Devon Energy (DVN) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
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		656,900,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Oil, gas and NGL sales	$ 3,797	$ 4,030	$ 11,432	$ 11,319
Oil, gas and NGL derivatives	227	(194)	105	(206)
Total revenues	4,024	3,836	11,537	11,113
Production expenses	763	757	2,302	2,169
Exploration expenses	4	3	16	16
Depreciation, depletion and amortization	794	651	2,284	1,904
Asset dispositions	0	0	16	(41)
General and administrative expenses	117	99	345	297
Financing costs, net	88	81	240	231
Restructuring and transaction costs	8	0	8	0
Other, net	37	13	64	28
Total expenses	2,960	2,764	8,665	7,920
Earnings before income taxes	1,064	1,072	2,872	3,193
Income tax expense	239	152	583	572
Net earnings	825	920	2,289	2,621
Net earnings attributable to noncontrolling interests	13	10	37	26
Net earnings attributable to Devon	$ 812	$ 910	$ 2,252	$ 2,595
Net earnings per share:
Basic net earnings per share	$ 1.31	$ 1.43	$ 3.6	$ 4.05
Diluted net earnings per share	$ 1.3	$ 1.42	$ 3.59	$ 4.03
Comprehensive earnings:
Net earnings	$ 825	$ 920	$ 2,289	$ 2,621
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:	826	921	2,292	2,624
Comprehensive earnings attributable to noncontrolling interests	13	10	37	26
Comprehensive earnings attributable to Devon	813	911	2,255	2,598
Oil, Gas and NGL Sales [Member]
Oil, gas and NGL sales	2,665	2,882	8,090	8,054
Marketing and Midstream Revenues [Member]
Oil, gas and NGL sales	1,132	1,148	3,342	3,265
Marketing and Midstream Expenses [Member]
Expenses	$ 1,149	$ 1,160	$ 3,390	$ 3,316

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash, cash equivalents and restricted cash		$ 676	$ 875
Accounts receivable		1,779	1,573
Inventory		293	249
Other current assets		484	460
Total current assets		3,232	3,157
Oil and gas property and equipment, based on successful efforts accounting, net		23,155	17,825
Other property and equipment, net ($164 million and $136 million related to CDM in 2024 and 2023, respectively)	[1]	1,795	1,503
Total property and equipment, net		24,950	19,328
Goodwill		753	753
Right-of-use assets		317	267
Investments		718	666
Other long-term assets		293	319
Total assets		30,263	24,490
LIABILITIES AND EQUITY
Accounts payable		995	760
Revenues and royalties payable		1,423	1,222
Short-term debt		0	483
Other current liabilities		488	484
Total current liabilities		2,906	2,949
Long-term debt		8,884	5,672
Lease liabilities		328	295
Asset retirement obligations		765	643
Other long-term liabilities		820	876
Deferred income taxes		2,082	1,838
Stockholders' equity:
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 658 million and 636 million shares in 2024 and 2023, respectively		66	64
Additional paid-in capital		6,662	5,939
Retained earnings		7,670	6,195
Accumulated other comprehensive loss		(121)	(124)
Treasury stock, at cost, 0.3 million shares in 2023		0	(13)
Total stockholders’ equity attributable to Devon		14,277	12,061
Noncontrolling interests		201	156
Total equity		14,478	12,217
Total liabilities and equity		$ 30,263	$ 24,490
[1] $ 164 million and $ 136 million related to CDM in 2024 and 2023, respectively.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Other property and equipment, net	[1]	$ 1,795	$ 1,503
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)		658	636
Treasury stock common shares			0.3
CDM [Member]
Other property and equipment, net		$ 164	$ 136
[1] $ 164 million and $ 136 million related to CDM in 2024 and 2023, respectively.

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Cash flows from operating activities:
Net earnings	$ 825	$ 920	$ 2,289	$ 2,621
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization	794	651	2,284	1,904
Leasehold impairments	1	1	2	4
Accretion (amortization) of liabilities	2	(2)	2	(17)
Total (gains) losses on commodity derivatives	(227)	194	(105)	206
Cash settlements on commodity derivatives	61	(11)	139	39
(Gains) losses on asset dispositions	0	0	16	(41)
Deferred income tax expense	164	13	243	212
Share-based compensation	24	22	75	70
Other	3	(2)	6	(2)
Changes in assets and liabilities, net	16	(61)	(15)	(189)
Net cash from operating activities	1,663	1,725	4,936	4,807
Cash flows from investing activities:
Capital expenditures	(877)	(882)	(2,719)	(2,973)
Acquisitions of property and equipment	(3,602)	(23)	(3,692)	(54)
Divestitures of property and equipment	0	1	18	23
GME acquired cash	147	0	147	0
Distributions from investments	13	7	35	24
Contributions to investments and other	(30)	0	(78)	(52)
Net cash from investing activities	(4,349)	(897)	(6,289)	(3,032)
Cash flows from financing activities:
Borrowings of long-term debt, net of issuance costs	3,219	0	3,219	0
Repayments of long-term debt	(472)	(242)	(472)	(242)
Repurchases of common stock	(295)	0	(756)	(745)
Dividends paid on common stock	(272)	(312)	(794)	(1,370)
Contributions from noncontrolling interests	20	10	44	18
Distributions to noncontrolling interests	(10)	(9)	(36)	(33)
Shares exchanged for tax withholdings and other	2	0	(49)	(96)
Net cash from financing activities	2,192	(553)	1,156	(2,468)
Effect of exchange rate changes on cash	1	(2)	(2)	0
Net change in cash, cash equivalents and restricted cash	(493)	273	(199)	(693)
Cash, cash equivalents and restricted cash at beginning of period	1,169	488	875	1,454
Cash, cash equivalents and restricted cash at end of period	676	761	676	761
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	645	654	645	654
Restricted cash	31	107	31	107
Total cash, cash equivalents and restricted cash	$ 676	$ 761	$ 676	$ 761

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, 2022	$ 11,296	$ 65	$ 6,921	$ 4,297	$ (116)		$ 129
Balance, shares at Dec. 31, 2022		653,000,000
Net earnings	2,621			2,595			26
Other comprehensive earnings, net of tax	3				3
Restricted stock grants, net of cancellations, shares		2,000,000
Common stock repurchased	(839)		(6)			$ (833)
Common stock retired		$ (1)	(832)			833
Common stock retired, shares		(15,000,000)
Common stock dividends	(1,357)			(1,357)
Share-based compensation	70		70
Share-based compensation, shares		1,000,000
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		641,000,000
Balance at Jun. 30, 2023	11,150	$ 64	6,131	4,940	(114)		129
Balance, shares at Jun. 30, 2023		641,000,000
Net earnings	920			910			10
Other comprehensive earnings, 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		641,000,000
Balance at Dec. 31, 2023	12,217	$ 64	5,939	6,195	(124)	(13)	156
Balance, shares at Dec. 31, 2023		636,000,000
Net earnings	2,289			2,252			37
Other comprehensive earnings, net of tax	3				3
Restricted stock grants, net of cancellations, shares		2,000,000
Common stock repurchased	(792)					(792)
Common stock retired		$ (2)	(803)			805
Common stock retired, shares		(18,000,000)
Common stock dividends	(777)			(777)
Common stock issued	1,455	$ 4	1,451
Common stock issued, Shares		37
Share-based compensation	75		75
Share-based compensation, shares		1,000,000
Contributions from noncontrolling interests	44						44
Distributions to noncontrolling interests	(36)						(36)
Balance at Sep. 30, 2024	14,478	$ 66	6,662	7,670	(121)	0	201
Balance, shares at Sep. 30, 2024		658,000,000
Balance at Jun. 30, 2024	12,729	$ 63	5,478	7,132	(122)	0	178
Balance, shares at Jun. 30, 2024		628,000,000
Net earnings	825			812			13
Other comprehensive earnings, net of tax	1				1
Common stock repurchased	(292)	$ (1)	(4)			(295)
Common stock retired			(295)			295
Common stock retired, shares		(7,000,000)
Common stock dividends	(274)			(274)
Common stock issued	1,455	$ 4	1,451
Common stock issued, Shares		37
Share-based compensation	24		24
Contributions from noncontrolling interests	20						20
Distributions to noncontrolling interests	(10)						(10)
Balance at Sep. 30, 2024	$ 14,478	$ 66	$ 6,662	$ 7,670	$ (121)	$ 0	$ 201
Balance, shares at Sep. 30, 2024		658,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 812	$ 910	$ 2,252	$ 2,595

