Devon Energy (DVN) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	DEVON ENERGY CORP/DE
Entity Central Index Key	0001090012
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-32318
Entity Tax Identification Number	73-1567067
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	333 West Sheridan Avenue
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73102-5015
City Area Code	405
Local Phone Number	235-3611
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	DVN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		640.7

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from contracts with customers	$ 4,030	$ 5,184	$ 11,319	$ 15,475
Oil, gas and NGL derivatives	(194)	248	(206)	(605)
Total revenues	3,836	5,432	11,113	14,870
Production expenses	757	735	2,169	2,082
Exploration expenses	3	4	16	16
Depreciation, depletion and amortization	651	581	1,904	1,598
Asset dispositions	0	0	(41)	(15)
General and administrative expenses	99	95	297	273
Financing costs, net	81	67	231	236
Other, net	13	(40)	28	(91)
Total expenses	2,764	2,967	7,920	8,648
Earnings before income taxes	1,072	2,465	3,193	6,222
Income tax expense	152	565	572	1,389
Net earnings	920	1,900	2,621	4,833
Net earnings attributable to noncontrolling interests	10	7	26	19
Net earnings attributable to Devon	$ 910	$ 1,893	$ 2,595	$ 4,814
Net earnings per share:
Basic net earnings per share	$ 1.43	$ 2.89	$ 4.05	$ 7.3
Diluted net earnings per share	$ 1.42	$ 2.88	$ 4.03	$ 7.28
Comprehensive earnings:
Net earnings	$ 920	$ 1,900	$ 2,621	$ 4,833
Other comprehensive earnings, net of tax:
Pension and postretirement plans	1	1	3	3
Other comprehensive earnings, net of tax	1	1	3	3
Comprehensive earnings:	921	1,901	2,624	4,836
Comprehensive earnings attributable to noncontrolling interests	10	7	26	19
Comprehensive earnings attributable to Devon	911	1,894	2,598	4,817
Oil, Gas and NGL Sales [Member]
Revenues from contracts with customers	2,882	3,668	8,054	10,943
Marketing and Midstream Revenues [Member]
Revenues from contracts with customers	1,148	1,516	3,265	4,532
Marketing and Midstream Expenses [Member]
Expenses	$ 1,160	$ 1,525	$ 3,316	$ 4,549

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash, cash equivalents and restricted cash		$ 761	$ 1,454
Accounts receivable		1,853	1,767
Inventory		233	201
Other current assets		365	469
Total current assets		3,212	3,891
Oil and gas property and equipment, based on successful efforts accounting, net		17,563	16,567
Other property and equipment, net ($124 million and $109 million related to CDM in 2023 and 2022, respectively)	[1]	1,468	1,539
Total property and equipment, net		19,031	18,106
Goodwill		753	753
Right-of-use assets		261	224
Investments		671	440
Other long-term assets		313	307
Total assets		24,241	23,721
LIABILITIES AND EQUITY
Accounts payable		812	859
Revenues and royalties payable		1,434	1,506
Short-term debt		487	251
Other current liabilities		597	489
Total current liabilities		3,330	3,105
Long-term debt		5,675	6,189
Lease liabilities		290	257
Asset retirement obligations		641	511
Other long-term liabilities		850	900
Deferred income taxes		1,676	1,463
Stockholders' equity:
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 641 million and 653 million shares in 2023 and 2022, respectively		64	65
Additional paid-in capital		6,153	6,921
Retained earnings		5,535	4,297
Accumulated other comprehensive loss		(113)	(116)
Total stockholders’ equity attributable to Devon		11,639	11,167
Noncontrolling interests		140	129
Total equity		11,779	11,296
Total liabilities and equity		$ 24,241	$ 23,721
[1] $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Other property and equipment, net	[1]	$ 1,468	$ 1,539
Common stock, par value (in dollars per share)		$ 0.1	$ 0.1
Common stock, shares authorized (in shares)		1,000	1,000
Common stock, shares issued (in shares)		641	653
CDM [Member]
Other property and equipment, net		$ 124	$ 109
[1] $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings	$ 920	$ 1,900	$ 2,621	$ 4,833
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization	651	581	1,904	1,598
Leasehold impairments	1	2	4	10
Amortization of liabilities	(2)	(8)	(17)	(23)
Total (gains) losses on commodity derivatives	194	(248)	206	605
Cash settlements on commodity derivatives	(11)	(363)	39	(1,179)
Gains on asset dispositions	0	0	(41)	(15)
Deferred income tax expense	13	445	212	914
Share-based compensation	22	22	70	65
Other	(2)	8	(2)	(9)
Changes in assets and liabilities, net	(61)	(235)	(189)	(180)
Net cash from operating activities	1,725	2,104	4,807	6,619
Cash flows from investing activities:
Capital expenditures	(882)	(628)	(2,973)	(1,738)
Acquisitions of property and equipment	(23)	(2,465)	(54)	(2,566)
Divestitures of property and equipment	1	4	23	39
Distributions from investments	7	7	24	30
Contributions to investments and other	0	(16)	(52)	(59)
Net cash from investing activities	(897)	(3,098)	(3,032)	(4,294)
Cash flows from financing activities:
Repayments of long-term debt	(242)	0	(242)	0
Repurchases of common stock	0	(126)	(745)	(661)
Dividends paid on common stock	(312)	(1,007)	(1,370)	(2,504)
Contributions from noncontrolling interests	10	0	18	0
Distributions to noncontrolling interests	(9)	(9)	(33)	(22)
Shares exchanged for tax withholdings and other	0	(1)	(96)	(86)
Net cash from financing activities	(553)	(1,143)	(2,468)	(3,273)
Effect of exchange rate changes on cash	(2)	(10)	0	(13)
Net change in cash, cash equivalents and restricted cash	273	(2,147)	(693)	(961)
Cash, cash equivalents and restricted cash at beginning of period	488	3,457	1,454	2,271
Cash, cash equivalents and restricted cash at end of period	761	1,310	761	1,310
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	654	1,166	654	1,166
Restricted cash	107	144	107	144
Total cash, cash equivalents and restricted cash	$ 761	$ 1,310	$ 761	$ 1,310

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2021	$ 9,399	$ 66	$ 7,636	$ 1,692	$ (132)	$ 0	$ 137
Balance, shares at Dec. 31, 2021		663
Net earnings	4,833			4,814			19
Other comprehensive earnings (loss), net of tax	3				3
Restricted stock grants, net of cancellations, value	3	$ 1	2
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(749)					(749)
Common stock retired		$ (2)	(747)			749
Common stock retired, shares		(12)
Common stock dividends	(2,525)			(2,525)
Share-based compensation	65		65
Share-based compensation, shares		1
Distributions to noncontrolling interests	(22)						(22)
Balance at Sep. 30, 2022	11,007	$ 65	6,956	3,981	(129)		134
Balance, shares at Sep. 30, 2022		654
Balance at Jun. 30, 2022	10,226	$ 66	7,060	3,107	(130)	(13)	136
Balance, shares at Jun. 30, 2022		656
Net earnings	1,900			1,893			7
Other comprehensive earnings (loss), net of tax	1				1
Restricted stock grants, net of cancellations, value	1		1
Common stock repurchased	(115)					(115)
Common stock retired		$ (1)	(127)			128
Common stock retired, shares		(2)
Common stock dividends	(1,019)			(1,019)
Share-based compensation	22		22
Distributions to noncontrolling interests	(9)						(9)
Balance at Sep. 30, 2022	11,007	$ 65	6,956	3,981	(129)		134
Balance, shares at Sep. 30, 2022		654
Balance at Dec. 31, 2022	11,296	$ 65	6,921	4,297	(116)	0	129
Balance, shares at Dec. 31, 2022		653
Net earnings	2,621			2,595			26
Other comprehensive earnings (loss), net of tax	3				3
Restricted stock grants, net of cancellations, shares		2
Common stock repurchased	(839)		(6)			(833)
Common stock retired		$ (1)	(832)			833
Common stock retired, shares		(15)
Common stock dividends	(1,357)			(1,357)
Share-based compensation	70		70
Share-based compensation, shares		1
Contributions from noncontrolling interests	18						18
Distributions to noncontrolling interests	(33)						(33)
Balance at Sep. 30, 2023	11,779	$ 64	6,153	5,535	(113)		140
Balance, shares at Sep. 30, 2023		641
Balance at Jun. 30, 2023	11,150	$ 64	6,131	4,940	(114)	0	129
Balance, shares at Jun. 30, 2023		641
Net earnings	920			910			10
Other comprehensive earnings (loss), net of tax	1				1
Common stock dividends	(315)			(315)
Share-based compensation	22		22
Contributions from noncontrolling interests	10						10
Distributions to noncontrolling interests	(9)						(9)
Balance at Sep. 30, 2023	$ 11,779	$ 64	$ 6,153	$ 5,535	$ (113)		$ 140
Balance, shares at Sep. 30, 2023		641

