make whole" premium and (ii) a portion of certain of the notes at applicable redemption prices, in each case as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has or had the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents.

Credit Lines

Devon has a $3.0 billion Senior Credit Facility. As of June 30, 2021, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 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, 2021, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 25.6%.

Retirement of Senior Notes

In the first six months of 2021, Devon redeemed $43 million of the 6.00% senior notes due 2022, $175 million of the 5.875% senior notes due 2028, $315 million of the 4.50% senior notes due 2030, $210 million of the 5.25% senior notes due 2027 and $500 of the 5.75% senior notes due 2026. In the first six months of 2021, Devon recognized $30 million of gains on early retirement of debt, consisting of $89 million of non-cash premium accelerations, partially offset by $59 million of cash retirement costs. The gain on early retirement is included in financing costs, net in the consolidated statements of comprehensive earnings.

Net Financing Costs

The following schedule includes the components of net financing costs.

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Interest based on debt outstanding	$	98		$	65		$	203		$	130
Gain on early retirement of debt		(10	)		—			(30	)		—
Interest income		—			(2	)		(1	)		(7	)
Other		(8	)		6			(15	)		11
Total net financing costs	$	80		$	69		$	157		$	134

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

14.Leases

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2021 and December 31, 2020.

	June 30, 2021						December 31, 2020
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	216	$	36	$	252	$	220	$	3	$	223
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	8	$	23	$	31	$	8	$	1	$	9
Long-term lease liabilities		245		13		258		244		2		246
Total lease liabilities	$	253	$	36	$	289	$	252	$	3	$	255

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

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

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2021

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,
	2021			2020
Asset retirement obligations as of beginning of period	$	369		$	398
Assumed WPX obligations		98			—
Liabilities incurred		20			11
Liabilities settled and divested		(47	)		(21	)
Revision of estimated obligation		11			4
Accretion expense on discounted obligation		14			10
Asset retirement obligations as of end of period		465			402
Less current portion		15			11
Asset retirement obligations, long-term	$	450		$	391

Other Long-Term Liabilities

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Long-Term Liabilities

16.	Other Long-Term Liabilities

Components of other long-term liabilities include the following:

	June 30, 2021		December 31, 2020
Assumed gathering, processing and transportation contracts	$	474	$	—
Pension and postretirement benefit obligations		227		243
Commodity derivatives		157		5
Restructuring and transaction costs		122		137
Estimated future obligation under a performance guarantee		95		—
Other		173		166
Total other long-term liabilities	$	1,248	$	551

Devon assumed fixed gathering, processing and transportation contracts in the Merger and recognized a liability related to the difference in the contractual and market rates of these contracts as of the date of the Merger. The terms of the contracts extend through 2038 and all relate to the Delaware Basin. This difference will be recognized as a reduction to production expenses as the associated reserves are produced over the life of the respective contracts. For the six months ended June 30, 2021, Devon recognized $16 million of non-cash amortization of these liabilities as a reduction of production expenses in the consolidated statements of comprehensive earnings.

Additionally, in the Merger, Devon assumed a future obligation under a performance guarantee related to gathering and processing commitments for assets WPX sold in 2018 in which the purchaser of those assets is now not expected to have the financial

ability to satisfy the obligations. As of June 30, 2021, Devon recorded a $129 million liability for the estimated potential exposure based on probability-weighted cash flows for the remainder of the contract term of five years. Of the $129 million, $95 million is included in other long-term liabilities and $34 million is included in other current liabilities on the consolidated balance sheets as of June 30, 2021.

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Stockholders' Equity

17.	Stockholders’ Equity

WPX Merger

On January 7, 2021, Devon and WPX completed an all-stock merger of equals. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. Consequently, Devon issued approximately 290 million shares of Devon common stock to holders of WPX common stock to effect the Merger on January 7, 2021.

Share Repurchases

The table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share

First quarter 2020		2,243	$	38	$	16.85
Total		2,243	$	38	$	16.85

Dividends

Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. The following table summarizes Devon’s fixed and variable dividends for the first six months of 2021 and 2020, respectively.

	Fixed		Variable		Total		Rate Per Share
2021:
First quarter	$	76	$	127	$	203	$	0.30
Second quarter		75		154		229	$	0.34
Total year-to-date	$	151	$	281	$	432
2020:
First quarter	$	34	$	—	$	34	$	0.09
Second quarter		42		—		42	$	0.11
Total year-to-date	$	76	$	—	$	76

In August 2021, Devon announced a cash dividend in the amount of $0.49 per share payable in the third quarter of 2021. The dividend consists of a fixed quarterly dividend in the amount of approximately $74 million (or $0.11 per share) and a variable quarterly dividend in the amount of approximately $257 million (or $0.38 per share).

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.

Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

18.	Discontinued Operations

On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million. Additionally, the agreement provides for contingent earnout payments to Devon of up to $260 million

based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years.

The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.

	Three Months Ended June 30, 2020			Six Months Ended June 30, 2020
Oil, gas and NGL sales	$	77		$	169
Total revenues		77			169
Production expenses		74			148
Asset impairments ⁽¹⁾		—			179
Asset dispositions		(2	)		(2	)
General and administrative expenses		—			1
Financing costs, net		—			(2	)
Other, net		(4	)		(7	)
Total expenses		68			317
Earnings (loss) from discontinued operations before income taxes		9			(148	)
Income tax benefit		—			(32	)
Net earnings (loss) from discontinued operations, net of tax	$	9		$	(116	)

(1)

Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Commitments And Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments And Contingencies

19.	Commitments and Contingencies

Devon is party to various legal proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability 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. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved 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 defending against a number of such lawsuits, either as a named defendant in the action or pursuant to indemnity obligations for the benefit of a third party. Plaintiffs in some of these lawsuits are seeking class certification. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, failed to “enhance” the value of gas through processing, used improper measurement techniques, entered into purchase and midstream arrangements with affiliates that resulted in underpayment of royalties or otherwise failed to prudently market oil, natural gas and NGLs produced and sold and pay royalties on the highest obtainable price. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters.