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 2023 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, 2024 and 2023 and Devon’s financial position as of September 30, 2024. On September 27, 2024, Devon acquired the Williston Basin business of Grayson Mill for total consideration of approximately $ 5.0 billion, consisting of $ 3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The transaction has been accounted for using the acquisition method of accounting. See Note 2 for further discussion. Variable Interest Entity CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets. Investments The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2024 December 31, 2023 Catalyst 50 % $ 282 $ 311 Water JV 30 % 216 216 Matterhorn 12.5 % 90 90 Fervo 14 % 77 — Other Various 53 49 Total $ 718 $ 666 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. In the second quarter of 2023, 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. Devon has an interest in Matterhorn, which is a joint venture in a natural gas pipeline which transports 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. In the first quarter of 2024, Devon committed to invest approximately $ 100 million in Fervo, a company that generates energy from geothermal wells. As of September 30, 2024, Devon has funded approximately $ 78 million of the commitment and expects to fund the remaining $ 22 million commitment in the fourth quarter of 2024. The investment in Fervo allows Devon to exercise significant influence over Fervo, and the investment is accounted for under the equity method of accounting. Devon's investment in Fervo is shown within investments on the consolidated balance sheets and Devon's share of Fervo earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Oil $ 2,273 $ 2,377 $ 6,875 $ 6,626 Gas 49 189 234 524 NGL 343 316 981 904 Oil, gas and NGL sales 2,665 2,882 8,090 8,054 Oil 815 795 2,423 2,260 Gas 105 153 326 428 NGL 212 200 593 577 Marketing and midstream revenues 1,132 1,148 3,342 3,265 Total revenues from contracts with customers $ 3,797 $ 4,030 $ 11,432 $ 11,319 Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU will result in additional disclosures for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s “Chief Operating Decision Maker.” This ASU will result in additional disclosures for Devon beginning with our 2024 annual reporting and interim periods beginning in 2025.

Acquisition and Divestitures

Acquisition and Divestitures	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisition and Divestitures	2. Acquisitions and Dive stitures Acquisition On September 27, 2024, Devon completed its acquisition of the Williston Basin business of Grayson Mill for total consideration of approximately $ 5.0 billion, consisting of $ 3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. Devon funded the cash portion of the purchase price through cash on hand and debt financing. For additional information regarding the debt financing, see Note 11 . Purchase Price Allocation This transaction has been accounted for using the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of Grayson Mill and its subsidiaries have been recorded at their respective fair values as of the date of completion of the acquisition and added to Devon’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the acquisition. Determining the fair value of the assets and liabilities of Grayson Mill requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Grayson Mill’s oil and gas properties. The inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy. The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Preliminary Purchase Price Allocation as of September 27, 2024 Consideration: Devon common stock issued 37.3 Devon closing price on September 27, 2024 $ 38.96 Total common equity consideration $ 1,455 Cash consideration 3,567 Total consideration $ 5,022 Assets acquired: Cash, cash equivalents and restricted cash $ 147 Accounts receivable 226 Inventory 38 Other current assets 9 Proved oil and gas property and equipment 2,931 Unproved oil and gas property and equipment 1,905 Other property and equipment, net 210 Right-of-use assets 29 Total assets acquired $ 5,495 Liabilities assumed: Accounts payable $ 155 Revenue and royalties payable 209 Other current liabilities 16 Asset retirement obligations 75 Lease liabilities 18 Total liabilities assumed 473 Net assets acquired $ 5,022 Grayson Mill Revenues and Earnings From the date of the acquisition through September 30, 2024, revenues and net earnings included in Devon's consolidated statements of comprehensive earnings associated with these assets totaled $ 28 million and $ 4 million, respectively. Pro Forma Financial Information The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Grayson Mill acquisition had occurred on January 1, 2023. The information below reflects pro forma adjustments to conform Grayson Mill's historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total revenues $ 4,691 $ 4,553 $ 13,563 $ 12,679 Net earnings $ 895 $ 1,044 $ 2,524 $ 2,827 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 $ 20 million in contingent earnout payments related to this transaction in the first quarter of 2024 and $ 65 million in the first quarter of 2023. Devon could also receive up to an additional $ 65 million in contingent earnout payments for the remaining performance period depending on future commodity prices. The valuation of the future contingent earnout payment included within other current assets in the September 30, 2024 consolidated balance sheet was approximately $ 20 million. This value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement. Devon also received $ 4 million in contingent earnout payments in the first quarter of 2023 related to the sale of non-core assets in the Rockies.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 also periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of September 30, 2024, Devon did not have any open interest rate contracts. Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. Counterparty Credit Risk By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of September 30, 2024, Devon neither held cash collateral of its counterparties no r posted cash collateral to its counterparties. Commodity Derivatives As of September 30, 2024, 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 2024 33,000 $ 78.38 98,000 $ 68.64 $ 83.73 Q1-Q4 2025 8,468 $ 71.90 26,992 $ 70.00 $ 76.58 Oil Basis Swaps Period Index Volume Weighted Average Q4 2024 Midland Sweet 69,500 $ 1.17 Q4 2024 NYMEX Roll 26,000 $ 0.82 Q1-Q4 2025 Midland Sweet 63,000 $ 1.00 Q1-Q4 2026 Midland Sweet 18,000 $ 1.21 As of September 30, 2024, 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 2024 252,000 $ 3.16 15,000 $ 3.00 $ 3.65 Q1-Q4 2025 220,537 $ 3.34 55,000 $ 3.00 $ 3.69 Q1-Q4 2026 130,000 $ 3.78 50,000 $ 3.25 $ 4.18 Natural Gas Basis Swaps Period Index Volume Weighted Average Q4 2024 El Paso Natural Gas 10,000 $ ( 1.00 ) Q4 2024 Houston Ship Channel 160,000 $ ( 0.28 ) Q4 2024 WAHA 80,000 $ ( 0.74 ) Q1-Q4 2025 Houston Ship Channel 170,000 $ ( 0.36 ) Q1-Q4 2025 WAHA 50,000 $ ( 1.04 ) Q1-Q4 2026 Houston Ship Channel 50,000 $ ( 0.29 ) As of September 30, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Price Swaps Period Product Volume (Bbls/d) Weighted Average Price ($/Bbl) Q4 2024 Natural Gasoline 3,000 $ 69.11 Q4 2024 Normal Butane 3,350 $ 37.58 Q4 2024 Propane 5,250 $ 33.01 Financial Statement Presentation All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The table below presents a summary of these positions as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 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 $ 153 $ ( 12 ) $ 141 $ 213 $ ( 5 ) $ 208 Other current assets Long-term derivative asset 32 ( 5 ) 27 — — — Other long-term assets Short-term derivative liability ( 14 ) 12 ( 2 ) ( 7 ) 5 ( 2 ) Other current liabilities Long-term derivative liability ( 6 ) 5 ( 1 ) ( 7 ) — ( 7 ) Other long-term liabilities Total derivative asset $ 165 $ — $ 165 $ 199 $ — $ 199

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 G&A $ 74 $ 70 Exploration expenses 1 — Total $ 75 $ 70 Related income tax benefit $ 21 $ 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 12/31/23 4,033 $ 42.10 1,547 $ 43.25 Granted 1,936 $ 42.53 858 $ 40.41 Vested ( 1,805 ) $ 34.83 ( 1,226 ) $ 18.08 Forfeited ( 79 ) $ 45.44 — $ — Unvested at 9/30/24 4,085 $ 45.45 1,179 (1) $ 67.38 (1) A maximum of 2.4 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 2024, 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. 2024 Grant-date fair value $ 56.99 Risk-free interest rate 4.28 % Volatility factor 46.03 % 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, 2024. Restricted Stock Performance Awards/Units Share Units Unrecognized compensation cost $ 116 $ 26 Weighted average period for recognition (years) 2.6 1.7

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	5. 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, 2024 2023 2024 2023 Earnings before income taxes $ 1,064 $ 1,072 $ 2,872 $ 3,193 Current income tax expense $ 75 $ 139 $ 340 $ 360 Deferred income tax expense 164 13 243 212 Total income tax expense $ 239 $ 152 $ 583 $ 572 U.S. statutory income tax rate 21 % 21 % 21 % 21 % State income taxes 3 % 1 % 2 % 1 % Income tax credits ( 2 %) ( 8 %) ( 3 %) ( 4 %) Effective income tax rate 22 % 14 % 20 % 18 % In the first nine months of 2024 and 2023, Devon recognized income tax credits associated with its qualified research activities.