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 910	$ 1,893	$ 2,595	$ 4,814

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. S ummary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2022 Annual Report on Form 10-K . The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month and nine-month periods ended September 30, 2023 and 2022 and Devon’s financial position as of September 30, 2023. Restricted Cash As of September 30, 2023, approximately $ 107 million of cash on the consolidated balance sheets is presented as restricted cash for obligations primarily related to an abandoned Canadian firm transportation agreement. Variable Interest Entity CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets. Investments The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2023 December 31, 2022 Catalyst 50 % $ 317 $ 339 Water JV 30 % 214 — Matterhorn 12.5 % 90 54 Other Various 50 47 Total $ 671 $ 440 Devon has an interest in Catalyst, which is a joint venture with an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50 % voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. In the second quarter of 2023, Devon made an investment in the Water JV, a joint venture entity formed with an affiliate of WaterBridge NDB LLC (“WaterBridge”), for the purpose of providing increased capacity and flexibility in disposing of produced water in the Delaware Basin and Eagle Ford. Under terms of the arrangement, Devon contributed water infrastructure assets and committed to a water gathering and disposal dedication to the Water JV through 2038, in exchange for a 30 % voting interest in the joint venture legal entity. WaterBridge contributed water infrastructure assets to the Water JV, in exchange for a 70 % voting interest in the joint venture legal entity and will serve as the operator. At closing of the Water JV, Devon recognized a $ 64 million gain in asset dispositions in the consolidated statements of comprehensive earnings, which represented the excess of the estimated fair value of Devon's interest in the Water JV over the carrying value of the water infrastructure assets Devon contributed to the Water JV. Devon accounts for the investment in the Water JV as an equity method investment. Devon's investment in the Water JV is shown within investments on the consolidated balance sheets and Devon's share of the Water JV earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. During 2023 and 2022, Devon made investments in Matterhorn. Matterhorn is a joint venture entity and was formed for the purpose of constructing a natural gas pipeline that will transport natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn. Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Oil $ 2,377 $ 2,515 $ 6,626 $ 7,891 Gas 189 666 524 1,530 NGL 316 487 904 1,522 Oil, gas and NGL sales 2,882 3,668 8,054 10,943 Oil 795 787 2,260 2,515 Gas 153 387 428 918 NGL 200 342 577 1,099 Marketing and midstream revenues 1,148 1,516 3,265 4,532 Total revenues from contracts with customers $ 4,030 $ 5,184 $ 11,319 $ 15,475

Acquisition and Divestitures

Acquisition and Divestitures	9 Months Ended
	Sep. 30, 2023
Business Combinations [Abstract]
Acquisition and Divestitures	2. Acquisitions and Dive stitures Acquisitions In September 2022, Devon completed its acquisition of producing properties and leasehold interests located in the Eagle Ford for cash consideration of approximately $ 1.7 billion, net of purchase price adjustments. Additionally, in July 2022, Devon completed its acquisition of producing properties and leasehold interests located in the Williston Basin for cash consideration of approximately $ 830 million, net of purchase price adjustments. The total estimated proved reserves associated with these Eagle Ford and Williston Basin assets were approximately 87 MMBoe and 66 MMBoe, respectively. Each of these acquisitions were accounted for as asset acquisitions as substantially all of the fair value was concentrated in a group of similar assets. Each of the acquisitions resulted in the purchase of producing properties and leasehold interests in a defined geographical and geological area, and substantially all of the assets have similar risk characteristics. Contingent Earnout Payments Devon is entitled to contingent earnout payments associated with the sale of its Barnett Shale assets in 2020 with upside participation beginning at a $ 2.75 Henry Hub natural gas price or a $ 50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. Devon received $ 65 million in contingent earnout payments related to this transaction in the first quarter of 2023 and 2022 and could receive up to an additional $ 130 million in contingent earnout payments for the remaining performance periods depending on future commodity prices. The valuation of the future contingent earnout payments included within other current assets and other long-term assets in the September 30, 2023 consolidated balance sheet was approximately $ 20 million and $ 45 million, respectively. These values were derived utilizing a Monte Carlo valuation model and qualify as a level 3 fair value measurement. Devon also received $ 4 million in contingent earnout payments in the first quarter of 2023 and 2022 related to the sale of non-core assets in the Rockies.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	3. Derivative Fin ancial Instruments Objectives and Strategies Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. Counterparty Credit Risk By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of September 30, 2023, Devon neither held cash collateral of its counterparties no r posted cash collateral to its counterparties. Given Devon's current credit ratings and the terms of the underlying contracts, Devon is not currently required to post collateral to its counterparties with respect to its open derivative positions, and we would not be required to post any such collateral as a result of any change to the amount of Devon's net liability for such positions. Commodity Derivatives As of September 30, 2023, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table. Price Swaps Price Collars Period Volume Weighted Volume Weighted Weighted Q4 2023 23,000 $ 73.38 81,000 $ 69.63 $ 94.29 Q1-Q4 2024 27,486 $ 77.74 59,486 $ 65.61 $ 84.85 Oil Basis Swaps Period Index Volume Weighted Average Q4 2023 Midland Sweet 66,500 $ 1.11 Q1-Q4 2024 Midland Sweet 62,500 $ 1.17 Q1-Q4 2024 NYMEX Roll 24,000 $ 0.81 Q1-Q4 2025 Midland Sweet 53,000 $ 0.97 As of September 30, 2023, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table. Price Swaps Price Collars Period Volume (MMBtu/d) Weighted Average Price ($/MMBtu) Volume (MMBtu/d) Weighted Average Floor Price ($/MMBtu) Weighted Average Q4 2023 161,000 $ 3.36 147,000 $ 3.67 $ 7.62 Q1-Q4 2024 147,426 $ 3.37 40,527 $ 3.78 $ 7.05 Q1-Q4 2025 13,068 $ 3.49 — $ — $ — Natural Gas Basis Swaps Period Index Volume Weighted Average Q4 2023 El Paso Natural Gas 145,000 $ ( 1.58 ) Q4 2023 Houston Ship Channel 140,000 $ ( 0.19 ) Q4 2023 WAHA 70,000 $ ( 0.51 ) Q1-Q4 2024 El Paso Natural Gas 34,863 $ ( 0.91 ) Q1-Q4 2024 Houston Ship Channel 110,000 $ ( 0.24 ) Q1-Q4 2024 WAHA 44,973 $ ( 0.58 ) As of September 30, 2023, 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) Q1-Q4 2024 Natural Gasoline 3,000 $ 69.11 Q1-Q4 2024 Normal Butane 3,350 $ 37.58 Q1-Q4 2024 Propane 3,000 $ 32.20 Financial Statement Presentation All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 Gross Fair Value Amounts Netted Net Fair Value Gross Fair Value Amounts Netted Net Fair Value Balance Sheet Classification Commodity derivatives: Short-term derivative asset $ 47 $ ( 13 ) $ 34 $ 138 $ ( 19 ) $ 119 Other current assets Long-term derivative asset 10 ( 6 ) 4 12 — 12 Other long-term assets Short-term derivative liability ( 152 ) 13 ( 139 ) ( 22 ) 19 ( 3 ) Other current liabilities Long-term derivative liability ( 22 ) 6 ( 16 ) — — — Other long-term liabilities Total derivative asset (liability) $ ( 117 ) $ — $ ( 117 ) $ 128 $ — $ 128

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	4. Share-Base d Compensation The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. Nine Months Ended September 30, 2023 2022 G&A $ 70 $ 64 Exploration expenses — 1 Total $ 70 $ 65 Related income tax benefit $ 31 $ 31 Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan. Restricted Stock Awards & Units Performance Share Units Awards/Units Weighted Units Weighted (Thousands, except fair value data) Unvested at 12/31/22 5,788 $ 29.11 1,841 $ 31.33 Granted 1,295 $ 62.27 743 $ 51.38 Vested ( 2,914 ) $ 25.19 ( 1,037 ) $ 27.89 Forfeited ( 117 ) $ 43.55 — $ — Unvested at 9/30/23 4,052 $ 42.10 1,547 (1) $ 43.25 (1) A maximum of 3.1 million common shares could be awarded based upon Devon’s final TSR ranking. The following table presents the assumptions related to the performance share units granted in 2023, as indicated in the previous summary table. The grants in the previous summary table also include the impacts of performance share units granted in a prior year that vested higher than 100 % of target due to Devon's TSR performance compared to our peers. 2023 Grant-date fair value $ 81.70 Risk-free interest rate 4.15 % Volatility factor 61.43 % Contractual term (years) 2.89 The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of September 30, 2023. Restricted Stock Performance Awards/Units Share Units Unrecognized compensation cost $ 107 $ 24 Weighted average period for recognition (years) 2.6 1.8