Environmental and Climate Change Matters

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

Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, the 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 believes these claims to be baseless and is vigorously defending against these claims.

The State of Delaware and various municipalities and other governmental and private parties in California have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of these matters, Devon believes these claims to be baseless and intends to vigorously defend against the proceedings.

Williams’ Former Power Business Matter

Direct and indirect purchasers of natural gas in various states filed individual and class action lawsuits against The Williams Companies, Inc. (“Williams”) and other parties alleging the manipulation of published gas price indices and seeking unspecified amounts of damages. WPX and certain of its subsidiaries, which were then affiliates of Williams, were also named as defendants in these actions.

Devon cannot reasonably estimate a range of potential exposure at this time for these matters. In connection with its spin-off from Williams in 2011, WPX entered into a separation and distribution agreement with Williams, pursuant to which Williams agreed to indemnify and hold WPX and its subsidiaries harmless from any losses arising out of these matters.

Other Indemnifications and Legacy Matters

Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities or performing requirements under surface agreements in existence at the time of disposition.

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

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

20.	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, 2021 and December 31, 2020, as applicable. Therefore, such financial assets and liabilities are not presented in the following table. Additionally, information regarding the fair values of oil and gas assets is provided in Note 5.

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2			Level 3
	Amount			Value			Inputs		Inputs			Inputs
June 30, 2021 assets (liabilities):
Cash equivalents	$	696		$	696		$	696	$	—		$	—
Commodity derivatives	$	6		$	6		$	—	$	6		$	—
Commodity derivatives	$	(1,125	)	$	(1,125	)	$	—	$	(1,125	)	$	—
Debt	$	(6,502	)	$	(7,630	)	$	—	$	(7,630	)	$	—
Contingent earnout payments	$	135		$	135		$	—	$	—		$	135
December 31, 2020 assets (liabilities):
Cash equivalents	$	1,436		$	1,436		$	1,436	$	—		$	—
Commodity derivatives	$	6		$	6		$	—	$	6		$	—
Commodity derivatives	$	(148	)	$	(148	)	$	—	$	(148	)	$	—
Debt	$	(4,298	)	$	(5,365	)	$	—	$	(5,365	)	$	—
Contingent earnout payments	$	66		$	66		$	—	$	—		$	66

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

Level 1 Fair Value Measurements

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

Level 2 Fair Value Measurements

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

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

Level 3 Fair Value Measurements

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

Schedule of Revenue from Contracts with Customers

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

+ References + Details

Summary Of Significant Accounting Policies (Policies)	6 Months Ended
Summary Of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Variable Interest Entity	Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). 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, on Devon's consolidated balance sheets if material.
Investments	Investments In conjunction with the Merger, Devon acquired an interest in Catalyst which is a joint venture established between WPX and Howard Energy Partners (“HEP”) to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the agreement, Devon and HEP each have a 50 percent voting interest in the joint venture legal entity and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon’s investment in Catalyst is shown within investments on the consolidated balance sheet and Devon’s share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.
Commitments And Contingencies	Devon is party to various legal proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability 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. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved could differ materially from management’s estimates.

Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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,
	2021		2020		2021		2020
Oil	$	1,686	$	296	$	3,017	$	958
Gas		188		72		390		142
NGL		280		56		504		131
Oil, gas and NGL sales		2,154		424		3,911		1,231

Oil		610		140		1,109		469
Gas		134		81		281		175
NGL		222		110		397		247
Marketing and midstream revenues		966		331		1,787		891
Total revenues from contracts with customers	$	3,120	$	755	$	5,698	$	2,122

Acquisitions and Divestitures (Tables) - Devon and WPX Agreement [Member]

6 Months Ended

Jun. 30, 2021

Business Acquisition [Line Items]

Schedule of Preliminary Allocation of the Total Purchase Price

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

	Preliminary Purchase
	Price Allocation
	as of June 30, 2021
Consideration:
WPX Common Stock outstanding		561.2
Exchange Ratio		0.5165
Devon common stock issued		289.9
Devon closing price on January 7, 2021	$	18.57
Total common equity consideration		5,383
Share-based replacement awards		49
Total consideration	$	5,432
Assets acquired:
Cash, cash equivalents and restricted cash	$	344
Accounts receivable		425
Other current assets		49
Right-of-use assets		38
Proved oil and gas property and equipment		7,017
Unproved and properties under development		2,367
Other property and equipment		485
Investments		400
Other long-term assets		43
Total assets acquired	$	11,168
Liabilities assumed:
Accounts payable	$	346
Revenue and royalties payable		223
Other current liabilities		454
Debt		3,562
Lease liabilities		38
Asset retirement obligations		94
Deferred income taxes		254
Other long-term liabilities		765
Total liabilities assumed		5,736
Net assets acquired	$	5,432

Schedule of WPX Revenues And Earnings Included In Devons Consolidated Comprehensive Statements of Earnings

The following table represents WPX’s revenues and earnings included in Devon’s consolidated statements of comprehensive earnings subsequent to the closing date of the Merger.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
Total revenues	$	1,353	$	2,413
Net earnings	$	389	$	555

Schedule of Pro Forma Adjustments to Confirm Acquisition

The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.