Net Earnings Per Share

Net Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net earnings available to common shareholders - basic and diluted $ 812 $ 910 $ 2,252 $ 2,595 Common shares: Average common shares outstanding - basic 622 637 626 640 Dilutive effect of potential common shares issuable 1 2 2 3 Average common shares outstanding - diluted 623 639 628 643 Net earnings per share available to common shareholders: Basic $ 1.31 $ 1.43 $ 3.60 $ 4.05 Diluted $ 1.30 $ 1.42 $ 3.59 $ 4.03

Other Comprehensive Earnings (L

Other Comprehensive Earnings (Loss)	9 Months Ended
	Sep. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Earnings (Loss)	Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) consist of the following: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits $ ( 122 ) $ ( 114 ) $ ( 124 ) $ ( 116 ) 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 $ ( 121 ) $ ( 113 ) $ ( 121 ) $ ( 113 ) (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, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to Statements of Cash Flows Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Changes in assets and liabilities, net: Accounts receivable $ 41 $ ( 334 ) $ 26 $ ( 86 ) Other current assets ( 13 ) 27 ( 120 ) 31 Other long-term assets ( 9 ) ( 31 ) 24 ( 13 ) Accounts payable and revenues and royalties payable ( 64 ) 194 121 ( 36 ) Other current liabilities 57 88 ( 51 ) ( 53 ) Other long-term liabilities 4 ( 5 ) ( 15 ) ( 32 ) Total $ 16 $ ( 61 ) $ ( 15 ) $ ( 189 ) Supplementary cash flow data: Interest paid $ 90 $ 77 $ 265 $ 266 Income taxes paid $ 92 $ 50 $ 476 $ 309 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, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable	Accounts Receivable Components of accounts receivable include the following: September 30, 2024 December 31, 2023 Oil, gas and NGL sales $ 989 $ 965 Joint interest billings 321 251 Marketing and midstream revenues 442 342 Other 34 22 Gross accounts receivable 1,786 1,580 Allowance for doubtful accounts ( 7 ) ( 7 ) Net accounts receivable $ 1,779 $ 1,573

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Extractive Industries [Abstract]
Property, Plant and Equipment	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, 2024 December 31, 2023 Property and equipment: Proved $ 52,190 $ 46,659 Unproved and properties under development 3,286 1,279 Total oil and gas 55,476 47,938 Less accumulated DD&A ( 32,321 ) ( 30,113 ) Oil and gas property and equipment, net 23,155 17,825 Other property and equipment 2,630 2,289 Less accumulated DD&A ( 835 ) ( 786 ) Other property and equipment, net (1) 1,795 1,503 Property and equipment, net $ 24,950 $ 19,328 (1) $ 164 million and $ 136 million related to CDM in 2024 and 2023, respectively.

Debt And Related Expenses

Debt And Related Expenses	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt and Related Expenses	Debt and Re lated Expenses See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon. September 30, 2024 December 31, 2023 5.25 % due September 15, 2024 $ — $ 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 5.20 % due September 15, 2034 1,250 — 5.60 % due July 15, 2041 1,250 1,250 4.75 % due May 15, 2042 750 750 5.00 % due June 15, 2045 750 750 5.75 % due September 15, 2054 1,000 — Term Loan due September 25, 2026 1,000 — Net premium on debentures and notes 41 64 Debt issuance costs ( 56 ) ( 30 ) Total debt $ 8,884 $ 6,155 Less amount classified as short-term debt — 483 Total long-term debt $ 8,884 $ 5,672 Credit Lines In 2023, Devon amended and restated its 2018 Senior Credit Facility to provide for a new $ 3.0 billion revolving 2023 Senior Credit Facility. In the first quarter of 2024, Devon exercised its option to extend the 2023 Senior Credit Facility maturity date from March 24, 2028 to March 24, 2029. Devon has the option to extend the March 24, 2029 maturity date by two additional one-year periods subject to lender consent. As of September 30, 2024, Devon had no outstanding borrowings under the 2023 Senior Credit Facility and had issued $ 4 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, 2024, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 26.7 % Term Loan Credit Agreement On August 12, 2024, Devon entered into a delayed draw term loan credit agreement (the “Term Loan Credit Agreement”), providing for delayed draw term loans in an aggregate principal amount not to exceed $ 2.0 billion, including a 364-day tranche of $ 500 million and a two-year tranche of $ 1.5 billion. On September 27, 2024, Devon borrowed $ 1.0 billion on the two-year tranche (the “Term Loan”) to partially fund the closing of the Grayson Mill acquisition. In connection with the borrowing of the Term Loan, the undrawn commitments under the Term Loan Credit Agreement automatically terminated. The Term Loan bears interest at a rate based on term SOFR plus a spread adjustment that varies based on Devon's credit ratings. The interest rate on the Term Loan was 6.33 % as of September 30, 2024. The Term Loan Credit Agreement contains substantially the same financial covenant as the 2023 Senior Credit Facility. As of September 30, 2024, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 26.7 % . Issuance of Senior Notes On August 28, 2024, Devon issued $ 1.25 billion of 5.20 % senior notes due 2034 and $ 1.0 billion of 5.75 % senior notes due 2054. Devon used the net proceeds to partially fund the Grayson Mill acquisition. For additional information, see Note 2 . On September 15, 2024 and August 1, 2023, Devon repaid the $ 472 million of 5.25 % senior notes and $ 242 million of 8.25 % senior notes at maturity, respectively. Net Financing Costs The following schedule includes the components of net financing costs. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Interest based on debt outstanding $ 98 $ 93 $ 273 $ 282 Interest income ( 19 ) ( 11 ) ( 46 ) ( 43 ) Other 9 ( 1 ) 13 ( 8 ) Total net financing costs $ 88 $ 81 $ 240 $ 231