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	5. Restructuring The following table summarizes Devon’s restructuring liabilities. The remaining liabilities primarily relate to an abandoned Canadian firm transportation agreement. Other Other Current Long-term Liabilities Liabilities Total Balance as of December 31, 2022 $ 34 $ 81 $ 115 Changes related to prior years' restructurings ( 20 ) ( 7 ) ( 27 ) Balance as of September 30, 2023 $ 14 $ 74 $ 88 Balance as of December 31, 2021 $ 38 $ 111 $ 149 Changes related to prior years' restructurings ( 11 ) ( 18 ) ( 29 ) Balance as of September 30, 2022 $ 27 $ 93 $ 120

Other, Net

Other, Net	9 Months Ended
	Sep. 30, 2023
Other Expenses [Abstract]
Other, Net	6. Ot her, Net The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statements of earnings. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Estimated future obligation under a performance guarantee $ — $ ( 44 ) $ — $ ( 140 ) Ukraine charitable pledge — — — 20 Asset retirement obligation accretion 7 5 21 18 Other 6 ( 1 ) 7 11 Total $ 13 $ ( 40 ) $ 28 $ ( 91 ) Devon has guaranteed performance through 2026 for a minimum volume commitment associated with assets divested in 2018. Due to improved commodity prices, market conditions, and performance by the purchaser of the assets, the purchaser was able to fully satisfy the performance obligation due in the first quarter of 2023 and 2022, as well as reimburse Devon for shortfall payments previously made on the purchasers’ behalf in 2021 and 2020. Additionally, at March 31, 2022, Devon reduced the estimated future exposure of the performance guarantee. The effect of these cash collections and liability revisions resulted in a $ 140 million benefit in the first nine months of 2022. The first nine months of 2022 includes a $ 20 million pledge for humanitarian relief for the Ukrainian people and surrounding countries supporting refugees.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	7. Inco me Taxes The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings before income taxes $ 1,072 $ 2,465 $ 3,193 $ 6,222 Current income tax expense $ 139 $ 120 $ 360 $ 475 Deferred income tax expense 13 445 212 914 Total income tax expense $ 152 $ 565 $ 572 $ 1,389 U.S. statutory income tax rate 21 % 21 % 21 % 21 % State income taxes 1 % 2 % 1 % 1 % Income tax credits ( 8 %) 0 % ( 4 %) 0 % Effective income tax rate 14 % 23 % 18 % 22 % On August 16, 2022, the IRA was signed into law and included various income tax related provisions with effective dates generally beginning in 2023. Among the enacted provisions are a 15 % CAMT on AFSI and several new and expanded clean energy credits and incentives. Devon believes it is subject to the CAMT as Devon has an average annual AFSI that exceeds $ 1 billion for the three-year period ended December 31, 2022. Devon continues to assess the potential incremental cash tax that could be incurred, depending on actual operating results, as well as ongoing U.S. Treasury guidance. In the third quarter and the nine months ended 2023, Devon recognized income tax credits associated with its qualified research activities. This includes actual credits generated in the 2018-2022 tax years as well as estimated credits for the 2023 tax year.

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Earnings Per Share	8. Net Earnings Per Share The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net earnings available to common shareholders - basic and diluted $ 910 $ 1,876 $ 2,595 $ 4,764 Common shares: Average common shares outstanding - basic 637 649 640 652 Dilutive effect of potential common shares issuable 2 2 3 2 Average common shares outstanding - diluted 639 651 643 654 Net earnings per share available to common shareholders: Basic $ 1.43 $ 2.89 $ 4.05 $ 7.30 Diluted $ 1.42 $ 2.88 $ 4.03 $ 7.28

Other Comprehensive Earnings (L

Other Comprehensive Earnings (Loss)	9 Months Ended
	Sep. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Earnings (Loss)	9. Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits $ ( 114 ) $ ( 130 ) $ ( 116 ) $ ( 132 ) Recognition of net actuarial loss and prior service cost in earnings (1) 1 1 4 4 Income tax expense — — ( 1 ) ( 1 ) Accumulated other comprehensive loss, net of tax $ ( 113 ) $ ( 129 ) $ ( 113 ) $ ( 129 ) (1) Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	10. Supplemental Information to Statements of Cash Flows Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Changes in assets and liabilities, net: Accounts receivable $ ( 334 ) $ 364 $ ( 86 ) $ ( 439 ) Other current assets 27 ( 84 ) 31 ( 105 ) Other long-term assets ( 31 ) 9 ( 13 ) 84 Accounts payable and revenues and royalties payable 194 ( 313 ) ( 36 ) 474 Other current liabilities 88 ( 208 ) ( 53 ) ( 107 ) Other long-term liabilities ( 5 ) ( 3 ) ( 32 ) ( 87 ) Total $ ( 61 ) $ ( 235 ) $ ( 189 ) $ ( 180 ) Supplementary cash flow data: Interest paid $ 77 $ 100 $ 266 $ 285 Income taxes paid $ 50 $ 253 $ 309 $ 363 Devon's non-cash investing activities for the nine months ended September 30, 2023, included approximately $ 150 million of contributions of other property and equipment for the formation of the Water JV.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable	11. Accounts Receivable Components of accounts receivable include the following: September 30, 2023 December 31, 2022 Oil, gas and NGL sales $ 1,151 $ 1,153 Joint interest billings 234 162 Marketing and midstream revenues 447 428 Other 28 33 Gross accounts receivable 1,860 1,776 Allowance for doubtful accounts ( 7 ) ( 9 ) Net accounts receivable $ 1,853 $ 1,767

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
Property, Plant and Equipment	12. Property, Plan t and Equipment The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities. September 30, 2023 December 31, 2022 Property and equipment: Proved $ 45,518 $ 42,734 Unproved and properties under development 1,594 1,548 Total oil and gas 47,112 44,282 Less accumulated DD&A ( 29,549 ) ( 27,715 ) Oil and gas property and equipment, net 17,563 16,567 Other property and equipment 2,244 2,280 Less accumulated DD&A ( 776 ) ( 741 ) Other property and equipment, net (1) 1,468 1,539 Property and equipment, net $ 19,031 $ 18,106 (1) $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses

Debt And Related Expenses	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt and Related Expenses	13. Debt and Re lated Expenses See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon. September 30, 2023 December 31, 2022 8.25 % due August 1, 2023 $ — $ 242 5.25 % due September 15, 2024 472 472 5.85 % due December 15, 2025 485 485 7.50 % due September 15, 2027 73 73 5.25 % due October 15, 2027 390 390 5.875 % due June 15, 2028 325 325 4.50 % due January 15, 2030 585 585 7.875 % due September 30, 2031 675 675 7.95 % due April 15, 2032 366 366 5.60 % due July 15, 2041 1,250 1,250 4.75 % due May 15, 2042 750 750 5.00 % due June 15, 2045 750 750 Net premium on debentures and notes 72 103 Debt issuance costs ( 31 ) ( 26 ) Total debt $ 6,162 $ 6,440 Less amount classified as short-term debt 487 251 Total long-term debt $ 5,675 $ 6,189 Retirement of Senior Notes On August 1, 2023, Devon repaid the $ 242 million of 8.25 % senior notes at maturity. Credit Lines On March 24, 2023, Devon amended and restated its 2018 Senior Credit Facility to provide for a new $ 3.0 billion revolving 2023 Senior Credit Facility with a financial covenant and other terms similar to the 2018 Senior Credit Facility. The 2023 Senior Credit Facility matures on March 24, 2028, with the option to extend the maturity date by three additional one-year periods, subject to lender consent. As of September 30, 2023, Devon had no outstanding borrowings under the 2023 Senior Credit Facility and had issued $ 3 million in outstanding letters of credit under this facility. The 2023 Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65 %. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of September 30, 2023, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 21.9 %. Net Financing Costs The following schedule includes the components of net financing costs. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest based on debt outstanding $ 93 $ 92 $ 282 $ 277 Interest income ( 11 ) ( 19 ) ( 43 ) ( 22 ) Other ( 1 ) ( 6 ) ( 8 ) ( 19 ) Total net financing costs $ 81 $ 67 $ 231 $ 236