	Three Months Ended June 30,			Six Months Ended June 30,
Continuing operations:	2020			2020
Total revenues	$	427		$	3,912
Net loss	$	(1,102	)	$	(2,966	)
Basic net loss per share	$	(1.65	)	$	(4.45	)

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule Of Open Derivative Positions

	Price Swaps				Price Swaptions				Price Collars						Call Options Sold
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2021		56,960	$	41.56		10,000	$	40.12		50,750	$	39.30	$	49.30		5,000	$	39.50
Q1-Q4 2022		25,619	$	43.82		10,323	$	46.46		20,233	$	46.41	$	56.41		—	$	—

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q3-Q4 2021	Midland Sweet		23,000	$	0.84
Q3-Q4 2021	Guernsey Light Sweet		4,000	$	(1.49	)
Q3-Q4 2021	BRENT		1,000	$	(8.00	)
Q3-Q4 2021	NYMEX Roll		13,000	$	0.39
Q1-Q4 2022	BRENT		1,000	$	(7.75	)
Q1-Q4 2022	NYMEX Roll		29,000	$	0.45

	Price Swaps ⁽¹⁾				Price Swaptions ⁽²⁾				Price Collars ⁽²⁾						Call Options Sold ⁽²⁾
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)
Q3-Q4 2021		266,500	$	2.63		—	$	—		180,500	$	2.48	$	2.98		50,000	$	2.68
Q1-Q4 2022		3,452	$	2.85		100,000	$	2.70		113,110	$	2.57	$	3.07		—	$	—

(1)

Related to the 2021 open positions, 26,500 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.77 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.

(2)

Price swaptions and call options settle against end of month NYMEX index. Price collars settle against the Inside FERC first of month Henry Hub Index.

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)
Q3-Q4 2021	WAHA		80,000	$	(0.65	)
Q1-Q4 2022	WAHA		70,000	$	(0.57	)
Q1-Q4 2023	WAHA		70,000	$	(0.51	)
Q1-Q4 2024	WAHA		40,000	$	(0.51	)

		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2021	Natural Gasoline		1,000	$	47.57
Q3-Q4 2021	Normal Butane		1,000	$	31.40
Q3-Q4 2021	Propane		1,000	$	27.88

Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets

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

	June 30, 2021		December 31, 2020
Commodity derivative assets:
Other current assets	$	5	$	5
Other long-term assets		1		1
Total derivative assets	$	6	$	6
Commodity derivative liabilities:
Other current liabilities	$	968	$	143
Other long-term liabilities		157		5
Total derivative liabilities	$	1,125	$	148

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

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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

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

	Six Months Ended June 30,
	2021		2020
G&A	$	40	$	39
Restructuring and transaction costs		21		—
Total	$	61	$	39

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

						Performance-Based					Performance
	Restricted Stock Awards & Units					Restricted Stock Awards					Share Units
	Awards/Units			Weighted Average Grant-Date Fair Value		Awards			Weighted Average Grant-Date Fair Value		Units					Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/20		5,316		$	25.82		44		$	44.70		1,994				$	31.89
Granted ⁽¹⁾		7,691		$	19.67		—		$	—		861				$	18.08
Vested		(4,777	)	$	22.23		(44	)	$	44.70		(754	)			$	37.40
Forfeited		(69	)	$	23.45		—		$	—		(25	)			$	36.04
Unvested at 6/30/21		8,161		$	22.15		—		$	—		2,076		⁽²	⁾	$	24.12

(1)

Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.

(2)

A maximum of 4.2 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

	2021
Grant-date fair value	$	18.08
Risk-free interest rate	0.18%
Volatility factor	67.8%
Contractual term (years)	2.89

Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition


	Restricted Stock		Performance
	Awards/Units		Share Units
Unrecognized compensation cost	$	111	$	18
Weighted average period for recognition (years)		2.6		2.1

Asset Impairments (Tables)

6 Months Ended

Jun. 30, 2021

Asset Impairment Charges [Abstract]

Summary of Asset Impairments

The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Proved oil and gas assets	$	—	$	—	$	—	$	2,664
Other assets		—		—		—		2
Total asset impairments	$	—	$	—	$	—	$	2,666

Unproved impairments	$	1	$	3	$	2	$	113

Restructuring and Transaction Costs (Tables)

6 Months Ended

Jun. 30, 2021

Restructuring And Related Activities [Abstract]

Schedule Of Restructuring And Transaction Costs

The following table summarizes Devon’s restructuring and transaction costs.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Restructuring	$	23	$	—	$	166	$	—
Transaction costs		—		—		46		—
Total	$	23	$	—	$	212	$	—

In conjunction with the Merger closing, Devon recognized $166 million of restructuring expenses during the first six months of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $40 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees.

Schedule Of The Activity And Balances Associated With Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

	Other			Other
	Current			Long-term
	Liabilities			Liabilities			Total
Balance as of December 31, 2020	$	35		$	137		$	172
Changes related to 2021 workforce reductions		51			—			51
Changes related to prior years' restructurings		(3	)		(15	)		(18	)
Balance as of June 30, 2021	$	83		$	122		$	205

Balance as of December 31, 2019	$	20		$	1		$	21
Changes related to prior years' restructurings		(13	)		—			(13	)
Balance as of June 30, 2020	$	7		$	1		$	8

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule Of Effective Income Tax Rate Reconciliation

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Earnings (loss) from continuing operations before income taxes	$	304		$	(680	)	$	272		$	(2,787	)

Current income tax expense (benefit)	$	19		$	(3	)	$	14		$	(109	)
Deferred income tax expense (benefit)		24			—			(219	)		(311	)
Total income tax expense (benefit)	$	43		$	(3	)	$	(205	)	$	(420	)

U.S. statutory income tax rate		21	%		21	%		21	%		21	%
State income taxes		0	%		0	%		1	%		1	%
Subsidiary reorganization		6	%		0	%		7	%		0	%
Deferred tax asset valuation allowance		(19	%)		(20	%)		(116	%)		(8	%)
Other		6	%		(1	%)		12	%		1	%
Effective income tax rate		14	%		0	%		(75	%)		15	%

