Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Feb. 12, 2014 | Jun. 28, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'DEVON ENERGY CORP/DE | ' | ' |
Entity Central Index Key | '0001090012 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | ' | $20.90 |
Entity Common Stock, Shares Outstanding | ' | 407.4 | ' |
Consolidated_Comprehensive_Sta
Consolidated Comprehensive Statements Of Earnings (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Oil, gas and NGL sales | $8,522 | $7,153 | $8,315 |
Oil, gas and NGL derivatives | -191 | 693 | 881 |
Marketing and midstream revenues | 2,066 | 1,655 | 2,249 |
Total operating revenues | 10,397 | 9,501 | 11,445 |
Lease operating expenses | 2,268 | 2,074 | 1,851 |
Marketing and midstream operating expenses | 1,553 | 1,246 | 1,716 |
General and administrative expenses | 617 | 692 | 585 |
Production and property taxes | 461 | 414 | 424 |
Depreciation, depletion and amortization | 2,780 | 2,811 | 2,248 |
Asset impairments | 1,976 | 2,024 | ' |
Other operating items | 121 | 92 | -11 |
Total operating expenses | 9,776 | 9,353 | 6,813 |
Operating income | 621 | 148 | 4,632 |
Net financing costs | 417 | 370 | 331 |
Restructuring costs | 54 | 74 | -2 |
Other nonoperating items | 1 | 21 | 13 |
Earnings (loss) from continuing operations before income taxes | 149 | -317 | 4,290 |
Income tax expense (benefit) | 169 | -132 | 2,156 |
Earnings (loss) from continuing operations | -20 | -185 | 2,134 |
Earnings (loss) from discontinued operations, net of tax | ' | -21 | 2,570 |
Net earnings (loss) | -20 | -206 | 4,704 |
Basic net earnings (loss) per share: | ' | ' | ' |
Basic earnings (loss) from continuing operations per share | ($0.06) | ($0.47) | $5.12 |
Basic earnings (loss) from discontinued operations per share | ' | ($0.05) | $6.17 |
Basic net earnings (loss) per share | ($0.06) | ($0.52) | $11.29 |
Diluted net earnings (loss) per share: | ' | ' | ' |
Diluted earnings (loss) from continuing operations per share | ($0.06) | ($0.47) | $5.10 |
Diluted earnings (loss) from discontinued operations per share | ' | ($0.05) | $6.15 |
Diluted net earnings (loss) per share | ($0.06) | ($0.52) | $11.25 |
Comprehensive earnings (loss): | ' | ' | ' |
Net earnings (loss) | -20 | -206 | 4,704 |
Other comprehensive earnings (loss), net of tax: | ' | ' | ' |
Foreign currency translation | -548 | 194 | -191 |
Pension and postretirement plans | 45 | 2 | 6 |
Other comprehensive earnings (loss), net of tax | -503 | 196 | -185 |
Comprehensive earnings (loss) | ($523) | ($10) | $4,519 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings (loss) | ($20) | ($206) | $4,704 |
Loss (earnings) from discontinued operations, net of tax | ' | 21 | -2,570 |
Adjustments to reconcile earnings (loss) from continuing operations to net cash from operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 2,780 | 2,811 | 2,248 |
Asset impairments | 1,976 | 2,024 | ' |
Deferred income tax expense (benefit) | 97 | -184 | 2,299 |
Derivatives and other financial instruments | 135 | -660 | -886 |
Cash settlements on derivatives and financial instruments | 277 | 865 | 485 |
Other noncash charges | 318 | 240 | 241 |
Net change in working capital | -298 | -50 | 180 |
Change in long-term other assets | 10 | -36 | 33 |
Change in long-term other liabilities | 161 | 105 | -488 |
Cash from operating activities - continuing operations | 5,436 | 4,930 | 6,246 |
Cash from operating activities - discontinued operations | ' | 26 | -22 |
Net cash from operating activities | 5,436 | 4,956 | 6,224 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -6,758 | -8,225 | -7,534 |
Proceeds from property and equipment divestitures | 419 | 1,468 | 129 |
Purchases of short-term investments | -1,076 | -4,106 | -6,691 |
Redemptions of short-term investments | 3,419 | 3,266 | 5,333 |
Other | -3 | 14 | -29 |
Cash from investing activities - continuing operations | -3,999 | -7,583 | -8,792 |
Cash from investing activities - discontinued operations | ' | 57 | 3,146 |
Net cash from investing activities | -3,999 | -7,526 | -5,646 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from borrowings of long-term debt, net of issuance costs | 2,233 | 2,458 | 2,221 |
Net short-term debt borrowing (repayments) | -1,872 | -537 | 3,726 |
Debt repayments | ' | ' | -1,760 |
Credit facility borrowings | ' | 750 | ' |
Credit facility repayments | ' | -750 | ' |
Proceeds from stock option exercises | 3 | 27 | 101 |
Repurchases of common stock | ' | ' | -2,332 |
Dividends paid on common stock | -348 | -324 | -278 |
Excess tax benefits related to share-based compensation | 4 | 5 | 13 |
Net cash from financing activities | 20 | 1,629 | 1,691 |
Effect of exchange rate changes on cash | -28 | 23 | -4 |
Net change in cash and cash equivalents | 1,429 | -918 | 2,265 |
Cash and cash equivalents at beginning of period | 4,637 | 5,555 | 3,290 |
Cash and cash equivalents at end of period | $6,066 | $4,637 | $5,555 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $6,066 | $4,637 | ||
Short-term investments | ' | 2,343 | ||
Accounts receivable | 1,520 | 1,245 | ||
Other current assets | 419 | 746 | ||
Total current assets | 8,005 | 8,971 | ||
Oil and gas, based on full cost accounting: | ' | ' | ||
Subject to amortization | 73,995 | 69,410 | ||
Not subject to amortization | 2,791 | 3,308 | ||
Total oil and gas | 76,786 | 72,718 | ||
Other | 6,195 | 5,630 | ||
Total property and equipment, at cost | 82,981 | 78,348 | ||
Less accumulated depreciation, depletion and amortization | -54,534 | -51,032 | ||
Property and equipment, net | 28,447 | 27,316 | ||
Goodwill | 5,858 | 6,079 | ||
Other long-term assets | 567 | 960 | ||
Total assets | 42,877 | 43,326 | ||
Current liabilities: | ' | ' | ||
Accounts payable | 1,229 | 1,451 | ||
Revenues and royalties payable | 786 | 750 | ||
Short-term debt | 4,066 | [1] | 3,189 | [1] |
Other current liabilities | 574 | 613 | ||
Total current liabilities | 6,655 | 6,003 | ||
Long-term debt | 7,956 | 8,455 | ||
Asset retirement obligations | 2,140 | 1,996 | ||
Other long-term liabilities | 834 | 901 | ||
Deferred income taxes | 4,793 | 4,693 | ||
Stockholders' equity: | ' | ' | ||
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 406 million shares in 2013 and 2012, respectively | 41 | 41 | ||
Additional paid-in capital | 3,780 | 3,688 | ||
Retained earnings | 15,410 | 15,778 | ||
Accumulated other comprehensive earnings | 1,268 | 1,771 | ||
Total stockholders' equity | 20,499 | 21,278 | ||
Commitments and contingencies (Note 18) | ' | ' | ||
Total liabilities and stockholders' equity | $42,877 | $43,326 | ||
[1] | 2013 short-term debt consists of $2.25 billion of senior notes recently issued in conjunction with the planned GeoSouthern acquisition, $1.3 billion of commercial paper and $500 million of senior notes due January 15, 2014. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 406,000,000 | 406,000,000 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings [Member] | Treasury Stock [Member] | Total |
In Millions, except Share data | ||||||
Balance, at Dec. 31, 2010 | $43 | $5,601 | $11,882 | $1,760 | ($33) | $19,253 |
Balance, shares, at Dec. 31, 2010 | 432,000,000 | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | 4,704 | ' | ' | 4,704 |
Other comprehensive earnings (loss), net of tax | ' | ' | ' | -185 | ' | -185 |
Stock option exercises | ' | 112 | ' | ' | -11 | 101 |
Stock option exercises, shares | 2,000,000 | ' | ' | ' | ' | ' |
Restricted stock grants, net of cancellations, shares | 1,000,000 | ' | ' | ' | ' | ' |
Common stock repurchased | ' | ' | ' | ' | -2,337 | -2,337 |
Common stock retired | -3 | -2,378 | ' | ' | 2,381 | ' |
Common stock retired, shares | -31,000,000 | ' | ' | ' | ' | ' |
Common stock dividends | ' | ' | -278 | ' | ' | -278 |
Share-based compensation | ' | 159 | ' | ' | ' | 159 |
Share-based compensation tax benefits | ' | 13 | ' | ' | ' | 13 |
Balance, at Dec. 31, 2011 | 40 | 3,507 | 16,308 | 1,575 | ' | 21,430 |
Balance, shares, at Dec. 31, 2011 | 404,000,000 | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | -206 | ' | ' | -206 |
Other comprehensive earnings (loss), net of tax | ' | ' | ' | 196 | ' | 196 |
Stock option exercises | 1 | 49 | ' | ' | -23 | 27 |
Stock option exercises, shares | 1,000,000 | ' | ' | ' | ' | ' |
Restricted stock grants, net of cancellations, shares | 1,000,000 | ' | ' | ' | ' | ' |
Common stock repurchased | ' | ' | ' | ' | -29 | -29 |
Common stock retired | ' | -52 | ' | ' | 52 | ' |
Common stock dividends | ' | ' | -324 | ' | ' | -324 |
Share-based compensation | ' | 179 | ' | ' | ' | 179 |
Share-based compensation tax benefits | ' | 5 | ' | ' | ' | 5 |
Balance, at Dec. 31, 2012 | 41 | 3,688 | 15,778 | 1,771 | ' | 21,278 |
Balance, shares, at Dec. 31, 2012 | 406,000,000 | ' | ' | ' | ' | ' |
Net earnings (loss) | ' | ' | -20 | ' | ' | -20 |
Other comprehensive earnings (loss), net of tax | ' | ' | ' | -503 | ' | -503 |
Stock option exercises | ' | 3 | ' | ' | ' | 3 |
Stock option exercises, shares | ' | ' | ' | ' | ' | 61,000 |
Common stock repurchased | ' | ' | ' | ' | -36 | -36 |
Common stock retired | ' | -36 | ' | ' | 36 | ' |
Common stock dividends | ' | ' | -348 | ' | ' | -348 |
Share-based compensation | ' | 121 | ' | ' | ' | 121 |
Share-based compensation tax benefits | ' | 4 | ' | ' | ' | 4 |
Balance, at Dec. 31, 2013 | $41 | $3,780 | $15,410 | $1,268 | ' | $20,499 |
Balance, shares, at Dec. 31, 2013 | 406,000,000 | ' | ' | ' | ' | ' |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Summary Of Significant Accounting Policies | ' | ||||||
1.Summary of Significant Accounting Policies | |||||||
Devon Energy Corporation (“Devon”) is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s operations are concentrated in various North American onshore areas in the U.S. and Canada. Devon also owns natural gas pipelines, plants and treatment facilities in many of its producing areas, making it one of North America's larger processors of natural gas. | |||||||
Accounting policies used by Devon and its subsidiaries conform to accounting principles generally accepted in the United States of America and reflect industry practices. The more significant of such policies are discussed below. | |||||||
Principles of Consolidation | |||||||
The accounts of Devon and its wholly owned and controlled subsidiaries are included in the accompanying financial statements. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||
Use of Estimates | |||||||
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following: | |||||||
• proved reserves and related present value of future net revenues; | |||||||
• the carrying value of oil and gas properties; | |||||||
• derivative financial instruments; | |||||||
• the fair value of reporting units and related assessment of goodwill for impairment; | |||||||
• income taxes; | |||||||
• asset retirement obligations; | |||||||
• obligations related to employee pension and postretirement benefits; and | |||||||
• legal and environmental risks and exposures. | |||||||
Revenue Recognition and Gas Balancing | |||||||
Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability of the revenue is probable. Delivery occurs and title is transferred when production has been delivered to a pipeline, railcar or truck. Cash received relating to future production is deferred and recognized when all revenue recognition criteria are met. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying comprehensive statements of earnings. | |||||||
Devon follows the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Devon is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The liability is measured based on current market prices. No receivables are recorded for those wells where Devon has taken less than its share of production unless all revenue recognition criteria are met. If an imbalance exists at the time the wells' reserves are depleted, settlements are made among the joint interest owners under a variety of arrangements. | |||||||
Marketing and midstream revenues are recorded at the time products are sold or services are provided to third parties at a fixed or determinable price, delivery or performance has occurred, title has transferred and collectability of the revenue is probable. Revenues and expenses attributable to oil, gas and NGL purchases, transportation and processing contracts are reported on a gross basis when Devon takes title to the products and has risks and rewards of ownership. | |||||||
During 2013, 2012 and 2011, no purchaser accounted for more than 10 percent of Devon’s operating revenues from continuing operations. | |||||||
Derivative Financial Instruments | |||||||
Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices, interest rates and Canadian to U.S. dollar exchange rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk, interest rate risk and foreign exchange risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes. | |||||||
Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. These instruments are used to manage the inherent uncertainty of future revenues due to commodity price volatility. Devon's derivative financial instruments typically include financial price swaps, basis swaps, costless price collars and call options. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. The price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty to the collars. The call options give counterparties the right to purchase production at a predetermined price. | |||||||
Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. Devon periodically enters into foreign exchange forward contracts to manage its exposure to fluctuations in exchange rates. | |||||||
All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2013, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon's derivative financial instruments are also recorded in earnings. | |||||||
By using derivative financial instruments to hedge exposures to changes in commodity prices, interest rates and foreign currency rates, 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 require cash collateral to be posted if either its or the counterparty's credit rating falls below certain credit rating levels. The mark-to-market exposure threshold, above which collateral must be posted, decreases as the debt rating falls further below such credit levels. As of December 31, 2013, Devon held $3 million of cash collateral, which represented the estimated fair value of certain derivative positions in excess of Devon’s credit guidelines. The collateral is reported in other current liabilities in the accompanying balance sheet. | |||||||
General and Administrative Expenses | |||||||
General and administrative expenses are reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon and net of amounts capitalized pursuant to the full cost method of accounting. | |||||||
Share Based Compensation | |||||||
Devon grants stock options, restricted stock awards and other types of share-based awards to members of its Board of Directors and selected employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of general and administrative expenses in the accompanying comprehensive statements of earnings over the applicable requisite service periods. As a result of Devon’s consolidation of its U.S. operations announced in October 2012, certain share based awards were accelerated and recognized as a component of restructuring costs in the accompanying comprehensive statements of earnings. | |||||||
Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are available to be issued as part of Devon’s share based awards. However, Devon has historically cancelled these shares upon repurchase. | |||||||
Income Taxes | |||||||
Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of carryforwards is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||
Devon does not recognize U.S. deferred income taxes on the unremitted earnings of its foreign subsidiaries that are deemed to be indefinitely reinvested. When such earnings are no longer deemed indefinitely reinvested, Devon recognizes the appropriate deferred, or even current, income tax liabilities. | |||||||
Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense. | |||||||
Net Earnings (Loss) Per Common Share | |||||||
Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Basic earnings per share includes the effect of participating securities, which primarily consist of Devon's outstanding restricted stock awards. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of outstanding stock options. | |||||||
Cash and Cash Equivalents | |||||||
Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. | |||||||
Investments | |||||||
Devon periodically invests excess cash in United States and Canadian treasury securities and other marketable securities. Devon considers securities with original contractual maturities in excess of three months, but less than one year to be short-term investments. Investments with contractual maturities in excess of one year are classified as long-term, unless such investments are classified as trading or available-for-sale. | |||||||
Devon reports its investments and other marketable securities at fair value, except for debt securities in which management has the ability and intent to hold until maturity. Such debt securities totaled $62 million and $64 million at December 31, 2013 and 2012, respectively, and are included in other long-term assets in the accompanying balance sheet. Devon has the ability to hold the securities until maturity. | |||||||
Property and Equipment | |||||||
Devon follows the full cost method of accounting for its oil and gas properties. Accordingly, all costs incidental to the acquisition, exploration and development of oil and gas properties, including costs of undeveloped leasehold, dry holes and leasehold equipment, are capitalized. Internal costs incurred that are directly identified with acquisition, exploration and development activities undertaken by Devon for its own account, and that are not related to production, general corporate overhead or similar activities, are also capitalized. Interest costs incurred and attributable to unproved oil and gas properties under current evaluation and major development projects of oil and gas properties are also capitalized. All costs related to production activities, including workover costs incurred solely to maintain or increase levels of production from an existing completion interval, are charged to expense as incurred. | |||||||
Capitalized costs are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six thousand cubic feet of gas to one barrel of oil. Depletion is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. | |||||||
Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment quarterly. Significant unproved properties are assessed individually. Costs of insignificant unproved properties are transferred into the depletion calculation over holding periods ranging from three to four years. | |||||||
No gain or loss is recognized upon disposal of oil and gas properties unless such disposal significantly alters the relationship between capitalized costs and proved reserves in a particular country. | |||||||
Under the full cost method of accounting, capitalized costs of oil and gas properties, net of accumulated DD&A and deferred income taxes, may not exceed the full cost “ceiling” at the end of each quarter. The ceiling is calculated separately for each country and is based on the present value of estimated future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum, net of related tax effects. The estimated future net revenues exclude future cash outflows associated with settling asset retirement obligations included in the net book value of oil and gas properties. | |||||||
Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts, including derivative contracts in place that qualify for hedge accounting treatment. None of Devon's derivative contracts held during the three-year period ended December 31, 2013, qualified for hedge accounting treatment. | |||||||
Any excess of the net book value, less related deferred taxes, over the ceiling is written off as an expense. An expense recorded in one period may not be reversed in a subsequent period even though higher commodity prices may have increased the ceiling applicable to the subsequent period. | |||||||
Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using either the unit-of-production or straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major midstream and corporate construction projects are also capitalized. | |||||||
Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites and midstream pipelines and processing plants when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. | |||||||
Goodwill | |||||||
Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment at least annually. Such test includes an assessment of qualitative and quantitative factors. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. The fair value of each reporting unit is estimated and compared to the net book value of the reporting unit. If the estimated fair value of the reporting unit is less than the net book value, including goodwill, then the goodwill is written down to the implied fair value of the goodwill through a charge to expense. Because quoted market prices are not available for Devon's reporting units, the fair values of the reporting units are estimated based upon several valuation analyses, including comparable companies, comparable transactions and premiums paid. | |||||||
Devon performed annual impairment tests of goodwill in the fourth quarters of 2013, 2012 and 2011. Based on these assessments, no impairment of goodwill was required. | |||||||
The table below provides a summary of Devon's goodwill, by assigned reporting unit. The decrease in Devon’s goodwill from 2012 to 2013 was primarily due to changes in the exchange rate between the United States dollar and the Canadian dollar. | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
U.S. | $ | 3,020 | $ | 3,046 | |||
Canada | 2,838 | 3,033 | |||||
Total | $ | 5,858 | $ | 6,079 | |||
Commitments and Contingencies | |||||||
Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon's accounting policy for property and equipment. | |||||||
Fair Value Measurements | |||||||
Certain of Devon's assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels: | |||||||
· | Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, Devon measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. | ||||||
· | Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active. | ||||||
· | Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model. | ||||||
Discontinued Operations | |||||||
All amounts related to Devon's International operations that were sold in 2012 and 2011 are classified as discontinued operations. | |||||||
Foreign Currency Translation Adjustments | |||||||
The United States dollar is the functional currency for Devon's consolidated operations except its Canadian subsidiaries, which use the Canadian dollar as the functional currency. Assets and liabilities of the Canadian subsidiaries are translated to United States dollars using the applicable exchange rate as of the end of a reporting period. Revenues, expenses and cash flow are translated using an average exchange rate during the reporting period. Translation adjustments have no effect on net income and are included in accumulated other comprehensive earnings in stockholders' equity. | |||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||
2.Derivative Financial Instruments | |||||||||||||||||||
Commodity Derivatives | |||||||||||||||||||
As of December 31, 2013, Devon had the following open oil derivative positions. Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. | |||||||||||||||||||
Price Swaps | Price Collars | Call Options Sold | |||||||||||||||||
Period | Volume (Bbls/d) | Weighted Average Price ($/Bbl) | Volume (Bbls/d) | Weighted Average Floor Price ($/Bbl) | Weighted Average Ceiling Price ($/Bbl) | Volume (Bbls/d) | Weighted Average Price ($/Bbl) | ||||||||||||
Q1-Q4 2014 | 75,000 | $ | 94.14 | 70,453 | $ | 89.38 | $ | 100.58 | 42,000 | $ | 116.43 | ||||||||
Q1-Q4 2015 | 37,500 | $ | 90.15 | — | $ | — | $ | — | 22,000 | $ | 115.45 | ||||||||
Q1-Q4 2016 | — | $ | — | — | $ | — | $ | — | 12,500 | $ | 95 | ||||||||
As of December 31, 2013, 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 AECO index. | |||||||||||||||||||
Price Swaps | Price Collars | Call Options Sold | |||||||||||||||||
Period | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Floor Price ($/MMBtu) | Weighted Average Ceiling Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu) | ||||||||||||
Q1-Q4 2014 | 800,000 | $ | 4.42 | 460,000 | $ | 4.03 | $ | 4.51 | 500,000 | $ | 5 | ||||||||
Q1-Q4 2015 | — | $ | — | — | $ | — | $ | — | 550,000 | $ | 5.09 | ||||||||
Q1-Q4 2016 | — | $ | — | — | $ | — | $ | — | 110,000 | $ | 5 | ||||||||
Basis Swaps | |||||||||||||||||||
Period | Index | Volume (MMBtu/d) | Weighted Average Differential to Henry Hub ($/MMBtu) | ||||||||||||||||
Q1-Q4 2014 | AECO | 94,781 | $ | -0.52 | |||||||||||||||
As of December 31, 2013, 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. | |||||||||||||||||||
Basis Swaps | |||||||||||||||||||
Period | Pay | Volume (Bbls/d) | Weighted Average Differential to WTI ($/Bbl) | ||||||||||||||||
Q1-Q4 2014 | Natural Gasoline | 329 | $ | -10.85 | |||||||||||||||
Foreign Currency Derivatives | |||||||||||||||||||
As of December 31, 2013, Devon had the following open foreign currency derivative position: | |||||||||||||||||||
Forward Contract | |||||||||||||||||||
Currency | Contract Type | CAD Notional | Weighted Average Fixed Rate Received | Expiration | |||||||||||||||
(In millions) | (CAD-USD) | ||||||||||||||||||
Canadian Dollar | Sell | $ | 1,002 | 0.938 | Mar-14 | ||||||||||||||
Financial Statement Presentation | |||||||||||||||||||
The following table presents the net gains and losses recognized in the accompanying comprehensive statements of earnings associated with derivative financial instruments. Net gains and losses associated with Devon’s commodity derivatives are presented in oil, gas and NGL derivatives in the accompanying comprehensive statements of earnings. Net gains and losses associated with Devon’s interest rate and foreign currency derivatives are presented in other nonoperating items in the accompanying comprehensive statements of earnings. | |||||||||||||||||||
Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In millions) | |||||||||||||||||||
Commodity derivatives | $ | -191 | $ | 693 | $ | 881 | |||||||||||||
Interest rate derivatives | — | -15 | -11 | ||||||||||||||||
Foreign currency derivatives | 56 | -18 | 16 | ||||||||||||||||
Net gains (losses) recognized in comprehensive statements of earnings | $ | -135 | $ | 660 | $ | 886 | |||||||||||||
The following table presents the derivative fair values included in the accompanying balance sheets. | |||||||||||||||||||
31-Dec | |||||||||||||||||||
Balance Sheet Caption | 2013 | 2012 | |||||||||||||||||
(In millions) | |||||||||||||||||||
Asset derivatives: | |||||||||||||||||||
Commodity derivatives | Other current assets | $ | 75 | $ | 379 | ||||||||||||||
Commodity derivatives | Other long-term assets | 28 | 22 | ||||||||||||||||
Interest rate derivatives | Other current assets | — | 23 | ||||||||||||||||
Foreign currency derivatives | Other current assets | — | 1 | ||||||||||||||||
Total asset derivatives | $ | 103 | $ | 425 | |||||||||||||||
Liability derivatives: | |||||||||||||||||||
Commodity derivatives | Other current liabilities | $ | 58 | $ | 3 | ||||||||||||||
Commodity derivatives | Other long-term liabilities | 62 | 29 | ||||||||||||||||
Foreign currency derivatives | Other current liabilities | 1 | — | ||||||||||||||||
Total liability derivatives | $ | 121 | $ | 32 | |||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Share-Based Compensation | ' | |||||||||||||||||
3.Share-Based Compensation | ||||||||||||||||||
On June 3, 2009, Devon's stockholders adopted the 2009 Long-Term Incentive Plan, which expires on June 2, 2019. This plan authorizes the Compensation Committee, which consists of independent non-management members of Devon's Board of Directors, to grant nonqualified and incentive stock options, restricted stock awards, performance restricted stock awards, Canadian restricted stock units, performance share units, stock appreciation rights and cash-out rights to eligible employees. The plan also authorizes the grant of nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors. | ||||||||||||||||||
In the second quarter of 2012, Devon’s stockholders adopted an amendment to the 2009 Long-Term Incentive Plan, which also expires June 2, 2019. This amendment increases the number of shares authorized for issuance from 21.5 million shares to 47.0 million shares. To calculate shares issued under the 2009 Long-Term Incentive Plan subsequent to this amendment, options and stock appreciation rights represent one share and other awards represent 2.38 shares. | ||||||||||||||||||
Devon also has a stock option plan that was adopted in 2005 under which stock options were issued to certain employees. Options granted under this plan remain exercisable by the employees owning such options, but no new options or restricted stock awards will be granted under this plan. | ||||||||||||||||||
Devon did not have an annual long-term incentive grant in 2013 due to revisions in the timing of the employee compensation cycle. The annual long-term incentive grant related to 2013 performance was granted in February 2014. The following table presents the effects of share-based compensation included in Devon's accompanying comprehensive statements of earnings. The vesting for certain share-based awards was accelerated as part of Devon’s consolidation of its U.S. operations announced in October 2012. The associated expense for these accelerated awards is included in restructuring costs in the accompanying comprehensive statements of earnings. See Note 6 for further details. | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||
Gross general and administrative expense | $ | 157 | $ | 179 | $ | 181 | ||||||||||||
Share-based compensation expense capitalized pursuant to the | ||||||||||||||||||
full cost method of accounting for oil and gas properties | $ | 60 | $ | 56 | $ | 56 | ||||||||||||
Related income tax benefit | $ | 22 | $ | 31 | $ | 33 | ||||||||||||
Stock Options | ||||||||||||||||||
In accordance with Devon’s incentive plans, the exercise price of stock options granted may not be less than the market value of the stock at the date of grant. In addition, options granted are exercisable during a period established for each grant, which may not exceed eight years from the date of grant. The recipient must pay the exercise price in cash or in common stock, or a combination thereof, at the time that the option is exercised. Generally, the service requirement for vesting ranges from zero to four years. | ||||||||||||||||||
The fair value of stock options on the date of grant is expensed over the applicable vesting period. Devon estimates the fair values of stock options granted using a Black-Scholes option valuation model, which requires Devon to make several assumptions. The volatility of Devon's common stock is based on the historical volatility of the market price of Devon's common stock over a period of time equal to the expected term of the option and ending on the grant date. The dividend yield is based on Devon’s historical and current yield in effect at the date of grant. The risk-free interest rate is based on the zero-coupon United States Treasury yield for the expected term of the option at the date of grant. The expected term of the options is based on historical exercise and termination experience for various groups of employees and directors. Each group is determined based on the similarity of their historical exercise and termination behavior. The following table presents a summary of the grant-date fair values of stock options granted and the related assumptions for 2012 and 2011. All such amounts represent the weighted-average amounts for each year. No stock options were granted in 2013. | ||||||||||||||||||
2012 | 2011 | |||||||||||||||||
Grant-date fair value | $ | 22.20 | $ | 23.11 | ||||||||||||||
Volatility factor | 42.5% | 46.0% | ||||||||||||||||
Dividend yield | 1.2% | 1.0% | ||||||||||||||||
Risk-free interest rate | 1.1% | 0.8% | ||||||||||||||||
Expected term (in years) | 6.0 | 4.2 | ||||||||||||||||
The following table presents a summary of Devon's outstanding stock options. | ||||||||||||||||||
Weighted Average | ||||||||||||||||||
Options | Exercise Price | Remaining Term | Intrinsic Value | |||||||||||||||
(In thousands) | (In years) | (In millions) | ||||||||||||||||
Outstanding at December 31, 2012 | 7,828 | $ | 69.12 | |||||||||||||||
Exercised | -61 | $ | 57.66 | |||||||||||||||
Expired | -1,212 | $ | 68.47 | |||||||||||||||
Forfeited | -109 | $ | 69.23 | |||||||||||||||
Outstanding at December 31, 2013 | 6,446 | $ | 69.35 | 3.76 | $ | 1 | ||||||||||||
Vested and expected to vest at December 31, 2013 | 6,416 | $ | 69.36 | 3.75 | $ | 1 | ||||||||||||
Exercisable at December 31, 2013 | 5,361 | $ | 69.50 | 3.39 | $ | 1 | ||||||||||||
The aggregate intrinsic value of stock options that were exercised during 2013, 2012 and 2011 was $0.3 million, $34 million and $81 million, respectively. As of December 31, 2013, Devon's unrecognized compensation cost related to unvested stock options was $19 million. Such cost is expected to be recognized over a weighted-average period of 1.6 years. | ||||||||||||||||||
Restricted Stock Awards and Units | ||||||||||||||||||
Restricted stock awards and units are subject to the terms, conditions, restrictions and limitations, if any, that the Compensation Committee deems appropriate, including restrictions on continued employment. Generally, the service requirement for vesting ranges from zero to four years. During the vesting period, recipients of restricted stock awards receive dividends that are not subject to restrictions or other limitations. Devon estimates the fair values of restricted stock awards and units as the closing price of Devon's common stock on the grant date of the award or unit, which is expensed over the applicable vesting period. The following table presents a summary of Devon's unvested restricted stock awards and units. | ||||||||||||||||||
Restricted Stock Awards & Units | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 5,740 | $ | 61.75 | |||||||||||||||
Granted | 258 | $ | 57.27 | |||||||||||||||
Vested | -2,365 | $ | 64.13 | |||||||||||||||
Forfeited | -341 | $ | 59.82 | |||||||||||||||
Unvested at December 31, 2013 | 3,292 | $ | 59.76 | |||||||||||||||
The aggregate fair value of restricted stock awards and units that vested during 2013, 2012 and 2011 was $141 million, $112 million and $145 million, respectively. As of December 31, 2013, Devon's unrecognized compensation cost related to unvested restricted stock awards and units was $166 million. Such cost is expected to be recognized over a weighted-average period of 2.2 years. | ||||||||||||||||||