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	14. Le ases The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 Finance Operating Total Finance Operating Total Right-of-use assets $ 249 $ 12 $ 261 $ 203 $ 21 $ 224 Lease liabilities: Current lease liabilities (1) $ 21 $ 9 $ 30 $ 8 $ 13 $ 21 Long-term lease liabilities 287 3 290 249 8 257 Total lease liabilities $ 308 $ 12 $ 320 $ 257 $ 21 $ 278 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets. Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment for the exploration, development and production of oil and gas. Devon’s financing lease right-of-use assets relate to real estate. During 2023, Devon's financing lease right-of-use assets and the associated liabilities increased primarily from an amendment of lease terms.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	15. Asset Retir ement Obligations The following table presents the changes in Devon’s asset retirement obligations. Nine Months Ended September 30, 2023 2022 Asset retirement obligations as of beginning of period $ 529 $ 485 Liabilities incurred 104 62 Liabilities settled and divested ( 24 ) ( 13 ) Revision of estimated obligation 27 ( 35 ) Accretion expense on discounted obligation 21 18 Asset retirement obligations as of end of period 657 517 Less current portion 16 19 Asset retirement obligations, long-term $ 641 $ 498 Devon's asset retirement obligations recorded during the first nine months of 2023 include a potential obligation to decommission two California offshore oil and gas production platforms and related facilities pursuant to an order of the Department of the Interior, Bureau of Safety and Environmental Enforcement. For additional information, see Note 17 . Devon also increased its asset retirement obligations during the first nine months of 2023 by approximately $ 27 million primarily due to inflation-driven increases in current cost estimates. During the first nine months of 2022, Devon increased its asset retirement obligations by approximately $ 38 million due to asset acquisitions in the Eagle Ford and Williston Basin. During this same time period Devon reduced its asset retirement obligations by $ 35 million primarily due to extended retirement dates for oil and gas assets, partially offset by inflation-driven increases to current settlement costs.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	16. Stockhol ders’ Equity Share Repurchases In November 2021, Devon authorized a share repurchase program of $ 1.0 billion with a December 31, 2022 expiration date. In 2022, the Board of Directors authorized expansions of the share repurchase program ultimately to $ 2.0 billion and extended the expiration date to May 4, 2023 . In May 2023, the Board of Directors authorized a further expansion to $ 3.0 billion and extended the expiration date to December 31, 2024 . The table below provides information regarding purchases of Devon’s common stock under the $ 3.0 billion share repurchase program (shares in thousands). Total Number of Dollar Value of Average Price Paid $3.0 Billion Plan 2021: Fourth quarter 13,983 $ 589 $ 42.15 2022: First quarter 3,979 230 $ 57.74 Second quarter 5,052 318 $ 63.07 Third quarter 1,875 113 $ 59.99 Fourth quarter 802 57 $ 71.69 2023: First quarter 10,090 545 $ 53.96 Second quarter 3,795 200 $ 52.70 Total plan 39,576 $ 2,052 $ 51.86 Dividends Devon pays a quarterly dividend which is comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon raised its fixed dividend multiple times over the past two calendar years from $ 0.16 per share in the first quarter of 2022 to $ 0.20 per share beginning in the first quarter of 2023. The following table summarizes Devon’s fixed and variable dividends for the first nine months of 2023 and 2022, respectively. Fixed Variable Total Rate Per Share 2023: First quarter $ 133 $ 463 $ 596 $ 0.89 Second quarter 128 334 462 $ 0.72 Third quarter 127 185 312 $ 0.49 Total year-to-date $ 388 $ 982 $ 1,370 2022: First quarter $ 109 $ 558 $ 667 $ 1.00 Second quarter 105 725 830 $ 1.27 Third quarter 117 890 1,007 $ 1.55 Total year-to-date $ 331 $ 2,173 $ 2,504 In November 2023, Devon announced a cash dividend in the amount of $ 0.77 per share payable in the fourth quarter of 2023 . The dividend consists of a $ 0.20 per share fixed quarterly dividend and a $ 0.57 per share variable quarterly dividend and will total approximately $ 492 million. Noncontrolling Interests The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Com mitments and Contingencies Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates. Royalty Matters Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, paid royalty proceeds in an untimely manner without including required interest, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Environmental and Climate Change Matters Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future. Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon denies the allegations in these lawsuits and intends to vigorously defend against these claims. The State of Delaware and various municipalities and other governmental and private parties in California have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of these matters, Devon denies all allegations asserted in these lawsuits and intends to vigorously defend against these claims. Other Indemnifications and Legacy Matters Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities or performing requirements under surface agreements in existence at the time of disposition. In November 2020, the Department of the Interior, Bureau of Safety and Environmental Enforcement ordered several oil and gas operators, including Devon, to perform decommissioning and reclamation activities on two California offshore oil and gas production platforms and related facilities. The current operator and owner of the platforms contends that it does not have the financial ability to perform these obligations and relinquished the related federal lease in October 2020. In response to the apparent insolvency of the current operator, the government has ordered the former operators and alleged former lease record title owners to decommission the platforms and related facilities. The government contends that an alleged corporate predecessor of Devon owned a partial interest in the subject lease and platforms. Devon denies any obligation to decommission the subject platforms and has appealed the order. In the third quarter of 2023, Devon settled certain defense and indemnity claims against a third party related to these potential decommissioning obligations. Pursuant to that settlement agreement, Devon is entitled to receive a settlement payment in the fourth quarter of 2023 that Devon believes will offset any potential decommissioning liability it may incur related to the subject platforms. Although Devon continues to pursue its appeal of the government's order and deny any obligation to decommission the subject platforms, in conjunction with the third-party settlement, Devon recorded an increase to its asset retirement obligations and a corresponding increase to accounts receivable in other current assets as of September 30, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	18. Fair Value Measurements The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at September 30, 2023 and December 31, 2022, as applicable. Therefore, such financial assets and liabilities are not presented in the following table. Fair Value Measurements Using: Carrying Total Fair Level 1 Level 2 Level 3 Amount Value Inputs Inputs Inputs September 30, 2023 assets (liabilities): Cash equivalents $ 101 $ 101 $ 101 $ — $ — Commodity derivatives $ 38 $ 38 $ — $ 38 $ — Commodity derivatives $ ( 155 ) $ ( 155 ) $ — $ ( 155 ) $ — Debt $ ( 6,162 ) $ ( 5,706 ) $ — $ ( 5,706 ) $ — Contingent earnout payments $ 65 $ 65 $ — $ — $ 65 December 31, 2022 assets (liabilities): Cash equivalents $ 708 $ 708 $ 708 $ — $ — Commodity derivatives $ 131 $ 131 $ — $ 131 $ — Commodity derivatives $ ( 3 ) $ ( 3 ) $ — $ ( 3 ) $ — Debt $ ( 6,440 ) $ ( 6,231 ) $ — $ ( 6,231 ) $ — Contingent earnout payments $ 157 $ 157 $ — $ — $ 157 The following methods and assumptions were used to estimate the fair values in the table above. Level 1 Fair Value Measurements Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value. Level 2 Fair Value Measurements Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements. Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. Level 3 Fair Value Measurements Contingent Earnout Payments – Devon has the right to receive contingent consideration related to the Barnett asset divestiture based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualify as a level 3 fair value measurement. For additional information, see Note 2 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash As of September 30, 2023, approximately $ 107 million of cash on the consolidated balance sheets is presented as restricted cash for obligations primarily related to an abandoned Canadian firm transportation agreement.
Variable Interest Entity	Variable Interest Entity CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets.
Investments	Investments The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2023 December 31, 2022 Catalyst 50 % $ 317 $ 339 Water JV 30 % 214 — Matterhorn 12.5 % 90 54 Other Various 50 47 Total $ 671 $ 440 Devon has an interest in Catalyst, which is a joint venture with an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50 % voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. In the second quarter of 2023, Devon made an investment in the Water JV, a joint venture entity formed with an affiliate of WaterBridge NDB LLC (“WaterBridge”), for the purpose of providing increased capacity and flexibility in disposing of produced water in the Delaware Basin and Eagle Ford. Under terms of the arrangement, Devon contributed water infrastructure assets and committed to a water gathering and disposal dedication to the Water JV through 2038, in exchange for a 30 % voting interest in the joint venture legal entity. WaterBridge contributed water infrastructure assets to the Water JV, in exchange for a 70 % voting interest in the joint venture legal entity and will serve as the operator. At closing of the Water JV, Devon recognized a $ 64 million gain in asset dispositions in the consolidated statements of comprehensive earnings, which represented the excess of the estimated fair value of Devon's interest in the Water JV over the carrying value of the water infrastructure assets Devon contributed to the Water JV. Devon accounts for the investment in the Water JV as an equity method investment. Devon's investment in the Water JV is shown within investments on the consolidated balance sheets and Devon's share of the Water JV earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. During 2023 and 2022, Devon made investments in Matterhorn. Matterhorn is a joint venture entity and was formed for the purpose of constructing a natural gas pipeline that will transport natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn.
Disaggregation of Revenue	Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Oil $ 2,377 $ 2,515 $ 6,626 $ 7,891 Gas 189 666 524 1,530 NGL 316 487 904 1,522 Oil, gas and NGL sales 2,882 3,668 8,054 10,943 Oil 795 787 2,260 2,515 Gas 153 387 428 918 NGL 200 342 577 1,099 Marketing and midstream revenues 1,148 1,516 3,265 4,532 Total revenues from contracts with customers $ 4,030 $ 5,184 $ 11,319 $ 15,475