Net Earnings (Loss) Per Share from Continuing Operations (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share Computations from Continuing Operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$	256		$	(679	)	$	469		$	(2,370	)
Attributable to participating securities		(3	)		—			(5	)		(1	)
Basic and diluted earnings (loss) from continuing operations	$	253		$	(679	)	$	464		$	(2,371	)
Common shares:
Common shares outstanding - total		677			383			666			383
Attributable to participating securities		(6	)		(6	)		(6	)		(6	)
Common shares outstanding - basic		671			377			660			377
Dilutive effect of potential common shares issuable		2			—			2			—
Common shares outstanding - diluted		673			377			662			377
Net earnings (loss) per share from continuing operations:
Basic	$	0.38		$	(1.80	)	$	0.70		$	(6.29	)
Diluted	$	0.38		$	(1.80	)	$	0.70		$	(6.29	)

Other Comprehensive Earnings (Loss) (Tables)

6 Months Ended

Jun. 30, 2021

Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [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,
	2021			2020			2021			2020
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits	$	(104	)	$	(118	)	$	(127	)	$	(119	)
Recognition of net actuarial loss and prior service cost in earnings ⁽¹⁾		—			1			1			3
Settlement of pension benefits ⁽²⁾		3			—			18			—
Income tax expense		—			—			—			(1	)
Other ⁽³⁾		—			—			7			—
Accumulated other comprehensive loss, net of tax	$	(101	)	$	(117	)	$	(101	)	$	(117	)

(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.

(2)

The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.

(3)

Includes a remeasurement of the pension obligation due to the Merger, which was partially offset by a change in mortality assumption.

Supplemental Information To Statements Of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2021

Supplemental Cash Flow Elements [Abstract]

Schedule Of Supplemental Information To Statements Of Cash Flows

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Changes in assets and liabilities, net:
Accounts receivable	$	(100	)	$	80		$	(163	)	$	318
Income tax receivable		121			1			136			(112	)
Other current assets		(33	)		30			(58	)		(8	)
Other long-term assets		(14	)		—			(24	)		(24	)
Accounts payable and revenues and royalties payable		72			(189	)		88			(260	)
Other current liabilities		52			(16	)		19			(97	)
Other long-term liabilities		(81	)		(5	)		(108	)		28
Total	$	17		$	(99	)	$	(110	)	$	(155	)
Supplementary cash flow data - total operations:
Interest paid	$	105		$	66		$	219		$	130
Income taxes paid (refunded)	$	(106	)	$	21		$	(112	)	$	172

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2021

Accounts Receivable Net [Abstract]

Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

	June 30, 2021			December 31, 2020
Oil, gas and NGL sales	$	858		$	335
Joint interest billings		128			57
Marketing and midstream revenues		181			195
Other		30			25
Gross accounts receivable		1,197			612
Allowance for doubtful accounts		(12	)		(11	)
Net accounts receivable	$	1,185		$	601

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021			December 31, 2020
Property and equipment:
Proved	$	35,761		$	27,589
Unproved and properties under development		2,458			392
Total oil and gas		38,219			27,981
Less accumulated DD&A		(24,492	)		(23,545	)
Oil and gas property and equipment, net		13,727			4,436
Other property and equipment		2,095			1,737
Less accumulated DD&A		(633	)		(780	)
Other property and equipment, net ⁽¹⁾		1,462			957
Property and equipment, net	$	15,189		$	5,393

(1)

$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Debt And Related Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule Of Debt Instruments and Balances

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

	June 30, 2021			December 31, 2020
8.25% due August 1, 2023 ⁽¹⁾	$	242		$	—
5.25% due September 15, 2024 ⁽¹⁾		472			—
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027		73			73
5.25% due October 15, 2027 ⁽¹⁾		390			—
5.875% due June 15, 2028 ⁽¹⁾		325			—
4.50% due January 15, 2030 ⁽¹⁾		585			—
7.875% due September 30, 2031		675			675
7.95% due April 15, 2032		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net premium (discount) on debentures and notes		171			(20	)
Debt issuance costs		(32	)		(31	)
Total long-term debt	$	6,502		$	4,298

(1)

These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Subsequent to debt retirements and the obligor exchange transaction completed during the first six months of 2021, approximately $51 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.

Schedule Of Debt Maturities

Debt maturities as of June 30, 2021, excluding debt issuance costs, premiums and discounts, are as follows:

	Total
2022	$	—
2023		242
2024		472
2025		485
2026		—
Thereafter		5,164
Total	$	6,363

Schedule of WPX Debt assumed with the Merger

The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.

	Face Value		Fair Value		Optional Redemption⁽¹⁾
6.00% due January 15, 2022	$	43	$	44
8.25% due August 1, 2023		242		281	June 1, 2023
5.25% due September 15, 2024		472		530	June 15, 2024
5.75% due June 1, 2026		500		529	June 1, 2021
5.25% due October 15, 2027		600		646	October 15, 2022
5.875% due June 15, 2028		500		554	June 15, 2023
4.50% due January 15, 2030		900		978	January 15, 2025
	$	3,257	$	3,562

(1)

At any time prior to these dates, Devon has or had the option to redeem (i) some or all of the notes at a specified "make whole" premium and (ii) a portion of certain of the notes at applicable redemption prices, in each case as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has or had the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents.

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,
	2021			2020			2021			2020
Interest based on debt outstanding	$	98		$	65		$	203		$	130
Gain on early retirement of debt		(10	)		—			(30	)		—
Interest income		—			(2	)		(1	)		(7	)
Other		(8	)		6			(15	)		11
Total net financing costs	$	80		$	69		$	157		$	134

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Right-of-use Assets and Lease Liabilities

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2021 and December 31, 2020.