Performance Based Restricted Stock Awards | ||||||||||||||||||
Performance based restricted stock awards are granted to certain members of Devon’s senior management. Vesting of the awards is dependent on Devon meeting certain internal performance targets and the recipient meeting certain service requirements. Generally, the service requirement for vesting ranges from zero to four years. If Devon meets or exceeds the performance target, the awards vest after the recipient meets the related requisite service period. If the performance target and service period requirement are not met, the award does not vest. Once vested, recipients are entitled to dividends on the awards. Devon estimates the fair values of the awards as the closing price of Devon's common stock on the grant date of the award, which is expensed over the applicable vesting period. The following table presents a summary of Devon's performance based restricted stock awards. | ||||||||||||||||||
Performance Restricted Stock Awards | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 408 | $ | 58.25 | |||||||||||||||
Vested | -92 | $ | 65.10 | |||||||||||||||
Unvested at December 31, 2013 | 316 | $ | 56.25 | |||||||||||||||
As of December 31, 2013, Devon's unrecognized compensation cost related to these awards was $3 million. Such cost is expected to be recognized over a weighted-average period of 1.4 years. | ||||||||||||||||||
Performance Share Units | ||||||||||||||||||
Performance share units are granted to certain members of Devon’s senior management. Each unit that vests entitles the recipient to one share of Devon common stock. The vesting of these units is based on comparing Devon’s total shareholder return (“TSR”) to the TSR of a predetermined group of fourteen peer companies over the specified two- or three-year performance period. The vesting of units may be between zero and 200 percent of the units granted depending on Devon’s TSR as compared to the peer group on the vesting date. | ||||||||||||||||||
At the end of the vesting period, recipients receive dividend equivalents with respect to the number of units vested. The fair value of each performance share unit is estimated as of the date of grant using a Monte Carlo simulation with the following assumptions used for all grants made under the plan: (i) a risk-free interest rate based on United States Treasury rates as of the grant date; (ii) a volatility assumption based on the historical realized price volatility of Devon and the designated peer group; and (iii) an estimated ranking of Devon among the designated peer group. The fair value of the unit on the date of grant is expensed over the applicable vesting period. The following table presents a summary of the grant-date fair values of performance share units granted and the related assumptions. | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Grant-date fair value | $ | 61.27 | - | $ | 63.48 | $ | 61.27 | - | $ | 63.48 | $ | 80.24 | - | $ | 83.15 | |||
Risk-free interest rate | 0.26% | - | 0.36% | 0.26% | - | 0.36% | 0.28% | - | 0.43% | |||||||||
Volatility factor | 30.30% | 30.30% | 41.80% | |||||||||||||||
Contractual term (in years) | 3 | 3 | 3 | |||||||||||||||
The following table presents a summary of Devon's performance share units. | ||||||||||||||||||
Performance Share Units | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 878 | $ | 66.93 | |||||||||||||||
Granted | 55 | $ | 61.57 | |||||||||||||||
Forfeited | -8 | $ | 63.37 | |||||||||||||||
Unvested at December 31, 2013 (1) | 925 | $ | 66.64 | |||||||||||||||
____________________________ | ||||||||||||||||||
-1 | A maximum of 1.9 million common shares could be awarded based upon Devon’s final TSR ranking. | |||||||||||||||||
As of December 31, 2013, Devon's unrecognized compensation cost related to unvested units was $24 million. Such cost is expected to be recognized over a weighted-average period of 1.6 years. | ||||||||||||||||||
Asset_Impairments
Asset Impairments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairments [Abstract] | ' | ||||||||||||
Asset Impairments | ' | ||||||||||||
4. Asset impairments | |||||||||||||
In 2013 and 2012, Devon recognized asset impairments related to its oil and gas property and equipment and its U.S. midstream assets as presented below. | |||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||
Gross | Net of Taxes | Gross | Net of Taxes | ||||||||||
(In millions) | |||||||||||||
U.S. oil and gas assets | $ | 1,110 | $ | 707 | $ | 1,793 | $ | 1,142 | |||||
Canada oil and gas assets | 843 | 632 | 163 | 122 | |||||||||
Midstream assets | 23 | 14 | 68 | 44 | |||||||||
Total asset impairments | $ | 1,976 | $ | 1,353 | $ | 2,024 | $ | 1,308 | |||||
Oil and Gas Impairments | |||||||||||||
Under the full cost method of accounting, capitalized costs of oil and gas properties are subject to a quarterly full cost ceiling test, which is discussed in Note 1. | |||||||||||||
The oil and gas impairments resulted primarily from declines in the U.S. and Canada full cost ceilings. The lower ceiling values resulted primarily from decreases in the 12-month average trailing prices for oil, natural gas and NGLs, which reduced proved reserve values. | |||||||||||||
Midstream Impairments | |||||||||||||
Due to declining natural gas production resulting from low natural gas and NGL prices, Devon determined that the carrying amounts of certain of its midstream facilities were not recoverable from estimated future cash flows. Consequently, the assets were written down to their estimated fair values, which were determined using discounted cash flow models. The fair value of Devon’s midstream assets is considered a Level 3 fair value measurement. | |||||||||||||
Other_Operating_Items
Other Operating Items | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Operating Items [Abstract] | ' | ||||||||
Other Operating Items | ' | ||||||||
5.Other Operating Items | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In millions) | |||||||||
Accretion of asset retirement obligations | $ | 115 | $ | 110 | $ | 92 | |||
(Gain) loss on sale of assets | 9 | -13 | -2 | ||||||
Other | -3 | -5 | -101 | ||||||
Other operating items | $ | 121 | $ | 92 | $ | -11 | |||
During 2011, Devon received $88 million of excess insurance recoveries related to certain weather and operational claims. | |||||||||
Restructuring_Costs
Restructuring Costs | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Restructuring Costs [Abstract] | ' | |||||||||
Restructuring Costs | ' | |||||||||
6.Restructuring Costs | ||||||||||
Office Consolidation | ||||||||||
In October 2012, Devon announced plans to consolidate its U.S. personnel into a single operations group centrally located at the company’s corporate headquarters in Oklahoma City. As a result, Devon closed its office in Houston, transferred operational responsibilities for assets in south Texas, east Texas and Louisiana to Oklahoma City and incurred $134 million of restructuring costs associated with the consolidation. | ||||||||||
Divestiture of Offshore Assets | ||||||||||
In the fourth quarter of 2009, Devon announced plans to divest its offshore assets. As of December 31, 2012, Devon had divested all of its U.S. Offshore and International assets and incurred $196 million of restructuring costs associated with the divestitures. | ||||||||||
Financial Statement Presentation | ||||||||||
The schedule below summarizes restructuring costs presented in the accompanying comprehensive statements of earnings. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Office consolidation: | ||||||||||
Employee severance and retention | $ 13 | $ 77 | $ - | |||||||
Lease obligations and other | 41 | 3 | - | |||||||
Total | 54 | 80 | - | |||||||
Offshore divestitures: | ||||||||||
Employee severance | $ - | $ (3) | $ 8 | |||||||
Lease obligations and other | - | -3 | -10 | |||||||
Total | - | -6 | -2 | |||||||
Restructuring costs | $ 54 | $ 74 | $ (2) | |||||||
Employee severance and retention – As of December 31, 2013, Devon had incurred $90 million of employee severance and retention costs associated with the office consolidation. This included amounts related to cash severance costs and accelerated vesting of share-based grants. | ||||||||||
Lease obligations and other - As of December 31, 2013, Devon had incurred $28 million of restructuring costs related to certain office space that is subject to non-cancellable operating lease agreements and that it ceased using as a part of the office consolidation. Devon’s estimate of lease obligations was based upon certain key estimates that could change over the term of the leases. These estimates include the estimated sublease income that it may receive over the term of the leases, as well as the amount of variable operating costs that it will be required to pay under the leases. | ||||||||||
The schedule below summarizes Devon’s restructuring liabilities. | ||||||||||
Other | Other | |||||||||
Current | Long-Term | |||||||||
Liabilities | Liabilities | Total | ||||||||
(In millions) | ||||||||||
Balance as of December 31, 2011 | $ | 29 | $ | 16 | $ | 45 | ||||
Employee severance – Office consolidation | 49 | — | 49 | |||||||
Lease obligations – Offshore | -17 | -7 | -24 | |||||||
Employee severance – Offshore | -9 | — | -9 | |||||||
Balance as of December 31, 2012 | 52 | 9 | 61 | |||||||
Employee severance – Office consolidation | -43 | — | -43 | |||||||
Lease obligations – Offshore | -3 | -2 | -5 | |||||||
Lease obligations and other – Office consolidation | 21 | 11 | 32 | |||||||
Balance as of December 31, 2013 | $ | 27 | $ | 18 | $ | 45 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
7.Income Taxes | ||||||||||
Income Tax Expense (Benefit) | ||||||||||
Devon’s income tax components are presented in the following table. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Current income tax expense (benefit): | ||||||||||
United States federal | $ | 73 | $ | 60 | $ | -143 | ||||
Various states | -5 | -3 | 20 | |||||||
Canada and various provinces | 4 | -5 | -20 | |||||||
Total current tax expense (benefit) | 72 | 52 | -143 | |||||||
Deferred income tax expense (benefit): | ||||||||||
United States federal | 198 | -188 | 1,986 | |||||||
Various states | 59 | 34 | 95 | |||||||
Canada and various provinces | -160 | -30 | 218 | |||||||
Total deferred tax expense (benefit) | 97 | -184 | 2,299 | |||||||
Total income tax expense (benefit) | $ | 169 | $ | -132 | $ | 2,156 | ||||
Total income tax expense (benefit) differed from the amounts computed by applying the United States federal income tax rate to earnings from continuing operations before income taxes as a result of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Expected income tax expense (benefit) based on United States | ||||||||||
statutory tax rate of 35% | $ | 52 | $ | -111 | $ | 1,502 | ||||
Repatriations | 97 | - | 725 | |||||||
State income taxes | 35 | 20 | 70 | |||||||
Taxation on Canadian operations | 14 | -19 | -91 | |||||||
Other | -29 | -22 | -50 | |||||||
Total income tax expense (benefit) | $ | 169 | $ | -132 | $ | 2,156 | ||||
Pursuant to the completed and planned divestitures of Devon’s International assets located outside North America, a portion of Devon’s foreign earnings had been deemed to no longer be indefinitely reinvested. As of December 31, 2012, Devon had recognized a $936 million deferred income tax liability related to assumed repatriations of earnings from its foreign subsidiaries, including $725 million of deferred income tax expense recognized in 2011. | ||||||||||
In the second and fourth quarters of 2013, Devon repatriated to the U. S. a total of $4.3 billion of its cash held outside of the U. S. In the fourth quarter of 2013, Devon announced plans to divest of its Canadian conventional assets. These events resulted in an incremental income tax expense of $97 million. The incremental expense included $180 million of current income tax expense offset by $83 million of deferred income tax benefit. The $83 million deferred tax benefit was comprised of $180 million of deferred tax benefits that offset the incremental current income tax expense and an additional $97 million of deferred income tax expense accrued in the fourth quarter for assumed repatriations. | ||||||||||
Deferred Tax Assets and Liabilities | ||||||||||
The tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities are presented below: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | (In millions) | |||||||||
Asset retirement obligations | $ | 673 | $ | 618 | ||||||
Foreign tax credits | 248 | - | ||||||||
Net operating loss carryforwards | 183 | 427 | ||||||||
Alternative minimum tax credits | 105 | 198 | ||||||||
Pension benefit obligations | 104 | 129 | ||||||||
Other | 163 | 134 | ||||||||
Total deferred tax assets | 1,476 | 1,506 | ||||||||
Deferred tax liabilities: | ||||||||||
Property and equipment | -5,895 | -4,970 | ||||||||
Long-term debt | -161 | -198 | ||||||||
Taxes on unremitted foreign earnings | -157 | -936 | ||||||||
Fair value of financial instruments | -7 | -141 | ||||||||
Other | -52 | -76 | ||||||||
Total deferred tax liabilities | -6,272 | -6,321 | ||||||||
Net deferred tax liability | $ | -4,796 | $ | -4,815 | ||||||
Devon has recognized a $248 million deferred tax asset related to foreign tax credit carryforwards which expire between 2019 and 2023. Devon expects the tax benefits from the foreign tax credits to be utilized between 2014 and 2016. Devon also has recognized $183 million of deferred tax assets related to various net operating loss carryforwards available to offset future income taxes. The carryforwards consist of $673 million of Canadian net operating loss carryforwards, which expire between 2028 and 2033, and $197 million of state net operating loss carryforwards, which expire primarily between 2014 and 2032. Devon expects the tax benefits from the Canadian net operating loss carryforwards to be utilized between 2014 and 2017 and the state net operating loss carryforwards to be utilized between 2014 and 2020. Devon has also recognized a $105 million deferred tax asset related to alternative minimum tax credits which have no expiration date and will be available for use against tax on future taxable income. | ||||||||||
The expected utilization of Devon’s carryforwards and credits is based upon current estimates of taxable income, considering limitations on the annual utilization of these benefits as set forth by tax regulations. Significant changes in such estimates caused by variables such as future oil, gas and NGL prices or capital expenditures could alter the timing of the eventual utilization of such carryforwards. There can be no assurance that Devon will generate any specific level of continuing taxable earnings. However, management believes that Devon's future taxable income will more likely than not be sufficient to utilize its tax carryforwards and credits prior to their expiration. | ||||||||||
As of December 31, 2013, Devon’s unremitted foreign earnings totaled approximately $4.3 billion. Of this amount, approximately $1.5 billion was deemed to be indefinitely reinvested into the development and growth of Devon’s Canadian business. Therefore, Devon has not recognized a deferred tax liability for United States income taxes associated with such earnings. If such earnings were to be repatriated to the U.S., Devon may be subject to United States income taxes and foreign withholding taxes. However, it is not practical to estimate the amount of such additional taxes that may be payable due to the inter-relationship of the various factors involved in making such an estimate. | ||||||||||
Devon has deemed the remaining $2.8 billion of unremitted earnings not to be indefinitely reinvested. Consequently, Devon has recognized a $157 million deferred tax liability associated with such unremitted earnings as of December 31, 2013. | ||||||||||
Unrecognized Tax Benefits | ||||||||||
The following table presents changes in Devon's unrecognized tax benefits. | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(In millions) | ||||||||||
Balance at beginning of year | $ | 216 | $ | 165 | ||||||
Tax positions taken in prior periods | -17 | -46 | ||||||||
Tax positions taken in current year | 42 | 92 | ||||||||
Accrual of interest related to tax positions taken | 5 | 7 | ||||||||
Lapse of statute of limitations | - | -3 | ||||||||
Foreign currency translation | -3 | 1 | ||||||||
Balance at end of year | $ | 243 | $ | 216 | ||||||
Devon’s unrecognized tax benefit balance at December 31, 2013 and 2012, included $32 million and $27 million, respectively, of interest and penalties. If recognized, $198 million of Devon's unrecognized tax benefits as of December 31, 2013 would affect Devon's effective income tax rate. Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities. | ||||||||||
Jurisdiction | Tax Years Open | |||||||||
United States federal | 2008-2013 | |||||||||
Various U.S. states | 2008-2013 | |||||||||
Canada federal | 2004-2013 | |||||||||
Various Canadian provinces | 2004-2013 | |||||||||
Certain statute of limitation expirations are scheduled to occur in the next twelve months. However, Devon is currently in various stages of the administrative review process for certain open tax years. In addition, Devon is currently subject to various income tax audits that have not reached the administrative review process. As a result, Devon cannot reasonably anticipate the extent that the liabilities for unrecognized tax benefits will increase or decrease within the next twelve months. | ||||||||||
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings (Loss) Per Share [Abstract] | ' | |||||||||
Earnings (Loss) Per Share | ' | |||||||||
8.Earnings Per Share | ||||||||||
The following table reconciles earnings from continuing operations and common shares outstanding used in the calculations of basic and diluted earnings per share. | ||||||||||
Common | Earnings (loss) | |||||||||
Earnings (loss) | Shares | per Share | ||||||||
(In millions, except per share amounts) | ||||||||||
Year Ended December 31, 2013: | ||||||||||
Loss from continuing operations | $ | -20 | 406 | |||||||
Attributable to participating securities | -2 | -4 | ||||||||
Basic loss per share | -22 | 402 | $ | -0.06 | ||||||
Dilutive effect of potential common shares issuable | - | - | ||||||||
Diluted loss per share | $ | -22 | 402 | $ | -0.06 | |||||
Year Ended December 31, 2012: | ||||||||||
Loss from continuing operations | $ | -185 | 404 | |||||||
Attributable to participating securities | -3 | -4 | ||||||||
Basic loss per share | -188 | 400 | $ | -0.47 | ||||||
Dilutive effect of potential common shares issuable | - | - | ||||||||
Diluted loss per share | $ | -188 | 400 | $ | -0.47 | |||||
Year Ended December 31, 2011: | ||||||||||
Earnings from continuing operations | $ | 2,134 | 417 | |||||||
Attributable to participating securities | -23 | -5 | ||||||||
Basic earnings per share | 2,111 | 412 | $ | 5.12 | ||||||
Dilutive effect of potential common shares issuable | - | 2 | ||||||||
Diluted earnings per share | $ | 2,111 | 414 | $ | 5.10 | |||||
Certain options to purchase shares of Devon's common stock were excluded from the dilution calculations because the options were antidilutive. These excluded options totaled 7 million, 9 million and 3 million in 2013, 2012 and 2011, respectively. | ||||||||||
Other_Comprehensive_Earnings
Other Comprehensive Earnings | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Comprehensive Earnings [Abstract] | ' | |||||||||
Other Comprehensive Earnings | ' | |||||||||
9.Other Comprehensive Earnings | ||||||||||
Components of other comprehensive earnings consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Foreign currency translation: | ||||||||||
Beginning accumulated foreign currency translation | $ | 1,996 | $ | 1,802 | $ | 1,993 | ||||
Change in cumulative translation adjustment | -574 | 203 | -200 | |||||||
Income tax benefit (expense) | 26 | -9 | 9 | |||||||
Ending accumulated foreign currency translation | 1,448 | 1,996 | 1,802 | |||||||
Pension and postretirement benefit plans: | ||||||||||
Beginning accumulated pension and postretirement benefits | -225 | -227 | -233 | |||||||
Net actuarial gain (loss) and prior service cost arising in current year | 48 | -47 | -21 | |||||||
Recognition of net actuarial loss and prior service cost in earnings (1) | 24 | 51 | 30 | |||||||
Income tax expense | -27 | -2 | -3 | |||||||
Ending accumulated pension and postretirement benefits | -180 | -225 | -227 | |||||||
Accumulated other comprehensive earnings, net of tax | $ | 1,268 | $ | 1,771 | $ | 1,575 | ||||
____________________________ | ||||||||||
-1 | These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of general and administrative expenses on the accompanying comprehensive statements of earnings (see “Retirement Plans” note for additional details). | |||||||||
Supplemental_Information_To_St
Supplemental Information To Statements Of Cash Flows | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Information To Statements Of Cash Flows [Abstract] | ' | |||||||||
Supplemental Information To Statements Of Cash Flows | ' | |||||||||
10.Supplemental Information to Statements of Cash Flows | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Net change in working capital accounts: | ||||||||||
Accounts receivable | $ | -288 | $ | 140 | $ | -185 | ||||
Other current assets | 49 | -128 | 125 | |||||||
Accounts payable | 26 | -8 | 64 | |||||||
Revenues and royalties payable | 35 | 19 | 144 | |||||||
Other current liabilities | -120 | -73 | 32 | |||||||
Net change in working capital | $ | -298 | $ | -50 | $ | 180 | ||||
Interest paid (net of capitalized interest) | $ | 406 | $ | 334 | $ | 325 | ||||
Income taxes paid (received) | $ | 13 | $ | 100 | $ | -383 | ||||
ShortTerm_Investments
Short-Term Investments | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Short-Term Investments [Abstract] | ' | ||||||
Short-Term Investments | ' | ||||||
11.Short-Term Investments | |||||||
The components of short-term investments include the following: | |||||||
31-Dec-13 | 31-Dec-12 | ||||||
(In millions) | |||||||
Canadian treasury, agency and provincial securities | $ | — | $ | 1,865 | |||
United States treasuries | — | 429 | |||||
Other | — | 49 | |||||
Short-term investments | $ | — | $ | 2,343 | |||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Receivable [Abstract] | ' | |||||
Accounts Receivable | ' | |||||
12. Accounts Receivable | ||||||
The components of accounts receivable include the following: | ||||||
31-Dec-13 | 31-Dec-12 | |||||
(In millions) | ||||||
Oil, gas and NGL sales | $ | 851 | $ | 752 | ||
Joint interest billings | 447 | 270 | ||||
Marketing and midstream revenues | 172 | 161 | ||||
Other | 61 | 72 | ||||
Gross accounts receivable | 1,531 | 1,255 | ||||
Allowance for doubtful accounts | -11 | -10 | ||||
Net accounts receivable | $ | 1,520 | $ | 1,245 | ||
Acquisitions_And_Divestitures
Acquisitions And Divestitures | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Acquisitions And Divestitures [Abstract] | ' | |||||
Acquisitions And Divestitures | ' | |||||
13.Acquisitions and Divestitures | ||||||
Crosstex Merger | ||||||
On October 21, 2013, Devon, Crosstex Energy, Inc. and Crosstex Energy, L.P. (collectively “Crosstex”) announced plans to combine substantially all of Devon’s U.S. midstream assets with Crosstex’s assets to form a new midstream business. The new business will consist of EnLink Midstream Partners, L.P. (the “Partnership”) and EnLink Midstream, LLC (“EnLink”), a master limited partnership and a general partner entity, which will both be publicly traded entities. | ||||||
In exchange for a controlling interest in both EnLink and the Partnership, Devon will contribute its equity interest in a newly formed Devon subsidiary (“EnLink Holdings”) and $100 million in cash. EnLink Holdings will own Devon’s midstream assets in the Barnett Shale in north Texas and the Cana and Arkoma Woodford Shales in Oklahoma, as well as Devon’s economic interest in Gulf Coast Fractionators in Mt. Belvieu, Texas. The Partnership and EnLink will each own 50% of EnLink Holdings. The completion of these transactions is subject to Crosstex Energy, Inc. shareholder approval. Devon expects Crosstex Energy, Inc. shareholders will approve the transaction, allowing Devon and Crosstex to complete the transaction near the end of the first quarter of 2014. | ||||||
Upon closing of the transactions, the pro forma ownership of EnLink will be approximately: | ||||||
• | 70% - Devon Energy Corporation | |||||
• | 30% - Current Crosstex Energy, Inc. public stockholders | |||||
Upon closing of the transactions, the pro forma ownership of the Partnership will be approximately: | ||||||
• | 53% - Devon Energy Corporation | |||||
• | 40% - Current Crosstex Energy, L.P. public unitholders | |||||
• | 7% - the General Partner | |||||
GeoSouthern Acquisition | ||||||
On November 20, 2013, Devon entered into an agreement with GeoSouthern Intermediate Holdings, LLC, to acquire certain oil and gas properties, leasehold mineral interests and related assets located in the Eagle Ford Shale in south Texas for $6 billion in cash. The transaction is expected to close in the first quarter of 2014. | ||||||
Subsequent Event (unaudited) | ||||||
In conjunction with the announcement of the GeoSouthern acquisition, Devon also announced plans to divest certain non-core properties located throughout Canada and the U.S. On February 19, 2014, Devon announced its first transaction as part of this divestiture program, in which it agreed to sell the majority of its Canadian conventional assets to Canadian Natural Resources Limited for approximately $2.8 billion ($3.125 billion in Canadian dollars). This transaction is expected to close early in the second quarter of 2014. | ||||||
Debt_And_Related_Expenses
Debt And Related Expenses | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt And Related Expenses [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
14.Debt and Related Expenses | ||||||||||||
A summary of Devon's debt is as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In millions) | ||||||||||||
Commercial paper | $ | 1,317 | $ | 3,189 | ||||||||
Other debentures and notes: | ||||||||||||
5.625% due January 15, 2014 | 500 | 500 | ||||||||||
Floating rate due December 15, 2015 | 500 | - | ||||||||||
2.40% due July 15, 2016 | 500 | 500 | ||||||||||
Floating rate due December 15, 2016 | 350 | - | ||||||||||
1.20% due December 15, 2016 | 650 | - | ||||||||||
1.875% due May 15, 2017 | 750 | 750 | ||||||||||
8.25% due July 1, 2018 | 125 | 125 | ||||||||||
2.25% due December 15, 2018 | 750 | - | ||||||||||
6.30% due January 15, 2019 | 700 | 700 | ||||||||||
4.00% due July 15, 2021 | 500 | 500 | ||||||||||
3.25% due May 15, 2022 | 1,000 | 1,000 | ||||||||||
7.50% due September 15, 2027 | 150 | 150 | ||||||||||
7.875% due September 30, 2031 | 1,250 | 1,250 | ||||||||||
7.95% due April 15, 2032 | 1,000 | 1,000 | ||||||||||
5.60% due July 15, 2041 | 1,250 | 1,250 | ||||||||||
4.75% due May 15, 2042 | 750 | 750 | ||||||||||
Net discount on debentures and notes | -20 | -20 | ||||||||||
Total debt | 12,022 | 11,644 | ||||||||||
Less amount classified as short-term debt (1) | 4,066 | 3,189 | ||||||||||
Long-term debt | $ | 7,956 | $ | 8,455 | ||||||||
__________________________ | ||||||||||||
-1 | 2013 short-term debt consists of $2.25 billion of senior notes recently issued in conjunction with the planned GeoSouthern acquisition, $1.3 billion of commercial paper and $500 million of senior notes due January 15, 2014. | |||||||||||
Debt maturities as of December 31, 2013, excluding premiums and discounts, are as follows (in millions): | ||||||||||||
2014 | $ | 4,067 | ||||||||||
2015 | - | |||||||||||
2016 | 500 | |||||||||||
2017 | 750 | |||||||||||
2018 | 125 | |||||||||||
2019 and thereafter | 6,600 | |||||||||||
Total | $ | 12,042 | ||||||||||
Credit Lines | ||||||||||||
Devon has a $3.0 billion syndicated, unsecured revolving line of credit (the "Senior Credit Facility") that matures on October 24, 2018. However, prior to the maturity date, Devon has the option to extend the maturity for up to one additional one-year period, subject to the approval of the lenders. | ||||||||||||
Amounts borrowed under the Senior Credit Facility may, at the election of Devon, bear interest at various fixed rate options for periods of up to twelve months. Such rates are generally less than the prime rate. However, Devon may elect to borrow at the prime rate. The Senior Credit Facility currently provides for an annual facility fee of $3.8 million that is payable quarterly in arrears. As of December 31, 2013, there were no borrowings under the Senior Credit Facility. | ||||||||||||
The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65 percent. The credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying financial statements. Also, total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments. As of December 31, 2013, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 25.7 percent. | ||||||||||||
Commercial Paper | ||||||||||||
Devon has access to $3.0 billion of short-term credit under its commercial paper program. Commercial paper debt generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. The interest rate is generally based on a standard index such as the Federal Funds Rate, LIBOR, or the money market rate as found in the commercial paper market. As of December 31, 2013, Devon’s weighted average borrowing rate on its commercial paper borrowings was 0.30 percent. | ||||||||||||
Other Debentures and Notes | ||||||||||||
Following are descriptions of the various other debentures and notes outstanding at December 31, 2013, as listed in the table presented at the beginning of this note. | ||||||||||||
GeoSouthern Debt | ||||||||||||
In December 2013, in conjunction with the planned GeoSouthern acquisition, Devon issued $2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $2.2 billion, net of discounts and issuance costs. The floating rate senior notes due in 2015 bear interest at a rate equal to three-month LIBOR plus 0.45 percent, which rate will be reset quarterly. The floating rate senior notes due in 2016 bears interest at a rate equal to three-month LIBOR plus 0.54 percent, which rate will be reset quarterly. The schedule below summarizes the key terms of these notes ($ in millions). | ||||||||||||
Floating rate due December 15, 2015 | $ | 500 | ||||||||||
Floating rate due December 15, 2016 | 350 | |||||||||||
1.20% due December 15, 2016 | 650 | |||||||||||
2.25% due December 15, 2018 | 750 | |||||||||||
Discount and issuance costs | -2 | |||||||||||
Net proceeds | $ | 2,248 | ||||||||||
In the event that GeoSouthern acquisition is not completed on or prior to June 30, 2014, Devon is required to redeem each series of new senior notes at 101% of the aggregate principal amount of such series, plus accrued and unpaid interest. Due to the redemption features, these senior notes were classified as short-term debt on Devon’s consolidated balance sheet as of December 31, 2013 and will be reclassified as long-term debt once the acquisition is completed. | ||||||||||||
Additionally, during December 2013, Devon entered into a term loan agreement with a group of major financial institutions pursuant to which Devon may draw up to $2.0 billion to finance, in part, the GeoSouthern acquisition and to pay transaction costs. Half of any loans under the term loan agreement will have a maturity of three years and the other half will have a maturity of five years (the “5-Year Loans”). The 5-Year Loans will provide for the partial amortization of principal during the last two years that they are outstanding. Loans borrowed under the term loan agreement may, at the election of Devon, bear interest at various fixed rate options for periods up to six months. Such rates are generally less than the prime rate. However, Devon may elect to borrow at the prime rate. There were no borrowings under the term loan agreement as of December 31, 2013. | ||||||||||||
Other Notes | ||||||||||||
In 2012, 2011, 2009 and 2002 Devon issued senior notes that are unsecured and unsubordinated obligations of Devon. Devon used the net proceeds to repay outstanding commercial paper and credit facility borrowings. The schedule below summarizes the key terms of these notes ($ in millions). | ||||||||||||
Date Issued | ||||||||||||
May-12 | Jul-11 | Jan-09 | Mar-02 | |||||||||
1.875% due May 15, 2017 | $ | 750 | $ | - | $ | - | $ | - | ||||
3.25% due May 15, 2022 | 1,000 | - | - | - | ||||||||
4.75% due May 15, 2042 | 750 | - | - | - | ||||||||
2.40% due July 15, 2016 | - | 500 | - | - | ||||||||
4.00% due July 15, 2021 | - | 500 | - | - | ||||||||
5.60% due July 15, 2041 | - | 1,250 | - | - | ||||||||
5.625% due January 15, 2014 | - | - | 500 | - | ||||||||
6.30% due January 15, 2019 | - | - | 700 | - | ||||||||
7.95% due April 15, 2032 | - | - | - | 1,000 | ||||||||
Discount and issuance costs | -35 | -29 | -13 | -14 | ||||||||
Net proceeds | $ | 2,465 | $ | 2,221 | $ | 1,187 | $ | 986 | ||||
Ocean Debt | ||||||||||||
On April 25, 2003, Devon merged with Ocean Energy, Inc. and assumed certain debt instruments. The table below summarizes the debt assumed that remains outstanding as of December 31, 2013, including the fair value of the debt at April 25, 2003, and the effective interest rate of the debt after determining the fair values using April 25, 2003, market interest rates. The premiums resulting from fair values exceeding face values are being amortized using the effective interest method. Both notes are general unsecured obligations of Devon. | ||||||||||||
Fair Value of Debt Assumed | Effective Rate of Debt Assumed | |||||||||||
Debt Assumed | (In millions) | |||||||||||
8.250% due July 2018 (principal of $125 million) | $ | 147 | 5.5% | |||||||||
7.500% due September 2027 (principal of $150 million) | $ | 169 | 6.5% | |||||||||
7.875% Debentures due September 30, 2031 | ||||||||||||
In October 2001, Devon, through Devon Financing Corporation, U.L.C. (“Devon Financing”), a wholly owned finance subsidiary, sold debentures, which are unsecured and unsubordinated obligations of Devon Financing. Devon has fully and unconditionally guaranteed on an unsecured and unsubordinated basis the obligations of Devon Financing under the debt securities. The proceeds were used to fund a portion of the acquisition of Anderson Exploration. | ||||||||||||
Net financing costs | ||||||||||||
The following schedule includes the components of net financing costs. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Interest based on debt outstanding | $ | 466 | $ | 440 | $ | 414 | ||||||
Capitalized interest | -56 | -48 | -72 | |||||||||
Other fees and expenses | 27 | 14 | 10 | |||||||||
Interest expense | 437 | 406 | 352 | |||||||||