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Components of Investment	The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2023 December 31, 2022 Catalyst 50 % $ 317 $ 339 Water JV 30 % 214 — Matterhorn 12.5 % 90 54 Other Various 50 47 Total $ 671 $ 440
Schedule of Revenue from Contracts with Customers	The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Oil $ 2,377 $ 2,515 $ 6,626 $ 7,891 Gas 189 666 524 1,530 NGL 316 487 904 1,522 Oil, gas and NGL sales 2,882 3,668 8,054 10,943 Oil 795 787 2,260 2,515 Gas 153 387 428 918 NGL 200 342 577 1,099 Marketing and midstream revenues 1,148 1,516 3,265 4,532 Total revenues from contracts with customers $ 4,030 $ 5,184 $ 11,319 $ 15,475

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Open Derivative Positions	Commodity Derivatives As of September 30, 2023, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table. Price Swaps Price Collars Period Volume Weighted Volume Weighted Weighted Q4 2023 23,000 $ 73.38 81,000 $ 69.63 $ 94.29 Q1-Q4 2024 27,486 $ 77.74 59,486 $ 65.61 $ 84.85 Oil Basis Swaps Period Index Volume Weighted Average Q4 2023 Midland Sweet 66,500 $ 1.11 Q1-Q4 2024 Midland Sweet 62,500 $ 1.17 Q1-Q4 2024 NYMEX Roll 24,000 $ 0.81 Q1-Q4 2025 Midland Sweet 53,000 $ 0.97 As of September 30, 2023, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table. Price Swaps Price Collars Period Volume (MMBtu/d) Weighted Average Price ($/MMBtu) Volume (MMBtu/d) Weighted Average Floor Price ($/MMBtu) Weighted Average Q4 2023 161,000 $ 3.36 147,000 $ 3.67 $ 7.62 Q1-Q4 2024 147,426 $ 3.37 40,527 $ 3.78 $ 7.05 Q1-Q4 2025 13,068 $ 3.49 — $ — $ — Natural Gas Basis Swaps Period Index Volume Weighted Average Q4 2023 El Paso Natural Gas 145,000 $ ( 1.58 ) Q4 2023 Houston Ship Channel 140,000 $ ( 0.19 ) Q4 2023 WAHA 70,000 $ ( 0.51 ) Q1-Q4 2024 El Paso Natural Gas 34,863 $ ( 0.91 ) Q1-Q4 2024 Houston Ship Channel 110,000 $ ( 0.24 ) Q1-Q4 2024 WAHA 44,973 $ ( 0.58 ) As of September 30, 2023, 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) Q1-Q4 2024 Natural Gasoline 3,000 $ 69.11 Q1-Q4 2024 Normal Butane 3,350 $ 37.58 Q1-Q4 2024 Propane 3,000 $ 32.20
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets	The tables below present a summary of these positions as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 Gross Fair Value Amounts Netted Net Fair Value Gross Fair Value Amounts Netted Net Fair Value Balance Sheet Classification Commodity derivatives: Short-term derivative asset $ 47 $ ( 13 ) $ 34 $ 138 $ ( 19 ) $ 119 Other current assets Long-term derivative asset 10 ( 6 ) 4 12 — 12 Other long-term assets Short-term derivative liability ( 152 ) 13 ( 139 ) ( 22 ) 19 ( 3 ) Other current liabilities Long-term derivative liability ( 22 ) 6 ( 16 ) — — — Other long-term liabilities Total derivative asset (liability) $ ( 117 ) $ — $ ( 117 ) $ 128 $ — $ 128

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings	The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. Nine Months Ended September 30, 2023 2022 G&A $ 70 $ 64 Exploration expenses — 1 Total $ 70 $ 65 Related income tax benefit $ 31 $ 31
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units	Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan. Restricted Stock Awards & Units Performance Share Units Awards/Units Weighted Units Weighted (Thousands, except fair value data) Unvested at 12/31/22 5,788 $ 29.11 1,841 $ 31.33 Granted 1,295 $ 62.27 743 $ 51.38 Vested ( 2,914 ) $ 25.19 ( 1,037 ) $ 27.89 Forfeited ( 117 ) $ 43.55 — $ — Unvested at 9/30/23 4,052 $ 42.10 1,547 (1) $ 43.25 (1) A maximum of 3.1 million common shares could be awarded based upon Devon’s final TSR ranking.
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions	The following table presents the assumptions related to the performance share units granted in 2023, as indicated in the previous summary table. The grants in the previous summary table also include the impacts of performance share units granted in a prior year that vested higher than 100 % of target due to Devon's TSR performance compared to our peers. 2023 Grant-date fair value $ 81.70 Risk-free interest rate 4.15 % Volatility factor 61.43 % Contractual term (years) 2.89
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition	The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of September 30, 2023. Restricted Stock Performance Awards/Units Share Units Unrecognized compensation cost $ 107 $ 24 Weighted average period for recognition (years) 2.6 1.8

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of the Activity and Balances Associated with Restructuring Liabilities	The following table summarizes Devon’s restructuring liabilities. The remaining liabilities primarily relate to an abandoned Canadian firm transportation agreement. Other Other Current Long-term Liabilities Liabilities Total Balance as of December 31, 2022 $ 34 $ 81 $ 115 Changes related to prior years' restructurings ( 20 ) ( 7 ) ( 27 ) Balance as of September 30, 2023 $ 14 $ 74 $ 88 Balance as of December 31, 2021 $ 38 $ 111 $ 149 Changes related to prior years' restructurings ( 11 ) ( 18 ) ( 29 ) Balance as of September 30, 2022 $ 27 $ 93 $ 120

Other, Net (Tables)

Other, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Other Expenses [Abstract]
Schedule of Other Expenses (Income)	The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statements of earnings. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Estimated future obligation under a performance guarantee $ — $ ( 44 ) $ — $ ( 140 ) Ukraine charitable pledge — — — 20 Asset retirement obligation accretion 7 5 21 18 Other 6 ( 1 ) 7 11 Total $ 13 $ ( 40 ) $ 28 $ ( 91 )

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Earnings before income taxes $ 1,072 $ 2,465 $ 3,193 $ 6,222 Current income tax expense $ 139 $ 120 $ 360 $ 475 Deferred income tax expense 13 445 212 914 Total income tax expense $ 152 $ 565 $ 572 $ 1,389 U.S. statutory income tax rate 21 % 21 % 21 % 21 % State income taxes 1 % 2 % 1 % 1 % Income tax credits ( 8 %) 0 % ( 4 %) 0 % Effective income tax rate 14 % 23 % 18 % 22 %

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share Computations from Continuing Operations	The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net earnings available to common shareholders - basic and diluted $ 910 $ 1,876 $ 2,595 $ 4,764 Common shares: Average common shares outstanding - basic 637 649 640 652 Dilutive effect of potential common shares issuable 2 2 3 2 Average common shares outstanding - diluted 639 651 643 654 Net earnings per share available to common shareholders: Basic $ 1.43 $ 2.89 $ 4.05 $ 7.30 Diluted $ 1.42 $ 2.88 $ 4.03 $ 7.28

Other Comprehensive Earnings _2

Other Comprehensive Earnings (Loss) (Tables)	9 Months Ended
	Sep. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components Of Other Comprehensive Earnings (Loss)	Components of other comprehensive earnings (loss) consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits $ ( 114 ) $ ( 130 ) $ ( 116 ) $ ( 132 ) Recognition of net actuarial loss and prior service cost in earnings (1) 1 1 4 4 Income tax expense — — ( 1 ) ( 1 ) Accumulated other comprehensive loss, net of tax $ ( 113 ) $ ( 129 ) $ ( 113 ) $ ( 129 ) (1) Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information to Statements of Cash Flows	Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Changes in assets and liabilities, net: Accounts receivable $ ( 334 ) $ 364 $ ( 86 ) $ ( 439 ) Other current assets 27 ( 84 ) 31 ( 105 ) Other long-term assets ( 31 ) 9 ( 13 ) 84 Accounts payable and revenues and royalties payable 194 ( 313 ) ( 36 ) 474 Other current liabilities 88 ( 208 ) ( 53 ) ( 107 ) Other long-term liabilities ( 5 ) ( 3 ) ( 32 ) ( 87 ) Total $ ( 61 ) $ ( 235 ) $ ( 189 ) $ ( 180 ) Supplementary cash flow data: Interest paid $ 77 $ 100 $ 266 $ 285 Income taxes paid $ 50 $ 253 $ 309 $ 363