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	12. Le ases The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 Finance Operating Total Finance Operating Total Right-of-use assets $ 257 $ 60 $ 317 $ 246 $ 21 $ 267 Lease liabilities: Current lease liabilities (1) $ 27 $ 30 $ 57 $ 21 $ 12 $ 33 Long-term lease liabilities 298 30 328 286 9 295 Total lease liabilities (2) $ 325 $ 60 $ 385 $ 307 $ 21 $ 328 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets . (2) Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of September 30, 2024 and are therefore excluded from the amounts shown above. Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s financing lease right-of-use assets primarily relate to real estate.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	13. Asset Retir ement Obligations The following table presents the changes in Devon’s asset retirement obligations. Nine Months Ended September 30, 2024 2023 Asset retirement obligations as of beginning of period $ 665 $ 529 Assumed Grayson Mill obligations 75 — Liabilities incurred 21 104 Liabilities settled and divested ( 25 ) ( 24 ) Revision of estimated obligation 35 27 Accretion expense on discounted obligation 28 21 Asset retirement obligations as of end of period 799 657 Less current portion 34 16 Asset retirement obligations, long-term $ 765 $ 641 During the first nine months of 2024, Devon increased its asset retirement obligations by approximately $ 35 million primarily due to changes in current cost estimates and future retirement dates for its oil and gas assets. During the first nine months of 2023, Devon increased its asset retirement obligations by approximately $ 27 million primarily due to inflation-driven increases in cost estimates. Devon's asset retirement obligations recorded during the first nine months of 2023 included 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.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	14. Stockhol ders’ Equity Share Issuance On September 27, 2024 , Devon completed its acquisition of the Williston Basin business of Grayson Mill for total consideration of approximately $ 5.0 billion. The transaction consisted of $ 3.5 billion of cash and approximately 37.3 million shares of Devon common stock at $ 38.96 per share for total equity consideration of approximately $ 1.5 billion, including purchase price adjustments. Share Repurchases In July 2024, Devon's Board of Directors authorized an expansion to the Company's share repurchase program from $ 3.0 billion to $ 5.0 billion and extended the expiration date from December 31, 2024 to June 30, 2026 . The table below provides information regarding purchases of Devon’s common stock under the $ 5.0 billion share repurchase program (shares in thousands). Total Number of Dollar Value of Average Price Paid $5.0 Billion Plan 2021 13,983 $ 589 $ 42.15 2022 11,708 718 $ 61.36 2023: First quarter 10,090 545 $ 53.96 Second quarter 3,795 200 $ 52.70 Fourth quarter 5,465 247 $ 45.17 2023 Total 19,350 992 $ 51.23 2024: First quarter 4,428 193 $ 43.47 Second quarter 5,188 256 $ 49.40 Third quarter 6,675 295 $ 44.23 2024 Total 16,291 744 $ 45.67 Total plan 61,332 $ 3,043 $ 49.62 Dividends Devon pays a quarterly dividend which can be comprised of a fixed dividend and a variable dividend. The variable dividend is dependent on quarterly cash flows, among other factors. Devon has raised its fixed dividend multiple times over the past two calendar years and most recently raised it by 10% from $ 0.20 to $ 0.22 per share in the first quarter of 2024. The following table summarizes Devon’s dividends for the first nine months of 2024 and 2023, respectively. Fixed Variable Total Rate Per Share 2024: First quarter $ 143 $ 156 $ 299 $ 0.44 Second quarter 138 85 223 $ 0.35 Third quarter 136 136 272 $ 0.44 Total year-to-date $ 417 $ 377 $ 794 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 In November 2024, Devon announced a fixed cash dividend in the amount of $ 0.22 per share for approximately $ 144 million payable in the fourth quarter of 2024 . 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, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. As of September 30, 2024, Devon has accrued approximately $ 60 million in other current liabilities pertaining to such royalty matters. Environmental and Climate Change Matters Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future. As previously disclosed, the Company received separate notices of violation (“NOV”) from the EPA alleging emissions and permitting violations relating to certain of our historic operations in North Dakota, western Texas and New Mexico, respectively. The Company has been engaging with the EPA to resolve each of these matters, and Devon is actively negotiating a draft consent decree with the EPA and the Department of Justice with respect to the North Dakota NOV matter. If finalized, the consent decree may include monetary sanctions and obligations to complete mitigation projects and implement specific injunctive relief. Given that negotiations of the draft consent decree are ongoing and the uncertainty as to the ultimate result of the North Dakota NOV matter, we are currently unable to provide an estimate of potential loss; however, the costs associated with the resolution of the North Dakota NOV matter or any of the other NOV matters could be significant in amount and may include monetary penalties. Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon denies the allegations in these lawsuits and intends to vigorously defend against these claims. The State of Delaware has filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of this matter, Devon denies the allegations asserted in this lawsuit and intends to vigorously defend against these claims. Other Indemnifications and Legacy Matters Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities, undertaking other restorative actions or performing requirements under surface agreements in existence at the time of disposition. For example, a predecessor entity of a Devon subsidiary previously sold certain private, state and federal oil and gas leases covering properties in shallow waters off the coast of Louisiana in the Gulf of Mexico. These assets are generally referred to as the East Bay Field. The current operator of the East Bay Field has filed for protection under Chapter 11 of the U.S. Bankruptcy Code and may be unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Other companies in the chain of title of the East Bay Field have also sought bankruptcy protection and may be similarly unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Depending upon the outcome of these bankruptcy proceedings, amounts available under decommissioning bonds and a cash security account and other factors, Devon may be required to perform or fund certain decommissioning obligations associated with the East Bay Field under state and federal regulations applicable to predecessor operators. As a result of these factors and uncertainties, we are currently unable to provide an estimate of potential loss.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at September 30, 2024 and December 31, 2023, 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, 2024 assets (liabilities): Cash equivalents $ 164 $ 164 $ 164 $ — $ — Commodity derivatives $ 168 $ 168 $ — $ 168 $ — Commodity derivatives $ ( 3 ) $ ( 3 ) $ — $ ( 3 ) $ — Debt $ ( 8,884 ) $ ( 8,883 ) $ — $ ( 8,883 ) $ — Contingent earnout payments $ 20 $ 20 $ — $ — $ 20 December 31, 2023 assets (liabilities): Cash equivalents $ 306 $ 306 $ 306 $ — $ — Commodity derivatives $ 208 $ 208 $ — $ 208 $ — Commodity derivatives $ ( 9 ) $ ( 9 ) $ — $ ( 9 ) $ — Debt $ ( 6,155 ) $ ( 6,090 ) $ — $ ( 6,090 ) $ — Contingent earnout payments $ 55 $ 55 $ — $ — $ 55 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. Our variable rate debt is non-public and consists of our Term Loan. The fair value of our variable rate debt approximates the carrying value as the underlying SOFR resets every month based on the prevailing market rate. Level 3 Fair Value Measurements Contingent Earnout Payments – Devon 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, 2024
Accounting Policies [Abstract]
Variable Interest Entity	Variable Interest Entity CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets.
Investments	Investments The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2024 December 31, 2023 Catalyst 50 % $ 282 $ 311 Water JV 30 % 216 216 Matterhorn 12.5 % 90 90 Fervo 14 % 77 — Other Various 53 49 Total $ 718 $ 666 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. In the second quarter of 2023, 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. Devon has an interest in Matterhorn, which is a joint venture in a natural gas pipeline which transports 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. In the first quarter of 2024, Devon committed to invest approximately $ 100 million in Fervo, a company that generates energy from geothermal wells. As of September 30, 2024, Devon has funded approximately $ 78 million of the commitment and expects to fund the remaining $ 22 million commitment in the fourth quarter of 2024. The investment in Fervo allows Devon to exercise significant influence over Fervo, and the investment is accounted for under the equity method of accounting. Devon's investment in Fervo is shown within investments on the consolidated balance sheets and Devon's share of Fervo earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings.
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, 2024 2023 2024 2023 Oil $ 2,273 $ 2,377 $ 6,875 $ 6,626 Gas 49 189 234 524 NGL 343 316 981 904 Oil, gas and NGL sales 2,665 2,882 8,090 8,054 Oil 815 795 2,423 2,260 Gas 105 153 326 428 NGL 212 200 593 577 Marketing and midstream revenues 1,132 1,148 3,342 3,265 Total revenues from contracts with customers $ 3,797 $ 4,030 $ 11,432 $ 11,319
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with enhanced information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU will result in additional disclosures for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures. Under this ASU, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s “Chief Operating Decision Maker.” This ASU will result in additional disclosures for Devon beginning with our 2024 annual reporting and interim periods beginning in 2025.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Components of Investment	The following table presents Devon's investments. Carrying Amount Investments % Interest September 30, 2024 December 31, 2023 Catalyst 50 % $ 282 $ 311 Water JV 30 % 216 216 Matterhorn 12.5 % 90 90 Fervo 14 % 77 — Other Various 53 49 Total $ 718 $ 666
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, 2024 2023 2024 2023 Oil $ 2,273 $ 2,377 $ 6,875 $ 6,626 Gas 49 189 234 524 NGL 343 316 981 904 Oil, gas and NGL sales 2,665 2,882 8,090 8,054 Oil 815 795 2,423 2,260 Gas 105 153 326 428 NGL 212 200 593 577 Marketing and midstream revenues 1,132 1,148 3,342 3,265 Total revenues from contracts with customers $ 3,797 $ 4,030 $ 11,432 $ 11,319

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2024
Business Acquisition [Line Items]
Schedule of Preliminary Allocation of the Total Purchase Price	The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Preliminary Purchase Price Allocation as of September 27, 2024 Consideration: Devon common stock issued 37.3 Devon closing price on September 27, 2024 $ 38.96 Total common equity consideration $ 1,455 Cash consideration 3,567 Total consideration $ 5,022 Assets acquired: Cash, cash equivalents and restricted cash $ 147 Accounts receivable 226 Inventory 38 Other current assets 9 Proved oil and gas property and equipment 2,931 Unproved oil and gas property and equipment 1,905 Other property and equipment, net 210 Right-of-use assets 29 Total assets acquired $ 5,495 Liabilities assumed: Accounts payable $ 155 Revenue and royalties payable 209 Other current liabilities 16 Asset retirement obligations 75 Lease liabilities 18 Total liabilities assumed 473 Net assets acquired $ 5,022
Schedule of Pro Forma Adjustments to Confirm Acquisition	The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Total revenues $ 4,691 $ 4,553 $ 13,563 $ 12,679 Net earnings $ 895 $ 1,044 $ 2,524 $ 2,827