Interest income | -20 | -36 | -21 | |||||||||
Net financing costs | $ | 417 | $ | 370 | $ | 331 | ||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Asset Retirement Obligations [Abstract] | ' | |||||
Asset Retirement Obligations | ' | |||||
15.Asset Retirement Obligations | ||||||
The schedule below summarizes changes in Devon’s asset retirement obligations. | ||||||
Year Ended December 31, | ||||||
2013 | 2012 | |||||
(In millions) | ||||||
Asset retirement obligations as of beginning of period | $ | 2,095 | $ | 1,563 | ||
Liabilities incurred | 112 | 90 | ||||
Liabilities settled | -83 | -86 | ||||
Revision of estimated obligation | 104 | 420 | ||||
Liabilities assumed by others | -28 | -23 | ||||
Accretion expense on discounted obligation | 115 | 110 | ||||
Foreign currency translation adjustment | -87 | 21 | ||||
Asset retirement obligations as of end of period | 2,228 | 2,095 | ||||
Less current portion | 88 | 99 | ||||
Asset retirement obligations, long-term | $ | 2,140 | $ | 1,996 | ||
During 2012, Devon recognized revisions to its asset retirement obligations totaling $420 million. The primary factor contributing to this revision was an overall increase in abandonment cost estimates for certain of its production operations facilities. | ||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Retirement Plans [Abstract] | ' | ||||||||||||||||||
Retirement Plans | ' | ||||||||||||||||||
16.Retirement Plans | |||||||||||||||||||
Devon has various non-contributory defined benefit pension plans, including qualified plans and nonqualified plans. The qualified plans provide retirement benefits for certain U.S. and Canadian employees meeting certain age and service requirements. Benefits for the qualified plans are based on the employees' years of service and compensation and are funded from assets held in the plans' trusts. | |||||||||||||||||||
The nonqualified plans provide retirement benefits for certain employees whose benefits under the qualified plans are limited by income tax regulations. The nonqualified plans' benefits are based on the employees' years of service and compensation. For certain nonqualified plans, Devon has established trusts to fund these plans' benefit obligations. The total value of these trusts was $27 million and $31 million at December 31, 2013 and 2012, respectively, and is included in other long-term assets in the accompanying balance sheets. For the remaining nonqualified plans for which trusts have not been established, benefits are funded from Devon's available cash and cash equivalents. | |||||||||||||||||||
Devon also has defined benefit postretirement plans that provide benefits for substantially all U.S. employees. The plans provide medical and, in some cases, life insurance benefits and are either contributory or non-contributory, depending on the type of plan. Benefit obligations for such plans are estimated based on Devon's future cost-sharing intentions. Devon's funding policy for the plans is to fund the benefits as they become payable with available cash and cash equivalents. | |||||||||||||||||||
Benefit Obligations and Funded Status | |||||||||||||||||||
The following table presents the funded status of Devon's qualified and nonqualified pension and postretirement benefit plans. The benefit obligation for pension plans represents the projected benefit obligation, while the benefit obligation for the postretirement benefit plans represents the accumulated benefit obligation. The accumulated benefit obligation differs from the projected benefit obligation in that the former includes no assumption about future compensation levels. The accumulated benefit obligation for pension plans was $1.1 billion and $1.2 billion at December 31, 2013 and 2012, respectively. Devon’s benefit obligations and plan assets are measured each year as of December 31. Devon’s 2012 plan settlements relate to a plan amendment which removed a dollar cap on lump sum payments and revised optional forms of payment to include a lump sum distribution feature. The projected benefit obligation for Devon’s qualified plans was fully funded as of December 31, 2013 and 2012. | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,360 | $ | 1,303 | $ | 34 | $ | 37 | |||||||||||
Service cost | 36 | 43 | 1 | 1 | |||||||||||||||
Interest cost | 51 | 60 | 1 | 1 | |||||||||||||||
Actuarial loss (gain) | -158 | 95 | -3 | -4 | |||||||||||||||
Plan amendments | 2 | 14 | -8 | - | |||||||||||||||
Plan curtailments | - | -20 | - | 1 | |||||||||||||||
Plan settlements | - | -93 | - | - | |||||||||||||||
Foreign exchange rate changes | -2 | 1 | - | - | |||||||||||||||
Participant contributions | - | - | 3 | 3 | |||||||||||||||
Benefits paid | -112 | -43 | -4 | -5 | |||||||||||||||
Benefit obligation at end of year | 1,177 | 1,360 | 24 | 34 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | 1,165 | 1,187 | - | - | |||||||||||||||
Actual return on plan assets | -57 | 102 | - | - | |||||||||||||||
Employer contributions | 11 | 11 | 1 | 2 | |||||||||||||||
Participant contributions | - | - | 3 | 3 | |||||||||||||||
Plan settlements | - | -93 | - | - | |||||||||||||||
Benefits paid | -112 | -43 | -4 | -5 | |||||||||||||||
Foreign exchange rate changes | -1 | 1 | - | - | |||||||||||||||
Fair value of plan assets at end of year | 1,006 | 1,165 | - | - | |||||||||||||||
Funded status at end of year | $ | -171 | $ | -195 | $ | -24 | $ | -34 | |||||||||||
Amounts recognized in balance sheet: | |||||||||||||||||||
Noncurrent assets | $ | 47 | $ | 62 | $ | - | $ | - | |||||||||||
Current liabilities | -12 | -12 | -3 | -3 | |||||||||||||||
Noncurrent liabilities | -206 | -245 | -21 | -31 | |||||||||||||||
Net amount | $ | -171 | $ | -195 | $ | -24 | $ | -34 | |||||||||||
Amounts recognized in accumulated other comprehensive earnings: | |||||||||||||||||||
Net actuarial loss (gain) | $ | 279 | $ | 340 | $ | -13 | $ | -11 | |||||||||||
Prior service cost (credit) | 23 | 25 | -11 | -4 | |||||||||||||||
Total | $ | 302 | $ | 365 | $ | -24 | $ | -15 | |||||||||||
The plan assets for pension benefits in the table above exclude the assets held in trusts for the nonqualified plans. However, employer contributions for pension benefits in the table above include $11 million and $10 million for 2013 and 2012, respectively, which were transferred from the trusts established for the nonqualified plans. | |||||||||||||||||||
Certain of Devon's pension plans have a projected benefit obligation and accumulated benefit obligation in excess of plan assets at December 31, 2013 and 2012 as presented in the table below. | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Projected benefit obligation | $ | 218 | $ | 257 | |||||||||||||||
Accumulated benefit obligation | $ | 179 | $ | 216 | |||||||||||||||
Fair value of plan assets | $ | - | $ | - | |||||||||||||||
Net Periodic Benefit Cost and Other Comprehensive Earnings | |||||||||||||||||||
The following table presents the components of net periodic benefit cost and other comprehensive earnings. | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
(In millions) | |||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||
Service cost | $ | 36 | $ | 43 | $ | 37 | $ | 1 | $ | 1 | $ | 1 | |||||||
Interest cost | 51 | 60 | 60 | 1 | 1 | 2 | |||||||||||||
Expected return on plan assets | -62 | -64 | -42 | - | - | - | |||||||||||||
Curtailment and settlement expense | - | 26 | - | - | 1 | -3 | |||||||||||||
Recognition of net actuarial loss (gain) (1) | 22 | 24 | 32 | -1 | -1 | - | |||||||||||||
Recognition of prior service cost (1) | 4 | 3 | 3 | -1 | -1 | -2 | |||||||||||||
Total net periodic benefit cost (2) | 51 | 92 | 90 | - | 1 | -2 | |||||||||||||
Other comprehensive loss (earnings): | |||||||||||||||||||
Actuarial loss (gain) arising in current year | -39 | 37 | 23 | -3 | -4 | -7 | |||||||||||||
Prior service cost (credit) arising in current year | 2 | 14 | - | -8 | - | 5 | |||||||||||||
Recognition of net actuarial loss, including settlement | |||||||||||||||||||
expense, in net periodic benefit cost | -22 | -45 | -32 | 1 | 1 | 3 | |||||||||||||
Recognition of prior service cost, including curtailment, | |||||||||||||||||||
in net periodic benefit cost | -4 | -8 | -3 | 1 | 1 | 2 | |||||||||||||
Total other comprehensive loss (earnings) | -63 | -2 | -12 | -9 | -2 | 3 | |||||||||||||
Total recognized | $ | -12 | $ | 90 | $ | 78 | $ | -9 | $ | -1 | $ | 1 | |||||||
__________________________ | |||||||||||||||||||
(1) These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period. | |||||||||||||||||||
(2) Net periodic benefit cost is a component of general and administrative expenses on the accompanying comprehensive statements of earnings. | |||||||||||||||||||
The following table presents the estimated net actuarial loss and prior service cost that will be amortized from accumulated other comprehensive earnings into net periodic benefit cost during 2014. | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Net actuarial loss (gain) | $ | 18 | $ | -1 | |||||||||||||||
Prior service cost (credit) | 4 | -1 | |||||||||||||||||
Total | $ | 22 | $ | -2 | |||||||||||||||
Assumptions | |||||||||||||||||||
The following table presents the weighted average actuarial assumptions used to determine obligations and periodic costs. | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Assumptions to determine benefit obligations: | |||||||||||||||||||
Discount rate | 4.80% | 3.85% | 4.65% | 3.65% | 3.30% | 4.25% | |||||||||||||
Rate of compensation increase | 4.48% | 4.48% | 4.97% | N/A | N/A | N/A | |||||||||||||
Assumptions to determine net periodic benefit cost: | |||||||||||||||||||
Discount rate | 3.85% | 4.65% | 5.50% | 3.30% | 4.25% | 4.90% | |||||||||||||
Expected return on plan assets | 5.48% | 5.48% | 6.48% | N/A | N/A | N/A | |||||||||||||
Rate of compensation increase | 4.48% | 4.97% | 6.94% | N/A | N/A | N/A | |||||||||||||
Discount rate – Future pension and postretirement obligations are discounted at the end of each year based on the rate at which obligations could be effectively settled, considering the timing of estimated future cash flows related to the plans. This rate is based on high-quality bond yields, after allowing for call and default risk. | |||||||||||||||||||
Rate of compensation increase – For measurement of the 2013 benefit obligation for the pension plans, a 4.48 percent compensation increase was assumed. | |||||||||||||||||||
Expected return on plan assets – The expected rate of return on plan assets was determined by evaluating input from external consultants and economists, as well as long-term inflation assumptions. Devon expects the long-term asset allocation to approximate the targeted allocation. Therefore, the expected long-term rate of return on plan assets is based on the target allocation of investment types. See the pension plan assets section below for more information on Devon's target allocations. | |||||||||||||||||||
Other assumptions – For measurement of the 2013 benefit obligation for the other postretirement medical plans, a 7.9 percent annual rate of increase in the per capita cost of covered health care benefits was assumed for 2014. The rate was assumed to decrease annually to an ultimate rate of 5 percent in the year 2029 and remain at that level thereafter. Assumed health care cost-trend rates affect the amounts reported for retiree health care costs. A one-percentage-point change in the assumed health care cost-trend rates would have changed the postretirement benefits obligation as of December 31, 2013, by less than $1 million and would change the 2014 service and interest cost components of net periodic benefit cost by less than $1 million. | |||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||
Devon's overall investment objective for its pension plans' assets is to achieve stability of the plans’ funded status while providing long-term growth of invested capital and income to ensure benefit payments can be funded when required. To assist in achieving this objective, Devon has established certain investment strategies, including target allocation percentages and permitted and prohibited investments, designed to mitigate risks inherent with investing. Derivatives or other speculative investments considered high risk are generally prohibited. The following table presents Devon’s target allocation for its pension plan assets. | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fixed income | 70% | 70% | |||||||||||||||||
Equity | 20% | 20% | |||||||||||||||||
Other | 10% | 10% | |||||||||||||||||
The fair values of Devon's pension assets are presented by asset class in the following tables. | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Actual Allocation | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||
(In millions) | |||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||
U.S. Treasury obligations | 24.0% | $ | 241 | $ | 69 | $ | 172 | $ | - | ||||||||||
Corporate bonds | 39.5% | 398 | 286 | 112 | - | ||||||||||||||
Other bonds | 3.1% | 31 | 31 | - | - | ||||||||||||||
Total fixed-income securities | 66.6% | 670 | 386 | 284 | - | ||||||||||||||
Equity securities: | |||||||||||||||||||
Global (large, mid, small cap) | 19.0% | 190 | - | 190 | - | ||||||||||||||
Other securities: | |||||||||||||||||||
Hedge fund & alternative investments | 12.5% | 127 | 15 | - | 112 | ||||||||||||||
Short-term investment funds | 1.9% | 19 | - | 19 | - | ||||||||||||||
Total other securities | 14.4% | 146 | 15 | 19 | 112 | ||||||||||||||
Total investments | 100.0% | $ | 1,006 | $ | 401 | $ | 493 | $ | 112 | ||||||||||
As of December 31, 2012 | |||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Actual Allocation | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||
(In millions) | |||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||
U.S. Treasury obligations | 39.4% | $ | 459 | $ | 65 | $ | 394 | $ | - | ||||||||||
Corporate bonds | 26.5% | 308 | 256 | 52 | - | ||||||||||||||
Other bonds | 2.4% | 28 | 28 | - | - | ||||||||||||||
Total fixed-income securities | 68.3% | 795 | 349 | 446 | - | ||||||||||||||
Equity securities: | |||||||||||||||||||
Global (large, mid, small cap) | 20.5% | 239 | - | 239 | - | ||||||||||||||
Other securities: | |||||||||||||||||||
Hedge fund & alternative investments | 10.3% | 120 | 17 | - | 103 | ||||||||||||||
Short-term investment funds | 0.9% | 11 | - | 11 | - | ||||||||||||||
Total other securities | 11.2% | 131 | 17 | 11 | 103 | ||||||||||||||
Total investments | 100.0% | $ | 1,165 | $ | 366 | $ | 696 | $ | 103 | ||||||||||
The following methods and assumptions were used to estimate the fair values in the tables above. | |||||||||||||||||||
Fixed-income securities – Devon's fixed-income securities consist of United States Treasury obligations, bonds issued by investment-grade companies from diverse industries, and asset-backed securities. These fixed-income securities are actively traded securities that can be redeemed upon demand. The fair values of these Level 1 securities are based upon quoted market prices. | |||||||||||||||||||
Devon’s fixed income securities also include commingled funds that primarily invest in long-term bonds and United States Treasury securities. These fixed income securities can be redeemed on demand but are not actively traded. The fair values of these Level 2 securities are based upon the net asset values provided by the investment managers. | |||||||||||||||||||
Equity securities – Devon’s equity securities include a commingled global equity fund that invests in large, mid and small capitalization stocks across the world’s developed and emerging markets. These equity securities can be redeemed on demand but are not actively traded. The fair values of these Level 2 securities are based upon the net asset values provided by the investment managers. | |||||||||||||||||||
Other securities – Devon's other securities include commingled, short-term investment funds. These securities can be redeemed on demand but are not actively traded. The fair values of these Level 2 securities are based upon the net asset values provided by investment managers. | |||||||||||||||||||
Devon’s hedge fund and alternative investments include an investment in an actively traded global mutual fund that focuses on alternative investment strategies and a hedge fund of funds that invests both long and short using a variety of investment strategies. Devon's hedge fund of funds is not actively traded and Devon is subject to redemption restrictions with regards to this investment. The fair value of this Level 3 investment represents the fair value as determined by the hedge fund manager. | |||||||||||||||||||
Included below is a summary of the changes in Devon's Level 3 plan assets (in millions). | |||||||||||||||||||
31-Dec-11 | $ | 90 | |||||||||||||||||
Purchases | 6 | ||||||||||||||||||
Investment returns | 7 | ||||||||||||||||||
31-Dec-12 | 103 | ||||||||||||||||||
Purchases | - | ||||||||||||||||||
Investment returns | 9 | ||||||||||||||||||
31-Dec-13 | $ | 112 | |||||||||||||||||
Expected Cash Flows | |||||||||||||||||||
The following table presents expected cash flow information for Devon's pension and postretirement benefit plans. | |||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Devon's 2014 contributions | $ | 12 | $ | 3 | |||||||||||||||
Benefit payments: | |||||||||||||||||||
2014 | $ | 71 | $ | 3 | |||||||||||||||
2015 | $ | 74 | $ | 3 | |||||||||||||||
2016 | $ | 75 | $ | 3 | |||||||||||||||
2017 | $ | 78 | $ | 3 | |||||||||||||||
2018 | $ | 81 | $ | 3 | |||||||||||||||
2019 to 2023 | $ | 450 | $ | 9 | |||||||||||||||
Expected contributions included in the table above include amounts related to Devon's qualified plans, nonqualified plans and postretirement plans. Of the benefits expected to be paid in 2014, the $12 million of pension benefits is expected to be funded from the trusts established for the nonqualified plans and the $3 million of postretirement benefits is expected to be funded from Devon's available cash and cash equivalents. Expected employer contributions and benefit payments for other postretirement benefits are presented net of employee contributions. | |||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||
Devon maintains several defined contribution plans covering its employees in the U.S. and Canada. Such plans include Devon’s 401(k) plan, enhanced contribution plan and Canadian pension and savings plan. Contributions are primarily based upon percentages of annual compensation and years of service. In addition, each plan is subject to regulatory limitations by each respective government. The following table presents Devon's expense related to these defined contribution plans. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In millions) | |||||||||||||||||||
401(k) and enhanced contribution plans | $ | 41 | $ | 36 | $ | 33 | |||||||||||||
Canadian pension and savings plans | 26 | 23 | 21 | ||||||||||||||||
Total | $ | 67 | $ | 59 | $ | 54 | |||||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity [Abstract] | ' |
Stockholders' Equity | ' |
17.Stockholders' Equity | |
The authorized capital stock of Devon consists of 1 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors. | |
Devon's Board of Directors has designated 2.9 million shares of the preferred stock as Series A Junior Participating Preferred Stock (the “Series A Junior Preferred Stock”). At December 31, 2013, there were no shares of Series A Junior Preferred Stock issued or outstanding. The Series A Junior Preferred Stock is entitled to receive cumulative quarterly dividends per share equal to the greater of $1.00 or 100 times the aggregate per share amount of all dividends (other than stock dividends) declared on common stock since the immediately preceding quarterly dividend payment date or, with respect to the first payment date, since the first issuance of Series A Junior Preferred Stock. Holders of the Series A Junior Preferred Stock are entitled to 100 votes per share on all matters submitted to a vote of the stockholders. Devon, at its option, may redeem shares of the Series A Junior Participating Preferred Stock in whole at any time and in part from time to time, at a redemption price equal to 100 times the current per share market price of Devon’s common stock on the date of the mailing of the notice of redemption. The Series A Junior Preferred Stock ranks prior to the common stock but junior to all other classes of Preferred Stock. | |
Stock Repurchases | |
In the fourth quarter of 2011, Devon completed its 2010 repurchase program. In total, Devon repurchased 49.2 million shares for $3.5 billion, or $71.18 per share. | |
Dividends | |
Devon paid common stock dividends of $348 million, $324 million and $278 million in 2013, 2012 and 2011 respectively. The quarterly cash dividend was $0.16 per share in the first quarter of 2011. Devon increased the dividend rate to $0.17 per share in the second quarter of 2011 and further increased the dividend rate to $0.20 per share in the first quarter of 2012. Devon increased the dividend rate to $0.22 per share in the second quarter of 2013. | |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies [Abstract] | ' | ||||||||
Commitments And Contingencies | ' | ||||||||
18.Commitments and Contingencies | |||||||||
Devon is party to various legal actions arising in the normal course of business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon's estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to involve future amounts that would be material to Devon's financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management's estimates. | |||||||||
Royalty Matters | |||||||||
Numerous natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. The suits allege that the producers and related parties used below-market prices, made improper deductions, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with natural gas and NGLs produced and sold. Devon’s largest exposure for such matters relates to royalties in New Mexico. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters. | |||||||||
Environmental Matters | |||||||||
Devon is subject to certain laws and regulations relating to environmental remediation activities associated with past operations, such as the Comprehensive Environmental Response, Compensation, and Liability Act and similar state statutes. In response to liabilities associated with these activities, loss accruals primarily consist of estimated uninsured remediation costs. Devon's monetary exposure for environmental matters is not expected to be material. | |||||||||
Other Matters | |||||||||
Devon is involved in other various routine legal proceedings incidental to its business. However, to Devon's knowledge, there were no other material pending legal proceedings to which Devon is a party or to which any of its property is subject. | |||||||||
Commitments | |||||||||
The following is a schedule by year of Devon’s commitments that have initial or remaining noncancelable terms in excess of one year as of December 31, 2013. | |||||||||
Year Ending December 31, | Purchase Obligations | Drilling and Facility Obligations | Operational Agreements | Office and Equipment Leases | |||||
(In millions) | |||||||||
2014 | $ 852 | $ 341 | $ 519 | $ 41 | |||||
2015 | 874 | 18 | 477 | 38 | |||||
2016 | 945 | 7 | 399 | 34 | |||||
2017 | 871 | — | 388 | 33 | |||||
2018 | 885 | — | 335 | 28 | |||||
Thereafter | 1,998 | — | 1,331 | 111 | |||||
Total | $ 6,425 | $ 366 | $ 3,449 | $ 285 | |||||
Purchase obligation amounts represent contractual commitments primarily to purchase condensate at market prices for use at Devon’s heavy oil projects in Canada. Devon has entered into these agreements because condensate is an integral part of the heavy oil transportation process. Any disruption in Devon’s ability to obtain condensate could negatively affect its ability to transport heavy oil at these locations. Devon’s total obligation related to condensate purchases expires in 2021. The value of the obligation in the table above is based on the contractual volumes and Devon’s internal estimate of future condensate market prices. | |||||||||
Devon has certain drilling and facility obligations under contractual agreements with third-party service providers to procure drilling rigs and other related services for developmental and exploratory drilling and facilities construction. | |||||||||
Devon has certain operational agreements whereby Devon has committed to transport or process certain volumes of oil, gas and NGLs for a fixed fee. Devon has entered into these agreements to aid the movement of its production to downstream markets. | |||||||||
Devon leases certain office space and equipment under operating lease arrangements. Total rental expense included in general and administrative expenses under operating leases, net of sub-lease income, was $26 million, $42 million and $42 million in 2013, 2012 and 2011, respectively. | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
19.Fair Value Measurements | ||||||||||||||||
The following tables provide 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 payables and accrued expenses included in the accompanying balance sheets approximated fair value at December 31, 2013 and December 31, 2012. Therefore, such financial assets and liabilities are not presented in the following tables. Additionally, information regarding the fair values of Devon's midstream and pension plan assets is provided in Note 4 and Note 16, respectively. | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Carrying | Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||
Amount | Value | Inputs | Inputs | Inputs | ||||||||||||
(In millions) | ||||||||||||||||
December 31, 2013 assets (liabilities): | ||||||||||||||||
Cash equivalents | $ | 5,305 | $ | 5,305 | $ | 4,191 | $ | 1,114 | $ | — | ||||||
Long-term investments | $ | 62 | $ | 62 | $ | — | $ | — | $ | 62 | ||||||
Commodity derivatives | $ | 103 | $ | 103 | $ | — | $ | 103 | $ | — | ||||||
Commodity derivatives | $ | -120 | $ | -120 | $ | — | $ | -120 | $ | — | ||||||
Foreign currency derivatives | $ | -1 | $ | -1 | $ | — | $ | -1 | $ | — | ||||||
Debt | $ | -12,022 | $ | -12,908 | $ | — | $ | -12,908 | $ | — | ||||||
December 31, 2012 assets (liabilities): | ||||||||||||||||
Cash equivalents | $ | 4,149 | $ | 4,149 | $ | 32 | $ | 4,117 | $ | — | ||||||
Short-term investments | $ | 2,343 | $ | 2,343 | $ | 429 | $ | 1,914 | $ | — | ||||||
Long-term investments | $ | 64 | $ | 64 | $ | — | $ | — | $ | 64 | ||||||
Commodity derivatives | $ | 401 | $ | 401 | $ | — | $ | 401 | $ | — | ||||||
Commodity derivatives | $ | -32 | $ | -32 | $ | — | $ | -32 | $ | — | ||||||
Interest rate derivatives | $ | 23 | $ | 23 | $ | — | $ | 23 | $ | — | ||||||
Foreign currency derivatives | $ | 1 | $ | 1 | $ | — | $ | 1 | $ | — | ||||||
Debt | $ | -11,644 | $ | -13,435 | $ | — | $ | -13,435 | $ | — | ||||||
The following methods and assumptions were used to estimate the fair values in the tables above. | ||||||||||||||||
Level 1 Fair Value Measurements | ||||||||||||||||
Cash equivalents and short-term investments — Amounts consist primarily of United States and Canadian treasury securities and money market investments. The fair value approximates the carrying value. | ||||||||||||||||
Level 2 Fair Value Measurements | ||||||||||||||||
Cash equivalents and short-term investments — Amounts consist primarily of Canadian agency and provincial securities and commercial paper investments. The fair value approximates the carrying value. | ||||||||||||||||
Commodity, interest rate and foreign currency derivatives — The fair values of commodity, interest rate and foreign currency derivatives are estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements. | ||||||||||||||||
Debt — Devon's debt instruments do not actively trade in an established market. The fair values of its fixed-rate debt and floating-rate debt are estimated based on rates available for debt with similar terms and maturity. The fair value of Devon’s commercial paper and credit facility borrowings are the carrying values. | ||||||||||||||||
Level 3 Fair Value Measurements | ||||||||||||||||
Long-term investments — Devon’s long-term investments presented in the tables above consisted entirely of auction rate securities. Due to auction failures and the lack of an active market for Devon’s auction rate securities, quoted market prices for these securities were not available. Therefore, Devon used valuation techniques that rely on unobservable inputs to estimate the fair values of its long-term auction rate securities. These inputs were based on continued receipts of principal at par, the collection of all accrued interest to date, the probability of full repayment of the securities considering the United States government guarantees substantially all of the underlying student loans, and the AAA credit rating of the securities. As a result of using these inputs, Devon concluded the estimated fair values of its long-term auction rate securities approximated the par values as of December 31, 2013 and December 31, 2012. | ||||||||||||||||
Included below is a summary of the changes in Devon's Level 3 fair value measurements. | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions) | ||||||||||||||||
Long-term investments balance at beginning of period | $ | 64 | $ | 84 | ||||||||||||
Redemptions of principal | -2 | -20 | ||||||||||||||
Long-term investments balance at end of period | $ | 62 | $ | 64 | ||||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations [Abstract] | ' | |||||||||
Discontinued Operations | ' | |||||||||
20.Discontinued Operations | ||||||||||
Revenues related to Devon's discontinued operations totaled $43 million during 2011. Devon did not have revenues related to its discontinued operations during 2013 or 2012. The following table presents the earnings (loss) from Devon’s discontinued operations. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Operating earnings | $ | - | $ | - | $ | 38 | ||||
Gain (loss) on sale of oil and gas properties | - | -16 | 2,552 | |||||||
Earnings (loss) before income taxes | - | -16 | 2,590 | |||||||
Income tax expense | - | 5 | 20 | |||||||
Earnings (loss) from discontinued operations | $ | - | $ | -21 | $ | 2,570 | ||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Segment Information | ' | |||||||||
21.Segment Information | ||||||||||
Devon manages its operations through distinct operating segments, which are defined primarily by geographic areas. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of the businesses. However, Devon's Canadian operating segment is reported as a separate reporting segment primarily due to the significant differences between the U.S. and Canadian regulatory environments. Devon's segments are all primarily engaged in oil and gas producing activities, and certain information regarding such activities for each segment is included in Note 22. Segment revenues are all from external customers. | ||||||||||
U.S. | Canada | Total | ||||||||
(In millions) | ||||||||||
Year Ended December 31, 2013: | ||||||||||
Oil, gas and NGL sales | $ | 5,964 | $ | 2,558 | $ | 8,522 | ||||
Oil, gas and NGL derivatives | $ | -197 | $ | 6 | $ | -191 | ||||
Marketing and midstream revenues | $ | 1,974 | $ | 92 | $ | 2,066 | ||||
Depreciation, depletion and amortization | $ | 1,931 | $ | 849 | $ | 2,780 | ||||
Interest expense | $ | 392 | $ | 45 | $ | 437 | ||||
Asset impairments | $ | 1,133 | $ | 843 | $ | 1,976 | ||||
Earnings (loss) from continuing operations before income taxes | $ | 646 | $ | -497 | $ | 149 | ||||
Income tax expense (benefit) | $ | 325 | $ | -156 | $ | 169 | ||||
Earnings (loss) from continuing operations | $ | 321 | $ | -341 | $ | -20 | ||||
Property and equipment, net | $ | 19,969 | $ | 8,478 | $ | 28,447 | ||||
Total assets | $ | 29,317 | $ | 13,560 | $ | 42,877 | ||||
Capital expenditures | $ | 4,802 | $ | 1,841 | $ | 6,643 | ||||
Year Ended December 31, 2012: | ||||||||||
Oil, gas and NGL sales | $ | 4,679 | $ | 2,474 | $ | 7,153 | ||||
Oil, gas and NGL derivatives | $ | 681 | $ | 12 | $ | 693 | ||||
Marketing and midstream revenues | $ | 1,541 | $ | 114 | $ | 1,655 | ||||
Depreciation, depletion and amortization | $ | 1,824 | $ | 987 | $ | 2,811 | ||||
Interest expense | $ | 343 | $ | 63 | $ | 406 | ||||
Asset impairments | $ | 1,861 | $ | 163 | $ | 2,024 | ||||
Loss from continuing operations before income taxes | $ | -263 | $ | -54 | $ | -317 | ||||
Income tax benefit | $ | -97 | $ | -35 | $ | -132 | ||||
Loss from continuing operations | $ | -166 | $ | -19 | $ | -185 | ||||
Property and equipment, net | $ | 18,361 | $ | 8,955 | $ | 27,316 | ||||
Total assets | $ | 24,256 | $ | 19,070 | $ | 43,326 | ||||
Capital expenditures | $ | 6,511 | $ | 1,963 | $ | 8,474 | ||||
Year Ended December 31, 2011: | ||||||||||
Oil, gas and NGL sales | $ | 5,418 | $ | 2,897 | $ | 8,315 | ||||
Oil, gas and NGL derivatives | $ | 881 | $ | — | $ | 881 | ||||
Marketing and midstream revenues | $ | 2,050 | $ | 199 | $ | 2,249 | ||||
Depreciation, depletion and amortization | $ | 1,439 | $ | 809 | $ | 2,248 | ||||
Interest expense | $ | 204 | $ | 148 | $ | 352 | ||||
Earnings from continuing operations before income taxes | $ | 3,477 | $ | 813 | $ | 4,290 | ||||
Income tax expense | $ | 1,958 | $ | 198 | $ | 2,156 | ||||
Earnings from continuing operations | $ | 1,519 | $ | 615 | $ | 2,134 | ||||
Property and equipment, net | $ | 16,989 | $ | 7,785 | $ | 24,774 | ||||
Total assets (1) | $ | 22,622 | $ | 18,342 | $ | 40,964 | ||||
Capital expenditures | $ | 6,101 | $ | 1,694 | $ | 7,795 | ||||
___________________________ | ||||||||||
(1)Amounts in the table above do not include assets held for sale related to Devon’s discontinued operations, which totaled $153 million in 2011. | ||||||||||
Supplemental_Information_On_Oi
Supplemental Information On Oil And Gas Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplemental Information On Oil And Gas Operations [Abstract] | ' | |||||||||||||||
Supplemental Information On Oil And Gas Operations | ' | |||||||||||||||
22.Supplemental Information on Oil and Gas Operations (Unaudited) | ||||||||||||||||
Supplemental unaudited information regarding Devon's oil and gas activities is presented in this note. The information is provided separately by country. Unless otherwise noted, this supplemental information excludes amounts for all periods presented related to Devon's discontinued operations. | ||||||||||||||||
Costs Incurred | ||||||||||||||||
The following tables reflect the costs incurred in oil and gas property acquisition, exploration, and development activities. | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 19 | $ | 3 | $ | 22 | ||||||||||
Unproved properties | 213 | 3 | 216 | |||||||||||||
Exploration costs | 443 | 152 | 595 | |||||||||||||
Development costs | 3,838 | 1,251 | 5,089 | |||||||||||||
Costs incurred | $ | 4,513 | $ | 1,409 | $ | 5,922 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 2 | $ | 71 | $ | 73 | ||||||||||