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule Of Components Of Accounts Receivable	Components of accounts receivable include the following: September 30, 2023 December 31, 2022 Oil, gas and NGL sales $ 1,151 $ 1,153 Joint interest billings 234 162 Marketing and midstream revenues 447 428 Other 28 33 Gross accounts receivable 1,860 1,776 Allowance for doubtful accounts ( 7 ) ( 9 ) Net accounts receivable $ 1,853 $ 1,767

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Extractive Industries [Abstract]
Table of Property and Equipment, net	The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities. September 30, 2023 December 31, 2022 Property and equipment: Proved $ 45,518 $ 42,734 Unproved and properties under development 1,594 1,548 Total oil and gas 47,112 44,282 Less accumulated DD&A ( 29,549 ) ( 27,715 ) Oil and gas property and equipment, net 17,563 16,567 Other property and equipment 2,244 2,280 Less accumulated DD&A ( 776 ) ( 741 ) Other property and equipment, net (1) 1,468 1,539 Property and equipment, net $ 19,031 $ 18,106 (1) $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses (Tabl

Debt And Related Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Instrument [Line Items]
Schedule Of Debt Instruments and Balances	See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon. September 30, 2023 December 31, 2022 8.25 % due August 1, 2023 $ — $ 242 5.25 % due September 15, 2024 472 472 5.85 % due December 15, 2025 485 485 7.50 % due September 15, 2027 73 73 5.25 % due October 15, 2027 390 390 5.875 % due June 15, 2028 325 325 4.50 % due January 15, 2030 585 585 7.875 % due September 30, 2031 675 675 7.95 % due April 15, 2032 366 366 5.60 % due July 15, 2041 1,250 1,250 4.75 % due May 15, 2042 750 750 5.00 % due June 15, 2045 750 750 Net premium on debentures and notes 72 103 Debt issuance costs ( 31 ) ( 26 ) Total debt $ 6,162 $ 6,440 Less amount classified as short-term debt 487 251 Total long-term debt $ 5,675 $ 6,189
Schedule Of Net Financing Cost Components	The following schedule includes the components of net financing costs. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest based on debt outstanding $ 93 $ 92 $ 282 $ 277 Interest income ( 11 ) ( 19 ) ( 43 ) ( 22 ) Other ( 1 ) ( 6 ) ( 8 ) ( 19 ) Total net financing costs $ 81 $ 67 $ 231 $ 236

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Right-of-use Assets and Lease Liabilities	The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 Finance Operating Total Finance Operating Total Right-of-use assets $ 249 $ 12 $ 261 $ 203 $ 21 $ 224 Lease liabilities: Current lease liabilities (1) $ 21 $ 9 $ 30 $ 8 $ 13 $ 21 Long-term lease liabilities 287 3 290 249 8 257 Total lease liabilities $ 308 $ 12 $ 320 $ 257 $ 21 $ 278 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Summary Of Changes In Asset Retirement Obligations	The following table presents the changes in Devon’s asset retirement obligations. Nine Months Ended September 30, 2023 2022 Asset retirement obligations as of beginning of period $ 529 $ 485 Liabilities incurred 104 62 Liabilities settled and divested ( 24 ) ( 13 ) Revision of estimated obligation 27 ( 35 ) Accretion expense on discounted obligation 21 18 Asset retirement obligations as of end of period 657 517 Less current portion 16 19 Asset retirement obligations, long-term $ 641 $ 498

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Summary of Purchases of Common Stock	The table below provides information regarding purchases of Devon’s common stock under the $ 3.0 billion share repurchase program (shares in thousands). Total Number of Dollar Value of Average Price Paid $3.0 Billion Plan 2021: Fourth quarter 13,983 $ 589 $ 42.15 2022: First quarter 3,979 230 $ 57.74 Second quarter 5,052 318 $ 63.07 Third quarter 1,875 113 $ 59.99 Fourth quarter 802 57 $ 71.69 2023: First quarter 10,090 545 $ 53.96 Second quarter 3,795 200 $ 52.70 Total plan 39,576 $ 2,052 $ 51.86
Schedule of Dividends Payable	The following table summarizes Devon’s fixed and variable dividends for the first nine months of 2023 and 2022, respectively. Fixed Variable Total Rate Per Share 2023: First quarter $ 133 $ 463 $ 596 $ 0.89 Second quarter 128 334 462 $ 0.72 Third quarter 127 185 312 $ 0.49 Total year-to-date $ 388 $ 982 $ 1,370 2022: First quarter $ 109 $ 558 $ 667 $ 1.00 Second quarter 105 725 830 $ 1.27 Third quarter 117 890 1,007 $ 1.55 Total year-to-date $ 331 $ 2,173 $ 2,504

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities	Therefore, such financial assets and liabilities are not presented in the following table. Fair Value Measurements Using: Carrying Total Fair Level 1 Level 2 Level 3 Amount Value Inputs Inputs Inputs September 30, 2023 assets (liabilities): Cash equivalents $ 101 $ 101 $ 101 $ — $ — Commodity derivatives $ 38 $ 38 $ — $ 38 $ — Commodity derivatives $ ( 155 ) $ ( 155 ) $ — $ ( 155 ) $ — Debt $ ( 6,162 ) $ ( 5,706 ) $ — $ ( 5,706 ) $ — Contingent earnout payments $ 65 $ 65 $ — $ — $ 65 December 31, 2022 assets (liabilities): Cash equivalents $ 708 $ 708 $ 708 $ — $ — Commodity derivatives $ 131 $ 131 $ — $ 131 $ — Commodity derivatives $ ( 3 ) $ ( 3 ) $ — $ ( 3 ) $ — Debt $ ( 6,440 ) $ ( 6,231 ) $ — $ ( 6,231 ) $ — Contingent earnout payments $ 157 $ 157 $ — $ — $ 157

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 107	$ 144	$ 107	$ 144
Gain loss on disposition of assets	$ 0	$ 0	$ 41	$ 15
Devon Energy Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the joint venture legal entity	30%		30%
Devon Energy Corporation [Member] | Waterbridge
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the joint venture legal entity	70%		70%
Water JV [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain loss on disposition of assets			$ 64
WPX and Howard Energy Partners [Member]
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the joint venture legal entity	50%		50%
Catalyst [Member]
Summary Of Significant Accounting Policies [Line Items]
Area of land | a	50,000		50,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - (Schedule of Components of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 671	$ 440
Catalyst [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 317	339
Percentage Of Interest In Investments	50%
Water JV [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 214
Percentage Of Interest In Investments	30%
Matterhorn [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 90	54
Percentage Of Interest In Investments	12.50%
Other Member
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 50	$ 47

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	$ 4,030	$ 5,184	$ 11,319	$ 15,475
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	2,882	3,668	8,054	10,943
Oil, Gas and NGL Sales [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	2,377	2,515	6,626	7,891
Oil, Gas and NGL Sales [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	189	666	524	1,530
Oil, Gas and NGL Sales [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	316	487	904	1,522
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	1,148	1,516	3,265	4,532
Marketing and Midstream Revenues [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	795	787	2,260	2,515
Marketing and Midstream Revenues [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	153	387	428	918
Marketing and Midstream Revenues [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Oil, gas and NGL sales	$ 200	$ 342	$ 577	$ 1,099

Acquisition and Divestitures (N

Acquisition and Divestitures (Narrative) (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) MMBoe	Jul. 31, 2022 USD ($) MMBoe	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / MMBTU $ / bbl
Eagle Ford [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total estimated proved reserves | MMBoe	87
Williston Basin
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total estimated proved reserves | MMBoe		66
Other Current Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments					$ 20
Other Noncurrent Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments					45
Barnett Shale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments					65
Additional contingent earnout payment					$ 130
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU					2.75
WTI oil price for contingent earnout payment upside | $ / bbl					50
Contingent earnout payment period					The contingent payment period commenced on January 1, 2021 and has a term of four years.
Eagle Ford Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Cash consideration	$ 1,700
Williston Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Cash consideration		$ 830
Non Core Assets [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments			$ 4	$ 4