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Open Derivative Positions	Commodity Derivatives As of September 30, 2024, 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 2024 33,000 $ 78.38 98,000 $ 68.64 $ 83.73 Q1-Q4 2025 8,468 $ 71.90 26,992 $ 70.00 $ 76.58 Oil Basis Swaps Period Index Volume Weighted Average Q4 2024 Midland Sweet 69,500 $ 1.17 Q4 2024 NYMEX Roll 26,000 $ 0.82 Q1-Q4 2025 Midland Sweet 63,000 $ 1.00 Q1-Q4 2026 Midland Sweet 18,000 $ 1.21 As of September 30, 2024, 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 2024 252,000 $ 3.16 15,000 $ 3.00 $ 3.65 Q1-Q4 2025 220,537 $ 3.34 55,000 $ 3.00 $ 3.69 Q1-Q4 2026 130,000 $ 3.78 50,000 $ 3.25 $ 4.18 Natural Gas Basis Swaps Period Index Volume Weighted Average Q4 2024 El Paso Natural Gas 10,000 $ ( 1.00 ) Q4 2024 Houston Ship Channel 160,000 $ ( 0.28 ) Q4 2024 WAHA 80,000 $ ( 0.74 ) Q1-Q4 2025 Houston Ship Channel 170,000 $ ( 0.36 ) Q1-Q4 2025 WAHA 50,000 $ ( 1.04 ) Q1-Q4 2026 Houston Ship Channel 50,000 $ ( 0.29 ) As of September 30, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Price Swaps Period Product Volume (Bbls/d) Weighted Average Price ($/Bbl) Q4 2024 Natural Gasoline 3,000 $ 69.11 Q4 2024 Normal Butane 3,350 $ 37.58 Q4 2024 Propane 5,250 $ 33.01
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets	The table below presents a summary of these positions as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 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 $ 153 $ ( 12 ) $ 141 $ 213 $ ( 5 ) $ 208 Other current assets Long-term derivative asset 32 ( 5 ) 27 — — — Other long-term assets Short-term derivative liability ( 14 ) 12 ( 2 ) ( 7 ) 5 ( 2 ) Other current liabilities Long-term derivative liability ( 6 ) 5 ( 1 ) ( 7 ) — ( 7 ) Other long-term liabilities Total derivative asset $ 165 $ — $ 165 $ 199 $ — $ 199

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 G&A $ 74 $ 70 Exploration expenses 1 — Total $ 75 $ 70 Related income tax benefit $ 21 $ 31
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units	The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan. Restricted Stock Awards & Units Performance Share Units Awards/Units Weighted Units Weighted (Thousands, except fair value data) Unvested at 12/31/23 4,033 $ 42.10 1,547 $ 43.25 Granted 1,936 $ 42.53 858 $ 40.41 Vested ( 1,805 ) $ 34.83 ( 1,226 ) $ 18.08 Forfeited ( 79 ) $ 45.44 — $ — Unvested at 9/30/24 4,085 $ 45.45 1,179 (1) $ 67.38 A maximum of 2.4 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 2024, 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. 2024 Grant-date fair value $ 56.99 Risk-free interest rate 4.28 % Volatility factor 46.03 % 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, 2024. Restricted Stock Performance Awards/Units Share Units Unrecognized compensation cost $ 116 $ 26 Weighted average period for recognition (years) 2.6 1.7

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 Earnings before income taxes $ 1,064 $ 1,072 $ 2,872 $ 3,193 Current income tax expense $ 75 $ 139 $ 340 $ 360 Deferred income tax expense 164 13 243 212 Total income tax expense $ 239 $ 152 $ 583 $ 572 U.S. statutory income tax rate 21 % 21 % 21 % 21 % State income taxes 3 % 1 % 2 % 1 % Income tax credits ( 2 %) ( 8 %) ( 3 %) ( 4 %) Effective income tax rate 22 % 14 % 20 % 18 %

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 Net earnings available to common shareholders - basic and diluted $ 812 $ 910 $ 2,252 $ 2,595 Common shares: Average common shares outstanding - basic 622 637 626 640 Dilutive effect of potential common shares issuable 1 2 2 3 Average common shares outstanding - diluted 623 639 628 643 Net earnings per share available to common shareholders: Basic $ 1.31 $ 1.43 $ 3.60 $ 4.05 Diluted $ 1.30 $ 1.42 $ 3.59 $ 4.03

Other Comprehensive Earnings _2

Other Comprehensive Earnings (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits $ ( 122 ) $ ( 114 ) $ ( 124 ) $ ( 116 ) 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 $ ( 121 ) $ ( 113 ) $ ( 121 ) $ ( 113 ) (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, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information to Statements of Cash Flows	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Changes in assets and liabilities, net: Accounts receivable $ 41 $ ( 334 ) $ 26 $ ( 86 ) Other current assets ( 13 ) 27 ( 120 ) 31 Other long-term assets ( 9 ) ( 31 ) 24 ( 13 ) Accounts payable and revenues and royalties payable ( 64 ) 194 121 ( 36 ) Other current liabilities 57 88 ( 51 ) ( 53 ) Other long-term liabilities 4 ( 5 ) ( 15 ) ( 32 ) Total $ 16 $ ( 61 ) $ ( 15 ) $ ( 189 ) Supplementary cash flow data: Interest paid $ 90 $ 77 $ 265 $ 266 Income taxes paid $ 92 $ 50 $ 476 $ 309 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 (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Schedule Of Components Of Accounts Receivable	Components of accounts receivable include the following: September 30, 2024 December 31, 2023 Oil, gas and NGL sales $ 989 $ 965 Joint interest billings 321 251 Marketing and midstream revenues 442 342 Other 34 22 Gross accounts receivable 1,786 1,580 Allowance for doubtful accounts ( 7 ) ( 7 ) Net accounts receivable $ 1,779 $ 1,573

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Property and equipment: Proved $ 52,190 $ 46,659 Unproved and properties under development 3,286 1,279 Total oil and gas 55,476 47,938 Less accumulated DD&A ( 32,321 ) ( 30,113 ) Oil and gas property and equipment, net 23,155 17,825 Other property and equipment 2,630 2,289 Less accumulated DD&A ( 835 ) ( 786 ) Other property and equipment, net (1) 1,795 1,503 Property and equipment, net $ 24,950 $ 19,328 (1) $ 164 million and $ 136 million related to CDM in 2024 and 2023, respectively.

Debt And Related Expenses (Tabl

Debt And Related Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Instrument [Line Items]
Schedule Of Debt Instruments and Balances	See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon. September 30, 2024 December 31, 2023 5.25 % due September 15, 2024 $ — $ 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 5.20 % due September 15, 2034 1,250 — 5.60 % due July 15, 2041 1,250 1,250 4.75 % due May 15, 2042 750 750 5.00 % due June 15, 2045 750 750 5.75 % due September 15, 2054 1,000 — Term Loan due September 25, 2026 1,000 — Net premium on debentures and notes 41 64 Debt issuance costs ( 56 ) ( 30 ) Total debt $ 8,884 $ 6,155 Less amount classified as short-term debt — 483 Total long-term debt $ 8,884 $ 5,672
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, 2024 2023 2024 2023 Interest based on debt outstanding $ 98 $ 93 $ 273 $ 282 Interest income ( 19 ) ( 11 ) ( 46 ) ( 43 ) Other 9 ( 1 ) 13 ( 8 ) Total net financing costs $ 88 $ 81 $ 240 $ 231

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 Finance Operating Total Finance Operating Total Right-of-use assets $ 257 $ 60 $ 317 $ 246 $ 21 $ 267 Lease liabilities: Current lease liabilities (1) $ 27 $ 30 $ 57 $ 21 $ 12 $ 33 Long-term lease liabilities 298 30 328 286 9 295 Total lease liabilities (2) $ 325 $ 60 $ 385 $ 307 $ 21 $ 328 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets . (2) Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of September 30, 2024 and are therefore excluded from the amounts shown above.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 Asset retirement obligations as of beginning of period $ 665 $ 529 Assumed Grayson Mill obligations 75 — Liabilities incurred 21 104 Liabilities settled and divested ( 25 ) ( 24 ) Revision of estimated obligation 35 27 Accretion expense on discounted obligation 28 21 Asset retirement obligations as of end of period 799 657 Less current portion 34 16 Asset retirement obligations, long-term $ 765 $ 641