Unproved properties | 1,135 | 32 | 1,167 | |||||||||||||
Exploration costs | 351 | 315 | 666 | |||||||||||||
Development costs | 4,408 | 1,691 | 6,099 | |||||||||||||
Costs incurred | $ | 5,896 | $ | 2,109 | $ | 8,005 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 34 | $ | 14 | $ | 48 | ||||||||||
Unproved properties | 851 | 72 | 923 | |||||||||||||
Exploration costs | 272 | 282 | 554 | |||||||||||||
Development costs | 4,130 | 1,288 | 5,418 | |||||||||||||
Costs incurred | $ | 5,287 | $ | 1,656 | $ | 6,943 | ||||||||||
Costs incurred in the tables above include additions and revisions to Devon’s asset retirement obligations. The proceeds received from our joint venture transactions at closing have not been netted against the costs incurred. At December 31, 2013, our partners’ remaining commitments to fund our future costs associated with these joint venture transactions totaled approximately $1.4 billion. | ||||||||||||||||
Pursuant to the full cost method of accounting, Devon capitalizes certain of its general and administrative expenses that are related to property acquisition, exploration and development activities. Such capitalized expenses, which are included in the costs shown in the preceding tables, were $368 million, $359 million and $337 million in the years 2013, 2012 and 2011, respectively. Also, Devon capitalizes interest costs incurred and attributable to unproved oil and gas properties and major development projects of oil and gas properties. Capitalized interest expenses, which are included in the costs shown in the preceding tables, were $42 million, $36 million and $45 million in the years 2013, 2012 and 2011, respectively. | ||||||||||||||||
Capitalized Costs | ||||||||||||||||
The following tables reflect the aggregate capitalized costs related to oil and gas activities. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Proved properties | $ | 51,366 | $ | 22,629 | $ | 73,995 | ||||||||||
Unproved properties | 1,277 | 1,514 | 2,791 | |||||||||||||
Total oil & gas properties | 52,643 | 24,143 | 76,786 | |||||||||||||
Accumulated DD&A | -35,848 | -16,613 | -52,461 | |||||||||||||
Net capitalized costs | $ | 16,795 | $ | 7,530 | $ | 24,325 | ||||||||||
31-Dec-12 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Proved properties | $ | 46,570 | $ | 22,840 | $ | 69,410 | ||||||||||
Unproved properties | 1,703 | 1,605 | 3,308 | |||||||||||||
Total oil & gas properties | 48,273 | 24,445 | 72,718 | |||||||||||||
Accumulated DD&A | -33,098 | -16,039 | -49,137 | |||||||||||||
Net capitalized costs | $ | 15,175 | $ | 8,406 | $ | 23,581 | ||||||||||
The following is a summary of Devon's oil and gas properties not subject to amortization as of December 31, 2013. | ||||||||||||||||
Costs Incurred In | ||||||||||||||||
2013 | 2012 | 2011 | Prior to 2011 | Total | ||||||||||||
(In millions) | ||||||||||||||||
Acquisition costs | $ | 207 | $ | 725 | $ | 62 | $ | 848 | $ | 1,842 | ||||||
Exploration costs | 226 | 129 | 118 | 30 | 503 | |||||||||||
Development costs | 113 | 132 | 66 | 9 | 320 | |||||||||||
Capitalized interest | 41 | 33 | 33 | 19 | 126 | |||||||||||
Total oil and gas properties not subject to amortization | $ | 587 | $ | 1,019 | $ | 279 | $ | 906 | $ | 2,791 | ||||||
Included in the $2.8 billion of oil and gas properties not subject to amortization are approximately $1.6 billion of costs that we deem significant for individual assessment. These costs relate to our investments in the Pike thermal oil project in Canada, the Mississippian-Woodford Trend in Oklahoma and a portion of our properties in the Permian Basin in Texas. Based on our development plans, we expect to begin including the Pike costs in the amortization computation in 2015 when we receive regulatory approval for the first phase of this project and subsequently begin recognizing the associated proved reserves. We are evaluating and developing the Mississippian-Woodford and Permian properties over the next 3 to 4 years. We expect to include the costs in the amortization computation as we complete our evaluation activities. | ||||||||||||||||
Results of Operations | ||||||||||||||||
The following tables include revenues and expenses associated with Devon's oil and gas producing activities. They do not include any allocation of Devon's interest costs or general corporate overhead and, therefore, are not necessarily indicative of the contribution to net earnings of Devon's oil and gas operations. Income tax expense has been calculated by applying statutory income tax rates to oil, gas and NGL sales after deducting costs, including depreciation, depletion and amortization and after giving effect to permanent differences. | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 5,964 | $ | 2,558 | $ | 8,522 | ||||||||||
Lease operating expenses | -1,257 | -1,011 | -2,268 | |||||||||||||
General and administrative expenses | -125 | -77 | -202 | |||||||||||||
Production and property taxes | -380 | -59 | -439 | |||||||||||||
Depreciation, depletion and amortization | -1,640 | -825 | -2,465 | |||||||||||||
Asset impairments | -1,110 | -843 | -1,953 | |||||||||||||
Accretion of asset retirement obligations | -47 | -64 | -111 | |||||||||||||
Income tax benefit (expense) | -510 | 88 | -422 | |||||||||||||
Results of operations | $ | 895 | $ | -233 | $ | 662 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 8.69 | $ | 12.87 | $ | 9.75 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 4,679 | $ | 2,474 | $ | 7,153 | ||||||||||
Lease operating expenses | -1,059 | -1,015 | -2,074 | |||||||||||||
General and administrative expenses | -159 | -137 | -296 | |||||||||||||
Production and property taxes | -340 | -55 | -395 | |||||||||||||
Depreciation, depletion and amortization | -1,563 | -963 | -2,526 | |||||||||||||
Asset impairments | -1,793 | -163 | -1,956 | |||||||||||||
Accretion of asset retirement obligations | -40 | -69 | -109 | |||||||||||||
Income tax benefit (expense) | 99 | -3 | 96 | |||||||||||||
Results of operations | $ | -176 | $ | 69 | $ | -107 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 8.55 | $ | 14.41 | $ | 10.12 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 5,418 | $ | 2,897 | $ | 8,315 | ||||||||||
Lease operating expenses | -925 | -926 | -1,851 | |||||||||||||
General and administrative expenses | -132 | -119 | -251 | |||||||||||||
Production and property taxes | -357 | -45 | -402 | |||||||||||||
Depreciation, depletion and amortization | -1,201 | -786 | -1,987 | |||||||||||||
Accretion of asset retirement obligations | -34 | -57 | -91 | |||||||||||||
Income tax expense | -1,005 | -250 | -1,255 | |||||||||||||
Results of operations | $ | 1,764 | $ | 714 | $ | 2,478 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 6.94 | $ | 11.74 | $ | 8.28 | ||||||||||
Proved Reserves | ||||||||||||||||
The following tables present Devon’s estimated proved reserves by product by country. | ||||||||||||||||
Oil (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 148 | 93 | 241 | |||||||||||||
Revisions due to prices | 2 | 1 | 3 | |||||||||||||
Revisions other than price | -1 | -5 | -6 | |||||||||||||
Extensions and discoveries | 36 | 6 | 42 | |||||||||||||
Production | -17 | -15 | -32 | |||||||||||||
31-Dec-11 | 168 | 80 | 248 | |||||||||||||
Revisions due to prices | -1 | -5 | -6 | |||||||||||||
Revisions other than price | -6 | -2 | -8 | |||||||||||||
Extensions and discoveries | 65 | 7 | 72 | |||||||||||||
Production | -21 | -15 | -36 | |||||||||||||
31-Dec-12 | 205 | 65 | 270 | |||||||||||||
Revisions due to prices | 1 | -1 | - | |||||||||||||
Revisions other than price | -18 | - | -18 | |||||||||||||
Extensions and discoveries | 69 | 7 | 76 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -28 | -15 | -43 | |||||||||||||
Sale of reserves | -1 | - | -1 | |||||||||||||
31-Dec-13 | 229 | 56 | 285 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 131 | 82 | 213 | |||||||||||||
31-Dec-11 | 146 | 73 | 219 | |||||||||||||
31-Dec-12 | 166 | 62 | 228 | |||||||||||||
31-Dec-13 | 194 | 56 | 250 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 123 | 72 | 195 | |||||||||||||
31-Dec-11 | 139 | 65 | 204 | |||||||||||||
31-Dec-12 | 155 | 56 | 211 | |||||||||||||
31-Dec-13 | 178 | 51 | 229 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 17 | 11 | 28 | |||||||||||||
31-Dec-11 | 22 | 7 | 29 | |||||||||||||
31-Dec-12 | 39 | 3 | 42 | |||||||||||||
31-Dec-13 | 35 | - | 35 | |||||||||||||
Bitumen (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | - | 440 | 440 | |||||||||||||
Revisions due to prices | - | -16 | -16 | |||||||||||||
Revisions other than price | - | 16 | 16 | |||||||||||||
Extensions and discoveries | - | 30 | 30 | |||||||||||||
Production | - | -13 | -13 | |||||||||||||
31-Dec-11 | - | 457 | 457 | |||||||||||||
Revisions due to prices | - | 14 | 14 | |||||||||||||
Revisions other than price | - | 7 | 7 | |||||||||||||
Extensions and discoveries | - | 67 | 67 | |||||||||||||
Production | - | -17 | -17 | |||||||||||||
31-Dec-12 | - | 528 | 528 | |||||||||||||
Revisions due to prices | - | -11 | -11 | |||||||||||||
Revisions other than price | - | 16 | 16 | |||||||||||||
Extensions and discoveries | - | 38 | 38 | |||||||||||||
Production | - | -19 | -19 | |||||||||||||
31-Dec-13 | - | 552 | 552 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | - | 44 | 44 | |||||||||||||
31-Dec-11 | - | 90 | 90 | |||||||||||||
31-Dec-12 | - | 99 | 99 | |||||||||||||
31-Dec-13 | - | 111 | 111 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | - | 44 | 44 | |||||||||||||
31-Dec-11 | - | 90 | 90 | |||||||||||||
31-Dec-12 | - | 99 | 99 | |||||||||||||
31-Dec-13 | - | 111 | 111 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | - | 396 | 396 | |||||||||||||
31-Dec-11 | - | 367 | 367 | |||||||||||||
31-Dec-12 | - | 429 | 429 | |||||||||||||
31-Dec-13 | - | 441 | 441 | |||||||||||||
Gas (Bcf) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 9,065 | 1,218 | 10,283 | |||||||||||||
Revisions due to prices | -1 | -60 | -61 | |||||||||||||
Revisions other than price | -243 | -38 | -281 | |||||||||||||
Extensions and discoveries | 1,410 | 58 | 1,468 | |||||||||||||
Purchase of reserves | 16 | 20 | 36 | |||||||||||||
Production | -740 | -213 | -953 | |||||||||||||
Sale of reserves | - | -6 | -6 | |||||||||||||
31-Dec-11 | 9,507 | 979 | 10,486 | |||||||||||||
Revisions due to prices | -831 | -99 | -930 | |||||||||||||
Revisions other than price | -287 | -33 | -320 | |||||||||||||
Extensions and discoveries | 1,124 | 34 | 1,158 | |||||||||||||
Purchase of reserves | 2 | - | 2 | |||||||||||||
Production | -752 | -186 | -938 | |||||||||||||
Sale of reserves | -1 | -11 | -12 | |||||||||||||
31-Dec-12 | 8,762 | 684 | 9,446 | |||||||||||||
Revisions due to prices | 405 | 161 | 566 | |||||||||||||
Revisions other than price | -299 | 67 | -232 | |||||||||||||
Extensions and discoveries | 471 | 19 | 490 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -709 | -165 | -874 | |||||||||||||
Sale of reserves | -81 | -8 | -89 | |||||||||||||
31-Dec-13 | 8,550 | 758 | 9,308 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 7,280 | 1,144 | 8,424 | |||||||||||||
31-Dec-11 | 7,957 | 951 | 8,908 | |||||||||||||
31-Dec-12 | 7,391 | 679 | 8,070 | |||||||||||||
31-Dec-13 | 7,707 | 752 | 8,459 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 6,702 | 1,031 | 7,733 | |||||||||||||
31-Dec-11 | 7,409 | 862 | 8,271 | |||||||||||||
31-Dec-12 | 7,091 | 624 | 7,715 | |||||||||||||
31-Dec-13 | 7,425 | 680 | 8,105 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 1,785 | 74 | 1,859 | |||||||||||||
31-Dec-11 | 1,550 | 28 | 1,578 | |||||||||||||
31-Dec-12 | 1,371 | 5 | 1,376 | |||||||||||||
31-Dec-13 | 843 | 6 | 849 | |||||||||||||
Natural Gas Liquids (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 449 | 30 | 479 | |||||||||||||
Revisions due to prices | 4 | -1 | 3 | |||||||||||||
Revisions other than price | 1 | - | 1 | |||||||||||||
Extensions and discoveries | 102 | 2 | 104 | |||||||||||||
Purchase of reserves | 2 | - | 2 | |||||||||||||
Production | -33 | -4 | -37 | |||||||||||||
31-Dec-11 | 525 | 27 | 552 | |||||||||||||
Revisions due to prices | -19 | -5 | -24 | |||||||||||||
Revisions other than price | -13 | - | -13 | |||||||||||||
Extensions and discoveries | 114 | 2 | 116 | |||||||||||||
Production | -36 | -4 | -40 | |||||||||||||
31-Dec-12 | 571 | 20 | 591 | |||||||||||||
Revisions due to prices | 8 | 3 | 11 | |||||||||||||
Revisions other than price | -50 | 3 | -47 | |||||||||||||
Extensions and discoveries | 64 | 1 | 65 | |||||||||||||
Production | -41 | -4 | -45 | |||||||||||||
31-Dec-13 | 552 | 23 | 575 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 353 | 28 | 381 | |||||||||||||
31-Dec-11 | 402 | 26 | 428 | |||||||||||||
31-Dec-12 | 431 | 20 | 451 | |||||||||||||
31-Dec-13 | 468 | 23 | 491 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 318 | 26 | 344 | |||||||||||||
31-Dec-11 | 372 | 24 | 396 | |||||||||||||
31-Dec-12 | 406 | 19 | 425 | |||||||||||||
31-Dec-13 | 442 | 21 | 463 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 96 | 2 | 98 | |||||||||||||
31-Dec-11 | 123 | 1 | 124 | |||||||||||||
31-Dec-12 | 140 | - | 140 | |||||||||||||
31-Dec-13 | 84 | - | 84 | |||||||||||||
Total (MMBoe) (1) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 2,107 | 766 | 2,873 | |||||||||||||
Revisions due to prices | 6 | -27 | -21 | |||||||||||||
Revisions other than price | -41 | 6 | -35 | |||||||||||||
Extensions and discoveries | 374 | 47 | 421 | |||||||||||||
Purchase of reserves | 5 | 3 | 8 | |||||||||||||
Production | -173 | -67 | -240 | |||||||||||||
Sale of reserves | - | -1 | -1 | |||||||||||||
31-Dec-11 | 2,278 | 727 | 3,005 | |||||||||||||
Revisions due to prices | -159 | -12 | -171 | |||||||||||||
Revisions other than price | -67 | -1 | -68 | |||||||||||||
Extensions and discoveries | 367 | 82 | 449 | |||||||||||||
Production | -183 | -67 | -250 | |||||||||||||
Sale of reserves | - | -2 | -2 | |||||||||||||
31-Dec-12 | 2,236 | 727 | 2,963 | |||||||||||||
Revisions due to prices | 76 | 18 | 94 | |||||||||||||
Revisions other than price | -117 | 29 | -88 | |||||||||||||
Extensions and discoveries | 212 | 49 | 261 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -189 | -64 | -253 | |||||||||||||
Sale of reserves | -14 | -1 | -15 | |||||||||||||
31-Dec-13 | 2,205 | 758 | 2,963 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 1,696 | 346 | 2,042 | |||||||||||||
31-Dec-11 | 1,875 | 348 | 2,223 | |||||||||||||
31-Dec-12 | 1,829 | 294 | 2,123 | |||||||||||||
31-Dec-13 | 1,947 | 315 | 2,262 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 1,557 | 314 | 1,871 | |||||||||||||
31-Dec-11 | 1,746 | 323 | 2,069 | |||||||||||||
31-Dec-12 | 1,743 | 278 | 2,021 | |||||||||||||
31-Dec-13 | 1,857 | 297 | 2,154 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 411 | 420 | 831 | |||||||||||||
31-Dec-11 | 403 | 379 | 782 | |||||||||||||
31-Dec-12 | 407 | 433 | 840 | |||||||||||||
31-Dec-13 | 258 | 443 | 701 | |||||||||||||
_______________________ | ||||||||||||||||
(1)Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. | ||||||||||||||||
Proved Undeveloped Reserves | ||||||||||||||||
The following table presents the changes in Devon’s total proved undeveloped reserves during 2013 (in MMBoe). | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved undeveloped reserves as of December 31, 2012 | 407 | 433 | 840 | |||||||||||||
Extensions and discoveries | 57 | 38 | 95 | |||||||||||||
Revisions due to prices | 1 | -10 | -9 | |||||||||||||
Revisions other than price | -91 | 13 | -78 | |||||||||||||
Conversion to proved developed reserves | -116 | -31 | -147 | |||||||||||||
Proved undeveloped reserves as of December 31, 2013 | 258 | 443 | 701 | |||||||||||||
At December 31, 2013, Devon had 701 MMBoe of proved undeveloped reserves. This represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves. Drilling and development activities increased Devon’s proved undeveloped reserves 95 MMBoe and resulted in the conversion of 147 MMBoe, or 18 percent, of the 2012 proved undeveloped reserves to proved developed reserves. Costs incurred related to the development and conversion of Devon’s proved undeveloped reserves were $1.9 billion for 2013. Additionally, revisions other than price decreased Devon’s proved undeveloped reserves 78 MMBoe primarily due to evaluations of certain U.S. onshore dry-gas areas, which Devon does not expect to develop in the next five years. The largest revisions relate to the dry-gas areas in the Cana-Woodford Shale in western Oklahoma, Carthage in east Texas and the Barnett Shale in north Texas. | ||||||||||||||||
A significant amount of Devon’s proved undeveloped reserves at the end of 2013 related to its Jackfish operations. At December 31, 2013 and 2012, Devon’s Jackfish proved undeveloped reserves were 441 MMBoe and 429 MMBoe, respectively. Development schedules for the Jackfish reserves are primarily controlled by the need to keep the processing plants at their 35,000 barrel daily facility capacity. Processing plant capacity is controlled by factors such as total steam processing capacity, steam-oil ratios and air quality discharge permits. As a result, these reserves are classified as proved undeveloped for more than five years. Currently, the development schedule for these reserves extends though the year 2031. | ||||||||||||||||
Price Revisions | ||||||||||||||||
2013 - Reserves increased 94 MMBoe primarily due to higher gas prices. Of this increase, 43 MMBoe related to the Barnett Shale and 19 MMBoe related to the Rocky Mountain area. | ||||||||||||||||
2012 - Reserves decreased 171 MMBoe primarily due to lower gas prices. Of this decrease, 100 MMBoe related to the Barnett Shale and 25 MMBoe related to the Rocky Mountain area. | ||||||||||||||||
2011 - Reserves decreased 21 MMBoe due to lower gas prices and higher oil prices. The higher oil prices increased Devon’s Canadian royalty burden, which reduced Devon’s oil reserves. | ||||||||||||||||
Revisions Other Than Price | ||||||||||||||||
Total revisions other than price for 2013, 2012 and 2011 primarily related to Devon’s evaluation of certain dry gas regions, with the largest revisions being made in the Cana-Woodford Shale, Barnett Shale and Carthage area. | ||||||||||||||||
Extensions and Discoveries | ||||||||||||||||
2013 – Of the 261 MMBoe of extensions and discoveries, 76 MMBoe related to the Permian Basin in west Texas and southeast New Mexico, 54 MMBoe related to the Barnett Shale, 42 MMBoe related to the Anadarko Basin, 38 MMBoe related to Jackfish in northeast Alberta, Canada and 32 MMBoe related to the Mississippian-Woodford Trend in north Oklahoma. | ||||||||||||||||
The 2013 extensions and discoveries included 175 MMBoe related to additions from Devon’s infill drilling activities, including 23 MMBoe at the Cana-Woodford Shale, 54 MMBoe at the Barnett Shale, 38 MMBoe at Jackfish, 33 MMBoe at the Permian Basin and 20 MMBoe at the Mississippian-Woodford Trend. | ||||||||||||||||
2012 – Of the 449 MMBoe of extensions and discoveries, 151 MMBoe related to the Cana-Woodford Shale, 95 MMBoe related to the Barnett Shale, 72 MMBoe related to the Permian Basin, 67 MMBoe related to Jackfish, 16 MMBoe related to the Rocky Mountain area and 18 MMBoe related to the Granite Wash area. | ||||||||||||||||
The 2012 extensions and discoveries included 229 MMBoe related to additions from Devon’s infill drilling activities, including 134 MMBoe at the Cana-Woodford Shale and 82 MMBoe at the Barnett Shale. | ||||||||||||||||
2011 – Of the 421 MMBoe of extensions and discoveries, 162 MMBoe related to the Cana-Woodford Shale, 115 MMBoe related to the Barnett Shale, 39 MMBoe related to the Permian Basin, 30 MMBoe related to Jackfish, 19 MMBoe related to the Rocky Mountain area and 17 MMBoe related to the Granite Wash area. | ||||||||||||||||
The 2011 extensions and discoveries included 168 MMBoe related to additions from Devon’s infill drilling activities, including 80 MMBoe at the Cana-Woodford Shale and 77 MMBoe at the Barnett Shale. | ||||||||||||||||
Standardized Measure | ||||||||||||||||
The tables below reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves. | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 61,983 | $ | 33,305 | $ | 95,288 | ||||||||||
Future costs: | ||||||||||||||||
Development | -5,448 | -5,308 | -10,756 | |||||||||||||
Production | -26,663 | -15,709 | -42,372 | |||||||||||||
Future income tax expense | -9,046 | -2,327 | -11,373 | |||||||||||||
Future net cash flow | 20,826 | 9,961 | 30,787 | |||||||||||||
10% discount to reflect timing of cash flows | -10,346 | -4,700 | -15,046 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 10,480 | $ | 5,261 | $ | 15,741 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 55,297 | $ | 33,570 | $ | 88,867 | ||||||||||
Future costs: | ||||||||||||||||
Development | -6,556 | -6,211 | -12,767 | |||||||||||||
Production | -24,265 | -16,611 | -40,876 | |||||||||||||
Future income tax expense | -6,542 | -1,992 | -8,534 | |||||||||||||
Future net cash flow | 17,934 | 8,756 | 26,690 | |||||||||||||
10% discount to reflect timing of cash flows | -9,036 | -4,433 | -13,469 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 8,898 | $ | 4,323 | $ | 13,221 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 69,305 | $ | 36,786 | $ | 106,091 | ||||||||||
Future costs: | ||||||||||||||||
Development | -6,817 | -4,678 | -11,495 | |||||||||||||
Production | -26,217 | -15,063 | -41,280 | |||||||||||||
Future income tax expense | -11,432 | -3,763 | -15,195 | |||||||||||||
Future net cash flow | 24,839 | 13,282 | 38,121 | |||||||||||||
10% discount to reflect timing of cash flows | -13,492 | -6,785 | -20,277 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 11,347 | $ | 6,497 | $ | 17,844 | ||||||||||
Future cash inflows, development costs and production costs were computed using the same assumptions for prices and costs that were used to estimate Devon’s proved oil and gas reserves at the end of each year. For 2013 estimates, Devon’s future realized prices were assumed to be $88.19 per barrel of oil, $47.44 per barrel of bitumen, $3.10 per Mcf of gas and $26.28 per barrel of natural gas liquids. Of the $10.8 billion of future development costs as of the end of 2013, $1.9 billion, $1.5 billion and $0.7 billion are estimated to be spent in 2014, 2015 and 2016, respectively. | ||||||||||||||||
Future development costs include not only development costs, but also future asset retirement costs. Included as part of the $10.8 billion of future development costs are $2.7 billion of future asset retirement costs. The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws. | ||||||||||||||||
The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(In millions) | ||||||||||||||||
Beginning balance | $ | 13,221 | $ | 17,844 | $ | 16,352 | ||||||||||
Net changes in prices and production costs | 3,018 | -9,889 | 1,875 | |||||||||||||
Oil, bitumen, gas and NGL sales, net of production costs | -5,613 | -4,388 | -5,811 | |||||||||||||
Changes in estimated future development costs | 399 | -1,094 | -440 | |||||||||||||
Extensions and discoveries, net of future development costs | 4,047 | 4,669 | 3,714 | |||||||||||||
Purchase of reserves | 14 | 18 | 57 | |||||||||||||
Sales of reserves in place | -44 | -25 | -2 | |||||||||||||
Revisions of quantity estimates | -1,040 | 162 | -228 | |||||||||||||
Previously estimated development costs incurred during the period | 1,986 | 1,321 | 1,302 | |||||||||||||
Accretion of discount | 1,940 | 1,420 | 2,248 | |||||||||||||
Other, primarily changes in timing and foreign exchange rates | -583 | 113 | -294 | |||||||||||||
Net change in income taxes | -1,604 | 3,070 | -929 | |||||||||||||
Ending balance | $ | 15,741 | $ | 13,221 | $ | 17,844 | ||||||||||
Supplemental_Quarterly_Financi
Supplemental Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Supplemental Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
23.Supplemental Quarterly Financial Information (Unaudited) | ||||||||||||||||
Following is a summary of Devon’s unaudited interim results of operations. | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Operating revenues | $ | 1,971 | $ | 3,088 | $ | 2,714 | $ | 2,624 | $ | 10,397 | ||||||
Earnings (loss) before income taxes | $ | -1,962 | $ | 997 | $ | 639 | $ | 475 | $ | 149 | ||||||
Net earnings (loss) | $ | -1,339 | $ | 683 | $ | 429 | $ | 207 | $ | -20 | ||||||
Basic net earnings (loss) per common share: | ||||||||||||||||
Net earnings (loss) | $ | -3.34 | $ | 1.69 | $ | 1.06 | $ | 0.51 | $ | -0.06 | ||||||
Diluted net earnings (loss) per common share: | ||||||||||||||||
Net earnings (loss) | $ | -3.34 | $ | 1.68 | $ | 1.05 | $ | 0.51 | $ | -0.06 | ||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Operating revenues | $ | 2,495 | $ | 2,561 | $ | 1,865 | $ | 2,580 | $ | 9,501 | ||||||
Earnings (loss) from continuing operations | ||||||||||||||||
before income taxes | $ | 611 | $ | 734 | $ | -1,161 | $ | -501 | $ | -317 | ||||||
Earnings (loss) from continuing operations | $ | 414 | $ | 477 | $ | -719 | $ | -357 | $ | -185 | ||||||
Loss from discontinued operations | -21 | - | - | - | -21 | |||||||||||
Net earnings (loss) | $ | 393 | $ | 477 | $ | -719 | $ | -357 | $ | -206 | ||||||
Basic net earnings (loss) per common share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | 1.03 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.47 | ||||||
Loss from discontinued operations | -0.06 | - | - | - | -0.05 | |||||||||||
Net earnings (loss) | $ | 0.97 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.52 | ||||||
Diluted net earnings (loss) per common share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | 1.03 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.47 | ||||||
Loss from discontinued operations | -0.06 | - | - | - | -0.05 | |||||||||||
Net earnings (loss) | $ | 0.97 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.52 | ||||||
Earnings (Loss) from Continuing Operations | ||||||||||||||||
The first quarter of 2013 includes U.S. and Canadian asset impairments totaling $1.9 billion ($1.3 billion after income taxes, or $3.25 per diluted share). | ||||||||||||||||
The fourth quarter of 2012 includes U.S. and Canadian asset impairments totaling $0.9 billion ($0.6 billion after income taxes, or $1.46 per diluted share). | ||||||||||||||||
The third quarter of 2012 includes U.S. asset impairments totaling $1.1 billion ($0.7 billion after income taxes, or $1.78 per diluted share). | ||||||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Principles Of Consolidation | ' | ||||||
Principles of Consolidation | |||||||
The accounts of Devon and its wholly owned and controlled subsidiaries are included in the accompanying financial statements. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||
Use Of Estimates | ' | ||||||
Use of Estimates | |||||||
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from these estimates, and changes in these estimates are recorded when known. Significant items subject to such estimates and assumptions include the following: | |||||||
• proved reserves and related present value of future net revenues; | |||||||
• the carrying value of oil and gas properties; | |||||||
• derivative financial instruments; | |||||||
• the fair value of reporting units and related assessment of goodwill for impairment; | |||||||
• income taxes; | |||||||
• asset retirement obligations; | |||||||
• obligations related to employee pension and postretirement benefits; and | |||||||
• legal and environmental risks and exposures. | |||||||
Revenue Recognition And Gas Balancing | ' | ||||||
Revenue Recognition and Gas Balancing | |||||||
Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability of the revenue is probable. Delivery occurs and title is transferred when production has been delivered to a pipeline, railcar or truck. Cash received relating to future production is deferred and recognized when all revenue recognition criteria are met. Taxes assessed by governmental authorities on oil, gas and NGL sales are presented separately from such revenues in the accompanying comprehensive statements of earnings. | |||||||
Devon follows the sales method of accounting for gas production imbalances. The volumes of gas sold may differ from the volumes to which Devon is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the underproduced owner to recoup its entitled share through production. The liability is measured based on current market prices. No receivables are recorded for those wells where Devon has taken less than its share of production unless all revenue recognition criteria are met. If an imbalance exists at the time the wells' reserves are depleted, settlements are made among the joint interest owners under a variety of arrangements. | |||||||
Marketing and midstream revenues are recorded at the time products are sold or services are provided to third parties at a fixed or determinable price, delivery or performance has occurred, title has transferred and collectability of the revenue is probable. Revenues and expenses attributable to oil, gas and NGL purchases, transportation and processing contracts are reported on a gross basis when Devon takes title to the products and has risks and rewards of ownership. | |||||||
During 2013, 2012 and 2011, no purchaser accounted for more than 10 percent of Devon’s operating revenues from continuing operations. | |||||||
Derivative Financial Instruments | ' | ||||||
Derivative Financial Instruments | |||||||
Devon is exposed to certain risks relating to its ongoing business operations, including risks related to commodity prices, interest rates and Canadian to U.S. dollar exchange rates. As discussed more fully below, Devon uses derivative instruments primarily to manage commodity price risk, interest rate risk and foreign exchange risk. Devon does not intend to issue or hold derivative financial instruments for speculative trading purposes. | |||||||
Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. These instruments are used to manage the inherent uncertainty of future revenues due to commodity price volatility. Devon's derivative financial instruments typically include financial price swaps, basis swaps, costless price collars and call options. Under the terms of the price swaps, Devon receives a fixed price for its production and pays a variable market price to the contract counterparty. For the basis swaps, Devon receives a fixed differential between two regional index prices and pays a variable differential on the same two index prices to the contract counterparty. The price collars set a floor and ceiling price for the hedged production. If the applicable monthly price indices are outside of the ranges set by the floor and ceiling prices in the various collars, Devon will cash-settle the difference with the counterparty to the collars. The call options give counterparties the right to purchase production at a predetermined price. | |||||||
Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. Devon periodically enters into foreign exchange forward contracts to manage its exposure to fluctuations in exchange rates. | |||||||
All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the balance sheet. Changes in the fair value of these derivative financial instruments are recorded in earnings unless specific hedge accounting criteria are met. For derivative financial instruments held during the three-year period ended December 31, 2013, Devon chose not to meet the necessary criteria to qualify its derivative financial instruments for hedge accounting treatment. Cash settlements with counterparties on Devon's derivative financial instruments are also recorded in earnings. | |||||||
By using derivative financial instruments to hedge exposures to changes in commodity prices, interest rates and foreign currency rates, 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 require cash collateral to be posted if either its or the counterparty's credit rating falls below certain credit rating levels. The mark-to-market exposure threshold, above which collateral must be posted, decreases as the debt rating falls further below such credit levels. As of December 31, 2013, Devon held $3 million of cash collateral, which represented the estimated fair value of certain derivative positions in excess of Devon’s credit guidelines. The collateral is reported in other current liabilities in the accompanying balance sheet. | |||||||
General And Administrative Expenses | ' | ||||||
General and Administrative Expenses | |||||||
General and administrative expenses are reported net of amounts reimbursed by working interest owners of the oil and gas properties operated by Devon and net of amounts capitalized pursuant to the full cost method of accounting | |||||||
Share Based Compensation | ' | ||||||
Share Based Compensation | |||||||
Devon grants stock options, restricted stock awards and other types of share-based awards to members of its Board of Directors and selected employees. All such awards are measured at fair value on the date of grant and are generally recognized as a component of general and administrative expenses in the accompanying comprehensive statements of earnings over the applicable requisite service periods. As a result of Devon’s consolidation of its U.S. operations announced in October 2012, certain share based awards were accelerated and recognized as a component of restructuring costs in the accompanying comprehensive statements of earnings. | |||||||
Generally, Devon uses new shares from approved incentive programs to grant share-based awards and to issue shares upon stock option exercises. Shares repurchased under approved programs are available to be issued as part of Devon’s share based awards. However, Devon has historically cancelled these shares upon repurchase. | |||||||
Income Taxes | ' | ||||||
Income Taxes | |||||||
Devon is subject to current income taxes assessed by the federal and various state jurisdictions in the U.S. and by other foreign jurisdictions. In addition, Devon accounts for deferred income taxes related to these jurisdictions using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for the future tax benefits attributable to the expected utilization of existing tax net operating loss carryforwards and other types of carryforwards. If the future utilization of some portion of carryforwards is determined to be unlikely, a valuation allowance is provided to reduce the recorded tax benefits from such assets. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||
Devon does not recognize U.S. deferred income taxes on the unremitted earnings of its foreign subsidiaries that are deemed to be indefinitely reinvested. When such earnings are no longer deemed indefinitely reinvested, Devon recognizes the appropriate deferred, or even current, income tax liabilities. | |||||||