	June 30, 2021						December 31, 2020
	Finance		Operating		Total		Finance		Operating		Total
Right-of-use assets	$	216	$	36	$	252	$	220	$	3	$	223
Lease liabilities:
Current lease liabilities ⁽¹⁾	$	8	$	23	$	31	$	8	$	1	$	9
Long-term lease liabilities		245		13		258		244		2		246
Total lease liabilities	$	253	$	36	$	289	$	252	$	3	$	255

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

Asset Retirement Obligations (Tables)

6 Months Ended

Jun. 30, 2021

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,
	2021			2020
Asset retirement obligations as of beginning of period	$	369		$	398
Assumed WPX obligations		98			—
Liabilities incurred		20			11
Liabilities settled and divested		(47	)		(21	)
Revision of estimated obligation		11			4
Accretion expense on discounted obligation		14			10
Asset retirement obligations as of end of period		465			402
Less current portion		15			11
Asset retirement obligations, long-term	$	450		$	391

Other Long-Term Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Other Liabilities Disclosure [Abstract]

Components of Other Long-Term Liabilities

Components of other long-term liabilities include the following:

	June 30, 2021		December 31, 2020
Assumed gathering, processing and transportation contracts	$	474	$	—
Pension and postretirement benefit obligations		227		243
Commodity derivatives		157		5
Restructuring and transaction costs		122		137
Estimated future obligation under a performance guarantee		95		—
Other		173		166
Total other long-term liabilities	$	1,248	$	551

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Summary of Purchases of Common Stock

The table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).

	Total Number of Shares Purchased		Dollar Value of Shares Purchased		Average Price Paid per Share

First quarter 2020		2,243	$	38	$	16.85
Total		2,243	$	38	$	16.85

Schedule of Dividends Payable

The following table summarizes Devon’s fixed and variable dividends for the first six months of 2021 and 2020, respectively.

	Fixed		Variable		Total		Rate Per Share
2021:
First quarter	$	76	$	127	$	203	$	0.30
Second quarter		75		154		229	$	0.34
Total year-to-date	$	151	$	281	$	432
2020:
First quarter	$	34	$	—	$	34	$	0.09
Second quarter		42		—		42	$	0.11
Total year-to-date	$	76	$	—	$	76

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations And Disposal Groups [Abstract]

Summary of Amounts Reported as Discontinued Operations in the Consolidated Comprehensive Statements of Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets

The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.

	Three Months Ended June 30, 2020			Six Months Ended June 30, 2020
Oil, gas and NGL sales	$	77		$	169
Total revenues		77			169
Production expenses		74			148
Asset impairments ⁽¹⁾		—			179
Asset dispositions		(2	)		(2	)
General and administrative expenses		—			1
Financing costs, net		—			(2	)
Other, net		(4	)		(7	)
Total expenses		68			317
Earnings (loss) from discontinued operations before income taxes		9			(148	)
Income tax benefit		—			(32	)
Net earnings (loss) from discontinued operations, net of tax	$	9		$	(116	)

(1)

Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

							Fair Value Measurements Using:
	Carrying			Total Fair			Level 1		Level 2			Level 3
	Amount			Value			Inputs		Inputs			Inputs
June 30, 2021 assets (liabilities):
Cash equivalents	$	696		$	696		$	696	$	—		$	—
Commodity derivatives	$	6		$	6		$	—	$	6		$	—
Commodity derivatives	$	(1,125	)	$	(1,125	)	$	—	$	(1,125	)	$	—
Debt	$	(6,502	)	$	(7,630	)	$	—	$	(7,630	)	$	—
Contingent earnout payments	$	135		$	135		$	—	$	—		$	135
December 31, 2020 assets (liabilities):
Cash equivalents	$	1,436		$	1,436		$	1,436	$	—		$	—
Commodity derivatives	$	6		$	6		$	—	$	6		$	—
Commodity derivatives	$	(148	)	$	(148	)	$	—	$	(148	)	$	—
Debt	$	(4,298	)	$	(5,365	)	$	—	$	(5,365	)	$	—
Contingent earnout payments	$	66		$	66		$	—	$	—		$	66

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions		3 Months Ended	6 Months Ended
	Jan. 07, 2021	Jun. 30, 2021 USD ($) a	Jun. 30, 2021 USD ($) a	Jun. 30, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Conversion of common stock into right to recieve per share	0.5165		0.5165
Restricted cash		$ 191	$ 191	$ 195
Area of land \| a		50,000	50,000
Barnett Shale [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 180	$ 180
Cash payments for divestitures		$ 10
Devon and WPX Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Date of agreement	Jan. 07, 2021
Conversion of common stock into right to recieve per share	0.5165
WPX and Howard Energy Partners [Member]
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the join venture legal entity		50.00%	50.00%

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 3,120	$ 755	$ 5,698	$ 2,122
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,154	424	3,911	1,231
Oil, Gas and NGL Sales [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,686	296	3,017	958
Oil, Gas and NGL Sales [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	188	72	390	142
Oil, Gas and NGL Sales [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	280	56	504	131
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	966	331	1,787	891
Marketing and Midstream Revenues [Member] \| Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	610	140	1,109	469
Marketing and Midstream Revenues [Member] \| Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	134	81	281	175
Marketing and Midstream Revenues [Member] \| NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 222	$ 110	$ 397	$ 247

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

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Acquisition and Divestitures (Narrative) (Details) $ in Millions		3 Months Ended				6 Months Ended		48 Months Ended
	Jan. 07, 2021	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) MMBoe	Dec. 31, 2020 USD ($) $ / MMBTU $ / bbl	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2024
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Conversion of common stock into right to recieve per share	0.5165					0.5165
Common Stock Shares Issued		$ 68		$ 38		$ 68
Gain on asset dispositions					$ 2		$ 2
Gain loss on disposition of assets		87				$ 119
Non Core Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Divestitures of property and equipment			$ 9
Gain on asset dispositions			35
Contingent earnout payments			$ 8
Total estimated proved reserves \| MMBoe			3
Devon and WPX Agreement [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Date of agreement						Jan. 07, 2021
Conversion of common stock into right to recieve per share	0.5165
Common Stock Shares Issued		5,400				$ 5,400
Barnett Shale [Member] \| BKV [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Divestitures of property and equipment				490
Contingent earnout payments				$ 260
Henry Hub gas price for contingent earnout payment upside \| $ / MMBTU				2.75
WTI oil price for contingent earnout payment upside \| $ / bbl				50
Gain loss on disposition of assets		$ 65
Barnett Shale [Member] \| BKV [Member] \| Other Current Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments						46
Barnett Shale [Member] \| BKV [Member] \| Other Noncurrent Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments						$ 85
Barnett Shale [Member] \| BKV [Member] \| Scenario Forecast [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payment period								The contingent payment period commenced on January 1, 2021 and has a term of four years.