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Summary of Purchases of Common Stock	The table below provides information regarding purchases of Devon’s common stock under the $ 5.0 billion share repurchase program (shares in thousands). Total Number of Dollar Value of Average Price Paid $5.0 Billion Plan 2021 13,983 $ 589 $ 42.15 2022 11,708 718 $ 61.36 2023: First quarter 10,090 545 $ 53.96 Second quarter 3,795 200 $ 52.70 Fourth quarter 5,465 247 $ 45.17 2023 Total 19,350 992 $ 51.23 2024: First quarter 4,428 193 $ 43.47 Second quarter 5,188 256 $ 49.40 Third quarter 6,675 295 $ 44.23 2024 Total 16,291 744 $ 45.67 Total plan 61,332 $ 3,043 $ 49.62
Schedule of Dividends Payable	The following table summarizes Devon’s dividends for the first nine months of 2024 and 2023, respectively. Fixed Variable Total Rate Per Share 2024: First quarter $ 143 $ 156 $ 299 $ 0.44 Second quarter 138 85 223 $ 0.35 Third quarter 136 136 272 $ 0.44 Total year-to-date $ 417 $ 377 $ 794 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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 assets (liabilities): Cash equivalents $ 164 $ 164 $ 164 $ — $ — Commodity derivatives $ 168 $ 168 $ — $ 168 $ — Commodity derivatives $ ( 3 ) $ ( 3 ) $ — $ ( 3 ) $ — Debt $ ( 8,884 ) $ ( 8,883 ) $ — $ ( 8,883 ) $ — Contingent earnout payments $ 20 $ 20 $ — $ — $ 20 December 31, 2023 assets (liabilities): Cash equivalents $ 306 $ 306 $ 306 $ — $ — Commodity derivatives $ 208 $ 208 $ — $ 208 $ — Commodity derivatives $ ( 9 ) $ ( 9 ) $ — $ ( 9 ) $ — Debt $ ( 6,155 ) $ ( 6,090 ) $ — $ ( 6,090 ) $ — Contingent earnout payments $ 55 $ 55 $ — $ — $ 55

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) shares in Millions, $ in Millions		3 Months Ended			9 Months Ended
	Sep. 27, 2024 USD ($) shares	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) a	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain loss on disposition of assets		$ 0	$ 0		$ (16)	$ 41
Williston Acquisition [Member]
Summary Of Significant Accounting Policies [Line Items]
Business Combination, Contingent Consideration, Asset, Total	$ 5,000
Cash paid related to acquisition	$ 3,500
Common Stock [Member] | Williston Acquisition [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of shares sold in acquisition | shares	37.3
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
Fervo [Member]
Summary Of Significant Accounting Policies [Line Items]
Investment							$ 100
Commitment amount funded					$ 78
Committed to making additional investments		$ 22			$ 22

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - (Schedule of Components of Investments) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 718	$ 666
Catalyst [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 282	311
Percentage Of Interest In Investments	50%
Water JV [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 216	216
Percentage Of Interest In Investments	30%
Matterhorn [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 90	90
Percentage Of Interest In Investments	12.50%
Fervo [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 77	0
Percentage Of Interest In Investments	14%
Other [Member]
Summary Of Significant Accounting Policies [Line Items]
Total Investments	$ 53	$ 49

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 3,797	$ 4,030	$ 11,432	$ 11,319
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,665	2,882	8,090	8,054
Oil, Gas and NGL Sales [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,273	2,377	6,875	6,626
Oil, Gas and NGL Sales [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	49	189	234	524
Oil, Gas and NGL Sales [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	343	316	981	904
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,132	1,148	3,342	3,265
Marketing and Midstream Revenues [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	815	795	2,423	2,260
Marketing and Midstream Revenues [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	105	153	326	428
Marketing and Midstream Revenues [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 212	$ 200	$ 593	$ 577

Acquisition and Divestitures (N

Acquisition and Divestitures (Narrative) (Details) shares in Millions, $ in Millions			3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 27, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / bbl $ / MMBTU shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Potential additional contingent earnout payment						$ 65
Common stock, shares issued (in shares) | shares	658		658			658		636
Total revenues			$ 4,024	$ 3,836		$ 11,537	$ 11,113
Net earnings			$ 825	$ 920		2,289	$ 2,621
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
Barnett Shale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Contingent earnout payments					$ 65	$ 20
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU						2.75
WTI oil price for contingent earnout payment upside | $ / bbl						50
Contingent earnout payment period						The contingent payment period commenced on January 1, 2021 and has a term of four years.
GME Revenues and Earnings
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total revenues	$ 28
Net earnings	$ 4
Williston Acquisition [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Total consideration for business acquired		$ 5,000
Cash paid related to acquisition		$ 3,500
Williston Acquisition [Member] | Common Stock [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]
Common stock, shares issued (in shares) | shares		37.3
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

Acquisitions and Divestitures -

Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 27, 2024	Sep. 30, 2024	Dec. 31, 2023
Consideration:
Devon common stock issued		658,000,000	636,000,000
GME
Consideration:
Devon common stock issued	37.3
Devon closing price on September 27, 2024	$ 38.96
Total common equity consideration	$ 1,455
Cash consideration	3,567
Total consideration	5,022
Assets acquired:
Cash, cash equivalents and restricted cash	147
Accounts receivable	226
Inventory	38
Other current assets	9
Proved oil and gas property and equipment	2,931
Unproved and properties under development	1,905
Other property and equipment, net	210
Right-of-use assets	29
Total assets acquired	5,495
Liabilities assumed:
Accounts payable	155
Revenue and royalties payable	209
Other current liabilities	16
Asset retirement obligations	75
Lease liabilities	18
Total liabilities assumed	473
Net assets acquired	$ 5,022

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Schedule of GME Revenues And Earnings Included In Devon's Consolidated Comprehensive Statements of Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Total revenues	$ 4,024	$ 3,836	$ 11,537	$ 11,113
Net earnings	$ 825	$ 920	$ 2,289	$ 2,621

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Schedule of Pro Forma Adjustments to Confirm Acquisition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Total revenues	$ 4,024	$ 3,836	$ 11,537	$ 11,113
Net earnings	825	920	2,289	2,621
Pro Forma Financial Information
Business Acquisition [Line Items]
Total revenues	4,691	4,553	13,563	12,679
Net earnings	$ 895	$ 1,044	$ 2,524	$ 2,827

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) $ in Millions	Sep. 30, 2024 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, 2024 $ / bbl bbl
Nymex West Texas Intermediate Price Collars Oil Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	26,992
Weighted Average Floor Price	70
Weighted Average Ceiling Price	76.58
Midland Sweet Q1-Q4 2026 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	18,000
Weighted Average Differential To WTI Price	1.21
Midland Sweet Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	63,000
Weighted Average Differential To WTI Price	1
Nymex West Texas Intermediate Price Collars Oil Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	98,000
Weighted Average Floor Price	68.64
Weighted Average Ceiling Price	83.73
Nymex West Texas Intermediate Price Swaps Oil Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	8,468
Weighted Average Price Swap	71.9
Nymex West Texas Intermediate Price Swaps Oil Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	33,000
Weighted Average Price Swap	78.38
Midland Sweet Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	69,500
Weighted Average Differential To WTI Price	1.17
Nymex Roll Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	26,000
Weighted Average Differential To WTI Price	0.82

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2024 MMBTU $ / Customer $ / MMBTU
Ferchenry Hub Price Swaps Natural Gas Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	252,000
Weighted Average Price Swap | $ / MMBTU	3.16
Ferchenry Hub Prices Collars Natural Gas Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	15,000
Weighted Average Floor Price | $ / MMBTU	3
Weighted Average Ceiling Price | $ / MMBTU	3.65
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	220,537
Weighted Average Price Swap | $ / MMBTU	3.34
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2026 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	130,000
Weighted Average Price Swap | $ / MMBTU	3.78
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	55,000
Weighted Average Floor Price | $ / Customer	3
Weighted Average Ceiling Price | $ / Customer	3.69
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	50,000
Weighted Average Floor Price | $ / Customer	3.25
Weighted Average Ceiling Price | $ / Customer	4.18
E1 Paso Natural Gas Basis Swaps Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	10,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(1)
Houston Ship Channel Natural Gas Basis Swaps Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	160,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(0.28)
Waha Natural Gas Basis Swaps Q4 2024 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	80,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(0.74)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	170,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(0.36)
Waha Natural Gas Basis Swaps Q1-Q4 2025 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	50,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(1.04)
Houston Ship Channel Natural Gas Basis Swaps Q1-Q4 2026 [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (MMBtu/d)	50,000
Weighted Average Differential To Henry Hub | $ / MMBTU	(0.29)