Devon recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing authority. Liabilities for unrecognized tax benefits related to such tax positions are included in other long-term liabilities unless the tax position is expected to be settled within the upcoming year, in which case the liabilities are included in other current liabilities. Interest and penalties related to unrecognized tax benefits are included in current income tax expense. | |||||||
Net Earnings (Loss) Per Common Share | ' | ||||||
Net Earnings (Loss) Per Common Share | |||||||
Devon’s basic earnings per share amounts have been computed based on the average number of shares of common stock outstanding for the period. Basic earnings per share includes the effect of participating securities, which primarily consist of Devon's outstanding restricted stock awards. Diluted earnings per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities. Such securities primarily consist of outstanding stock options. | |||||||
Cash And Cash Equivalents | ' | ||||||
Cash and Cash Equivalents | |||||||
Devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents. | |||||||
Investments | ' | ||||||
Investments | |||||||
Devon periodically invests excess cash in United States and Canadian treasury securities and other marketable securities. Devon considers securities with original contractual maturities in excess of three months, but less than one year to be short-term investments. Investments with contractual maturities in excess of one year are classified as long-term, unless such investments are classified as trading or available-for-sale. | |||||||
Devon reports its investments and other marketable securities at fair value, except for debt securities in which management has the ability and intent to hold until maturity. Such debt securities totaled $62 million and $64 million at December 31, 2013 and 2012, respectively, and are included in other long-term assets in the accompanying balance sheet. Devon has the ability to hold the securities until maturity. | |||||||
Property And Equipment | ' | ||||||
Property and Equipment | |||||||
Devon follows the full cost method of accounting for its oil and gas properties. Accordingly, all costs incidental to the acquisition, exploration and development of oil and gas properties, including costs of undeveloped leasehold, dry holes and leasehold equipment, are capitalized. Internal costs incurred that are directly identified with acquisition, exploration and development activities undertaken by Devon for its own account, and that are not related to production, general corporate overhead or similar activities, are also capitalized. Interest costs incurred and attributable to unproved oil and gas properties under current evaluation and major development projects of oil and gas properties are also capitalized. All costs related to production activities, including workover costs incurred solely to maintain or increase levels of production from an existing completion interval, are charged to expense as incurred. | |||||||
Capitalized costs are depleted by an equivalent unit-of-production method, converting gas to oil at the ratio of six thousand cubic feet of gas to one barrel of oil. Depletion is calculated using the capitalized costs, including estimated asset retirement costs, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. | |||||||
Costs associated with unproved properties are excluded from the depletion calculation until it is determined whether or not proved reserves can be assigned to such properties. Devon assesses its unproved properties for impairment quarterly. Significant unproved properties are assessed individually. Costs of insignificant unproved properties are transferred into the depletion calculation over holding periods ranging from three to four years. | |||||||
No gain or loss is recognized upon disposal of oil and gas properties unless such disposal significantly alters the relationship between capitalized costs and proved reserves in a particular country. | |||||||
Under the full cost method of accounting, capitalized costs of oil and gas properties, net of accumulated DD&A and deferred income taxes, may not exceed the full cost “ceiling” at the end of each quarter. The ceiling is calculated separately for each country and is based on the present value of estimated future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum, net of related tax effects. The estimated future net revenues exclude future cash outflows associated with settling asset retirement obligations included in the net book value of oil and gas properties. | |||||||
Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts, including derivative contracts in place that qualify for hedge accounting treatment. None of Devon's derivative contracts held during the three-year period ended December 31, 2013, qualified for hedge accounting treatment. | |||||||
Any excess of the net book value, less related deferred taxes, over the ceiling is written off as an expense. An expense recorded in one period may not be reversed in a subsequent period even though higher commodity prices may have increased the ceiling applicable to the subsequent period. | |||||||
Costs for midstream assets that are in use are depreciated over the assets’ estimated useful lives, using either the unit-of-production or straight-line method. Depreciation and amortization of other property and equipment, including corporate and leasehold improvements, are provided using the straight-line method based on estimated useful lives ranging from three to 60 years. Interest costs incurred and attributable to major midstream and corporate construction projects are also capitalized. | |||||||
Devon recognizes liabilities for retirement obligations associated with tangible long-lived assets, such as producing well sites and midstream pipelines and processing plants when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The initial measurement of an asset retirement obligation is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumptions used to estimate a recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Devon’s asset retirement obligations include estimated environmental remediation costs which arise from normal operations and are associated with the retirement of such long-lived assets. The asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. | |||||||
Goodwill | ' | ||||||
Goodwill | |||||||
Goodwill represents the excess of the purchase price of business combinations over the fair value of the net assets acquired and is tested for impairment at least annually. Such test includes an assessment of qualitative and quantitative factors. The impairment test requires allocating goodwill and all other assets and liabilities to assigned reporting units. The fair value of each reporting unit is estimated and compared to the net book value of the reporting unit. If the estimated fair value of the reporting unit is less than the net book value, including goodwill, then the goodwill is written down to the implied fair value of the goodwill through a charge to expense. Because quoted market prices are not available for Devon's reporting units, the fair values of the reporting units are estimated based upon several valuation analyses, including comparable companies, comparable transactions and premiums paid. | |||||||
Devon performed annual impairment tests of goodwill in the fourth quarters of 2013, 2012 and 2011. Based on these assessments, no impairment of goodwill was required. | |||||||
The table below provides a summary of Devon's goodwill, by assigned reporting unit. The decrease in Devon’s goodwill from 2012 to 2013 was primarily due to changes in the exchange rate between the United States dollar and the Canadian dollar. | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
U.S. | $ | 3,020 | $ | 3,046 | |||
Canada | 2,838 | 3,033 | |||||
Total | $ | 5,858 | $ | 6,079 | |||
Commitments And Contingencies | ' | ||||||
Commitments and Contingencies | |||||||
Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities for environmental remediation or restoration claims resulting from improper operation of assets are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. Expenditures related to such environmental matters are expensed or capitalized in accordance with Devon's accounting policy for property and equipment. | |||||||
Fair Value Measurements | ' | ||||||
Fair Value Measurements | |||||||
Certain of Devon's assets and liabilities are measured at fair value at each reporting date. Fair value represents the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels: | |||||||
· | Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority. When available, Devon measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. | ||||||
· | Level 2 – Inputs consist of quoted prices that are generally observable for the asset or liability. Common examples of Level 2 inputs include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in markets not considered to be active. | ||||||
· | Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model. | ||||||
Discontinued Operations | ' | ||||||
Discontinued Operations | |||||||
All amounts related to Devon's International operations that were sold in 2012 and 2011 are classified as discontinued operations. | |||||||
Foreign Currency Translation Adjustments | ' | ||||||
Foreign Currency Translation Adjustments | |||||||
The United States dollar is the functional currency for Devon's consolidated operations except its Canadian subsidiaries, which use the Canadian dollar as the functional currency. Assets and liabilities of the Canadian subsidiaries are translated to United States dollars using the applicable exchange rate as of the end of a reporting period. Revenues, expenses and cash flow are translated using an average exchange rate during the reporting period. Translation adjustments have no effect on net income and are included in accumulated other comprehensive earnings in stockholders' equity. | |||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||
Schedule Of Goodwill By Reporting Segment | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
U.S. | $ | 3,020 | $ | 3,046 | |||
Canada | 2,838 | 3,033 | |||||
Total | $ | 5,858 | $ | 6,079 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Schedule of Derivative Financial Instruments Included In Comprehensive Statements of Earnings | ' | ||||||||||||||||||
Year Ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In millions) | |||||||||||||||||||
Commodity derivatives | $ | -191 | $ | 693 | $ | 881 | |||||||||||||
Interest rate derivatives | — | -15 | -11 | ||||||||||||||||
Foreign currency derivatives | 56 | -18 | 16 | ||||||||||||||||
Net gains (losses) recognized in comprehensive statements of earnings | $ | -135 | $ | 660 | $ | 886 | |||||||||||||
Schedule of Derivative Financial Instruments Included in Accompanying Balance Sheets | ' | ||||||||||||||||||
31-Dec | |||||||||||||||||||
Balance Sheet Caption | 2013 | 2012 | |||||||||||||||||
(In millions) | |||||||||||||||||||
Asset derivatives: | |||||||||||||||||||
Commodity derivatives | Other current assets | $ | 75 | $ | 379 | ||||||||||||||
Commodity derivatives | Other long-term assets | 28 | 22 | ||||||||||||||||
Interest rate derivatives | Other current assets | — | 23 | ||||||||||||||||
Foreign currency derivatives | Other current assets | — | 1 | ||||||||||||||||
Total asset derivatives | $ | 103 | $ | 425 | |||||||||||||||
Liability derivatives: | |||||||||||||||||||
Commodity derivatives | Other current liabilities | $ | 58 | $ | 3 | ||||||||||||||
Commodity derivatives | Other long-term liabilities | 62 | 29 | ||||||||||||||||
Foreign currency derivatives | Other current liabilities | 1 | — | ||||||||||||||||
Total liability derivatives | $ | 121 | $ | 32 | |||||||||||||||
Open Oil Derivative Positions [Member] | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Schedule Of Open Derivative Positions | ' | ||||||||||||||||||
Price Swaps | Price Collars | Call Options Sold | |||||||||||||||||
Period | Volume (Bbls/d) | Weighted Average Price ($/Bbl) | Volume (Bbls/d) | Weighted Average Floor Price ($/Bbl) | Weighted Average Ceiling Price ($/Bbl) | Volume (Bbls/d) | Weighted Average Price ($/Bbl) | ||||||||||||
Q1-Q4 2014 | 75,000 | $ | 94.14 | 70,453 | $ | 89.38 | $ | 100.58 | 42,000 | $ | 116.43 | ||||||||
Q1-Q4 2015 | 37,500 | $ | 90.15 | — | $ | — | $ | — | 22,000 | $ | 115.45 | ||||||||
Q1-Q4 2016 | — | $ | — | — | $ | — | $ | — | 12,500 | $ | 95 | ||||||||
Open Natural Gas Derivative Positions [Member] | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Schedule Of Open Derivative Positions | ' | ||||||||||||||||||
Price Swaps | Price Collars | Call Options Sold | |||||||||||||||||
Period | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Floor Price ($/MMBtu) | Weighted Average Ceiling Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu) | ||||||||||||
Q1-Q4 2014 | 800,000 | $ | 4.42 | 460,000 | $ | 4.03 | $ | 4.51 | 500,000 | $ | 5 | ||||||||
Q1-Q4 2015 | — | $ | — | — | $ | — | $ | — | 550,000 | $ | 5.09 | ||||||||
Q1-Q4 2016 | — | $ | — | — | $ | — | $ | — | 110,000 | $ | 5 | ||||||||
Basis Swaps | |||||||||||||||||||
Period | Index | Volume (MMBtu/d) | Weighted Average Differential to Henry Hub ($/MMBtu) | ||||||||||||||||
Q1-Q4 2014 | AECO | 94,781 | $ | -0.52 | |||||||||||||||
Open NGL Derivative Positions [Member] | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Schedule Of Open Derivative Positions | ' | ||||||||||||||||||
Basis Swaps | |||||||||||||||||||
Period | Pay | Volume (Bbls/d) | Weighted Average Differential to WTI ($/Bbl) | ||||||||||||||||
Q1-Q4 2014 | Natural Gasoline | 329 | $ | -10.85 | |||||||||||||||
Foreign Currency Derivatives [Member] | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Schedule Of Open Derivative Positions | ' | ||||||||||||||||||
Forward Contract | |||||||||||||||||||
Currency | Contract Type | CAD Notional | Weighted Average Fixed Rate Received | Expiration | |||||||||||||||
(In millions) | (CAD-USD) | ||||||||||||||||||
Canadian Dollar | Sell | $ | 1,002 | 0.938 | Mar-14 | ||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||
Schedule Of The Effects Of Share-Based Compensation Included In The Consolidated Comprehensive Statements Of Earnings | ' | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||
Gross general and administrative expense | $ | 157 | $ | 179 | $ | 181 | ||||||||||||
Share-based compensation expense capitalized pursuant to the | ||||||||||||||||||
full cost method of accounting for oil and gas properties | $ | 60 | $ | 56 | $ | 56 | ||||||||||||
Related income tax benefit | $ | 22 | $ | 31 | $ | 33 | ||||||||||||
Summary Of the Grant-Date Fair Values Of Stock Options Granted And Their Related Assumptions, Represented By The Weighted-Average Amounts | ' | |||||||||||||||||
2012 | 2011 | |||||||||||||||||
Grant-date fair value | $ | 22.20 | $ | 23.11 | ||||||||||||||
Volatility factor | 42.5% | 46.0% | ||||||||||||||||
Dividend yield | 1.2% | 1.0% | ||||||||||||||||
Risk-free interest rate | 1.1% | 0.8% | ||||||||||||||||
Expected term (in years) | 6.0 | 4.2 | ||||||||||||||||
Summary Of Outstanding Stock Options, Including Changes During The Year | ' | |||||||||||||||||
Weighted Average | ||||||||||||||||||
Options | Exercise Price | Remaining Term | Intrinsic Value | |||||||||||||||
(In thousands) | (In years) | (In millions) | ||||||||||||||||
Outstanding at December 31, 2012 | 7,828 | $ | 69.12 | |||||||||||||||
Exercised | -61 | $ | 57.66 | |||||||||||||||
Expired | -1,212 | $ | 68.47 | |||||||||||||||
Forfeited | -109 | $ | 69.23 | |||||||||||||||
Outstanding at December 31, 2013 | 6,446 | $ | 69.35 | 3.76 | $ | 1 | ||||||||||||
Vested and expected to vest at December 31, 2013 | 6,416 | $ | 69.36 | 3.75 | $ | 1 | ||||||||||||
Exercisable at December 31, 2013 | 5,361 | $ | 69.50 | 3.39 | $ | 1 | ||||||||||||
Summary of Unvested Restricted Stock Awards And Units, Including Changes During the Year | ' | |||||||||||||||||
Restricted Stock Awards & Units | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 5,740 | $ | 61.75 | |||||||||||||||
Granted | 258 | $ | 57.27 | |||||||||||||||
Vested | -2,365 | $ | 64.13 | |||||||||||||||
Forfeited | -341 | $ | 59.82 | |||||||||||||||
Unvested at December 31, 2013 | 3,292 | $ | 59.76 | |||||||||||||||
Summary Of Unvested Performanced-Based Stock Awards, Including Changes During The Year | ' | |||||||||||||||||
Performance Restricted Stock Awards | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 408 | $ | 58.25 | |||||||||||||||
Vested | -92 | $ | 65.10 | |||||||||||||||
Unvested at December 31, 2013 | 316 | $ | 56.25 | |||||||||||||||
Summary Of Performance-Based Share Units Grant-Date Fair Values And Their Related Assumptions, Represented By The Weighted-Average Amounts | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Grant-date fair value | $ | 61.27 | - | $ | 63.48 | $ | 61.27 | - | $ | 63.48 | $ | 80.24 | - | $ | 83.15 | |||
Risk-free interest rate | 0.26% | - | 0.36% | 0.26% | - | 0.36% | 0.28% | - | 0.43% | |||||||||
Volatility factor | 30.30% | 30.30% | 41.80% | |||||||||||||||
Contractual term (in years) | 3 | 3 | 3 | |||||||||||||||
Summary Of Performance Share Units | ' | |||||||||||||||||
Performance Share Units | Weighted Average Grant-Date Fair Value | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unvested at December 31, 2012 | 878 | $ | 66.93 | |||||||||||||||
Granted | 55 | $ | 61.57 | |||||||||||||||
Forfeited | -8 | $ | 63.37 | |||||||||||||||
Unvested at December 31, 2013 (1) | 925 | $ | 66.64 | |||||||||||||||
____________________________ | ||||||||||||||||||
-1 | A maximum of 1.9 million common shares could be awarded based upon Devon’s final TSR ranking. | |||||||||||||||||
Asset_Impairments_Tables
Asset Impairments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairments [Abstract] | ' | ||||||||||||
Schedule Of Impaired Oil And Gas Properties And Equipment | ' | ||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||
Gross | Net of Taxes | Gross | Net of Taxes | ||||||||||
(In millions) | |||||||||||||
U.S. oil and gas assets | $ | 1,110 | $ | 707 | $ | 1,793 | $ | 1,142 | |||||
Canada oil and gas assets | 843 | 632 | 163 | 122 | |||||||||
Midstream assets | 23 | 14 | 68 | 44 | |||||||||
Total asset impairments | $ | 1,976 | $ | 1,353 | $ | 2,024 | $ | 1,308 | |||||
Other_Operating_Items_Tables
Other Operating Items (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Operating Items [Abstract] | ' | ||||||||
Schedule Of Other Operating Items | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(In millions) | |||||||||
Accretion of asset retirement obligations | $ | 115 | $ | 110 | $ | 92 | |||
(Gain) loss on sale of assets | 9 | -13 | -2 | ||||||
Other | -3 | -5 | -101 | ||||||
Other operating items | $ | 121 | $ | 92 | $ | -11 | |||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Restructuring Costs [Abstract] | ' | |||||||||
Schedule Of The Components Of Restructuring Costs Included In The Consolidated Comprehensive Statements Of Earnings | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Office consolidation: | ||||||||||
Employee severance and retention | $ 13 | $ 77 | $ - | |||||||
Lease obligations and other | 41 | 3 | - | |||||||
Total | 54 | 80 | - | |||||||
Offshore divestitures: | ||||||||||
Employee severance | $ - | $ (3) | $ 8 | |||||||
Lease obligations and other | - | -3 | -10 | |||||||
Total | - | -6 | -2 | |||||||
Restructuring costs | $ 54 | $ 74 | $ (2) | |||||||
Schedule Of The Activity And Balances Associated With Restructuring Liabilities | ' | |||||||||
Other | Other | |||||||||
Current | Long-Term | |||||||||
Liabilities | Liabilities | Total | ||||||||
(In millions) | ||||||||||
Balance as of December 31, 2011 | $ | 29 | $ | 16 | $ | 45 | ||||
Employee severance – Office consolidation | 49 | — | 49 | |||||||
Lease obligations – Offshore | -17 | -7 | -24 | |||||||
Employee severance – Offshore | -9 | — | -9 | |||||||
Balance as of December 31, 2012 | 52 | 9 | 61 | |||||||
Employee severance – Office consolidation | -43 | — | -43 | |||||||
Lease obligations – Offshore | -3 | -2 | -5 | |||||||
Lease obligations and other – Office consolidation | 21 | 11 | 32 | |||||||
Balance as of December 31, 2013 | $ | 27 | $ | 18 | $ | 45 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Income Tax Expense (Benefit) | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Current income tax expense (benefit): | ||||||||||
United States federal | $ | 73 | $ | 60 | $ | -143 | ||||
Various states | -5 | -3 | 20 | |||||||
Canada and various provinces | 4 | -5 | -20 | |||||||
Total current tax expense (benefit) | 72 | 52 | -143 | |||||||
Deferred income tax expense (benefit): | ||||||||||
United States federal | 198 | -188 | 1,986 | |||||||
Various states | 59 | 34 | 95 | |||||||
Canada and various provinces | -160 | -30 | 218 | |||||||
Total deferred tax expense (benefit) | 97 | -184 | 2,299 | |||||||
Total income tax expense (benefit) | $ | 169 | $ | -132 | $ | 2,156 | ||||
Schedule Of Effective Income Tax Reconciliation | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Expected income tax expense (benefit) based on United States | ||||||||||
statutory tax rate of 35% | $ | 52 | $ | -111 | $ | 1,502 | ||||
Repatriations | 97 | - | 725 | |||||||
State income taxes | 35 | 20 | 70 | |||||||
Taxation on Canadian operations | 14 | -19 | -91 | |||||||
Other | -29 | -22 | -50 | |||||||
Total income tax expense (benefit) | $ | 169 | $ | -132 | $ | 2,156 | ||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Deferred tax assets: | (In millions) | |||||||||
Asset retirement obligations | $ | 673 | $ | 618 | ||||||
Foreign tax credits | 248 | - | ||||||||
Net operating loss carryforwards | 183 | 427 | ||||||||
Alternative minimum tax credits | 105 | 198 | ||||||||
Pension benefit obligations | 104 | 129 | ||||||||
Other | 163 | 134 | ||||||||
Total deferred tax assets | 1,476 | 1,506 | ||||||||
Deferred tax liabilities: | ||||||||||
Property and equipment | -5,895 | -4,970 | ||||||||
Long-term debt | -161 | -198 | ||||||||
Taxes on unremitted foreign earnings | -157 | -936 | ||||||||
Fair value of financial instruments | -7 | -141 | ||||||||
Other | -52 | -76 | ||||||||
Total deferred tax liabilities | -6,272 | -6,321 | ||||||||
Net deferred tax liability | $ | -4,796 | $ | -4,815 | ||||||
Schedule Of Changes In Unrecognized Tax Benefits | ' | |||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
(In millions) | ||||||||||
Balance at beginning of year | $ | 216 | $ | 165 | ||||||
Tax positions taken in prior periods | -17 | -46 | ||||||||
Tax positions taken in current year | 42 | 92 | ||||||||
Accrual of interest related to tax positions taken | 5 | 7 | ||||||||
Lapse of statute of limitations | - | -3 | ||||||||
Foreign currency translation | -3 | 1 | ||||||||
Balance at end of year | $ | 243 | $ | 216 | ||||||
Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities | ' | |||||||||
Jurisdiction | Tax Years Open | |||||||||
United States federal | 2008-2013 | |||||||||
Various U.S. states | 2008-2013 | |||||||||
Canada federal | 2004-2013 | |||||||||
Various Canadian provinces | 2004-2013 | |||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings (Loss) Per Share [Abstract] | ' | |||||||||
Earnings (Loss) Per Share Computations | ' | |||||||||
Common | Earnings (loss) | |||||||||
Earnings (loss) | Shares | per Share | ||||||||
(In millions, except per share amounts) | ||||||||||
Year Ended December 31, 2013: | ||||||||||
Loss from continuing operations | $ | -20 | 406 | |||||||
Attributable to participating securities | -2 | -4 | ||||||||
Basic loss per share | -22 | 402 | $ | -0.06 | ||||||
Dilutive effect of potential common shares issuable | - | - | ||||||||
Diluted loss per share | $ | -22 | 402 | $ | -0.06 | |||||
Year Ended December 31, 2012: | ||||||||||
Loss from continuing operations | $ | -185 | 404 | |||||||
Attributable to participating securities | -3 | -4 | ||||||||
Basic loss per share | -188 | 400 | $ | -0.47 | ||||||
Dilutive effect of potential common shares issuable | - | - | ||||||||
Diluted loss per share | $ | -188 | 400 | $ | -0.47 | |||||
Year Ended December 31, 2011: | ||||||||||
Earnings from continuing operations | $ | 2,134 | 417 | |||||||
Attributable to participating securities | -23 | -5 | ||||||||
Basic earnings per share | 2,111 | 412 | $ | 5.12 | ||||||
Dilutive effect of potential common shares issuable | - | 2 | ||||||||
Diluted earnings per share | $ | 2,111 | 414 | $ | 5.10 | |||||
Other_Comprehensive_Earnings_T
Other Comprehensive Earnings (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Comprehensive Earnings [Abstract] | ' | |||||||||
Components Of Other Comprehensive Earnings | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Foreign currency translation: | ||||||||||
Beginning accumulated foreign currency translation | $ | 1,996 | $ | 1,802 | $ | 1,993 | ||||
Change in cumulative translation adjustment | -574 | 203 | -200 | |||||||
Income tax benefit (expense) | 26 | -9 | 9 | |||||||
Ending accumulated foreign currency translation | 1,448 | 1,996 | 1,802 | |||||||
Pension and postretirement benefit plans: | ||||||||||
Beginning accumulated pension and postretirement benefits | -225 | -227 | -233 | |||||||
Net actuarial gain (loss) and prior service cost arising in current year | 48 | -47 | -21 | |||||||
Recognition of net actuarial loss and prior service cost in earnings (1) | 24 | 51 | 30 | |||||||
Income tax expense | -27 | -2 | -3 | |||||||
Ending accumulated pension and postretirement benefits | -180 | -225 | -227 | |||||||
Accumulated other comprehensive earnings, net of tax | $ | 1,268 | $ | 1,771 | $ | 1,575 | ||||
____________________________ | ||||||||||
-1 | These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of general and administrative expenses on the accompanying comprehensive statements of earnings (see “Retirement Plans” note for additional details). | |||||||||
Supplemental_Information_To_St1
Supplemental Information To Statements Of Cash Flows (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Information To Statements Of Cash Flows [Abstract] | ' | |||||||||
Schedule Of Supplemental To Cash Flow Information | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Net change in working capital accounts: | ||||||||||
Accounts receivable | $ | -288 | $ | 140 | $ | -185 | ||||
Other current assets | 49 | -128 | 125 | |||||||
Accounts payable | 26 | -8 | 64 | |||||||
Revenues and royalties payable | 35 | 19 | 144 | |||||||
Other current liabilities | -120 | -73 | 32 | |||||||
Net change in working capital | $ | -298 | $ | -50 | $ | 180 | ||||
Interest paid (net of capitalized interest) | $ | 406 | $ | 334 | $ | 325 | ||||
Income taxes paid (received) | $ | 13 | $ | 100 | $ | -383 | ||||
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Short-Term Investments [Abstract] | ' | ||||||
Components Of Short-Term Investments | ' | ||||||
31-Dec-13 | 31-Dec-12 | ||||||
(In millions) | |||||||
Canadian treasury, agency and provincial securities | $ | — | $ | 1,865 | |||
United States treasuries | — | 429 | |||||
Other | — | 49 | |||||
Short-term investments | $ | — | $ | 2,343 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Accounts Receivable [Abstract] | ' | |||||
Schedule Of Components Of Accounts Receivable | ' | |||||
31-Dec-13 | 31-Dec-12 | |||||
(In millions) | ||||||
Oil, gas and NGL sales | $ | 851 | $ | 752 | ||
Joint interest billings | 447 | 270 | ||||
Marketing and midstream revenues | 172 | 161 | ||||
Other | 61 | 72 | ||||
Gross accounts receivable | 1,531 | 1,255 | ||||
Allowance for doubtful accounts | -11 | -10 | ||||
Net accounts receivable | $ | 1,520 | $ | 1,245 | ||
Debt_And_Related_Expenses_Tabl
Debt And Related Expenses (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule Of Long-term Debt Instruments | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In millions) | ||||||||||||
Commercial paper | $ | 1,317 | $ | 3,189 | ||||||||
Other debentures and notes: | ||||||||||||
5.625% due January 15, 2014 | 500 | 500 | ||||||||||
Floating rate due December 15, 2015 | 500 | - | ||||||||||
2.40% due July 15, 2016 | 500 | 500 | ||||||||||
Floating rate due December 15, 2016 | 350 | - | ||||||||||
1.20% due December 15, 2016 | 650 | - | ||||||||||
1.875% due May 15, 2017 | 750 | 750 | ||||||||||
8.25% due July 1, 2018 | 125 | 125 | ||||||||||
2.25% due December 15, 2018 | 750 | - | ||||||||||
6.30% due January 15, 2019 | 700 | 700 | ||||||||||
4.00% due July 15, 2021 | 500 | 500 | ||||||||||
3.25% due May 15, 2022 | 1,000 | 1,000 | ||||||||||
7.50% due September 15, 2027 | 150 | 150 | ||||||||||
7.875% due September 30, 2031 | 1,250 | 1,250 | ||||||||||
7.95% due April 15, 2032 | 1,000 | 1,000 | ||||||||||
5.60% due July 15, 2041 | 1,250 | 1,250 | ||||||||||
4.75% due May 15, 2042 | 750 | 750 | ||||||||||
Net discount on debentures and notes | -20 | -20 | ||||||||||
Total debt | 12,022 | 11,644 | ||||||||||
Less amount classified as short-term debt (1) | 4,066 | 3,189 | ||||||||||
Long-term debt | $ | 7,956 | $ | 8,455 | ||||||||
__________________________ | ||||||||||||
2013 short-term debt consists of $2.25 billion of senior notes recently issued in conjunction with the planned GeoSouthern acquisition, $1.3 billion of commercial paper and $500 million of senior notes due January 15, 2014. | ||||||||||||
Schedule Of Debt Maturities | ' | |||||||||||
2014 | $ | 4,067 | ||||||||||
2015 | - | |||||||||||
2016 | 500 | |||||||||||
2017 | 750 | |||||||||||
2018 | 125 | |||||||||||
2019 and thereafter | 6,600 | |||||||||||
Total | $ | 12,042 | ||||||||||
Schedule Of Debt Assumed Upon Acquisition Of Business | ' | |||||||||||
Fair Value of Debt Assumed | Effective Rate of Debt Assumed | |||||||||||
Debt Assumed | (In millions) | |||||||||||
8.250% due July 2018 (principal of $125 million) | $ | 147 | 5.5% | |||||||||
7.500% due September 2027 (principal of $150 million) | $ | 169 | 6.5% | |||||||||
Schedule Of Interest Expense Components | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Interest based on debt outstanding | $ | 466 | $ | 440 | $ | 414 | ||||||
Capitalized interest | -56 | -48 | -72 | |||||||||
Other fees and expenses | 27 | 14 | 10 | |||||||||
Interest expense | 437 | 406 | 352 | |||||||||
Interest income | -20 | -36 | -21 | |||||||||
Net financing costs | $ | 417 | $ | 370 | $ | 331 | ||||||
Other Debentures And Notes [Member] | ' | |||||||||||
Schedule Of Long-term Debt Instruments | ' | |||||||||||
Date Issued | ||||||||||||
May-12 | Jul-11 | Jan-09 | Mar-02 | |||||||||
1.875% due May 15, 2017 | $ | 750 | $ | - | $ | - | $ | - | ||||
3.25% due May 15, 2022 | 1,000 | - | - | - | ||||||||
4.75% due May 15, 2042 | 750 | - | - | - | ||||||||
2.40% due July 15, 2016 | - | 500 | - | - | ||||||||
4.00% due July 15, 2021 | - | 500 | - | - | ||||||||
5.60% due July 15, 2041 | - | 1,250 | - | - | ||||||||
5.625% due January 15, 2014 | - | - | 500 | - | ||||||||
6.30% due January 15, 2019 | - | - | 700 | - | ||||||||
7.95% due April 15, 2032 | - | - | - | 1,000 | ||||||||
Discount and issuance costs | -35 | -29 | -13 | -14 | ||||||||
Net proceeds | $ | 2,465 | $ | 2,221 | $ | 1,187 | $ | 986 | ||||
GeoSouthern Intermediate Holdings, LLC [Member] | ' | |||||||||||
Schedule Of Long-term Debt Instruments | ' | |||||||||||
Floating rate due December 15, 2015 | $ | 500 | ||||||||||
Floating rate due December 15, 2016 | 350 | |||||||||||
1.20% due December 15, 2016 | 650 | |||||||||||
2.25% due December 15, 2018 | 750 | |||||||||||
Discount and issuance costs | -2 | |||||||||||
Net proceeds | $ | 2,248 | ||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Asset Retirement Obligations [Abstract] | ' | |||||
Summary Of Changes In Asset Retirement Obligations | ' | |||||
Year Ended December 31, | ||||||
2013 | 2012 | |||||
(In millions) | ||||||
Asset retirement obligations as of beginning of period | $ | 2,095 | $ | 1,563 | ||
Liabilities incurred | 112 | 90 | ||||
Liabilities settled | -83 | -86 | ||||
Revision of estimated obligation | 104 | 420 | ||||
Liabilities assumed by others | -28 | -23 | ||||
Accretion expense on discounted obligation | 115 | 110 | ||||
Foreign currency translation adjustment | -87 | 21 | ||||
Asset retirement obligations as of end of period | 2,228 | 2,095 | ||||
Less current portion | 88 | 99 | ||||
Asset retirement obligations, long-term | $ | 2,140 | $ | 1,996 | ||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Schedule Of Changes In Defined Benefit Plan Obligations | ' | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In millions) | |||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,360 | $ | 1,303 | $ | 34 | $ | 37 | |||||||||||
Service cost | 36 | 43 | 1 | 1 | |||||||||||||||
Interest cost | 51 | 60 | 1 | 1 | |||||||||||||||
Actuarial loss (gain) | -158 | 95 | -3 | -4 | |||||||||||||||
Plan amendments | 2 | 14 | -8 | - | |||||||||||||||
Plan curtailments | - | -20 | - | 1 | |||||||||||||||
Plan settlements | - | -93 | - | - | |||||||||||||||
Foreign exchange rate changes | -2 | 1 | - | - | |||||||||||||||
Participant contributions | - | - | 3 | 3 | |||||||||||||||
Benefits paid | -112 | -43 | -4 | -5 | |||||||||||||||
Benefit obligation at end of year | 1,177 | 1,360 | 24 | 34 | |||||||||||||||
Change in plan assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | 1,165 | 1,187 | - | - | |||||||||||||||
Actual return on plan assets | -57 | 102 | - | - | |||||||||||||||
Employer contributions | 11 | 11 | 1 | 2 | |||||||||||||||
Participant contributions | - | - | 3 | 3 | |||||||||||||||
Plan settlements | - | -93 | - | - | |||||||||||||||
Benefits paid | -112 | -43 | -4 | -5 | |||||||||||||||
Foreign exchange rate changes | -1 | 1 | - | - | |||||||||||||||
Fair value of plan assets at end of year | 1,006 | 1,165 | - | - | |||||||||||||||
Funded status at end of year | $ | -171 | $ | -195 | $ | -24 | $ | -34 | |||||||||||
Amounts recognized in balance sheet: | |||||||||||||||||||
Noncurrent assets | $ | 47 | $ | 62 | $ | - | $ | - | |||||||||||
Current liabilities | -12 | -12 | -3 | -3 | |||||||||||||||
Noncurrent liabilities | -206 | -245 | -21 | -31 | |||||||||||||||
Net amount | $ | -171 | $ | -195 | $ | -24 | $ | -34 | |||||||||||
Amounts recognized in accumulated other comprehensive earnings: | |||||||||||||||||||
Net actuarial loss (gain) | $ | 279 | $ | 340 | $ | -13 | $ | -11 | |||||||||||
Prior service cost (credit) | 23 | 25 | -11 | -4 | |||||||||||||||
Total | $ | 302 | $ | 365 | $ | -24 | $ | -15 | |||||||||||
Schedule Of Pension Plans With Projected And Accumulated Benefit Obligations In Excess Of Plan Assets | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Projected benefit obligation | $ | 218 | $ | 257 | |||||||||||||||
Accumulated benefit obligation | $ | 179 | $ | 216 | |||||||||||||||
Fair value of plan assets | $ | - | $ | - | |||||||||||||||
Schedule Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans | ' | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
(In millions) | |||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||
Service cost | $ | 36 | $ | 43 | $ | 37 | $ | 1 | $ | 1 | $ | 1 | |||||||