Acquisition and Divestitures (Schedule of Preliminary Allocation of the Total Purchase Price) (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Jan. 07, 2021 USD ($) shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares
Consideration:
Conversion of common stock into right to recieve per share	0.5165	0.5165
Common stock, shares issued (in shares) \| shares		677,000,000	382,000,000
Devon closing price on January 7, 2021 \| $ / shares		$ 18.57
Total common equity consideration		$ 5,383
Share-based replacement awards		49
Total consideration		5,432
Assets acquired:
Cash, cash equivalents and restricted cash		344
Accounts receivable		425
Other current assets		49
Right-of-use assets		38
Proved oil and gas property and equipment		7,017
Unproved and properties under development		2,367
Other property and equipment		485
Investments		400
Other long-term assets		43
Total assets acquired		11,168
Liabilities assumed:
Accounts payable		346
Revenue and royalties payable		223
Other current liabilities		454
Debt		3,562
Lease liabilities		38
Asset retirement obligations		94
Deferred income taxes	$ 254	254
Other long-term liabilities		765
Total liabilities assumed		5,736
Net assets acquired		$ 5,432
WPX
Consideration:
WPX Common Stock outstanding \| shares		561,200,000
Devon and WPX Agreement [Member]
Consideration:
Conversion of common stock into right to recieve per share	0.5165
Common stock, shares issued (in shares) \| shares	290,000,000	289,900,000

Acquisition and Divestitures (Schedule of WPX Revenue and Earnings Included In Devons Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Total revenues	$ 2,417	$ 394	$ 4,467	$ 2,481
Net earnings (loss)	261	$ (668)	477	$ (2,483)
WPX
Business Acquisition [Line Items]
Total revenues	1,353		2,413
Net earnings (loss)	$ 389		$ 555

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Acquisition and Divestitures (Schedule of Pro Forma Adjustments to Confirm Acquisition) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Total revenues	$ 2,417	$ 394	$ 4,467	$ 2,481
Net earnings (loss)	$ 261	$ (668)	$ 477	$ (2,483)
Basic net loss per share	$ 0.38	$ (1.78)	$ 0.70	$ (6.60)
Devon and WPX Agreement [Member] \| Pro Forma [Member]
Business Acquisition [Line Items]
Total revenues		$ 427		$ 3,912
Net earnings (loss)		$ (1,102)		$ (2,966)
Basic net loss per share		$ (1.65)		$ (4.45)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2022 [Member]

Derivative Financial Instruments (Narrative) (Details)	Jun. 30, 2021 USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash collateral held	$ 0
Cash collateral posted	$ 0

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	6 Months Ended
	Jun. 30, 2021 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	56,960
Weighted Average Price Swap	41.56
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	25,619
Weighted Average Price Swap	43.82
NYMEX West Texas Intermediate Price Swaptions Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	10,000
Weighted Average Price Swap	40.12
NYMEX West Texas Intermediate Price Swaptions Oil Q1-Q4 2022 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	10,323
Weighted Average Price Swap	46.46
NYMEX West Texas Intermediate Price Collars Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	50,750
Weighted Average Floor Price	39.30
Weighted Average Ceiling Price	49.30
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	20,233
Weighted Average Floor Price	46.41
Weighted Average Ceiling Price	56.41
NYMEX West Texas Intermediate Call Options Sold Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	5,000
Weighted Average Price Swap	39.50
Midland Sweet Basis Swaps Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	23,000
Oil Basis Swaps	0.84
Guernsey Light Sweet Basis Swaps Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	4,000
Oil Basis Swaps	(1.49)
BRENT Basis Swaps Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Oil Basis Swaps	(8.00)
NYMEX Roll Basis Swaps Oil Q3-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	13,000
Oil Basis Swaps	0.39
BRENT Basis Swaps Oil Q1-Q4 2022 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Oil Basis Swaps	(7.75)
NYMEX Roll Basis Swaps Oil Q1-Q4 2022 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	29,000
Oil Basis Swaps	0.45

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)

6 Months Ended

Jun. 30, 2021

MMBTU

$ / MMBTU

3,452

^[1]

FERC Henry Hub Price Swaps Natural Gas Q3-Q4 2021 [Member]

2.85

^[1]

266,500

^[1]

FERC Henry Hub Price Swaptions Natural Gas Q1-Q4 2022 [Member]

2.63

^[1]

100,000

^[2]

FERC Henry Hub Price Collars Natural Gas Q1-Q4 2022 [Member]

2.70

^[2]

Weighted Average Floor Price

113,110

^[2]

2.57

^[2]

Weighted Average Ceiling Price

3.07

^[2]

FERC Henry Hub Price Collars Natural Gas Q3-Q4 2021 [Member]

Weighted Average Floor Price

180,500

^[2]

2.48

^[2]

Weighted Average Ceiling Price

2.98

^[2]

FERC Henry Hub Call Options Sold Natural Gas Q2-Q4 2021 [Member]

50,000

^[2]

El Paso Natural Gas Basis Swaps Q3-Q4 2021 [Member]

2.68

^[2]

35,000

WAHA Natural Gas Basis Swaps Q3-Q4 2021 [Member]

(0.92)

80,000

WAHA Natural Gas Basis Swaps Q1-Q4 2022 [Member]

(0.65)

70,000

WAHA Natural Gas Basis Swaps Q1-Q4 2023 [Member]

(0.57)

70,000

WAHA Natural Gas Basis Swaps Q1-Q4 2024 [Member]

(0.51)

40,000

Restricted Stock Awards [Member]

(0.51)

[1]	Related to the 2021 open positions, 26,500 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.77 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.
[2]	Price swaptions and call options settle against end of month NYMEX index. Price collars settle against the Inside FERC first of month Henry Hub Index.