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) $ in Millions	Sep. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash collateral posted	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2023 $ / bbl bbl
NYMEX West Texas Intermediate Price Swaps Oil Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	23,000
Weighted Average Price Swap	73.38
NYMEX West Texas Intermediate Price Swaps Oil Q1 Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	27,486
Weighted Average Price Swap	77.74
NYMEX West Texas Intermediate Price Collars Oil Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	81,000
Weighted Average Floor Price	69.63
Weighted Average Ceiling Price	94.29
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	59,486
Weighted Average Floor Price	65.61
Weighted Average Ceiling Price	84.85
NYMEX Roll Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	24,000
Oil Basis Swaps	0.81
Midland Sweet Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	66,500
Oil Basis Swaps	1.11
Midland Sweet Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	62,500
Oil Basis Swaps	1.17
Midland Sweet Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	53,000
Oil Basis Swaps	0.97

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2023 MMBTU $ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	161,000
Weighted Average Price Swap	3.36
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	147,426
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	13,068
Weighted Average Price Swap	3.49
FERC Henry Hub Price Collars Natural Gas Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	147,000
Weighted Average Floor Price	3.67
Weighted Average Ceiling Price	7.62
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	40,527
Weighted Average Price Swap	3.37
Weighted Average Floor Price	3.78
Weighted Average Ceiling Price	7.05
El Paso Natural Gas Basis Swaps Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	145,000
Weighted Average Differential To Henry Hub	(1.58)
EI Paso Natural Gas Basis Swaps Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	34,863
Weighted Average Differential To Henry Hub	(0.91)
Houston Ship Channel Natural Gas Basis Swaps Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	140,000
Weighted Average Differential To Henry Hub	(0.19)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	110,000
Weighted Average Differential To Henry Hub	(0.24)
WAHA Natural Gas Basis Swaps Q4 2023 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	70,000
Weighted Average Differential To Henry Hub	(0.51)
WAHA Natural Gas Basis Swaps Q1-Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d) | MMBTU	44,973
Weighted Average Differential To Henry Hub	(0.58)

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2023 $ / bbl bbl
Q1-Q4 2024 Natural Gasoline [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	3,000
Weighted Average Price Swap | $ / bbl	69.11
Q1-Q4 2024 Normal Butane [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	3,350
Weighted Average Price Swap | $ / bbl	37.58
Q1-Q4 2024 Propane [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	3,000
Weighted Average Price Swap | $ / bbl	32.2

Derivative Financial Instrume_7

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Gross Fair Value	$ 117	$ 128
Amounts Netted
Net Fair Value	117	128
Short-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	47	138
Amounts Netted	(13)	(19)
Net Fair Value	$ 34	119
Balance Sheet Classification	Other current assets
Long-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ 10	12
Amounts Netted	(6)
Net Fair Value	$ 4	12
Balance Sheet Classification	Other long-term assets
Short-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ (152)	(22)
Amounts Netted	13	19
Net Fair Value	$ (139)	(3)
Balance Sheet Classification	Other current liabilities
Long-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	$ (22)
Amounts Netted	6
Net Fair Value	$ (16)
Balance Sheet Classification	Other long-term liabilities

Share-Based Compensation (Addit

Share-Based Compensation (Additional Information) (Details)	9 Months Ended
	Sep. 30, 2023
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement By Share-Based Payment Award Award Vesting Rights Percentage	100%

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			$ 70	$ 65
Exploration Expense	$ 3	$ 4	16	16
Related income tax benefit			31	31
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			70	64
Exploration Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense			$ 0	$ 1

Share-Based Compensation (Summa

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2022 | shares	5,788
Granted, awards and units | shares	1,295
Vested, awards and units | shares	(2,914)
Forfeited, awards and units | shares	(117)
Unvested at September 30, 2023 share | shares	4,052
Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares	$ 29.11
Granted, weighted average grant-date fair value | $ / shares	62.27
Vested, weighted average grant-date fair value | $ / shares	25.19
Forfeited, weighted average grant-date fair value | $ / shares	43.55
Unvested weighted average grant-date fair value at September 30, 2023 | $ / shares	$ 42.1
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2022 | shares	1,841
Granted, awards and units | shares	743
Vested, awards and units | shares	(1,037)
Forfeited, awards and units | shares	0
Unvested at September 30, 2023 share | shares	1,547	[1]
Unvested weighted average grant-date fair value at December 31, 2022 | $ / shares	$ 31.33
Granted, weighted average grant-date fair value | $ / shares	51.38
Vested, weighted average grant-date fair value | $ / shares	27.89
Forfeited, weighted average grant-date fair value | $ / shares	0
Unvested weighted average grant-date fair value at September 30, 2023 | $ / shares	$ 43.25
[1] A maximum of 3.1 million common shares could be awarded based upon Devon’s final TSR ranking.

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions	9 Months Ended
	Sep. 30, 2023 shares
Performance Share Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum common shares that could be awarded based upon total shareholder return	3.1

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 51.38
Risk-free interest rate	4.15%
Volatility factor	61.43%
Contractual term (years)	2 years 10 months 20 days
Including Performance Factor Shares Granted [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 81.7

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 107
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	$ 24
Weighted average period for recognition (years)	1 year 9 months 18 days

Restructuring (Schedule Of The

Restructuring (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 115	$ 149
Ending balance	88	120
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(27)	(29)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	34	38
Ending balance	14	27
Other Current Liabilities [Member] | Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	(20)	(11)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	81	111
Ending balance	74	93
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity	$ (7)	$ (18)

Other, Net (Schedule of Other E

Other, Net (Schedule of Other Expenses (Income)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Expenses [Abstract]
Estimated future obligation under a performance guarantee	$ 0	$ (44)	$ 0	$ (140)
Ukraine charitable pledge	0	0	0	20
Asset retirement obligation accretion	7	5	21	18
Other	6	(1)	7	11
Total	$ 13	$ (40)	$ 28	$ (91)

Other, Net (Narrative) (Details

Other, Net (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Expenses [Abstract]
Estimated future obligation under a performance guarantee	$ 0	$ (44)	$ 0	$ (140)
Ukraine charitable pledge	$ 0	$ 0	$ 0	$ 20

Income Taxes (Schedule of Compo

Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Earnings before income taxes	$ 1,072	$ 2,465	$ 3,193	$ 6,222
Current income tax expense	139	120	360	475
Deferred income tax expense	13	445	212	914
Total income tax expense (benefit)	$ 152	$ 565	$ 572	$ 1,389

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21%	21%	21%	21%
State income taxes	1%	2%	1%	1%
Income tax credits	(8.00%)	0%	(4.00%)	0%
Effective income tax rate	14%	23%	18%	22%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Billions	Dec. 31, 2022	Aug. 16, 2022
Income Tax [Line Items]
Corporate Alternative Minimum Tax		15%
WPX Merger [Member]
Income Tax [Line Items]
Deferred income taxes	$ 1

Net Earnings Per Share (Net Ear

Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net earnings available to common shareholders - basic	$ 910	$ 1,876	$ 2,595	$ 4,764
Net earnings available to common shareholders - diluted	$ 910	$ 1,876	$ 2,595	$ 4,764
Common shares:
Average common shares outstanding - basic	637	649	640	652
Dilutive effect of potential common shares issuable	2	2	3	2
Average common shares outstanding - diluted	639	651	643	654
Net earnings per share available to common shareholders:
Basic	$ 1.43	$ 2.89	$ 4.05	$ 7.3
Diluted	$ 1.42	$ 2.88	$ 4.03	$ 7.28

Other Comprehensive Earnings _3

Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		$ (114)	$ (130)	$ (116)	$ (132)
Recognition of net actuarial loss and prior service cost in earnings	[1]	1	1	4	4
Income tax expense		0	0	(1)	(1)
Accumulated other comprehensive loss, net of tax		$ (113)	$ (129)	$ (113)	$ (129)	$ (116)
[1] Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in assets and liabilities, net:
Accounts receivable	$ 0	$ 364	$ 0	$ (439)
Other current assets	0	(84)	0	(105)
Other long-term assets	0	9	0	84
Accounts payable and revenues and royalties payable	0	(313)	0	474
Other current liabilities	0	(208)	0	(107)
Other long-term liabilities	0	(3)	0	(87)
Total	(61)	(235)	(189)	(180)
Supplementary cash flow data:
Interest paid	77	100	266	285
Income taxes paid	$ 50	$ 253	$ 309	$ 363

Supplemental Information to S_4

Supplemental Information to Statements of Cash Flows (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Supplemental Cash Flow [Line Items]
Non-cash investing activities contributions of other propoerty and equipment	$ 150

Accounts Receivable (Schedule O

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 234	$ 162
Other	28	33
Gross accounts receivable	1,860	1,776
Allowance for doubtful accounts	(7)	(9)
Net accounts receivable	1,853	1,767
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	1,151	1,153
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 447	$ 428

Property, Plant and Equipment_2

Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Property and equipment:
Proved		$ 45,518	$ 42,734
Unproved and properties under development		1,594	1,548
Total oil and gas		47,112	44,282
Less accumulated DD&A		(29,549)	(27,715)
Oil and gas property and equipment, net		17,563	16,567
Other property and equipment		2,244	2,280
Less accumulated DD&A		(776)	(741)
Other property and equipment, net	[1]	1,468	1,539
Total property and equipment, net		$ 19,031	$ 18,106
[1] $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Property, Plant and Equipment_3

Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Other property and equipment, net	[1]	$ 1,468	$ 1,539
CDM [Member]
Property Plant And Equipment [Line Items]
Other property and equipment, net		$ 124	$ 109
[1] $ 124 million and $ 109 million related to CDM in 2023 and 2022, respectively.