Interest cost | 51 | 60 | 60 | 1 | 1 | 2 | |||||||||||||
Expected return on plan assets | -62 | -64 | -42 | - | - | - | |||||||||||||
Curtailment and settlement expense | - | 26 | - | - | 1 | -3 | |||||||||||||
Recognition of net actuarial loss (gain) (1) | 22 | 24 | 32 | -1 | -1 | - | |||||||||||||
Recognition of prior service cost (1) | 4 | 3 | 3 | -1 | -1 | -2 | |||||||||||||
Total net periodic benefit cost (2) | 51 | 92 | 90 | - | 1 | -2 | |||||||||||||
Other comprehensive loss (earnings): | |||||||||||||||||||
Actuarial loss (gain) arising in current year | -39 | 37 | 23 | -3 | -4 | -7 | |||||||||||||
Prior service cost (credit) arising in current year | 2 | 14 | - | -8 | - | 5 | |||||||||||||
Recognition of net actuarial loss, including settlement | |||||||||||||||||||
expense, in net periodic benefit cost | -22 | -45 | -32 | 1 | 1 | 3 | |||||||||||||
Recognition of prior service cost, including curtailment, | |||||||||||||||||||
in net periodic benefit cost | -4 | -8 | -3 | 1 | 1 | 2 | |||||||||||||
Total other comprehensive loss (earnings) | -63 | -2 | -12 | -9 | -2 | 3 | |||||||||||||
Total recognized | $ | -12 | $ | 90 | $ | 78 | $ | -9 | $ | -1 | $ | 1 | |||||||
__________________________ | |||||||||||||||||||
(1) These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period. | |||||||||||||||||||
(2) Net periodic benefit cost is a component of general and administrative expenses on the accompanying comprehensive statements of earnings. | |||||||||||||||||||
Schedule Of Estimated Net Actuarial Loss And Prior Service Cost For Pension And Other Postretirement Plans To Be Amortized In 2014 | ' | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Net actuarial loss (gain) | $ | 18 | $ | -1 | |||||||||||||||
Prior service cost (credit) | 4 | -1 | |||||||||||||||||
Total | $ | 22 | $ | -2 | |||||||||||||||
Schedule Of Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Costs | ' | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Assumptions to determine benefit obligations: | |||||||||||||||||||
Discount rate | 4.80% | 3.85% | 4.65% | 3.65% | 3.30% | 4.25% | |||||||||||||
Rate of compensation increase | 4.48% | 4.48% | 4.97% | N/A | N/A | N/A | |||||||||||||
Assumptions to determine net periodic benefit cost: | |||||||||||||||||||
Discount rate | 3.85% | 4.65% | 5.50% | 3.30% | 4.25% | 4.90% | |||||||||||||
Expected return on plan assets | 5.48% | 5.48% | 6.48% | N/A | N/A | N/A | |||||||||||||
Rate of compensation increase | 4.48% | 4.97% | 6.94% | N/A | N/A | N/A | |||||||||||||
Schedule Of Fair Value Of Pension Assets | ' | ||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Actual Allocation | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||
(In millions) | |||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||
U.S. Treasury obligations | 24.0% | $ | 241 | $ | 69 | $ | 172 | $ | - | ||||||||||
Corporate bonds | 39.5% | 398 | 286 | 112 | - | ||||||||||||||
Other bonds | 3.1% | 31 | 31 | - | - | ||||||||||||||
Total fixed-income securities | 66.6% | 670 | 386 | 284 | - | ||||||||||||||
Equity securities: | |||||||||||||||||||
Global (large, mid, small cap) | 19.0% | 190 | - | 190 | - | ||||||||||||||
Other securities: | |||||||||||||||||||
Hedge fund & alternative investments | 12.5% | 127 | 15 | - | 112 | ||||||||||||||
Short-term investment funds | 1.9% | 19 | - | 19 | - | ||||||||||||||
Total other securities | 14.4% | 146 | 15 | 19 | 112 | ||||||||||||||
Total investments | 100.0% | $ | 1,006 | $ | 401 | $ | 493 | $ | 112 | ||||||||||
As of December 31, 2012 | |||||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||||
Actual Allocation | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||
(In millions) | |||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||
U.S. Treasury obligations | 39.4% | $ | 459 | $ | 65 | $ | 394 | $ | - | ||||||||||
Corporate bonds | 26.5% | 308 | 256 | 52 | - | ||||||||||||||
Other bonds | 2.4% | 28 | 28 | - | - | ||||||||||||||
Total fixed-income securities | 68.3% | 795 | 349 | 446 | - | ||||||||||||||
Equity securities: | |||||||||||||||||||
Global (large, mid, small cap) | 20.5% | 239 | - | 239 | - | ||||||||||||||
Other securities: | |||||||||||||||||||
Hedge fund & alternative investments | 10.3% | 120 | 17 | - | 103 | ||||||||||||||
Short-term investment funds | 0.9% | 11 | - | 11 | - | ||||||||||||||
Total other securities | 11.2% | 131 | 17 | 11 | 103 | ||||||||||||||
Total investments | 100.0% | $ | 1,165 | $ | 366 | $ | 696 | $ | 103 | ||||||||||
Schedule Of Changes To Level 3 Plan Assets | ' | ||||||||||||||||||
31-Dec-11 | $ | 90 | |||||||||||||||||
Purchases | 6 | ||||||||||||||||||
Investment returns | 7 | ||||||||||||||||||
31-Dec-12 | 103 | ||||||||||||||||||
Purchases | - | ||||||||||||||||||
Investment returns | 9 | ||||||||||||||||||
31-Dec-13 | $ | 112 | |||||||||||||||||
Schedule Of Expected Cash Flow Information For Pension And Other Postretirement Benefit Plans | ' | ||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Devon's 2014 contributions | $ | 12 | $ | 3 | |||||||||||||||
Benefit payments: | |||||||||||||||||||
2014 | $ | 71 | $ | 3 | |||||||||||||||
2015 | $ | 74 | $ | 3 | |||||||||||||||
2016 | $ | 75 | $ | 3 | |||||||||||||||
2017 | $ | 78 | $ | 3 | |||||||||||||||
2018 | $ | 81 | $ | 3 | |||||||||||||||
2019 to 2023 | $ | 450 | $ | 9 | |||||||||||||||
Schedule Of Expense Related To These Defined Contribution Plans | ' | ||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In millions) | |||||||||||||||||||
401(k) and enhanced contribution plans | $ | 41 | $ | 36 | $ | 33 | |||||||||||||
Canadian pension and savings plans | 26 | 23 | 21 | ||||||||||||||||
Total | $ | 67 | $ | 59 | $ | 54 | |||||||||||||
Target Allocation [Member] | ' | ||||||||||||||||||
Schedule Of Fair Value Of Pension Assets | ' | ||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fixed income | 70% | 70% | |||||||||||||||||
Equity | 20% | 20% | |||||||||||||||||
Other | 10% | 10% | |||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments And Contingencies [Abstract] | ' | ||||||||
Schedule Of Commitments And Contingencies | ' | ||||||||
Year Ending December 31, | Purchase Obligations | Drilling and Facility Obligations | Operational Agreements | Office and Equipment Leases | |||||
(In millions) | |||||||||
2014 | $ 852 | $ 341 | $ 519 | $ 41 | |||||
2015 | 874 | 18 | 477 | 38 | |||||
2016 | 945 | 7 | 399 | 34 | |||||
2017 | 871 | — | 388 | 33 | |||||
2018 | 885 | — | 335 | 28 | |||||
Thereafter | 1,998 | — | 1,331 | 111 | |||||
Total | $ 6,425 | $ 366 | $ 3,449 | $ 285 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities | ' | |||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Carrying | Total Fair | Level 1 | Level 2 | Level 3 | ||||||||||||
Amount | Value | Inputs | Inputs | Inputs | ||||||||||||
(In millions) | ||||||||||||||||
December 31, 2013 assets (liabilities): | ||||||||||||||||
Cash equivalents | $ | 5,305 | $ | 5,305 | $ | 4,191 | $ | 1,114 | $ | — | ||||||
Long-term investments | $ | 62 | $ | 62 | $ | — | $ | — | $ | 62 | ||||||
Commodity derivatives | $ | 103 | $ | 103 | $ | — | $ | 103 | $ | — | ||||||
Commodity derivatives | $ | -120 | $ | -120 | $ | — | $ | -120 | $ | — | ||||||
Foreign currency derivatives | $ | -1 | $ | -1 | $ | — | $ | -1 | $ | — | ||||||
Debt | $ | -12,022 | $ | -12,908 | $ | — | $ | -12,908 | $ | — | ||||||
December 31, 2012 assets (liabilities): | ||||||||||||||||
Cash equivalents | $ | 4,149 | $ | 4,149 | $ | 32 | $ | 4,117 | $ | — | ||||||
Short-term investments | $ | 2,343 | $ | 2,343 | $ | 429 | $ | 1,914 | $ | — | ||||||
Long-term investments | $ | 64 | $ | 64 | $ | — | $ | — | $ | 64 | ||||||
Commodity derivatives | $ | 401 | $ | 401 | $ | — | $ | 401 | $ | — | ||||||
Commodity derivatives | $ | -32 | $ | -32 | $ | — | $ | -32 | $ | — | ||||||
Interest rate derivatives | $ | 23 | $ | 23 | $ | — | $ | 23 | $ | — | ||||||
Foreign currency derivatives | $ | 1 | $ | 1 | $ | — | $ | 1 | $ | — | ||||||
Debt | $ | -11,644 | $ | -13,435 | $ | — | $ | -13,435 | $ | — | ||||||
Summary Of Changes In Assets Level 3 Fair Value Measurements | ' | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In millions) | ||||||||||||||||
Long-term investments balance at beginning of period | $ | 64 | $ | 84 | ||||||||||||
Redemptions of principal | -2 | -20 | ||||||||||||||
Long-term investments balance at end of period | $ | 62 | $ | 64 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations [Abstract] | ' | |||||||||
Schedule Of Discontinued Operations | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In millions) | ||||||||||
Operating earnings | $ | - | $ | - | $ | 38 | ||||
Gain (loss) on sale of oil and gas properties | - | -16 | 2,552 | |||||||
Earnings (loss) before income taxes | - | -16 | 2,590 | |||||||
Income tax expense | - | 5 | 20 | |||||||
Earnings (loss) from discontinued operations | $ | - | $ | -21 | $ | 2,570 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments | ' | |||||||||
U.S. | Canada | Total | ||||||||
(In millions) | ||||||||||
Year Ended December 31, 2013: | ||||||||||
Oil, gas and NGL sales | $ | 5,964 | $ | 2,558 | $ | 8,522 | ||||
Oil, gas and NGL derivatives | $ | -197 | $ | 6 | $ | -191 | ||||
Marketing and midstream revenues | $ | 1,974 | $ | 92 | $ | 2,066 | ||||
Depreciation, depletion and amortization | $ | 1,931 | $ | 849 | $ | 2,780 | ||||
Interest expense | $ | 392 | $ | 45 | $ | 437 | ||||
Asset impairments | $ | 1,133 | $ | 843 | $ | 1,976 | ||||
Earnings (loss) from continuing operations before income taxes | $ | 646 | $ | -497 | $ | 149 | ||||
Income tax expense (benefit) | $ | 325 | $ | -156 | $ | 169 | ||||
Earnings (loss) from continuing operations | $ | 321 | $ | -341 | $ | -20 | ||||
Property and equipment, net | $ | 19,969 | $ | 8,478 | $ | 28,447 | ||||
Total assets | $ | 29,317 | $ | 13,560 | $ | 42,877 | ||||
Capital expenditures | $ | 4,802 | $ | 1,841 | $ | 6,643 | ||||
Year Ended December 31, 2012: | ||||||||||
Oil, gas and NGL sales | $ | 4,679 | $ | 2,474 | $ | 7,153 | ||||
Oil, gas and NGL derivatives | $ | 681 | $ | 12 | $ | 693 | ||||
Marketing and midstream revenues | $ | 1,541 | $ | 114 | $ | 1,655 | ||||
Depreciation, depletion and amortization | $ | 1,824 | $ | 987 | $ | 2,811 | ||||
Interest expense | $ | 343 | $ | 63 | $ | 406 | ||||
Asset impairments | $ | 1,861 | $ | 163 | $ | 2,024 | ||||
Loss from continuing operations before income taxes | $ | -263 | $ | -54 | $ | -317 | ||||
Income tax benefit | $ | -97 | $ | -35 | $ | -132 | ||||
Loss from continuing operations | $ | -166 | $ | -19 | $ | -185 | ||||
Property and equipment, net | $ | 18,361 | $ | 8,955 | $ | 27,316 | ||||
Total assets | $ | 24,256 | $ | 19,070 | $ | 43,326 | ||||
Capital expenditures | $ | 6,511 | $ | 1,963 | $ | 8,474 | ||||
Year Ended December 31, 2011: | ||||||||||
Oil, gas and NGL sales | $ | 5,418 | $ | 2,897 | $ | 8,315 | ||||
Oil, gas and NGL derivatives | $ | 881 | $ | — | $ | 881 | ||||
Marketing and midstream revenues | $ | 2,050 | $ | 199 | $ | 2,249 | ||||
Depreciation, depletion and amortization | $ | 1,439 | $ | 809 | $ | 2,248 | ||||
Interest expense | $ | 204 | $ | 148 | $ | 352 | ||||
Earnings from continuing operations before income taxes | $ | 3,477 | $ | 813 | $ | 4,290 | ||||
Income tax expense | $ | 1,958 | $ | 198 | $ | 2,156 | ||||
Earnings from continuing operations | $ | 1,519 | $ | 615 | $ | 2,134 | ||||
Property and equipment, net | $ | 16,989 | $ | 7,785 | $ | 24,774 | ||||
Total assets (1) | $ | 22,622 | $ | 18,342 | $ | 40,964 | ||||
Capital expenditures | $ | 6,101 | $ | 1,694 | $ | 7,795 | ||||
___________________________ | ||||||||||
(1)Amounts in the table above do not include assets held for sale related to Devon’s discontinued operations, which totaled $153 million in 2011. | ||||||||||
Supplemental_Information_On_Oi1
Supplemental Information On Oil And Gas Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Supplemental Information On Oil And Gas Operations [Abstract] | ' | |||||||||||||||
Costs Incurred | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 19 | $ | 3 | $ | 22 | ||||||||||
Unproved properties | 213 | 3 | 216 | |||||||||||||
Exploration costs | 443 | 152 | 595 | |||||||||||||
Development costs | 3,838 | 1,251 | 5,089 | |||||||||||||
Costs incurred | $ | 4,513 | $ | 1,409 | $ | 5,922 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 2 | $ | 71 | $ | 73 | ||||||||||
Unproved properties | 1,135 | 32 | 1,167 | |||||||||||||
Exploration costs | 351 | 315 | 666 | |||||||||||||
Development costs | 4,408 | 1,691 | 6,099 | |||||||||||||
Costs incurred | $ | 5,896 | $ | 2,109 | $ | 8,005 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Property acquisition costs: | ||||||||||||||||
Proved properties | $ | 34 | $ | 14 | $ | 48 | ||||||||||
Unproved properties | 851 | 72 | 923 | |||||||||||||
Exploration costs | 272 | 282 | 554 | |||||||||||||
Development costs | 4,130 | 1,288 | 5,418 | |||||||||||||
Costs incurred | $ | 5,287 | $ | 1,656 | $ | 6,943 | ||||||||||
Capitalized Costs | ' | |||||||||||||||
31-Dec-13 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Proved properties | $ | 51,366 | $ | 22,629 | $ | 73,995 | ||||||||||
Unproved properties | 1,277 | 1,514 | 2,791 | |||||||||||||
Total oil & gas properties | 52,643 | 24,143 | 76,786 | |||||||||||||
Accumulated DD&A | -35,848 | -16,613 | -52,461 | |||||||||||||
Net capitalized costs | $ | 16,795 | $ | 7,530 | $ | 24,325 | ||||||||||
31-Dec-12 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Proved properties | $ | 46,570 | $ | 22,840 | $ | 69,410 | ||||||||||
Unproved properties | 1,703 | 1,605 | 3,308 | |||||||||||||
Total oil & gas properties | 48,273 | 24,445 | 72,718 | |||||||||||||
Accumulated DD&A | -33,098 | -16,039 | -49,137 | |||||||||||||
Net capitalized costs | $ | 15,175 | $ | 8,406 | $ | 23,581 | ||||||||||
Oil And Gas Properties Not Subject To Amortization | ' | |||||||||||||||
Costs Incurred In | ||||||||||||||||
2013 | 2012 | 2011 | Prior to 2011 | Total | ||||||||||||
(In millions) | ||||||||||||||||
Acquisition costs | $ | 207 | $ | 725 | $ | 62 | $ | 848 | $ | 1,842 | ||||||
Exploration costs | 226 | 129 | 118 | 30 | 503 | |||||||||||
Development costs | 113 | 132 | 66 | 9 | 320 | |||||||||||
Capitalized interest | 41 | 33 | 33 | 19 | 126 | |||||||||||
Total oil and gas properties not subject to amortization | $ | 587 | $ | 1,019 | $ | 279 | $ | 906 | $ | 2,791 | ||||||
Results Of Operations | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 5,964 | $ | 2,558 | $ | 8,522 | ||||||||||
Lease operating expenses | -1,257 | -1,011 | -2,268 | |||||||||||||
General and administrative expenses | -125 | -77 | -202 | |||||||||||||
Production and property taxes | -380 | -59 | -439 | |||||||||||||
Depreciation, depletion and amortization | -1,640 | -825 | -2,465 | |||||||||||||
Asset impairments | -1,110 | -843 | -1,953 | |||||||||||||
Accretion of asset retirement obligations | -47 | -64 | -111 | |||||||||||||
Income tax benefit (expense) | -510 | 88 | -422 | |||||||||||||
Results of operations | $ | 895 | $ | -233 | $ | 662 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 8.69 | $ | 12.87 | $ | 9.75 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 4,679 | $ | 2,474 | $ | 7,153 | ||||||||||
Lease operating expenses | -1,059 | -1,015 | -2,074 | |||||||||||||
General and administrative expenses | -159 | -137 | -296 | |||||||||||||
Production and property taxes | -340 | -55 | -395 | |||||||||||||
Depreciation, depletion and amortization | -1,563 | -963 | -2,526 | |||||||||||||
Asset impairments | -1,793 | -163 | -1,956 | |||||||||||||
Accretion of asset retirement obligations | -40 | -69 | -109 | |||||||||||||
Income tax benefit (expense) | 99 | -3 | 96 | |||||||||||||
Results of operations | $ | -176 | $ | 69 | $ | -107 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 8.55 | $ | 14.41 | $ | 10.12 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Oil, gas and NGL sales | $ | 5,418 | $ | 2,897 | $ | 8,315 | ||||||||||
Lease operating expenses | -925 | -926 | -1,851 | |||||||||||||
General and administrative expenses | -132 | -119 | -251 | |||||||||||||
Production and property taxes | -357 | -45 | -402 | |||||||||||||
Depreciation, depletion and amortization | -1,201 | -786 | -1,987 | |||||||||||||
Accretion of asset retirement obligations | -34 | -57 | -91 | |||||||||||||
Income tax expense | -1,005 | -250 | -1,255 | |||||||||||||
Results of operations | $ | 1,764 | $ | 714 | $ | 2,478 | ||||||||||
Depreciation, depletion and amortization per Boe | $ | 6.94 | $ | 11.74 | $ | 8.28 | ||||||||||
Proved Reserves | ' | |||||||||||||||
Oil (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 148 | 93 | 241 | |||||||||||||
Revisions due to prices | 2 | 1 | 3 | |||||||||||||
Revisions other than price | -1 | -5 | -6 | |||||||||||||
Extensions and discoveries | 36 | 6 | 42 | |||||||||||||
Production | -17 | -15 | -32 | |||||||||||||
31-Dec-11 | 168 | 80 | 248 | |||||||||||||
Revisions due to prices | -1 | -5 | -6 | |||||||||||||
Revisions other than price | -6 | -2 | -8 | |||||||||||||
Extensions and discoveries | 65 | 7 | 72 | |||||||||||||
Production | -21 | -15 | -36 | |||||||||||||
31-Dec-12 | 205 | 65 | 270 | |||||||||||||
Revisions due to prices | 1 | -1 | - | |||||||||||||
Revisions other than price | -18 | - | -18 | |||||||||||||
Extensions and discoveries | 69 | 7 | 76 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -28 | -15 | -43 | |||||||||||||
Sale of reserves | -1 | - | -1 | |||||||||||||
31-Dec-13 | 229 | 56 | 285 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 131 | 82 | 213 | |||||||||||||
31-Dec-11 | 146 | 73 | 219 | |||||||||||||
31-Dec-12 | 166 | 62 | 228 | |||||||||||||
31-Dec-13 | 194 | 56 | 250 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 123 | 72 | 195 | |||||||||||||
31-Dec-11 | 139 | 65 | 204 | |||||||||||||
31-Dec-12 | 155 | 56 | 211 | |||||||||||||
31-Dec-13 | 178 | 51 | 229 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 17 | 11 | 28 | |||||||||||||
31-Dec-11 | 22 | 7 | 29 | |||||||||||||
31-Dec-12 | 39 | 3 | 42 | |||||||||||||
31-Dec-13 | 35 | - | 35 | |||||||||||||
Bitumen (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | - | 440 | 440 | |||||||||||||
Revisions due to prices | - | -16 | -16 | |||||||||||||
Revisions other than price | - | 16 | 16 | |||||||||||||
Extensions and discoveries | - | 30 | 30 | |||||||||||||
Production | - | -13 | -13 | |||||||||||||
31-Dec-11 | - | 457 | 457 | |||||||||||||
Revisions due to prices | - | 14 | 14 | |||||||||||||
Revisions other than price | - | 7 | 7 | |||||||||||||
Extensions and discoveries | - | 67 | 67 | |||||||||||||
Production | - | -17 | -17 | |||||||||||||
31-Dec-12 | - | 528 | 528 | |||||||||||||
Revisions due to prices | - | -11 | -11 | |||||||||||||
Revisions other than price | - | 16 | 16 | |||||||||||||
Extensions and discoveries | - | 38 | 38 | |||||||||||||
Production | - | -19 | -19 | |||||||||||||
31-Dec-13 | - | 552 | 552 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | - | 44 | 44 | |||||||||||||
31-Dec-11 | - | 90 | 90 | |||||||||||||
31-Dec-12 | - | 99 | 99 | |||||||||||||
31-Dec-13 | - | 111 | 111 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | - | 44 | 44 | |||||||||||||
31-Dec-11 | - | 90 | 90 | |||||||||||||
31-Dec-12 | - | 99 | 99 | |||||||||||||
31-Dec-13 | - | 111 | 111 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | - | 396 | 396 | |||||||||||||
31-Dec-11 | - | 367 | 367 | |||||||||||||
31-Dec-12 | - | 429 | 429 | |||||||||||||
31-Dec-13 | - | 441 | 441 | |||||||||||||
Gas (Bcf) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 9,065 | 1,218 | 10,283 | |||||||||||||
Revisions due to prices | -1 | -60 | -61 | |||||||||||||
Revisions other than price | -243 | -38 | -281 | |||||||||||||
Extensions and discoveries | 1,410 | 58 | 1,468 | |||||||||||||
Purchase of reserves | 16 | 20 | 36 | |||||||||||||
Production | -740 | -213 | -953 | |||||||||||||
Sale of reserves | - | -6 | -6 | |||||||||||||
31-Dec-11 | 9,507 | 979 | 10,486 | |||||||||||||
Revisions due to prices | -831 | -99 | -930 | |||||||||||||
Revisions other than price | -287 | -33 | -320 | |||||||||||||
Extensions and discoveries | 1,124 | 34 | 1,158 | |||||||||||||
Purchase of reserves | 2 | - | 2 | |||||||||||||
Production | -752 | -186 | -938 | |||||||||||||
Sale of reserves | -1 | -11 | -12 | |||||||||||||
31-Dec-12 | 8,762 | 684 | 9,446 | |||||||||||||
Revisions due to prices | 405 | 161 | 566 | |||||||||||||
Revisions other than price | -299 | 67 | -232 | |||||||||||||
Extensions and discoveries | 471 | 19 | 490 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -709 | -165 | -874 | |||||||||||||
Sale of reserves | -81 | -8 | -89 | |||||||||||||
31-Dec-13 | 8,550 | 758 | 9,308 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 7,280 | 1,144 | 8,424 | |||||||||||||
31-Dec-11 | 7,957 | 951 | 8,908 | |||||||||||||
31-Dec-12 | 7,391 | 679 | 8,070 | |||||||||||||
31-Dec-13 | 7,707 | 752 | 8,459 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 6,702 | 1,031 | 7,733 | |||||||||||||
31-Dec-11 | 7,409 | 862 | 8,271 | |||||||||||||
31-Dec-12 | 7,091 | 624 | 7,715 | |||||||||||||
31-Dec-13 | 7,425 | 680 | 8,105 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 1,785 | 74 | 1,859 | |||||||||||||
31-Dec-11 | 1,550 | 28 | 1,578 | |||||||||||||
31-Dec-12 | 1,371 | 5 | 1,376 | |||||||||||||
31-Dec-13 | 843 | 6 | 849 | |||||||||||||
Natural Gas Liquids (MMBbls) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 449 | 30 | 479 | |||||||||||||
Revisions due to prices | 4 | -1 | 3 | |||||||||||||
Revisions other than price | 1 | - | 1 | |||||||||||||
Extensions and discoveries | 102 | 2 | 104 | |||||||||||||
Purchase of reserves | 2 | - | 2 | |||||||||||||
Production | -33 | -4 | -37 | |||||||||||||
31-Dec-11 | 525 | 27 | 552 | |||||||||||||
Revisions due to prices | -19 | -5 | -24 | |||||||||||||
Revisions other than price | -13 | - | -13 | |||||||||||||
Extensions and discoveries | 114 | 2 | 116 | |||||||||||||
Production | -36 | -4 | -40 | |||||||||||||
31-Dec-12 | 571 | 20 | 591 | |||||||||||||
Revisions due to prices | 8 | 3 | 11 | |||||||||||||
Revisions other than price | -50 | 3 | -47 | |||||||||||||
Extensions and discoveries | 64 | 1 | 65 | |||||||||||||
Production | -41 | -4 | -45 | |||||||||||||
31-Dec-13 | 552 | 23 | 575 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 353 | 28 | 381 | |||||||||||||
31-Dec-11 | 402 | 26 | 428 | |||||||||||||
31-Dec-12 | 431 | 20 | 451 | |||||||||||||
31-Dec-13 | 468 | 23 | 491 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 318 | 26 | 344 | |||||||||||||
31-Dec-11 | 372 | 24 | 396 | |||||||||||||
31-Dec-12 | 406 | 19 | 425 | |||||||||||||
31-Dec-13 | 442 | 21 | 463 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 96 | 2 | 98 | |||||||||||||
31-Dec-11 | 123 | 1 | 124 | |||||||||||||
31-Dec-12 | 140 | - | 140 | |||||||||||||
31-Dec-13 | 84 | - | 84 | |||||||||||||
Total (MMBoe) (1) | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved developed and undeveloped reserves: | ||||||||||||||||
31-Dec-10 | 2,107 | 766 | 2,873 | |||||||||||||
Revisions due to prices | 6 | -27 | -21 | |||||||||||||
Revisions other than price | -41 | 6 | -35 | |||||||||||||
Extensions and discoveries | 374 | 47 | 421 | |||||||||||||
Purchase of reserves | 5 | 3 | 8 | |||||||||||||
Production | -173 | -67 | -240 | |||||||||||||
Sale of reserves | - | -1 | -1 | |||||||||||||
31-Dec-11 | 2,278 | 727 | 3,005 | |||||||||||||
Revisions due to prices | -159 | -12 | -171 | |||||||||||||
Revisions other than price | -67 | -1 | -68 | |||||||||||||
Extensions and discoveries | 367 | 82 | 449 | |||||||||||||
Production | -183 | -67 | -250 | |||||||||||||
Sale of reserves | - | -2 | -2 | |||||||||||||
31-Dec-12 | 2,236 | 727 | 2,963 | |||||||||||||
Revisions due to prices | 76 | 18 | 94 | |||||||||||||
Revisions other than price | -117 | 29 | -88 | |||||||||||||
Extensions and discoveries | 212 | 49 | 261 | |||||||||||||
Purchase of reserves | 1 | - | 1 | |||||||||||||
Production | -189 | -64 | -253 | |||||||||||||
Sale of reserves | -14 | -1 | -15 | |||||||||||||
31-Dec-13 | 2,205 | 758 | 2,963 | |||||||||||||
Proved developed reserves as of: | ||||||||||||||||
31-Dec-10 | 1,696 | 346 | 2,042 | |||||||||||||
31-Dec-11 | 1,875 | 348 | 2,223 | |||||||||||||
31-Dec-12 | 1,829 | 294 | 2,123 | |||||||||||||
31-Dec-13 | 1,947 | 315 | 2,262 | |||||||||||||
Proved developed-producing reserves as of: | ||||||||||||||||
31-Dec-10 | 1,557 | 314 | 1,871 | |||||||||||||
31-Dec-11 | 1,746 | 323 | 2,069 | |||||||||||||
31-Dec-12 | 1,743 | 278 | 2,021 | |||||||||||||
31-Dec-13 | 1,857 | 297 | 2,154 | |||||||||||||
Proved undeveloped reserves as of: | ||||||||||||||||
31-Dec-10 | 411 | 420 | 831 | |||||||||||||
31-Dec-11 | 403 | 379 | 782 | |||||||||||||
31-Dec-12 | 407 | 433 | 840 | |||||||||||||
31-Dec-13 | 258 | 443 | 701 | |||||||||||||
_______________________ | ||||||||||||||||
(1)Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. | ||||||||||||||||
Proved Undeveloped Reserves | ' | |||||||||||||||
U.S. | Canada | Total | ||||||||||||||
Proved undeveloped reserves as of December 31, 2012 | 407 | 433 | 840 | |||||||||||||
Extensions and discoveries | 57 | 38 | 95 | |||||||||||||
Revisions due to prices | 1 | -10 | -9 | |||||||||||||
Revisions other than price | -91 | 13 | -78 | |||||||||||||
Conversion to proved developed reserves | -116 | -31 | -147 | |||||||||||||
Proved undeveloped reserves as of December 31, 2013 | 258 | 443 | 701 | |||||||||||||
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 61,983 | $ | 33,305 | $ | 95,288 | ||||||||||
Future costs: | ||||||||||||||||
Development | -5,448 | -5,308 | -10,756 | |||||||||||||
Production | -26,663 | -15,709 | -42,372 | |||||||||||||
Future income tax expense | -9,046 | -2,327 | -11,373 | |||||||||||||
Future net cash flow | 20,826 | 9,961 | 30,787 | |||||||||||||
10% discount to reflect timing of cash flows | -10,346 | -4,700 | -15,046 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 10,480 | $ | 5,261 | $ | 15,741 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 55,297 | $ | 33,570 | $ | 88,867 | ||||||||||
Future costs: | ||||||||||||||||
Development | -6,556 | -6,211 | -12,767 | |||||||||||||
Production | -24,265 | -16,611 | -40,876 | |||||||||||||
Future income tax expense | -6,542 | -1,992 | -8,534 | |||||||||||||
Future net cash flow | 17,934 | 8,756 | 26,690 | |||||||||||||
10% discount to reflect timing of cash flows | -9,036 | -4,433 | -13,469 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 8,898 | $ | 4,323 | $ | 13,221 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||
U.S. | Canada | Total | ||||||||||||||
(In millions) | ||||||||||||||||
Future cash inflows | $ | 69,305 | $ | 36,786 | $ | 106,091 | ||||||||||
Future costs: | ||||||||||||||||
Development | -6,817 | -4,678 | -11,495 | |||||||||||||
Production | -26,217 | -15,063 | -41,280 | |||||||||||||
Future income tax expense | -11,432 | -3,763 | -15,195 | |||||||||||||
Future net cash flow | 24,839 | 13,282 | 38,121 | |||||||||||||
10% discount to reflect timing of cash flows | -13,492 | -6,785 | -20,277 | |||||||||||||
Standardized measure of discounted future net cash flows | $ | 11,347 | $ | 6,497 | $ | 17,844 | ||||||||||
Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves | ' | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(In millions) | ||||||||||||||||
Beginning balance | $ | 13,221 | $ | 17,844 | $ | 16,352 | ||||||||||
Net changes in prices and production costs | 3,018 | -9,889 | 1,875 | |||||||||||||
Oil, bitumen, gas and NGL sales, net of production costs | -5,613 | -4,388 | -5,811 | |||||||||||||
Changes in estimated future development costs | 399 | -1,094 | -440 | |||||||||||||
Extensions and discoveries, net of future development costs | 4,047 | 4,669 | 3,714 | |||||||||||||
Purchase of reserves | 14 | 18 | 57 | |||||||||||||
Sales of reserves in place | -44 | -25 | -2 | |||||||||||||
Revisions of quantity estimates | -1,040 | 162 | -228 | |||||||||||||
Previously estimated development costs incurred during the period | 1,986 | 1,321 | 1,302 | |||||||||||||
Accretion of discount | 1,940 | 1,420 | 2,248 | |||||||||||||
Other, primarily changes in timing and foreign exchange rates | -583 | 113 | -294 | |||||||||||||
Net change in income taxes | -1,604 | 3,070 | -929 | |||||||||||||
Ending balance | $ | 15,741 | $ | 13,221 | $ | 17,844 | ||||||||||
Supplemental_Quarterly_Financi1
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule Of Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Operating revenues | $ | 1,971 | $ | 3,088 | $ | 2,714 | $ | 2,624 | $ | 10,397 | ||||||
Earnings (loss) before income taxes | $ | -1,962 | $ | 997 | $ | 639 | $ | 475 | $ | 149 | ||||||
Net earnings (loss) | $ | -1,339 | $ | 683 | $ | 429 | $ | 207 | $ | -20 | ||||||
Basic net earnings (loss) per common share: | ||||||||||||||||
Net earnings (loss) | $ | -3.34 | $ | 1.69 | $ | 1.06 | $ | 0.51 | $ | -0.06 | ||||||
Diluted net earnings (loss) per common share: | ||||||||||||||||
Net earnings (loss) | $ | -3.34 | $ | 1.68 | $ | 1.05 | $ | 0.51 | $ | -0.06 | ||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Operating revenues | $ | 2,495 | $ | 2,561 | $ | 1,865 | $ | 2,580 | $ | 9,501 | ||||||
Earnings (loss) from continuing operations | ||||||||||||||||
before income taxes | $ | 611 | $ | 734 | $ | -1,161 | $ | -501 | $ | -317 | ||||||
Earnings (loss) from continuing operations | $ | 414 | $ | 477 | $ | -719 | $ | -357 | $ | -185 | ||||||
Loss from discontinued operations | -21 | - | - | - | -21 | |||||||||||
Net earnings (loss) | $ | 393 | $ | 477 | $ | -719 | $ | -357 | $ | -206 | ||||||
Basic net earnings (loss) per common share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | 1.03 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.47 | ||||||
Loss from discontinued operations | -0.06 | - | - | - | -0.05 | |||||||||||
Net earnings (loss) | $ | 0.97 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.52 | ||||||
Diluted net earnings (loss) per common share: | ||||||||||||||||
Earnings (loss) from continuing operations | $ | 1.03 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.47 | ||||||
Loss from discontinued operations | -0.06 | - | - | - | -0.05 | |||||||||||
Net earnings (loss) | $ | 0.97 | $ | 1.18 | $ | -1.8 | $ | -0.89 | $ | -0.52 | ||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash collateral received | $3 | ' | ' |
Held-to-maturity securities | 62 | 64 | ' |
Goodwill impairment | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Depletion calculation holding period | '3 years | ' | ' |
Property, plant and equipment, useful life | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Depletion calculation holding period | '4 years | ' | ' |
Property, plant and equipment, useful life | '60 years | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Goodwill By Reporting Segment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Goodwill | $5,858 | $6,079 |
United States [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Goodwill | 3,020 | 3,046 |
Canada [Member] | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Goodwill | $2,838 | $3,033 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
NYMEX West Texas Intermediate Price Swap Oil 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 75,000 |
Weighted average price | 94.14 |
NYMEX West Texas Intermediate Price Collar Oil 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 70,453 |
Weighted Average Floor Price | 89.38 |
Weighted Average Ceiling Price | 100.58 |
NYMEX West Texas Intermediate Call Option Oil 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 42,000 |
Weighted average price | 116.43 |
NYMEX West Texas Intermediate Price Swap Oil 2015 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 37,500 |
Weighted average price | 90.15 |
NYMEX West Texas Intermediate Call Option Oil 2015 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 22,000 |
Weighted average price | 115.45 |
NYMEX West Texas Intermediate Call Option Oil 2016 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 12,500 |
Weighted average price | 95 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
FERC Henry Hub Price Swap Natural Gas 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 800,000 |
Weighted average price | 4.42 |
FERC Henry Hub Price Collar Natural Gas 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 460,000 |
Weighted Average Floor Price | 4.03 |
Weighted Average Ceiling Price | 4.51 |
FERC Henry Hub Call Options Natural Gas 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 500,000 |
Weighted average price | 5 |
FERC Henry Hub Call Options Natural Gas 2015 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 550,000 |
Weighted average price | 5.09 |
FERC Henry Hub Call Options Natural Gas 2016 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 110,000 |
Weighted average price | 5 |
Aeco Basis Swap Natural Gas 2014 [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Volume per day | 94,781 |
Weighted Average Differential To Henry Hub | -0.52 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details) (OPIS Mont Belvieu Texas Natural Gas Liquid Natural Gasoline Basis Swap 2014 [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
OPIS Mont Belvieu Texas Natural Gas Liquid Natural Gasoline Basis Swap 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volume per day | 329 |
Weighted average differential to WTI | -10.85 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule Of Open Foreign Exchange Rate Derivative Positions) (Details) (Forward Contract [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Forward Contract [Member] | ' |
Derivative [Line Items] | ' |
Currency | 'Canadian Dollar |
Contract Type | 'Sell |
CAD Notional | $1,002 |
Weighted Average Fixed Rate Received | 0.938 |
Expiration | 1-Mar-14 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Comprehensive Statement Of Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net gains (losses) recognized in comprehensive statements of earnings | ($135) | $660 | $886 |
Commodity Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net gains (losses) recognized in comprehensive statements of earnings | -191 | 693 | 881 |
Interest Rate Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net gains (losses) recognized in comprehensive statements of earnings | ' | -15 | -11 |
Foreign Currency Derivatives [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Net gains (losses) recognized in comprehensive statements of earnings | $56 | ($18) | $16 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | $103 | $425 |
Fair value of derivative liabilities | 121 | 32 |
Commodity Derivatives [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | 75 | 379 |
Commodity Derivatives [Member] | Other Long-Term Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | 28 | 22 |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | 58 | 3 |
Commodity Derivatives [Member] | Other Long-Term Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | 62 | 29 |