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2021 $ / MMBTU bbl
FERC Henry Hub Natural Gas [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	26,500
Weighted Average Price Swap \| $ / MMBTU	2.77
NYMEX West Texas Intermediate [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	240,000
Weighted Average Price Swap \| $ / MMBTU	2.62

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	6 Months Ended
	Jun. 30, 2021 $ / bbl bbl
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	47.57
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	31.40
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2021 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) \| bbl	1,000
Weighted Average Price Swap \| $ / bbl	27.88

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Fair value of derivative assets	$ 6	$ 6
Fair value of derivative liabilities	1,125	148
Commodity Contract [Member] \| Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	5	5
Commodity Contract [Member] \| Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets	1	1
Commodity Contract [Member] \| Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	968	143
Commodity Contract [Member] \| Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities	$ 157	$ 5

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, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 61	$ 39
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	40	$ 39
Restructuring and Transaction Costs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restructuring and transaction costs	$ 21

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, 2021

$ / shares

shares

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

Unvested at December 31, 2020 | shares

5,316

Granted, awards and units | shares

7,691

^[1]

Vested, awards and units | shares

(4,777)

Forfeited, awards and units | shares

(69)

Unvested at June 30, 2021 shares | shares

8,161

Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares

$ 25.82

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

19.67

^[1]

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

22.23

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

23.45

Unvested weighted average grant-date fair value at June 30, 2021 | $ / shares

$ 22.15

Performance-Based Restricted Stock Awards [Member]

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

Unvested at December 31, 2020 | shares

44

Vested, awards and units | shares

(44)

Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares

$ 44.70

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

$ 44.70

Performance Share Units [Member]

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

Unvested at December 31, 2020 | shares

1,994

Granted, awards and units | shares

861

^[1]

Vested, awards and units | shares

(754)

Forfeited, awards and units | shares

(25)

Unvested at June 30, 2021 shares | shares

2,076

^[2]

Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares

$ 31.89

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

18.08

^[1]

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

37.40

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

36.04

Unvested weighted average grant-date fair value at June 30, 2021 | $ / shares

$ 24.12

[1]	Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.
[2]	A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions		6 Months Ended
	Jan. 07, 2021 shares	Jun. 30, 2021 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common stock into right to recieve per share	0.5165	0.5165
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		4.2
Devon and WPX Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common stock into right to recieve per share	0.5165
Conversion of WPX employees' shares to Devon shares	4.9

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member]

6 Months Ended

Jun. 30, 2021

$ / shares

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

Grant-date fair value

$ 18.08

^[1]

Risk-free interest rate

0.18%

Volatility factor

67.80%

Contractual term (years)

2 years 10 months 20 days

[1]	Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 111
Weighted average period for recognition (years)	2 years 7 months 6 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 18
Weighted average period for recognition (years)	2 years 1 month 6 days

Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges				$ 2,666
Unproved impairments	$ 3	$ 12	$ 6	124
Proved Oil and Gas Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges				2,664
Other Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges				2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Unproved impairments	$ 1	$ 3	$ 2	$ 113

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments					$ 2,666
Exploration expenses	$ 3	$ 12		$ 6	124
Proved Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments			$ 2,700
Product Line Fill Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments			$ 2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Exploration expenses	$ 1	$ 3		$ 2	$ 113

Restructuring and Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring cost	$ 23	$ 212
Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring cost	$ 23	166
Transaction Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring cost		$ 46

Restructuring and Transaction Costs (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 23	$ 212
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs		166
Expense associated with accelerated awards		21
Reduction Of Workforce [Member] \| Defined Benefit Settlements [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs		40
Transaction Costs [Member]
Restructuring Cost And Reserve [Line Items]
Underwriting, bank, legal and accounting fees	$ 46	$ 46

Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 172	$ 21
Ending balance	205	8
Reduction Of Workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	51
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(18)	(13)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	35	20
Ending balance	83	7
Other Current Liabilities [Member] \| Reduction Of Workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	51
Other Current Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(3)	(13)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	137	1
Ending balance	122	$ 1
Other Long-Term Liabilities [Member] \| Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (15)

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Earnings (loss) from continuing operations before income taxes	$ 304	$ (680)	$ 272	$ (2,787)
Current income tax expense (benefit)	19	(3)	14	(109)
Deferred income tax expense (benefit)	24		(219)	(311)
Total income tax expense (benefit)	$ 43	$ (3)	$ (205)	$ (420)
U.S. statutory income tax rate	21.00%	21.00%	21.00%	21.00%
State income taxes	0.00%	0.00%	1.00%	1.00%
Subsidiary reorganization	6.00%	0.00%	7.00%	0.00%
Deferred tax asset valuation allowance	(19.00%)	(20.00%)	(116.00%)	(8.00%)
Other	6.00%	(1.00%)	12.00%	1.00%
Effective income tax rate	14.00%	0.00%	(75.00%)	15.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jan. 07, 2021
Income Tax [Line Items]
Deferred income taxes	$ 254	$ 254
U.S Federal [Member]
Income Tax [Line Items]
Operating Loss Carryforwards	1,800
Merger [Member]
Income Tax [Line Items]
Other income tax expense benefit	$ 18

Net Earnings (Loss) Per Share from Continuing Operations (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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations	$ 256	$ (679)	$ 469	$ (2,370)
Attributable to participating securities	(3)		(5)	(1)
Basic and diluted earnings (loss) from continuing operations	$ 253	$ (679)	$ 464	$ (2,371)
Common shares:
Common shares outstanding - total	677	383	666	383
Attributable to participating securities	(6)	(6)	(6)	(6)
Common shares outstanding - basic	671	377	660	377
Dilutive effect of potential common shares issuable	2		2
Common shares outstanding - diluted	673	377	662	377
Net earnings (loss) per share from continuing operations:
Basic	$ 0.38	$ (1.80)	$ 0.70	$ (6.29)
Diluted	$ 0.38	$ (1.80)	$ 0.70	$ (6.29)