Debt And Related Expenses (Sche

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Net premium (discount) on debentures and notes	$ 72	$ 103
Debt issuance costs	(31)	(26)
Total debt	6,162	6,440
Less amount classified as short-term debt	487	251
Long-term debt	5,675	6,189
8.25% due August 1, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 242
Charge on early retirement of debt, cash retirement costs	8.25%	8.25%
Debt, maturity date	Aug. 01, 2023
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 472	$ 472
Charge on early retirement of debt, cash retirement costs	5.25%	5.25%
Debt, maturity date	Sep. 15, 2024
5.85% due December 15, 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 485	$ 485
Charge on early retirement of debt, cash retirement costs	5.85%	5.85%
Debt, maturity date	Dec. 15, 2025
7.50% due September 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 73	$ 73
Charge on early retirement of debt, cash retirement costs	7.50%	7.50%
Debt, maturity date	Sep. 15, 2027
5.25% due October 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 390	$ 390
Charge on early retirement of debt, cash retirement costs	5.25%	5.25%
Debt, maturity date	Oct. 15, 2027
5.875% due June 15, 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 325	$ 325
Charge on early retirement of debt, cash retirement costs	5.875%	5.875%
Debt, maturity date	Jun. 15, 2028
4.50% due January 15, 2030 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 585	$ 585
Charge on early retirement of debt, cash retirement costs	4.50%	4.50%
Debt, maturity date	Jan. 15, 2030
7.875% due September 30, 2031 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 675	$ 675
Charge on early retirement of debt, cash retirement costs	7.875%	7.875%
Debt, maturity date	Sep. 30, 2031
7.95% due April 15, 2032 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 366	$ 366
Charge on early retirement of debt, cash retirement costs	7.95%	7.95%
Debt, maturity date	Apr. 15, 2032
5.60% due July 15, 2041 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,250	$ 1,250
Charge on early retirement of debt, cash retirement costs	5.60%	5.60%
Debt, maturity date	Jul. 15, 2041
4.75% due May 15, 2042 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	4.75%	4.75%
Debt, maturity date	May 15, 2042
5.00% due June 15, 2045 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	5%	5%
Debt, maturity date	Jun. 15, 2045

Debt And Related Expenses (Narr

Debt And Related Expenses (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of long-term debt		$ 242	$ 0	$ 242	$ 0
Interest Income. Received		11	$ 19	43	$ 22
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, borrowing capacity		3,000		3,000
Outstanding credit facility borrowings		$ 0		$ 0
Debt-to-capitalization ratio		0.219		0.219
Outstanding letters of credit		$ 3		$ 3
Senior Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt-to-capitalization ratio		0.65		0.65
8.25% due August 1, 2023 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage		8.25%		8.25%		8.25%
8.25% due August 1, 2023 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 242
Debt interest rate, stated percentage	8.25%

Debt And Related Expenses (Sc_2

Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Disclosure [Abstract]
Interest based on debt outstanding	$ 93	$ 92	$ 282	$ 277
Interest income	(11)	(19)	(43)	(22)
Other	(1)	(6)	(8)	(19)
Total net financing costs	$ 81	$ 67	$ 231	$ 236

Leases (Schedule of Right-of-us

Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions		Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, finance lease		$ 249	$ 203
Finance lease liabilities:
Current lease liabilities, finance lease	[1]	21	8
Long-term lease liabilities, finance lease		287	249
Total lease liabilities, finance lease		308	257
Right-of-use assets, operating lease		12	21
Operating lease liabilities:
Current lease liabilities, operating lease	[1]	9	13
Long-term lease liabilities, operating lease		3	8
Total lease liabilities, operating lease		12	21
Right-of-use assets		261	224
Lease liabilities:
Current lease liabilities	[1]	30	21
Long-term lease liabilities		290	257
Total lease liabilities		$ 320	$ 278
[1] Current lease liabilities are included in other current liabilities on the consolidated balance sheets.

Asset Retirement Obligations (S

Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of beginning of period			$ 529	$ 485
Liabilities incurred			104	62
Liabilities settled and divested			(24)	(13)
Revision of estimated obligation			27	(35)
Accretion expense on discounted obligation	$ 7	$ 5	21	18
Asset retirement obligations as of end of period	657	517	657	517
Less current portion	16	19	16	19
Asset retirement obligations, long-term	$ 641	$ 498	$ 641	$ 498	$ 511

Asset Retirement Obligations (N

Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Asset Acquisition [Line Items]
Revision of estimated obligation	$ 27	$ (35)
Eagle Ford and Williston Basin
Asset Acquisition [Line Items]
Revision of estimated obligation		$ 38

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended
	Nov. 02, 2021	May 31, 2023	May 31, 2022	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Nov. 30, 2023
Stockholders Equity [Abstract]
Dividends rate per share				$ 0	$ 0.72	$ 0.89	$ 1.55	$ 1.27	$ 1
Dividends payable, year				2023
Fixed Dividend [Member]
Stockholders Equity [Abstract]
Dividends rate per share						$ 0.2			$ 0.16
Subsequent Event
Stockholders Equity [Abstract]
Dividend payable, per share										$ 0.77
Dividend payable amount										$ 492
Subsequent Event | Fixed Dividend [Member]
Stockholders Equity [Abstract]
Dividend payable, per share										$ 0.2
Subsequent Event | Variable Dividend [Member]
Stockholders Equity [Abstract]
Dividend payable, per share										$ 0.57
Share Repurchase Program [Member]
Stockholders Equity [Abstract]
Repurchase of common stock	$ 1,000	$ 3,000	$ 2,000
Repurchase program expiration date	Dec. 31, 2022		May 04, 2023
Three Billion Dollar Share Repurchase Program Open
Stockholders Equity [Abstract]
Repurchase of common stock		$ 3
Repurchase program expiration date		Dec. 31, 2024

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - Share Repurchase Program Open [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended							24 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Stockholders Equity [Line Items]
Total Number of Shares Purchased	3,795	10,090	802	1,875	5,052	3,979	13,983	39,576
Dollar Value of Shares Purchased	$ 200	$ 545	$ 57	$ 113	$ 318	$ 230	$ 589	$ 2,052
Average Price Paid per Share	$ 52.7	$ 53.96	$ 71.69	$ 59.99	$ 63.07	$ 57.74	$ 42.15	$ 51.86

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Stockholders Equity [Line Items]
Dividends amount	$ 0	$ 462	$ 596	$ 1,007	$ 830	$ 667
Dividends rate per share	$ 0	$ 0.72	$ 0.89	$ 1.55	$ 1.27	$ 1
Total year to date	$ 1,370			$ 2,504
Fixed Dividend [Member]
Stockholders Equity [Line Items]
Dividends amount	0	$ 128	$ 133	117	$ 105	$ 109
Dividends rate per share			$ 0.2			$ 0.16
Total year to date	388			331
Variable Dividend [Member]
Stockholders Equity [Line Items]
Dividends amount	0	$ 334	$ 463	890	$ 725	$ 558
Total year to date	$ 982			$ 2,173

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 101	$ 708
Debt	(6,162)	(6,440)
Contingent earnout payments	65	157
Carrying Amount [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	38	131
Derivatives, liabilities	(155)	(3)
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	101	708
Debt	(5,706)	(6,231)
Contingent earnout payments	65	157
Total Fair Value [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	38	131
Derivatives, liabilities	(155)	(3)
Level 1 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	101	708
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(5,706)	(6,231)
Level 2 Inputs [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	38	131
Derivatives, liabilities	(155)	(3)
Level 3 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout payments	$ 65	$ 157