Interest Rate Derivatives [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | ' | 23 |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative assets | ' | 1 |
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair value of derivative liabilities | $1 | ' |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Plan Amendment [Member] | Stock Options And Stock Appreciation Rights [Member] | Other Awards [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Awards And Units [Member] | Restricted Stock Awards And Units [Member] | Restricted Stock Awards And Units [Member] | Performance-Based Restricted Stock Awards [Member] | Performance Share Units [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||
2009 Plan Amendment [Member] | 2009 Plan Amendment [Member] | item | Stock Options [Member] | Restricted Stock Awards And Units [Member] | Performance-Based Restricted Stock Awards [Member] | Performance Share Units [Member] | Stock Options [Member] | Restricted Stock Awards And Units [Member] | Performance-Based Restricted Stock Awards [Member] | Performance Share Units [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan expiration date | ' | 2-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance | ' | ' | 21,500,000 | 47,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares used to calculate shares issued under the 2009 Long-Term Incentive Plan, options and stock appreciation rights | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares used to calculate shares issued under the 2009 Long-Term Incentive Plan, other awards | ' | ' | ' | ' | ' | 2.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration duration of options | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Granted | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | '4 years | ' | '0 years | '0 years | '0 years | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | $0.30 | $34 | $81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total aggregate fair value of vested restricted awards and units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141 | 112 | 145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested awards, units and stock options | ' | ' | ' | ' | ' | ' | $19 | ' | ' | $166 | ' | ' | $3 | $24 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period for recognition of cost of unvested awards, units and stock options | ' | ' | ' | ' | ' | ' | '1 year 7 months 6 days | ' | ' | '2 years 2 months 12 days | ' | ' | '1 year 4 months 24 days | '1 year 7 months 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Number of predetermined peer companies to compare against Devon's total shareholder's return for Performance awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' |
Comparison period of peer companies for performance awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '2 years |
Percentage of vesting units to units granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | 0.00% |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule Of The Effects Of Share Based Compensation Included In The Consolidated Comprehensive Statement Of Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation [Abstract] | ' | ' | ' |
Gross general and administrative expense | $157 | $179 | $181 |
Share-based compensation expense capitalized pursuant to the full cost method of accounting for oil and gas properties | 60 | 56 | 56 |
Related income tax benefit | $22 | $31 | $33 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of The Grant-Date Fair Values Of Stock Options Granted And Their Related Assumptions, Represented By The Weighted-Average Amounts) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation [Abstract] | ' | ' |
Grant-date fair value | $22.20 | $23.11 |
Volatility factor | 42.50% | 46.00% |
Dividend Yield | 1.20% | 1.00% |
Risk-free interest rate | 1.10% | 0.80% |
Expected term (in years) | '6 years | '4 years 2 months 12 days |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Outstanding Stock Options, Including Changes During The Year) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation [Abstract] | ' |
Outstanding at December 31, 2012 | 7,828 |
Options, Exercised | -61 |
Options, Expired | -1,212 |
Options, Forfeited | -109 |
Outstanding at December 31, 2013 | 6,446 |
Vested and expected to vest, options | 6,416 |
Exercisable, options | 5,361 |
Weighted average exercise price, December 31, 2012 | $69.12 |
Exercised, weighted average exercise price | $57.66 |
Expired, weighted average exercise price | $68.47 |
Forfeited, weighted average exercise price | $69.23 |
Weighted average exercise price, December 31, 2013 | $69.35 |
Vested and expected to vest, weighted average exercise price | $69.36 |
Exercisable, weighted average exercise price | $69.50 |
Outstanding, weighted average remaining term | '3 years 9 months 4 days |
Vested and expected to vest, weighted average remaining term | '3 years 9 months |
Exercisable, weighted average remaining term | '3 years 4 months 21 days |
Outstanding, intrinsic value | $1 |
Vested and expected to vest, intrinsic value | 1 |
Exercisable, intrinsic value | $1 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards And Units, Including Changes During The Year) (Details) (Restricted Stock Awards And Units [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock Awards And Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at December 31, 2012 | 5,740 |
Granted, awards and units | 258 |
Vested, awards and units | -2,365 |
Forfeited, awards and units | -341 |
Unvested at December 31, 2013 | 3,292 |
Unvested weighted average grant date fair value at December 31, 2012 | $61.75 |
Granted, weighted average grant date fair value | $57.27 |
Vested, weighted average grant date fair value | $64.13 |
Forfeited, weighted average grant date fair value | $59.82 |
Unvested weighted average grant date fair value at December 31, 2013 | $59.76 |
ShareBased_Compensation_Summar3
Share-Based Compensation (Summary Of Performance-Based Restricted Stock Awards) (Details) (Performance-Based Restricted Stock Awards [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Performance-Based Restricted Stock Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at December 31, 2012 | 408 |
Vested, awards | -92 |
Unvested at December 31, 2013 | 316 |
Unvested weighted average grant date fair value at December 31, 2012 | $58.25 |
Vested, weighted average grant date fair value | $65.10 |
Unvested weighted average grant date fair value at December 31, 2013 | $56.25 |
ShareBased_Compensation_Summar4
Share-Based Compensation (Summary Of The Grant Date Fair Values Of Performance Share Units) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Volatility factor | ' | 42.50% | 46.00% |
Contractual Term (in years) | ' | '6 years | '4 years 2 months 12 days |
Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted average grant date fair value | $61.57 | ' | ' |
Volatility factor | 30.30% | 30.30% | 41.80% |
Contractual Term (in years) | '3 years | '3 years | '3 years |
Minimum [Member] | Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted average grant date fair value | $61.27 | 61.27 | 80.24 |
Risk-free interest rate | 0.26% | 0.26% | 0.28% |
Maximum [Member] | Performance Share Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted average grant date fair value | $63.48 | 63.48 | 83.15 |
Risk-free interest rate | 0.36% | 0.36% | 0.43% |
ShareBased_Compensation_Summar5
Share-Based Compensation (Summary Of Performance Share Units) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Performance Share Units [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Unvested at December 31, 2012 | 878,000 | ' | ' | |
Granted, units | 55,000 | ' | ' | |
Forfeited, units | -8,000 | ' | ' | |
Unvested at December 31, 2013 | 925,000 | [1] | ' | ' |
Unvested weighted average grant date fair value at December 31, 2012 | $66.93 | ' | ' | |
Granted, weighted average grant date fair value | $61.57 | ' | ' | |
Forfeited, weighted average grant date fair value | $63.37 | ' | ' | |
Unvested weighted average grant date fair value at December 31, 2013 | $66.64 | [1] | ' | ' |
Maximum [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Maximum common shares awarded based upon total shareholder return | 1,900,000 | ' | ' | |
Maximum [Member] | Performance Share Units [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |
Granted, weighted average grant date fair value | $63.48 | $63.48 | $83.15 | |
[1] | A maximum of 1.9 millionB common shares could be awarded based upon Devonbs final TSR ranking. |
Asset_Impairments_Details
Asset Impairments (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Asset impairment charge, gross | $1,976 | $2,024 |
Asset impairment charges, net of taxes | 1,353 | 1,308 |
U.S. Oil And Gas Assets [Member] | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Asset impairment charge, gross | 1,110 | 1,793 |
Asset impairment charges, net of taxes | 707 | 1,142 |
Canada Oil And Gas Assets [Member] | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Asset impairment charge, gross | 843 | 163 |
Asset impairment charges, net of taxes | 632 | 122 |
Midstream Assets [Member] | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' |
Asset impairment charge, gross | 23 | 68 |
Asset impairment charges, net of taxes | $14 | $44 |
Other_Operating_Items_Details
Other Operating Items (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Operating Items [Abstract] | ' | ' | ' |
Accretion of asset retirement obligations | $115 | $110 | $92 |
(Gain) loss on sale of assets | 9 | -13 | -2 |
Other | -3 | -5 | -101 |
Other operating items | 121 | 92 | -11 |
Excess insurance recoveries | ' | ' | $88 |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 12 Months Ended | 15 Months Ended | 12 Months Ended | 39 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 |
Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Lease Obligations [Member] | ||||
Office Consolidation [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee retention and severance costs | ' | ' | ' | $90 | ' | ' | ' | ' | ' | ' |
Restructuring costs incurred to date | ' | ' | ' | ' | ' | 134 | ' | ' | 196 | ' |
Restructuring charges | $54 | $74 | ($2) | $54 | $80 | ' | ($6) | ($2) | ' | $28 |
Restructuring_Costs_Schedule_O
Restructuring Costs (Schedule Of The Components Of Restructuring Costs Included In The Consolidated Statements Of Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | $54 | $74 | ($2) |
Office Consolidation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 54 | 80 | ' |
Offshore Divestiture [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | -6 | -2 |
Employee Severance [Member] | Office Consolidation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 13 | 77 | ' |
Employee Severance [Member] | Offshore Divestiture [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | -3 | 8 |
Lease Obligations And Other [Member] | Office Consolidation [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | 41 | 3 | ' |
Lease Obligations And Other [Member] | Offshore Divestiture [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring costs | ' | ($3) | ($10) |
Restructuring_Costs_Schedule_O1
Restructuring Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Long-Term Liabilities [Member] | Other Long-Term Liabilities [Member] | Other Long-Term Liabilities [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Office Consolidation [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | Offshore Divestiture [Member] | |||
Employee Severance [Member] | Employee Severance [Member] | Lease Obligations And Other [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Long-Term Liabilities [Member] | Employee Severance [Member] | Lease Obligations [Member] | Lease Obligations [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Long-Term Liabilities [Member] | Other Long-Term Liabilities [Member] | ||||||||||
Employee Severance [Member] | Employee Severance [Member] | Lease Obligations And Other [Member] | Lease Obligations And Other [Member] | Employee Severance [Member] | Lease Obligations [Member] | Lease Obligations [Member] | Lease Obligations [Member] | Lease Obligations [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $45 | $61 | $45 | $27 | $52 | $29 | $18 | $9 | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring reserve activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43 | 49 | 32 | -43 | 49 | 21 | 11 | -9 | -5 | -24 | -9 | -3 | -17 | -2 | -7 |
Ending balance | $45 | $61 | $45 | $27 | $52 | $29 | $18 | $9 | $16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Foreign earnings repatriated | $4,300,000,000 | ' | ' |
Unremitted foreign earnings | 4,300,000,000 | ' | ' |
Income tax expense (benefit) | 169,000,000 | -132,000,000 | 2,156,000,000 |
Current income tax expense (benefit) | 72,000,000 | 52,000,000 | -143,000,000 |
Deferred income tax expense (benefit) | 97,000,000 | -184,000,000 | 2,299,000,000 |
Unremitted earnings from subsidiaries permanently reinvested | 1,500,000,000 | ' | ' |
Unremitted earnings from subsidiaries not to be permanently reinvested | 2,800,000,000 | ' | ' |
Deferred tax liabilities, taxes on unremitted foreign earnings | 157,000,000 | 936,000,000 | ' |
Tax credit carry forward, deferred tax asset | 183,000,000 | ' | ' |
Deferred tax asset, foreign tax credits | 248,000,000 | ' | ' |
Deferred tax asset, alternative minimum tax credits | 105,000,000 | 198,000,000 | ' |
Unrecognized tax benefits, interest and penalties | 32,000,000 | 27,000,000 | ' |
Unrecognized tax benefit that would impact effective tax rate | 198,000,000 | ' | ' |
Assumed Repatriations Of Foreign Earnings [Member] | ' | ' | ' |
Deferred income tax expense (benefit) | ' | ' | 725,000,000 |
Deferred tax liabilities, taxes on unremitted foreign earnings | ' | 936,000,000 | ' |
Repatriated Foreign Earnings [Member] | ' | ' | ' |
Income tax expense (benefit) | 97,000,000 | ' | ' |
Current income tax expense (benefit) | 180,000,000 | ' | ' |
Deferred income tax expense (benefit) | -83,000,000 | ' | ' |
Canada Federal [Member] | ' | ' | ' |
Deferred tax assets, Canadian net operating loss carryforward | 673,000,000 | ' | ' |
Various U.S. States [Member] | ' | ' | ' |
Deferred tax assets, State net operating loss carryforward | $197,000,000 | ' | ' |
Minimum [Member] | Canada Federal [Member] | ' | ' | ' |
Tax credit carry forward, expiration date | 31-Dec-19 | ' | ' |
Tax credit carry forward, utilization date | 31-Dec-14 | ' | ' |
Operating loss carryforward, expiration date | 31-Dec-28 | ' | ' |
Operating loss carryforward, utilization period | 31-Dec-14 | ' | ' |
Minimum [Member] | Various U.S. States [Member] | ' | ' | ' |
Operating loss carryforward, expiration date | 31-Dec-14 | ' | ' |
Operating loss carryforward, utilization period | 31-Dec-14 | ' | ' |
Maximum [Member] | Canada Federal [Member] | ' | ' | ' |
Tax credit carry forward, expiration date | 31-Dec-23 | ' | ' |
Tax credit carry forward, utilization date | 31-Dec-16 | ' | ' |
Operating loss carryforward, expiration date | 31-Dec-33 | ' | ' |
Operating loss carryforward, utilization period | 31-Dec-17 | ' | ' |
Maximum [Member] | Various U.S. States [Member] | ' | ' | ' |
Operating loss carryforward, expiration date | 31-Dec-32 | ' | ' |
Operating loss carryforward, utilization period | 31-Dec-20 | ' | ' |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax expense (benefit): | ' | ' | ' |
United States federal, current income tax expense (benefit) | $73 | $60 | ($143) |
Various states, current income tax expense (benefit) | -5 | -3 | 20 |
Canada and various provinces, current income tax expense (benefit) | 4 | -5 | -20 |
Total current tax (benefit) expense | 72 | 52 | -143 |
Deferred income tax expense (benefit): | ' | ' | ' |
United States federal, deferred income tax expense (benefit) | 198 | -188 | 1,986 |
Various states, deferred income tax expense (benefit) | 59 | 34 | 95 |
Canada and various provinces, deferred income tax expense (benefit) | -160 | -30 | 218 |
Total deferred tax expense (benefit) | 97 | -184 | 2,299 |
Total income tax expense (benefit) | $169 | ($132) | $2,156 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
U.S. statutory income tax rate | 35.00% | ' | ' |
Expected income tax expense (benefit) based on U.S. statutory tax rate of 35% | $52 | ($111) | $1,502 |
Repatriations | 97 | ' | 725 |
State income taxes | 35 | 20 | 70 |
Taxation on Canadian operations | 14 | -19 | -91 |
Other | -29 | -22 | -50 |
Total income tax expense (benefit) | $169 | ($132) | $2,156 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Deferred tax assets, asset retirement obligations | $673 | $618 |
Deferred tax asset, foreign tax credits | 248 | ' |
Deferred tax assets, net operating loss carryforwards | 183 | 427 |
Deferred tax asset, alternative minimum tax credits | 105 | 198 |
Deferred tax assets, pension benefit obligations | 104 | 129 |
Deferred tax assets, other | 163 | 134 |
Total deferred tax assets | 1,476 | 1,506 |
Deferred tax liabilities, property and equipment | -5,895 | -4,970 |
Deferred tax liabilities, long-term debt | -161 | -198 |
Deferred tax liabilities, taxes on unremitted foreign earnings | -157 | -936 |
Deferred tax liabilities, fair value of financial instruments | -7 | -141 |
Deferred tax liabilities, other | -52 | -76 |
Total deferred tax liabilities | -6,272 | -6,321 |
Net deferred tax liability | ($4,796) | ($4,815) |
Income_Taxes_Schedule_Of_Chang
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | ' | ' |
Unrecognized tax benefits, Balance at beginning year | $216 | $165 |
Unrecognized tax benefits, Tax positions taken in prior periods | -17 | -46 |
Unrecognized tax benefits, Tax positions taken in current year | 42 | 92 |
Unrecognized tax benefits, Accrual of interest related to tax positions taken | 5 | 7 |
Unrecognized tax benefits, Lapse of statute of limitations | ' | -3 |
Unrecognized tax benefits, Foreign currency translation | -3 | 1 |
Unrecognized tax benefits, Balance at end of year | $243 | $216 |
Income_Taxes_Summary_Of_The_Ta
Income Taxes (Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
United States Federal [Member] | Minimum [Member] | ' |
Tax years open | '2008 |
United States Federal [Member] | Maximum [Member] | ' |
Tax years open | '2013 |
Various U.S. States [Member] | Minimum [Member] | ' |
Tax years open | '2008 |
Various U.S. States [Member] | Maximum [Member] | ' |
Tax years open | '2013 |
Canada Federal [Member] | Minimum [Member] | ' |
Tax years open | '2004 |
Canada Federal [Member] | Maximum [Member] | ' |
Tax years open | '2013 |
Various Canadian Provinces [Member] | Minimum [Member] | ' |
Tax years open | '2004 |
Various Canadian Provinces [Member] | Maximum [Member] | ' |
Tax years open | '2013 |
Earnings_Loss_Per_Share_Earnin
Earnings (Loss) Per Share (Earnings Per Share Computations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings (Loss) Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) from continuing operations, Earnings (Loss) | ($357) | ($719) | $477 | $414 | ($20) | ($185) | $2,134 |
Earnings (loss) from continuing operations, Common Shares | ' | ' | ' | ' | 406 | 404 | 417 |
Attributable to participating securities, Earnings (Loss) | ' | ' | ' | ' | -2 | -3 | -23 |
Attributable to participating securities, Common Shares | ' | ' | ' | ' | -4 | -4 | -5 |
Basic earnings (loss) per share, Earnings (Loss) | ' | ' | ' | ' | -22 | -188 | 2,111 |
Basic earnings per share, Common Shares | ' | ' | ' | ' | 402 | 400 | 412 |
Basic earnings (loss) per share, Earnings (Loss) per Share | ($0.89) | ($1.80) | $1.18 | $1.03 | ($0.06) | ($0.47) | $5.12 |
Dilutive effect of potential common shares issuable, Common Shares | ' | ' | ' | ' | ' | ' | 2 |
Diluted earnings (loss) per share, Earnings (Loss) | ' | ' | ' | ' | ($22) | ($188) | $2,111 |
Diluted earnings (loss) per share, Common Shares | ' | ' | ' | ' | 402 | 400 | 414 |
Diluted earnings (loss) per share, Earnings (Loss) per Share | ($0.89) | ($1.80) | $1.18 | $1.03 | ($0.06) | ($0.47) | $5.10 |
Antidilutive securities excluded from computation of earnings per share, amount | ' | ' | ' | ' | 7 | 9 | 3 |
Other_Comprehensive_Earnings_C
Other Comprehensive Earnings (Components Of Other Comprehensive Earnings) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Foreign currency translation: | ' | ' | ' | |||
Beginning accumulated foreign currency translation | $1,996 | $1,802 | $1,993 | |||
Change in cumulative translation adjustment | -574 | 203 | -200 | |||
Income tax benefit (expense) | 26 | -9 | 9 | |||
Ending accumulated foreign currency translation | 1,448 | 1,996 | 1,802 | |||
Pension and postretirement benefit plans: | ' | ' | ' | |||
Beginning accumulated pension and postretirement benefits | -225 | -227 | -233 | |||
Net actuarial gain (loss) and prior service cost arising in current year | 48 | -47 | -21 | |||
Recognition of net actuarial loss and prior service cost in earnings | 24 | [1] | 51 | [1] | 30 | [1] |
Income tax expense | -27 | -2 | -3 | |||
Ending accumulated pension and postretirement benefits | -180 | -225 | -227 | |||
Accumulated other comprehensive earnings, net of tax | $1,268 | $1,771 | $1,575 | |||
[1] | These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of general and administrative expenses on the accompanying comprehensive statements of earnings (see bRetirement Plansb note for additional details). |
Supplemental_Information_To_St2
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental To Cash Flow Information) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net change in working capital accounts: | ' | ' | ' |
Accounts receivable | ($288) | $140 | ($185) |
Other current assets | 49 | -128 | 125 |
Accounts payable | 26 | -8 | 64 |
Revenues and royalties payable | 35 | 19 | 144 |
Other current liabilities | -120 | -73 | 32 |
Net change in working capital | -298 | -50 | 180 |
Interest paid (net of capitalized interest) | 406 | 334 | 325 |
Income taxes paid (received) | $13 | $100 | ($383) |
ShortTerm_Investments_Componen
Short-Term Investments (Components Of Short-Term Investments) (Details) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Schedule of Investments [Line Items] | ' |
Short-term investments | $2,343 |
Canadian Treasury, Agency And Provincial Securities [Member] | ' |
Schedule of Investments [Line Items] | ' |
Short-term investments | 1,865 |
United States Treasuries [Member] | ' |
Schedule of Investments [Line Items] | ' |
Short-term investments | 429 |
Other | ' |
Schedule of Investments [Line Items] | ' |
Short-term investments | $49 |
Accounts_Receivable_Schedule_O
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Joint interest billings | $447 | $270 |
Other | 61 | 72 |
Gross accounts receivable | 1,531 | 1,255 |
Allowance for doubtful accounts | -11 | -10 |
Net accounts receivable | 1,520 | 1,245 |
Oil, Gas And NGL Sales [Member] | ' | ' |
Gross accounts receivable | 851 | 752 |
Marketing And Midstream Revenues [Member] | ' | ' |
Gross accounts receivable | $172 | $161 |
Acquisitions_And_Divestitures_
Acquisitions And Divestitures (Details) | 12 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | Devon Energy Corporation [Member] | Devon Energy Corporation [Member] | Devon Energy Corporation [Member] | EnLink Midstream, LLC [Member] | EnLink Midstream, LLC [Member] | EnLink Midstream Partners, L.P. [Member] | Current Crosstex Energy, Inc. [Member] | Current Crosstex Energy, L.P. [Member] | |
Forecast [Member] | Forecast [Member] | Forecast [Member] | EnLink Holdings [Member] | EnLink Midstream Partners, L.P. [Member] | EnLink Midstream, LLC [Member] | EnLink Holdings [Member] | EnLink Midstream Partners, L.P. [Member] | EnLink Holdings [Member] | EnLink Midstream, LLC [Member] | EnLink Midstream Partners, L.P. [Member] | ||
USD ($) | CAD | USD ($) | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | ||
USD ($) | ||||||||||||
Cash payment to acquire assets | ' | ' | ' | $6,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed cash in business combination | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | 53.00% | 70.00% | 50.00% | 7.00% | 50.00% | 30.00% | 40.00% |
Subsequent event date | 19-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture in business | ' | $2,800,000,000 | 3,125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Related_Expenses_Narr
Debt And Related Expenses (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
31-May-12 | Jul. 31, 2011 | Jan. 31, 2009 | Mar. 31, 2002 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Senior Credit Facility [Member] | Commercial Paper [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | |||||||
item | Commercial Paper [Member] | Senior Credit Facility [Member] | Commercial Paper [Member] | Fixed and Floating Senior Notes [Member] | Term Loan [Member] | First Half Of Term Loan [Member] | Second Half Of Term Loan [Member] | Floating Rate Due December 15, 2015 [Member] | Floating Rate Due December 15, 2016 [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, borrowing capacity | ' | ' | ' | ' | ' | ' | $3,000,000,000 | $3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Senior Credit Facility borrowings | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, maturity date | ' | ' | ' | ' | ' | ' | 24-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Dec-15 | 15-Dec-16 |
Number of options to extend line of credit maturity date | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, facility fee | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, frequency of facility fee payment | ' | ' | ' | ' | ' | ' | 'annual | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt-to-capitalization ratio | ' | ' | ' | ' | ' | ' | 25.7 | ' | ' | 65 | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper, maturity duration | ' | ' | ' | ' | ' | ' | ' | ' | '1 day | ' | '365 days | ' | ' | ' | ' | ' | ' | ' |
Outstanding commercial paper | ' | ' | ' | ' | 1,317,000,000 | 3,189,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average borrowing rate on commercial paper borrowings | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Notes Payable | 2,465,000,000 | 2,221,000,000 | 1,187,000,000 | 986,000,000 | ' | ' | ' | ' | ' | ' | ' | 2,248,000,000 | ' | ' | ' | ' | ' | ' |
Required percentage to redeem original principal amount in acquisition if not completed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,250,000,000 | 2,000,000,000 | ' | ' | 500,000,000 | 350,000,000 |
Basis spread on LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | 0.54% |
Term of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' |
Long term debt, gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |
Debt_And_Related_Expenses_Sche
Debt And Related Expenses (Schedule Of Debt Instruments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Commercial paper | $1,317 | $3,189 | ||
Net discount on the other debentures and notes | -20 | -20 | ||
Total debt | 12,022 | 11,644 | ||
Less amount classified as short-term debt | 4,066 | [1] | 3,189 | [1] |
Long-term debt | 7,956 | 8,455 | ||
5.625% Due January 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 5.63% | ' | ||
Debt, maturity date | 15-Jan-14 | ' | ||
Short-term debt | 500 | 500 | ||
2.40% Due July 15, 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 2.40% | ' | ||
Debt, maturity date | 15-Jul-16 | ' | ||
Long term debt, gross | 500 | 500 | ||
1.875% Due May 15, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 1.88% | ' | ||
Debt, maturity date | 15-May-17 | ' | ||
Long term debt, gross | 750 | 750 | ||
8.25% Due July 1, 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 8.25% | ' | ||
Debt, maturity date | 1-Jul-18 | ' | ||
Long term debt, gross | 125 | 125 | ||
6.30% Due January 15, 2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 6.30% | ' | ||
Debt, maturity date | 15-Jan-19 | ' | ||
Long term debt, gross | 700 | 700 | ||
4.00% Due July 15, 2021 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 4.00% | ' | ||
Debt, maturity date | 15-Jul-21 | ' | ||
Long term debt, gross | 500 | 500 | ||
3.25% Due May 15, 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 3.25% | ' | ||
Debt, maturity date | 15-May-22 | ' | ||
Long term debt, gross | 1,000 | 1,000 | ||
7.50% Due September 15, 2027 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 7.50% | ' | ||
Debt, maturity date | 15-Sep-27 | ' | ||
Long term debt, gross | 150 | 150 | ||
7.875% Due September 30, 2031 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 7.88% | ' | ||
Debt, maturity date | 30-Sep-31 | ' | ||
Long term debt, gross | 1,250 | 1,250 | ||
7.95% Due April 15, 2032 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 7.95% | ' | ||
Debt, maturity date | 15-Apr-32 | ' | ||
Long term debt, gross | 1,000 | 1,000 | ||
5.60% Due July 15, 2041 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 5.60% | ' | ||
Debt, maturity date | 15-Jul-41 | ' | ||
Long term debt, gross | 1,250 | 1,250 | ||
4.75% Due May 15, 2042 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 4.75% | ' | ||
Debt, maturity date | 15-May-42 | ' | ||
Long term debt, gross | 750 | 750 | ||
Senior Notes For Acquisition of GeoSouthern [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Short-term debt | 2,250 | ' | ||
GeoSouthern Intermediate Holdings, LLC [Member] | Floating Rate Due December 15, 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt, maturity date | 15-Dec-15 | ' | ||
Short-term debt | 500 | ' | ||
GeoSouthern Intermediate Holdings, LLC [Member] | Floating Rate Due December 15, 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt, maturity date | 15-Dec-16 | ' | ||
Short-term debt | 350 | ' | ||
GeoSouthern Intermediate Holdings, LLC [Member] | 1.20% Due December 15, 2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 1.20% | ' | ||
Debt, maturity date | 15-Dec-16 | ' | ||
Short-term debt | 650 | ' | ||
GeoSouthern Intermediate Holdings, LLC [Member] | 2.25% Due December 15, 2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt interest rate, stated percentage | 2.25% | ' | ||
Debt, maturity date | 15-Dec-18 | ' | ||
Short-term debt | $750 | ' | ||
[1] | 2013 short-term debt consists of $2.25 billion of senior notes recently issued in conjunction with the planned GeoSouthern acquisition, $1.3 billion of commercial paper and $500 million of senior notes due January 15, 2014. |
Debt_And_Related_Expenses_Sche1
Debt And Related Expenses (Schedule Of Debt Maturities) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt And Related Expenses [Abstract] | ' |
2014 | $4,067 |
2016 | 500 |
2017 | 750 |
2018 | 125 |
2019 and thereafter | 6,600 |
Total debt | $12,042 |
Debt_And_Related_Expenses_Sche2
Debt And Related Expenses (Schedule Of Debt For GeoSouthern Acquisition) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||||
31-May-12 | Jul. 31, 2011 | Jan. 31, 2009 | Mar. 31, 2002 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | GeoSouthern Intermediate Holdings, LLC [Member] | |||||
Floating Rate Due December 15, 2015 [Member] | Floating Rate Due December 15, 2016 [Member] | 1.20% Due December 15, 2016 [Member] | 2.25% Due December 15, 2018 [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate, stated percentage | ' | ' | ' | ' | ' | ' | ' | 1.20% | 2.25% |
Debt, maturity date | ' | ' | ' | ' | ' | 15-Dec-15 | 15-Dec-16 | 15-Dec-16 | 15-Dec-18 |
Principal amount of senior notes issued | ' | ' | ' | ' | ' | $500,000,000 | $350,000,000 | $650,000,000 | $750,000,000 |
Discount and issuance costs | -35,000,000 | -29,000,000 | -13,000,000 | -14,000,000 | -2,000,000 | ' | ' | ' | ' |
Net proceeds | $2,465,000,000 | $2,221,000,000 | $1,187,000,000 | $986,000,000 | $2,248,000,000 | ' | ' | ' | ' |
Debt_And_Related_Expenses_Sche3
Debt And Related Expenses (Schedule Of Other Debt And Debentures) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
31-May-12 | Jul. 31, 2011 | Jan. 31, 2009 | Mar. 31, 2002 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2009 | Dec. 31, 2013 | Jan. 31, 2009 | Dec. 31, 2013 | Mar. 31, 2002 | |
1.875% Due May 15, 2017 [Member] | 1.875% Due May 15, 2017 [Member] | 3.25% Due May 15, 2022 [Member] | 3.25% Due May 15, 2022 [Member] | 4.75% Due May 15, 2042 [Member] | 4.75% Due May 15, 2042 [Member] | 2.40% Due July 15, 2016 [Member] | 2.40% Due July 15, 2016 [Member] | 4.00% Due July 15, 2021 [Member] | 4.00% Due July 15, 2021 [Member] | 5.60% Due July 15, 2041 [Member] | 5.60% Due July 15, 2041 [Member] | 5.625% Due January 15, 2014 [Member] | 5.625% Due January 15, 2014 [Member] | 6.30% Due January 15, 2019 [Member] | 6.30% Due January 15, 2019 [Member] | 7.95% Due April 15, 2032 [Member] | 7.95% Due April 15, 2032 [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt interest rate, stated percentage | ' | ' | ' | ' | 1.88% | ' | 3.25% | ' | 4.75% | ' | 2.40% | ' | 4.00% | ' | 5.60% | ' | 5.63% | ' | 6.30% | ' | 7.95% | ' |
Debt, maturity date | ' | ' | ' | ' | 15-May-17 | ' | 15-May-22 | ' | 15-May-42 | ' | 15-Jul-16 | ' | 15-Jul-21 | ' | 15-Jul-41 | ' | 15-Jan-14 | ' | 15-Jan-19 | ' | 15-Apr-32 | ' |
Principal amount of senior notes issued | ' | ' | ' | ' | ' | $750,000,000 | ' | $1,000,000,000 | ' | $750,000,000 | ' | $500,000,000 | ' | $500,000,000 | ' | $1,250,000,000 | ' | $500,000,000 | ' | $700,000,000 | ' | $1,000,000,000 |
Discount and issuance costs | -35,000,000 | -29,000,000 | -13,000,000 | -14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds | $2,465,000,000 | $2,221,000,000 | $1,187,000,000 | $986,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Related_Expenses_Sche4
Debt And Related Expenses (Schedule Of Debt Assumed Upon Acquisition Of Business) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
8.25% Due July 1, 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount of senior notes issued | $125,000,000 |
Debt, maturity date | 1-Jul-18 |
Debt interest rate, stated percentage | 8.25% |
Fair Value of Debt Assumed | 147,000,000 |
Effective Rate of Debt Assumed | 5.50% |
7.50% Due September 15, 2027 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount of senior notes issued | 150,000,000 |
Debt, maturity date | 15-Sep-27 |
Debt interest rate, stated percentage | 7.50% |
Fair Value of Debt Assumed | $169,000,000 |
Effective Rate of Debt Assumed | 6.50% |
Debt_And_Related_Expenses_Sche5
Debt And Related Expenses (Schedule Of Net Financing Cost Components, Net) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt And Related Expenses [Abstract] | ' | ' | ' |
Interest based on debt outstanding | $466 | $440 | $414 |
Capitalized interest | -56 | -48 | -72 |
Other fees and expenses | 27 | 14 | 10 |
Interest expense | 437 | 406 | 352 |
Interest income | -20 | -36 | -21 |
Net financing costs | $417 | $370 | $331 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligations [Abstract] | ' | ' | ' |
Asset retirement obligations as of beginning of period | $2,095 | $1,563 | ' |
Liabilities incurred | 112 | 90 | ' |
Liabilities settled | -83 | -86 | ' |
Revision of estimated obligation | 104 | 420 | ' |
Liabilities assumed by others | -28 | -23 | ' |
Accretion expense on discounted obligation | 115 | 110 | 92 |
Foreign currency translation adjustment | -87 | 21 | ' |