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)	9 Months Ended
	Sep. 30, 2024 $ / bbl bbl
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
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
Q4 2024 Propane [Member]
Derivatives, Fair Value [Line Items]
Volume Per Day (Bbls/d) | bbl	5,250
Weighted Average Price Swap | $ / bbl	33.01

Derivative Financial Instrume_7

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Gross Fair Value	$ 165	$ 199
Amounts Netted	0	0
Net Fair Value	165	199
Short-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	153	213
Amounts Netted	(12)	(5)
Net Fair Value	141	208
Long-term Derivative Asset [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	32	0
Amounts Netted	(5)	0
Net Fair Value	27	0
Short-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	(14)	(7)
Amounts Netted	12	5
Net Fair Value	(2)	(2)
Long-term Derivative Liability [Member]
Derivatives Fair Value [Line Items]
Gross Fair Value	(6)	(7)
Amounts Netted	5	0
Net Fair Value	$ (1)	$ (7)

Share-Based Compensation (Addit

Share-Based Compensation (Additional Information) (Details)	9 Months Ended
	Sep. 30, 2024
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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 75	$ 70
Related income tax benefit	21	31
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	74	70
Exploration Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 0

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, 2024 $ / shares shares
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2023 | shares	4,033
Granted, awards and units | shares	1,936
Vested, awards and units | shares	(1,805)
Forfeited, awards and units | shares	(79)
Unvested at March 31, 2024 | shares	4,085
Unvested weighted average grant-date fair value at December 31, 2023 | $ / shares	$ 42.1
Granted, weighted average grant-date fair value | $ / shares	42.53
Vested, weighted average grant-date fair value | $ / shares	34.83
Forfeited, weighted average grant-date fair value | $ / shares	45.44
Unvested weighted average grant-date fair value at March 31, 2024 | $ / shares	$ 45.45
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2023 | shares	1,547
Granted, awards and units | shares	858
Vested, awards and units | shares	(1,226)
Forfeited, awards and units | shares	0
Unvested at March 31, 2024 | shares	1,179	[1]
Unvested weighted average grant-date fair value at December 31, 2023 | $ / shares	$ 43.25
Granted, weighted average grant-date fair value | $ / shares	40.41
Vested, weighted average grant-date fair value | $ / shares	18.08
Forfeited, weighted average grant-date fair value | $ / shares	0
Unvested weighted average grant-date fair value at March 31, 2024 | $ / shares	$ 67.38
[1] A maximum of 2.4 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, 2024 shares
Performance Share Units [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum common shares that could be awarded based upon total shareholder return	2.4

Share-Based Compensation (Sum_3

Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Including Performance Factor Shares Granted [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value	$ 56.99
Risk-free interest rate	4.28%
Volatility factor	46.03%
Contractual term (years)	2 years 10 months 20 days

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost	$ 116
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	$ 26
Weighted average period for recognition (years)	1 year 8 months 12 days

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs	$ 8	$ 0	$ 8	$ 0

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Earnings before income taxes	$ 1,064	$ 1,072	$ 2,872	$ 3,193
Current income tax expense	75	139	340	360
Deferred income tax expense	164	13	243	212
Total income tax expense	$ 239	$ 152	$ 583	$ 572

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21%	21%	21%	21%
State income taxes	3%	1%	2%	1%
Income tax credits	(2.00%)	(8.00%)	(3.00%)	(4.00%)
Effective income tax rate	22%	14%	20%	18%

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings available to common shareholders - basic	$ 812	$ 910	$ 2,252	$ 2,595
Net earnings available to common shareholders - diluted	$ 812	$ 910	$ 2,252	$ 2,595
Common shares:
Average common shares outstanding - basic	622	637	626	640
Dilutive effect of potential common shares issuable	1	2	2	3
Average common shares outstanding - diluted	623	639	628	643
Net earnings per share available to common shareholders:
Basic	$ 1.31	$ 1.43	$ 3.6	$ 4.05
Diluted	$ 1.3	$ 1.42	$ 3.59	$ 4.03

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits		$ (122)	$ (114)	$ (124)	$ (116)
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		$ (121)	$ (113)	$ (121)	$ (113)	$ (124)
[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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in assets and liabilities, net:
Accounts receivable	$ 41	$ (334)	$ 26	$ (86)
Other current assets	(13)	27	(120)	31
Other long-term assets	(9)	(31)	24	(13)
Accounts payable and revenues and royalties payable	(64)	194	121	(36)
Other current liabilities	57	88	(51)	(53)
Other long-term liabilities	4	(5)	(15)	(32)
Total	16	(61)	(15)	(189)
Supplementary cash flow data:
Interest paid	90	77	265	266
Income taxes paid	$ 92	$ 50	$ 476	$ 309

Supplemental Information to S_4

Supplemental Information to Statements of Cash Flows (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Supplemental Cash Flow [Line Items]
Other property and equipment	$ 2,630		$ 2,289
Water JV [Member]
Supplemental Cash Flow [Line Items]
Other property and equipment		$ 150

Accounts Receivable (Schedule O

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings	$ 321	$ 251
Other	34	22
Gross accounts receivable	1,786	1,580
Allowance for doubtful accounts	(7)	(7)
Net accounts receivable	1,779	1,573
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	989	965
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable	$ 442	$ 342

Property, Plant and Equipment_2

Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Property and equipment:
Proved		$ 52,190	$ 46,659
Unproved and properties under development		3,286	1,279
Total oil and gas		55,476	47,938
Less accumulated DD&A		(32,321)	(30,113)
Oil and gas property and equipment, net		23,155	17,825
Other property and equipment		2,630	2,289
Less accumulated DD&A		(835)	(786)
Other property and equipment, net	[1]	1,795	1,503
Total property and equipment, net		$ 24,950	$ 19,328
[1] $ 164 million and $ 136 million related to CDM in 2024 and 2023, respectively.

Property, Plant and Equipment_3

Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Other property and equipment, net	[1]	$ 1,795	$ 1,503
CDM [Member]
Property Plant And Equipment [Line Items]
Other property and equipment, net		$ 164	$ 136
[1] $ 164 million and $ 136 million related to CDM in 2024 and 2023, 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, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net premium on debentures and notes	$ 41	$ 64
Debt issuance costs	(56)	(30)
Total debt	8,884	6,155
Less amount classified as short-term debt	0	483
Long-term debt	8,884	5,672
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 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
5.20% due September 15, 2034 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,250	$ 0
Charge on early retirement of debt, cash retirement costs	5.20%	5.20%
Debt, maturity date	Sep. 15, 2034
5.60% due July 15, 2041 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,250	$ 1,250
Charge on early retirement of debt, cash retirement costs	5.60%	5.60%
Debt, maturity date	Jul. 15, 2041
4.75% due May 15, 2042 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	4.75%	4.75%
Debt, maturity date	May 15, 2042
5.00% due June 15, 2045 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 750	$ 750
Charge on early retirement of debt, cash retirement costs	5%	5%
Debt, maturity date	Jun. 15, 2045
5.75% due September 15, 2054 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Charge on early retirement of debt, cash retirement costs	5.75%	5.75%
Debt, maturity date	Sep. 15, 2054
Term Loan due September 25, 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0
Debt, maturity date	Sep. 25, 2026