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

3 Months Ended

6 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Pension and postretirement benefit plans:

Beginning accumulated pension and postretirement benefits

$ (104)

$ (118)

$ (127)

$ (119)

Recognition of net actuarial loss and prior service cost in earnings

^[1]

1

3

Settlement of pension benefits

^[2]

3

18

Income tax expense

(1)

Other

^[3]

7

Accumulated other comprehensive loss, net of tax

$ (101)

$ (117)

$ (101)

$ (117)

[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.
[2]	The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings
[3]	Includes a remeasurement of the pension obligation due to the Merger, which was partially offset by a change in mortality assumption.

Unproved and properties under development

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

+ References + Details

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in assets and liabilities, net:
Accounts receivable	$ (100)	$ 80	$ (163)	$ 318
Income tax receivable	121	1	136	(112)
Other current assets	(33)	30	(58)	(8)
Other long-term assets	(14)		(24)	(24)
Accounts payable and revenues and royalties payable	72	(189)	88	(260)
Other current liabilities	52	(16)	19	(97)
Other long-term liabilities	(81)	(5)	(108)	28
Total	17	(99)	(110)	(155)
Supplementary cash flow data - total operations:
Interest paid	105	66	219	130
Income taxes paid (refunded)	$ (106)	$ 21	$ (112)	$ 172

Supplemental Information To Statements Of Cash Flows (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jan. 07, 2021	Dec. 31, 2020
Supplemental Cash Flow [Line Items]
Accrued capital expenditures			$ 100
Total Property And Equipment Net And Accounts Payable Member
Supplemental Cash Flow [Line Items]
Accrued capital expenditures	$ 200
Accounts Payable Member \| WPX
Supplemental Cash Flow [Line Items]
Accrued capital expenditures		$ 150

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 128	$ 57
Other	30	25
Gross accounts receivable	1,197	612
Allowance for doubtful accounts	(12)	(11)
Net accounts receivable	1,185	601
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	858	335
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 181	$ 195

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

Jun. 30, 2021

Dec. 31, 2020

Property and equipment:

Proved

$ 35,761

$ 27,589

2,458

392

Total oil and gas

38,219

27,981

Less accumulated DD&A

(24,492)

(23,545)

Oil and gas property and equipment, net

13,727

4,436

Other property and equipment

2,095

1,737

Less accumulated DD&A

(633)

(780)

Total property and equipment, net

^[1]

1,462

957

$ 15,189

$ 5,393

[1]	$106 million and $102 million related to CDM in 2021 and 2020, respectively.

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

Jun. 30, 2021

Dec. 31, 2020

Property Plant And Equipment [Line Items]

Property Plant And Equipment [Line Items]

^[1]

$ 1,462

$ 957

CDM [Member]

$ 106

$ 102

[1]	$106 million and $102 million related to CDM in 2021 and 2020, respectively.

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

6 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Net premium (discount) on debentures and notes

$ 6,363

171

$ (20)

Debt issuance costs

(32)

(31)

Long-term debt

6,502

$ 4,298

8.25% due August 1, 2023 [Member]

^[1]

$ 242

8.25%

5.25% due September 15, 2024 [Member]

Aug. 01, 2023

^[1]

$ 472

5.25%

5.85% due December 15, 2025 [Member]

Sep. 15, 2024

$ 485

5.85%

7.50% due September 15, 2027 [Member]

Dec. 15, 2025

$ 73

7.50%

5.25% due October 15, 2027 [Member]

Sep. 15, 2027

^[1]

$ 390

5.25%

5.875% due June 15, 2028 [Member]

Oct. 15, 2027

^[1]

$ 325

5.875%

4.50% due January 15, 2030 [Member]

Jun. 15, 2028

^[1]

$ 585

4.50%

7.875% due September 30, 2031 [Member]

Jan. 15, 2030

$ 675

7.875%

7.95% due April 15, 2032 [Member]

Sep. 30, 2031

$ 366

7.95%

5.60% due July 15, 2041 [Member]

Apr. 15, 2032

$ 1,250

5.60%

4.75% due May 15, 2042 [Member]

Jul. 15, 2041

$ 750

4.75%

5.00% due June 15, 2045 [Member]

May 15, 2042

$ 750

5.00%

Jun. 15, 2045

[1]

These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Subsequent to debt retirements and the obligor exchange transaction completed during the first six months of 2021, approximately $51 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details) $ in Millions	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,363
WPX
Debt Instrument [Line Items]
Long-term debt, gross	$ 51

Debt And Related Expenses (Schedule Of Debt Maturities) (Details) $ in Millions	Jun. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2023	$ 242
2024	472
2025	485
Thereafter	5,164
Total	$ 6,363

Debt And Related Expenses (Schedule of WPX Debt assumed with the Merger) (Details) - WPX
$ in Millions

6 Months Ended

Jun. 30, 2021

USD ($)

$ 3,257

6.00% due January 15, 2022 [Member]

3,562

43

8.25% due August 1, 2023 [Member]

44

242

$ 281

5.25% due September 15, 2024 [Member]

Jun. 01, 2023

^[1]

$ 472

$ 530

5.75% due June 1, 2026 [Member]

Jun. 15, 2024

^[1]

$ 500

$ 529

5.25% due October 15, 2027 [Member]

Jun. 01, 2021

^[1]

$ 600

$ 646

5.875% due June 15, 2028 [Member]

Oct. 15, 2022

^[1]

$ 500

$ 554

4.50% due January 15, 2030 [Member]

Jun. 15, 2023

^[1]

$ 900

$ 978