Debt And Related Expenses (Narr

Debt And Related Expenses (Narrative) (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Sep. 15, 2024	Aug. 12, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayments of long-term debt			$ 472	$ 242	$ 472	$ 242
Maturity date extension					In the first quarter of 2024, Devon exercised its option to extend the 2023 Senior Credit Facility maturity date from March 24, 2028 to March 24, 2029.
Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 2,000
Outstanding credit facility borrowings		1,000
Debt-to-capitalization ratio			0.267		0.267
Interest rate on the term loan			6.33%		6.33%
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity								$ 3,000
Outstanding credit facility borrowings			$ 0		$ 0
Debt-to-capitalization ratio			0.267		0.267
Outstanding letters of credit			$ 4		$ 4
Senior Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt-to-capitalization ratio			0.65		0.65
Tranche One [Member] | Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Aggregate Principal Amount		500,000
Tranche Two [Member] | Term Loan Credit Agreement [Member]
Debt Instrument [Line Items]
Aggregate Principal Amount		$ 1,500
5.2% due 2034 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Issuance of Senior Long-Term Debt							$ 1,250
Debt interest rate, stated percentage							5.20%
5.75% due 2054 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Issuance of Senior Long-Term Debt							$ 1,000
Debt interest rate, stated percentage							5.75%
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage			5.25%		5.25%			5.25%
5.25% due September 15, 2024 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ 472
Debt interest rate, stated percentage	5.25%
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest based on debt outstanding	$ 98	$ 93	$ 273	$ 282
Interest income	(19)	(11)	(46)	(43)
Other	9	(1)	13	(8)
Total net financing costs	$ 88	$ 81	$ 240	$ 231

Leases (Schedule of Right-of-us

Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets, finance lease		$ 257	$ 246
Finance lease liabilities:
Current lease liabilities, finance lease	[1]	27	21
Long-term lease liabilities, finance lease		298	286
Total lease liabilities, finance lease	[2]	325	307
Right-of-use assets, operating lease		60	21
Operating lease liabilities:
Current lease liabilities, operating lease	[1]	30	12
Long-term lease liabilities, operating lease		30	9
Total lease liabilities, operating lease	[2]	60	21
Right-of-use assets		317	267
Lease liabilities:
Current lease liabilities	[1]	57	33
Long-term lease liabilities		328	295
Total lease liabilities	[2]	$ 385	$ 328
[1] Current lease liabilities are included in other current liabilities on the consolidated balance sheets Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of September 30, 2024 and are therefore excluded from the amounts shown above.

Asset Retirement Obligations (S

Asset Retirement Obligations (Summary of Changes in Asset Retirement Obligations) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of beginning of period	$ 665	$ 529
Assumed Grayson Mill obligations	75	0
Liabilities incurred	21	104
Liabilities settled and divested	(25)	(24)
Revision of estimated obligation	35	27
Accretion expense on discounted obligation	28	21
Asset retirement obligations as of end of period	799	657
Less current portion	34	16
Asset retirement obligations, long-term	$ 765	$ 641	$ 643

Asset Retirement Obligations (N

Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Acquisition [Line Items]
Revision of estimated obligation	$ 35	$ 27

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended						9 Months Ended
	Sep. 27, 2024	Jul. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Nov. 30, 2024
Stockholders Equity [Abstract]
Common stock value for business acquisition			$ 1,455						$ 1,455
Dividends rate per share			$ 0.44	$ 0.35	$ 0.44	$ 0.49	$ 0.72	$ 0.89
Maximum [Member]
Stockholders Equity [Abstract]
Dividends rate per share					0.22
Minimum [Member]
Stockholders Equity [Abstract]
Dividends rate per share					$ 0.2
Common Stock [Member]
Stockholders Equity [Abstract]
Common shares issued for business acquisition			37						37
Common stock value for business acquisition			$ 4						$ 4
Subsequent Event
Stockholders Equity [Abstract]
Dividend payable, per share										$ 0.22
Dividend payable amount										$ 144
Dividends payable, year										2024
Williston Basin Business [Member]
Stockholders Equity [Abstract]
Business aquisition date	Sep. 27, 2024
Total consideration for business acquired	$ 5,000
Cash Transaction	$ 3,500
Williston Basin Business [Member] | Common Stock [Member]
Stockholders Equity [Abstract]
Common shares issued for business acquisition	37,300,000
Common stock value for business acquisition	$ 1,500
Common shares issued price per share for business acquisition	$ 38.96
Share Repurchase Program [Member] | Maximum [Member]
Stockholders Equity [Abstract]
Repurchase of common stock		$ 5,000
Share Repurchase Program [Member] | Minimum [Member]
Stockholders Equity [Abstract]
Repurchase of common stock		$ 3,000
Five Billion Dollar Share Repurchase Program Open [Member]
Stockholders Equity [Abstract]
Repurchase of common stock			$ 5,000						$ 5,000
Five Billion Dollar Share Repurchase Program Open [Member] | Maximum [Member]
Stockholders Equity [Abstract]
Repurchase program expiration date		Jun. 30, 2026
Five Billion Dollar Share Repurchase Program Open [Member] | Minimum [Member]
Stockholders Equity [Abstract]
Repurchase program expiration date		Dec. 31, 2024

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
5.0 Billion Dollar Share Repurchase Program Closed [Member]
Stockholders Equity [Line Items]
Total Number of Shares Purchased	6,675	5,188	4,428	5,465	3,795	10,090	16,291	19,350	11,708	13,983
Dollar Value of Shares Purchased	$ 295	$ 256	$ 193	$ 247	$ 200	$ 545	$ 744	$ 992	$ 718	$ 589
Average Price Paid per Share	$ 44.23	$ 49.4	$ 43.47	$ 45.17	$ 52.7	$ 53.96	$ 45.67	$ 51.23	$ 61.36	$ 42.15
Share Repurchase Program Open [Member]
Stockholders Equity [Line Items]
Total Number of Shares Purchased							61,332
Dollar Value of Shares Purchased							$ 3,043
Average Price Paid per Share							$ 49.62

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders Equity [Line Items]
Dividends amount	$ 272	$ 223	$ 299	$ 312	$ 462	$ 596	$ 794	$ 1,370
Dividends rate per share	$ 0.44	$ 0.35	$ 0.44	$ 0.49	$ 0.72	$ 0.89
Fixed Dividend Date March 31, 2024
Stockholders Equity [Line Items]
Dividends amount			$ 143
Fixed Dividend Date June 30, 2024
Stockholders Equity [Line Items]
Dividends amount		$ 138
Fixed Dividend Date September 30, 2024
Stockholders Equity [Line Items]
Dividends amount	$ 136
Variable Dividend Date March 31, 2024
Stockholders Equity [Line Items]
Dividends amount			$ 156
Variable Dividend Date June 30, 2024
Stockholders Equity [Line Items]
Dividends amount		$ 85
Variable Dividend Date September 30, 2024
Stockholders Equity [Line Items]
Dividends amount	$ 136
Fixed Dividend Date March 31, 2023
Stockholders Equity [Line Items]
Dividends amount						$ 133
Fixed Dividend Date June 30, 2023
Stockholders Equity [Line Items]
Dividends amount					$ 128
Fixed Dividend Date September 30, 2023
Stockholders Equity [Line Items]
Dividends amount				$ 127
Variable Dividend Date March 31, 2023
Stockholders Equity [Line Items]
Dividends amount						$ 463
Variable Dividend Date June 30, 2023
Stockholders Equity [Line Items]
Dividends amount					$ 334
Variable Dividend Date September 30, 2023
Stockholders Equity [Line Items]
Dividends amount				$ 185
Fixed Dividend Year to Date 2024
Stockholders Equity [Line Items]
Dividends amount							417
Variable Dividend Year to Date 2024
Stockholders Equity [Line Items]
Dividends amount							$ 377
Fixed Dividend Year to Date 2023
Stockholders Equity [Line Items]
Dividends amount								388
Variable Dividend Year to Date 2023
Stockholders Equity [Line Items]
Dividends amount								$ 982

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other accrued liabilities current	$ 60

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, 2024	Dec. 31, 2023
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 164	$ 306
Debt	(8,884)	(6,155)
Contingent earnout payments	20	55
Carrying Amount [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	168	208
Derivatives, liabilities	(3)	(9)
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	164	306
Debt	(8,883)	(6,090)
Contingent earnout payments	20	55
Total Fair Value [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	168	208
Derivatives, liabilities	(3)	(9)
Level 1 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	164	306
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	(8,883)	(6,090)
Level 2 Inputs [Member] | Commodity Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets	168	208
Derivatives, liabilities	(3)	(9)
Level 3 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout payments	$ 20	$ 55