Asset retirement obligations as of end of period | 2,228 | 2,095 | 1,563 |
Less current portion | 88 | 99 | ' |
Asset retirement obligations, long-term | $2,140 | $1,996 | ' |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Value of trusts established for certain supplemental plans | $27,000,000 | $31,000,000 | ' | ' | ' | ' |
Accumulated benefit obligation | ' | ' | 1,100,000,000 | 1,200,000,000 | ' | ' |
Employer contributions transferred from trusts | 11,000,000 | 10,000,000 | ' | ' | ' | ' |
Assumed compensation increase percentage | ' | ' | 4.48% | 4.48% | 4.97% | ' |
Defined benefit plan health care cost trend rate assumed for next fiscal year | ' | ' | ' | ' | ' | 7.90% |
Defined benefit plan ultimate health care cost trend rate | ' | ' | ' | ' | ' | 5.00% |
Effect on accumulated postretirement benefit obligation of 1% change in assumed health care cost rates | 1,000,000 | ' | ' | ' | ' | ' |
Effect on service cost and interest costs of 1% change in assumed health care cost rates | 1,000,000 | ' | ' | ' | ' | ' |
Pension benefits to be funded from the trust | 12,000,000 | ' | ' | ' | ' | ' |
Postretirement benefits expected to be funded from cash and cash equivalents | $3,000,000 | ' | ' | ' | ' | ' |
Retirement_Plans_Schedule_Of_C
Retirement Plans (Schedule Of Changes In Defined Benefit Plan Obligations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $1,360 | $1,303 | ' |
Service cost | 36 | 43 | 37 |
Interest cost | 51 | 60 | 60 |
Actuarial loss (gain) | -158 | 95 | ' |
Plan amendments | 2 | 14 | ' |
Plan curtailments | ' | -20 | ' |
Plan settlements | ' | -93 | ' |
Foreign exchange rate changes | -2 | 1 | ' |
Benefits paid | -112 | -43 | ' |
Benefit obligation at end of year | 1,177 | 1,360 | 1,303 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 1,165 | 1,187 | ' |
Actual return on plan assets | -57 | 102 | ' |
Employer contributions | 11 | 11 | ' |
Plan settlements | ' | -93 | ' |
Foreign exchange rate changes | -1 | 1 | ' |
Fair value of plan assets at end of year | 1,006 | 1,165 | 1,187 |
Funded status at end of year | -171 | -195 | ' |
Amounts recognized in balance sheet: | ' | ' | ' |
Noncurrent assets | 47 | 62 | ' |
Current liabilities | -12 | -12 | ' |
Noncurrent liabilities | -206 | -245 | ' |
Net amount | -171 | -195 | ' |
Amounts recognized in accumulated other comprehensive earnings: | ' | ' | ' |
Net actuarial loss (gain) | 279 | 340 | ' |
Post service cost (credit) | 23 | 25 | ' |
Total | 302 | 365 | ' |
Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 34 | 37 | ' |
Service cost | 1 | 1 | 1 |
Interest cost | 1 | 1 | 2 |
Actuarial loss (gain) | -3 | -4 | ' |
Plan amendments | -8 | ' | ' |
Plan curtailments | ' | 1 | ' |
Benefits paid | -4 | -5 | ' |
Benefit obligation at end of year | 24 | 34 | 37 |
Change in plan assets: | ' | ' | ' |
Employer contributions | 1 | 2 | ' |
Participant contributions | 3 | 3 | ' |
Funded status at end of year | -24 | -34 | ' |
Amounts recognized in balance sheet: | ' | ' | ' |
Current liabilities | -3 | -3 | ' |
Noncurrent liabilities | -21 | -31 | ' |
Net amount | -24 | -34 | ' |
Amounts recognized in accumulated other comprehensive earnings: | ' | ' | ' |
Net actuarial loss (gain) | -13 | -11 | ' |
Post service cost (credit) | -11 | -4 | ' |
Total | ($24) | ($15) | ' |
Retirement_Plans_Schedule_Of_P
Retirement Plans (Schedule Of Projected Benefit Obligation And Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Retirement Plans [Abstract] | ' | ' |
Projected benefit obligation | $218 | $257 |
Accumulated benefit obligation | $179 | $216 |
Retirement_Plans_Schedule_Of_N
Retirement Plans (Schedule Of Net Periodic Benefit Cost And Other Comprehensive Income For Pension And Other Postretirement Benefit Plans) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Pension Benefits [Member] | ' | ' | ' | |||
Net periodic benefit cost: | ' | ' | ' | |||
Service cost | $36 | $43 | $37 | |||
Interest cost | 51 | 60 | 60 | |||
Expected return on plan assets | -62 | -64 | -42 | |||
Curtailment and settlement expense | ' | 26 | ' | |||
Recognition of net actuarial loss (gain) | 22 | [1] | 24 | [1] | 32 | [1] |
Recognition of prior service cost | 4 | [1] | 3 | [1] | 3 | [1] |
Net periodic benefit cost | 51 | [2] | 92 | [2] | 90 | [2] |
Other comprehensive loss (earnings): | ' | ' | ' | |||
Actuarial loss (gain) arising in current year | -39 | 37 | 23 | |||
Prior service cost (credit) arising in current year | 2 | 14 | ' | |||
Recognition of net actuarial loss, including settlement expense, in net periodic benefit cost | -22 | -45 | -32 | |||
Recognition of prior service cost, including curtailment, in net periodic benefit cost | -4 | -8 | -3 | |||
Total other comprehensive loss (earnings) | -63 | -2 | -12 | |||
Total recognized | -12 | 90 | 78 | |||
Postretirement Benefits [Member] | ' | ' | ' | |||
Net periodic benefit cost: | ' | ' | ' | |||
Service cost | 1 | 1 | 1 | |||
Interest cost | 1 | 1 | 2 | |||
Curtailment and settlement expense | ' | 1 | -3 | |||
Recognition of net actuarial loss (gain) | -1 | [1] | -1 | [1] | ' | |
Recognition of prior service cost | -1 | [1] | -1 | [1] | -2 | [1] |
Net periodic benefit cost | ' | 1 | [2] | -2 | [2] | |
Other comprehensive loss (earnings): | ' | ' | ' | |||
Actuarial loss (gain) arising in current year | -3 | -4 | -7 | |||
Prior service cost (credit) arising in current year | -8 | ' | 5 | |||
Recognition of net actuarial loss, including settlement expense, in net periodic benefit cost | 1 | 1 | 3 | |||
Recognition of prior service cost, including curtailment, in net periodic benefit cost | 1 | 1 | 2 | |||
Total other comprehensive loss (earnings) | -9 | -2 | 3 | |||
Total recognized | ($9) | ($1) | $1 | |||
[1] | These net periodic benefit costs were reclassified out of other comprehensive earnings in the current period. | |||||
[2] | Net periodic benefit cost is a component of general and administrative expenses on the accompanying comprehensive statements of earnings. |
Retirement_Plans_Schedule_Of_E
Retirement Plans (Schedule Of Estimated Net Actuarial Loss And Prior Service Cost For The Pension And Other Postretirement Plans That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost During 2014) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss (gain) | $18 |
Prior service cost (credit) | 4 |
Total | 22 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss (gain) | -1 |
Prior service cost (credit) | -1 |
Total | ($2) |
Retirement_Plans_Schedule_Of_W
Retirement Plans (Schedule Of Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Assumptions to determine benefit obligations: | ' | ' | ' |
Discount rate | 4.80% | 3.85% | 4.65% |
Rate of compensation increase | 4.48% | 4.48% | 4.97% |
Assumptions to determine net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.85% | 4.65% | 5.50% |
Expected return on plan assets | 5.48% | 5.48% | 6.48% |
Rate of compensation increase | 4.48% | 4.97% | 6.94% |
Postretirement Benefits [Member] | ' | ' | ' |
Assumptions to determine benefit obligations: | ' | ' | ' |
Discount rate | 3.65% | 3.30% | 4.25% |
Assumptions to determine net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.30% | 4.25% | 4.90% |
Retirement_Plans_Schedule_Of_P1
Retirement Plans (Schedule Of Pension Plan Assets Target Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fixed Income [Member] | ' | ' |
Target plan asset allocations | 70.00% | 70.00% |
Equity Securities [Member] | ' | ' |
Target plan asset allocations | 20.00% | 20.00% |
Other Securities [Member] | ' | ' |
Target plan asset allocations | 10.00% | 10.00% |
Retirement_Plans_Schedule_Of_F
Retirement Plans (Schedule Of Fair Values Of Pension Assets By Asset Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Level 3 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $112 | $103 | $90 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 100.00% | 100.00% | ' |
Fair value of plan assets | 1,006 | 1,165 | 1,187 |
Pension Benefits [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 401 | 366 | ' |
Pension Benefits [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 493 | 696 | ' |
Pension Benefits [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 112 | 103 | ' |
Pension Benefits [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 66.60% | 68.30% | ' |
Fair value of plan assets | 670 | 795 | ' |
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 386 | 349 | ' |
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 284 | 446 | ' |
Pension Benefits [Member] | United States Treasuries [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 24.00% | 39.40% | ' |
Fair value of plan assets | 241 | 459 | ' |
Pension Benefits [Member] | United States Treasuries [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 69 | 65 | ' |
Pension Benefits [Member] | United States Treasuries [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 172 | 394 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 39.50% | 26.50% | ' |
Fair value of plan assets | 398 | 308 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 286 | 256 | ' |
Pension Benefits [Member] | Corporate Bonds [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 112 | 52 | ' |
Pension Benefits [Member] | Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 3.10% | 2.40% | ' |
Fair value of plan assets | 31 | 28 | ' |
Pension Benefits [Member] | Other Bonds [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 31 | 28 | ' |
Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 19.00% | 20.50% | ' |
Fair value of plan assets | 190 | 239 | ' |
Pension Benefits [Member] | Equity Securities [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 190 | 239 | ' |
Pension Benefits [Member] | Other Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 14.40% | 11.20% | ' |
Fair value of plan assets | 146 | 131 | ' |
Pension Benefits [Member] | Other Securities [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 15 | 17 | ' |
Pension Benefits [Member] | Other Securities [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 19 | 11 | ' |
Pension Benefits [Member] | Other Securities [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 112 | 103 | ' |
Pension Benefits [Member] | Hedge Fund And Alternative Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 12.50% | 10.30% | ' |
Fair value of plan assets | 127 | 120 | ' |
Pension Benefits [Member] | Hedge Fund And Alternative Investments [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 15 | 17 | ' |
Pension Benefits [Member] | Hedge Fund And Alternative Investments [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 112 | 103 | ' |
Pension Benefits [Member] | Short-Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Actual allocation | 1.90% | 0.90% | ' |
Fair value of plan assets | 19 | 11 | ' |
Pension Benefits [Member] | Short-Term Investments [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $19 | $11 | ' |
Retirement_Plans_Schedule_Of_C1
Retirement Plans (Schedule Of Changes In Level 3 Assets) (Details) (Level 3 Inputs [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 Inputs [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | $103 | $90 |
Purchases | ' | 6 |
Investment returns | 9 | 7 |
Fair value of plan assets at end of year | $112 | $103 |
Retirement_Plans_Schedule_Of_E1
Retirement Plans (Schedule Of Expected Cash Flow Information For Pension And Other Postretirement Benefit Plans) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Devon's 2014 contributions | $12 |
Benefit payments: | ' |
2014 | 71 |
2015 | 74 |
2016 | 75 |
2017 | 78 |
2018 | 81 |
2019 to 2023 | 450 |
Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Devon's 2014 contributions | 3 |
Benefit payments: | ' |
2014 | 3 |
2015 | 3 |
2016 | 3 |
2017 | 3 |
2018 | 3 |
2019 to 2023 | $9 |
Retirement_Plans_Schedule_Of_E2
Retirement Plans (Schedule Of Expense Related To These Defined Contribution Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expense related to defined contribution plans | $67 | $59 | $54 |
401(k) Plan And Enhanced Contribution Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expense related to defined contribution plans | 41 | 36 | 33 |
Canadian Pension And Savings Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expense related to defined contribution plans | $26 | $23 | $21 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2013 | Mar. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized (in shares) | ' | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | ' |
Common stock, par value (in dollars per share) | ' | ' | ' | ' | $0.10 | $0.10 | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | 4,500,000 | ' | ' |
Preferred stock par value per share | ' | ' | ' | ' | $1 | ' | ' |
Payments of ordinary dividends | ' | ' | ' | ' | $348,000,000 | $324,000,000 | $278,000,000 |
Dividends paid per share | $0.22 | $0.20 | $0.17 | $0.16 | ' | ' | ' |
Common shares repurchased, shares | ' | ' | ' | ' | ' | ' | 49,200,000 |
Common shares repurchased, amount | ' | ' | ' | ' | ' | ' | $3,500,000,000 |
Repurchase amount of common shares per share | ' | ' | ' | ' | ' | ' | $71.18 |
Series A Junior Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | 2,900,000 | ' | ' |
Preferred stock issued | ' | ' | ' | ' | 0 | ' | ' |
Preferred stock outstanding | ' | ' | ' | ' | 0 | ' | ' |
Preferred stock cumulative quarterly dividends per share minimum | ' | ' | ' | ' | $1 | ' | ' |
Preferred stock cumulative quarterly dividends aggregate per share multiplier | ' | ' | ' | ' | 100 | ' | ' |
Preferred stock, number of votes per share | ' | ' | ' | ' | '100 | ' | ' |
Preferred stock redemption price multiplier based on current market price | ' | ' | ' | ' | 100 | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies [Abstract] | ' | ' | ' |
Obligation related to the purchase of condensate, year of expiration | '2021 | ' | ' |
Total rental expense, including certain office space and equipment under operating lease agreements, net of sub-lease income | $26 | $42 | $42 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Commitments And Contingencies) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Purchase Obligations [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
2014 | $852 |
2015 | 874 |
2016 | 945 |
2017 | 871 |
2018 | 885 |
Thereafter | 1,998 |
Total | 6,425 |
Drilling And Facility Obligations [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
2014 | 341 |
2015 | 18 |
2016 | 7 |
Total | 366 |
Operational Agreements [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
2014 | 519 |
2015 | 477 |
2016 | 399 |
2017 | 388 |
2018 | 335 |
Thereafter | 1,331 |
Total | 3,449 |
Office And Equipment Leases [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
2014 | 41 |
2015 | 38 |
2016 | 34 |
2017 | 33 |
2018 | 28 |
Thereafter | 111 |
Total | $285 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | $103 | $425 | ' |
Derivatives, liabilities | -121 | -32 | ' |
Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 5,305 | 4,149 | ' |
Debt | -12,022 | -11,644 | ' |
Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 5,305 | 4,149 | ' |
Debt | -12,908 | -13,435 | ' |
Level 1 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 4,191 | 32 | ' |
Level 2 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 1,114 | 4,117 | ' |
Debt | -12,908 | -13,435 | ' |
Short-Term Investments [Member] | Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | ' | 2,343 | ' |
Short-Term Investments [Member] | Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | ' | 2,343 | ' |
Short-Term Investments [Member] | Level 1 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | ' | 429 | ' |
Short-Term Investments [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | ' | 1,914 | ' |
Long-Term Investments [Member] | Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | 62 | 64 | ' |
Long-Term Investments [Member] | Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | 62 | 64 | ' |
Long-Term Investments [Member] | Level 3 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Investments | 62 | 64 | 84 |
Commodity Derivatives [Member] | Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | 103 | 401 | ' |
Derivatives, liabilities | -120 | -32 | ' |
Commodity Derivatives [Member] | Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | 103 | 401 | ' |
Derivatives, liabilities | -120 | -32 | ' |
Commodity Derivatives [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | 103 | 401 | ' |
Derivatives, liabilities | -120 | -32 | ' |
Interest Rate Derivatives [Member] | Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 23 | ' |
Interest Rate Derivatives [Member] | Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 23 | ' |
Interest Rate Derivatives [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 23 | ' |
Foreign Currency Derivatives [Member] | Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 1 | ' |
Derivatives, liabilities | -1 | ' | ' |
Foreign Currency Derivatives [Member] | Total Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 1 | ' |
Derivatives, liabilities | -1 | ' | ' |
Foreign Currency Derivatives [Member] | Level 2 Inputs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Derivatives, assets | ' | 1 | ' |
Derivatives, liabilities | ($1) | ' | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) (Level 3 Inputs [Member], Long-Term Investments [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 Inputs [Member] | Long-Term Investments [Member] | ' | ' |
Long-term investments balance at beginning of period | $64 | $84 |
Redemptions of principal | -2 | -20 |
Long-term investments balance at end of period | $62 | $64 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations [Abstract] | ' | ' | ' |
Revenues related to discontinued operations | $0 | $0 | $43 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Gains On Divestiture Transactions) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations [Abstract] | ' | ' |
Discontinued operations, Operating earnings | ' | $38 |
Discontinued operations, Gain (loss) on sale of oil and gas properties | -16 | 2,552 |
Discontinued operations, Earnings (loss) before income taxes | -16 | 2,590 |
Discontinued operations, Income tax expense | 5 | 20 |
Discontinued operations, Earnings (loss) after tax | ($21) | $2,570 |
Segment_information_Condensed_
Segment information (Condensed Statements Of Comprehensive Earnings And Balance Sheets Of Reportable Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil, gas and NGL sales | ' | ' | ' | ' | ' | ' | ' | ' | $8,522 | $7,153 | $8,315 | |
Oil, gas and NGL derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -191 | 693 | 881 | |
Marketing and midstream revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,066 | 1,655 | 2,249 | |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,780 | 2,811 | 2,248 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 437 | 406 | 352 | |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1,976 | 2,024 | ' | |
Earnings (loss) from continuing operations before income taxes | 475 | 639 | 997 | -1,962 | -501 | -1,161 | 734 | 611 | 149 | -317 | 4,290 | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 169 | -132 | 2,156 | |
Earnings (loss) from continuing operations | ' | ' | ' | ' | -357 | -719 | 477 | 414 | -20 | -185 | 2,134 | |
Property and equipment, net | 28,447 | ' | ' | ' | 27,316 | ' | ' | ' | 28,447 | 27,316 | 24,774 | |
Total assets | 42,877 | ' | ' | ' | 43,326 | ' | ' | ' | 42,877 | 43,326 | 40,964 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,643 | 8,474 | 7,795 | |
Assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153 | |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil, gas and NGL sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,964 | 4,679 | 5,418 | |
Oil, gas and NGL derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -197 | 681 | 881 | |
Marketing and midstream revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,974 | 1,541 | 2,050 | |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,931 | 1,824 | 1,439 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 392 | 343 | 204 | |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 1,133 | 1,861 | ' | |
Earnings (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 646 | -263 | 3,477 | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 325 | -97 | 1,958 | |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 321 | -166 | 1,519 | |
Property and equipment, net | 19,969 | ' | ' | ' | 18,361 | ' | ' | ' | 19,969 | 18,361 | 16,989 | |
Total assets | 29,317 | ' | ' | ' | 24,256 | ' | ' | ' | 29,317 | 24,256 | 22,622 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,802 | 6,511 | 6,101 | |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil, gas and NGL sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,558 | 2,474 | 2,897 | |
Oil, gas and NGL derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 12 | ' | |
Marketing and midstream revenues | ' | ' | ' | ' | ' | ' | ' | ' | 92 | 114 | 199 | |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 849 | 987 | 809 | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 45 | 63 | 148 | |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | 843 | 163 | ' | |
Earnings (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -497 | -54 | 813 | |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -156 | -35 | 198 | |
Earnings (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -341 | -19 | 615 | |
Property and equipment, net | 8,478 | ' | ' | ' | 8,955 | ' | ' | ' | 8,478 | 8,955 | 7,785 | |
Total assets | 13,560 | ' | ' | ' | 19,070 | ' | ' | ' | 13,560 | 19,070 | 18,342 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,841 | $1,963 | $1,694 | |
[1] | Amounts in the table above do not include assets held for sale related to Devonbs discontinued operations, which totaled $153 million in 2011. |
Supplemental_Information_On_Oi2
Supplemental Information On Oil And Gas Operations (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
MMBoe | MMBoe | MMBoe | MMBoe | Forecast [Member] | Forecast [Member] | Forecast [Member] | Jackfish [Member] | Jackfish [Member] | Jackfish [Member] | Barnett Shale [Member] | Barnett Shale [Member] | Barnett Shale [Member] | Anadarko Basin [Member] | Rocky Mountain [Member] | Rocky Mountain [Member] | Rocky Mountain [Member] | Granite Wash Area [Member] | Granite Wash Area [Member] | Cana-Woodford Shale [Member] | Cana-Woodford Shale [Member] | Cana-Woodford Shale [Member] | Permian Basin [Member] | Permian Basin [Member] | Permian Basin [Member] | Mississippian-Woodford Trend [Member] | Woodford Trend And Permian Basin [Member] | Woodford Trend And Permian Basin [Member] | Pike Thermal, Mississippian-Woodford Trend And Portion Of Permian Basin [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | Oil and Gas Properties [Member] | Oil and Gas Properties [Member] | Oil and Gas Properties [Member] | |||||||||
MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | MMBoe | Minimum [Member] | Maximum [Member] | MMBoe | MMBoe | MMBoe | MMBoe | ||||||||||||||||||||
Reserve Quantities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Commitment to fund future costs for joint venture | $1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Capitalized general and administrative expenses | 368,000,000 | 359,000,000 | 337,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Capitalized interest costs | -56,000,000 | -48,000,000 | -72,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | 36,000,000 | 45,000,000 | ||||||||
Years until development and evaluation will be complete | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proved undeveloped reserve (MMBoe) | 701 | [1] | 840 | [1] | 782 | [1] | 831 | [1] | ' | ' | ' | 441 | 429 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 258 | [1] | 407 | [1] | 403 | [1] | 411 | [1] | ' | ' | ' |
Increase (decrease) in proved undeveloped reserves | -17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of total proved reserves | 24.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Increase (decrease) in proved undeveloped reserves due to drilling and development activities (MMBoe) | 95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proved undeveloped reserves, conversion to proved developed reserves (MMBoe) | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116 | ' | ' | ' | ' | ' | ' | ||||||||
Proved undeveloped reserves, revisions other than price (MMboe) | -78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -91 | ' | ' | ' | ' | ' | ' | ||||||||
Proved undeveloped reserves to proved developed reserves, conversion, percentage | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | -88 | [1] | -68 | [1] | -35 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -117 | [1] | -67 | [1] | -41 | [1] | ' | ' | ' | ' | ||
Cost incurred related to development and conversion | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Daily barrel facility capacity | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Year development schedule will be complete | '2031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Proved developed and undeveloped reserves, revisions due to prices (MMboe) | 94 | [1] | -171 | [1] | -21 | [1] | ' | ' | ' | ' | ' | ' | ' | 43 | -100 | ' | ' | 19 | -25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | [1] | -159 | [1] | 6 | [1] | ' | ' | ' | ' | ||
Proved developed and undeveloped reserves, extension and discoveries (MMBoe) | 261 | [1] | 449 | [1] | 421 | [1] | ' | ' | ' | ' | 38 | 67 | 30 | 54 | 95 | 115 | 42 | ' | 16 | 19 | 18 | 17 | ' | 151 | 162 | 76 | 72 | 39 | 32 | ' | ' | ' | 212 | [1] | 367 | [1] | 374 | [1] | ' | ' | ' | ' | ||
Proved developed and undeveloped reserves, extensions and discoveries related to additions from in fill drilling activities (MMBoe) | 175 | 229 | 168 | ' | ' | ' | ' | 38 | ' | ' | 54 | 82 | 77 | ' | ' | ' | ' | ' | ' | 23 | 134 | 80 | 33 | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Oil and gas properties not subject to amortization | 2,791,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Average price per barrel of oil used to estimate proved oil reserves | 88.19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Average price per barrel of bitumen used to estimate proved oil reserves | 47.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Average price per Mcf of gas used to estimated proved gas | 3.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Average price per barrel of natural gas liquids used to estimate proved NGL reserves | 26.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Future development costs | 10,756,000,000 | 12,767,000,000 | 11,495,000,000 | ' | 700,000,000 | 1,500,000,000 | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,448,000,000 | 6,556,000,000 | 6,817,000,000 | ' | ' | ' | ' | ||||||||
Future dismantlement, abandonment and rehabilitation costs | $2,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. |
Supplemental_Information_On_Oi3
Supplemental Information On Oil And Gas Operations (Costs Incurred) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property acquisition costs: | ' | ' | ' |
Proved properties | $22 | $73 | $48 |
Unproved properties | 216 | 1,167 | 923 |
Exploration costs | 595 | 666 | 554 |
Development costs | 5,089 | 6,099 | 5,418 |
Costs incurred | 5,922 | 8,005 | 6,943 |
United States [Member] | ' | ' | ' |
Property acquisition costs: | ' | ' | ' |
Proved properties | 19 | 2 | 34 |
Unproved properties | 213 | 1,135 | 851 |
Exploration costs | 443 | 351 | 272 |
Development costs | 3,838 | 4,408 | 4,130 |
Costs incurred | 4,513 | 5,896 | 5,287 |
Canada [Member] | ' | ' | ' |
Property acquisition costs: | ' | ' | ' |
Proved properties | 3 | 71 | 14 |
Unproved properties | 3 | 32 | 72 |
Exploration costs | 152 | 315 | 282 |
Development costs | 1,251 | 1,691 | 1,288 |
Costs incurred | $1,409 | $2,109 | $1,656 |
Supplemental_Information_On_Oi4
Supplemental Information On Oil And Gas Operations (Capitalized Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Proved properties | $73,995 | $69,410 |
Unproved properties | 2,791 | 3,308 |
Total oil and gas properties | 76,786 | 72,718 |
Accumulated DD and A | -52,461 | -49,137 |
Net capitalized costs | 24,325 | 23,581 |
United States [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Proved properties | 51,366 | 46,570 |
Unproved properties | 1,277 | 1,703 |
Total oil and gas properties | 52,643 | 48,273 |
Accumulated DD and A | -35,848 | -33,098 |
Net capitalized costs | 16,795 | 15,175 |
Canada [Member] | ' | ' |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' |
Proved properties | 22,629 | 22,840 |
Unproved properties | 1,514 | 1,605 |
Total oil and gas properties | 24,143 | 24,445 |
Accumulated DD and A | -16,613 | -16,039 |
Net capitalized costs | $7,530 | $8,406 |
Supplemental_Information_On_Oi5
Supplemental Information On Oil And Gas Operations (Oil And Gas Properties Not Subject To Amortization) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Acquisition costs | $1,842 |
Exploration costs | 503 |
Development costs | 320 |
Capitalized interest | 126 |
Total oil and gas properties not subject to amortization | 2,791 |
2013 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Acquisition costs | 207 |
Exploration costs | 226 |
Development costs | 113 |
Capitalized interest | 41 |
Total oil and gas properties not subject to amortization | 587 |
2012 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Acquisition costs | 725 |
Exploration costs | 129 |
Development costs | 132 |
Capitalized interest | 33 |
Total oil and gas properties not subject to amortization | 1,019 |
2011 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Acquisition costs | 62 |
Exploration costs | 118 |
Development costs | 66 |
Capitalized interest | 33 |
Total oil and gas properties not subject to amortization | 279 |
Cost Incurred Prior to 2011 [Member] | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' |
Acquisition costs | 848 |
Exploration costs | 30 |
Development costs | 9 |
Capitalized interest | 19 |
Total oil and gas properties not subject to amortization | $906 |
Supplemental_Information_On_Oi6
Supplemental Information On Oil And Gas Operations (Results Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil, gas and NGL sales | $8,522 | $7,153 | $8,315 |
Lease operating expenses | -2,268 | -2,074 | -1,851 |
General and administrative expenses | -202 | -296 | -251 |
Production and property taxes | -439 | -395 | -402 |
Depreciation, depletion and amortization | -2,465 | -2,526 | -1,987 |
Asset impairments | -1,953 | -1,956 | ' |
Accretion of asset retirement obligations | -111 | -109 | -91 |
Income tax (expense) benefit | -422 | 96 | -1,255 |
Results of operations | 662 | -107 | 2,478 |
Depreciation, depletion and amortization per Boe | 9.75 | 10.12 | 8.28 |
United States [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil, gas and NGL sales | 5,964 | 4,679 | 5,418 |
Lease operating expenses | -1,257 | -1,059 | -925 |
General and administrative expenses | -125 | -159 | -132 |
Production and property taxes | -380 | -340 | -357 |
Depreciation, depletion and amortization | -1,640 | -1,563 | -1,201 |
Asset impairments | -1,110 | -1,793 | ' |
Accretion of asset retirement obligations | -47 | -40 | -34 |
Income tax (expense) benefit | -510 | 99 | -1,005 |
Results of operations | 895 | -176 | 1,764 |
Depreciation, depletion and amortization per Boe | 8.69 | 8.55 | 6.94 |
Canada [Member] | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Oil, gas and NGL sales | 2,558 | 2,474 | 2,897 |
Lease operating expenses | -1,011 | -1,015 | -926 |
General and administrative expenses | -77 | -137 | -119 |
Production and property taxes | -59 | -55 | -45 |
Depreciation, depletion and amortization | -825 | -963 | -786 |
Asset impairments | -843 | -163 | ' |
Accretion of asset retirement obligations | -64 | -69 | -57 |
Income tax (expense) benefit | 88 | -3 | -250 |
Results of operations | ($233) | $69 | $714 |
Depreciation, depletion and amortization per Boe | 12.87 | 14.41 | 11.74 |
Supplemental_Information_On_Oi7
Supplemental Information On Oil And Gas Operations (Proved Oil Reserves) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MMBbls | MMBbls | MMBbls | MMBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | ' | ' | ' |
Oil [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 270 | 248 | 241 | ' |
Proved developed and undeveloped reserves, due to prices | ' | -6 | 3 | ' |
Proved developed and undeveloped reserves, revisions other than price | -18 | -8 | -6 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 76 | 72 | 42 | ' |
Proved developed and undeveloped reserves, purchase of reserves | 1 | ' | ' | ' |
Proved developed and undeveloped reserves, production | -43 | -36 | -32 | ' |
Proved developed and undeveloped reserves, sale of reserves | -1 | ' | ' | ' |
Proved developed and undeveloped reserves, ending balance | 285 | 270 | 248 | ' |
Proved developed reserves | 250 | 228 | 219 | 213 |
Proved developed producing reserves | 229 | 211 | 204 | 195 |
Proved undeveloped reserve | 35 | 42 | 29 | 28 |
Oil [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 205 | 168 | 148 | ' |
Proved developed and undeveloped reserves, due to prices | 1 | -1 | 2 | ' |
Proved developed and undeveloped reserves, revisions other than price | -18 | -6 | -1 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 69 | 65 | 36 | ' |
Proved developed and undeveloped reserves, purchase of reserves | 1 | ' | ' | ' |
Proved developed and undeveloped reserves, production | -28 | -21 | -17 | ' |
Proved developed and undeveloped reserves, sale of reserves | -1 | ' | ' | ' |
Proved developed and undeveloped reserves, ending balance | 229 | 205 | 168 | ' |
Proved developed reserves | 194 | 166 | 146 | 131 |
Proved developed producing reserves | 178 | 155 | 139 | 123 |
Proved undeveloped reserve | 35 | 39 | 22 | 17 |
Oil [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 65 | 80 | 93 | ' |
Proved developed and undeveloped reserves, due to prices | -1 | -5 | 1 | ' |
Proved developed and undeveloped reserves, revisions other than price | ' | -2 | -5 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 7 | 7 | 6 | ' |
Proved developed and undeveloped reserves, production | -15 | -15 | -15 | ' |
Proved developed and undeveloped reserves, ending balance | 56 | 65 | 80 | ' |
Proved developed reserves | 56 | 62 | 73 | 82 |
Proved developed producing reserves | 51 | 56 | 65 | 72 |
Proved undeveloped reserve | ' | 3 | 7 | 11 |
Supplemental_Information_On_Oi8
Supplemental Information On Oil And Gas Operations (Proved Bitumen Reserves) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MMBbls | MMBbls | MMBbls | MMBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | ' | ' | ' |
Bitumen [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 528 | 457 | 440 | ' |
Proved developed and undeveloped reserves, due to prices | -11 | 14 | -16 | ' |
Proved developed and undeveloped reserves, revisions other than price | 16 | 7 | 16 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 38 | 67 | 30 | ' |
Proved developed and undeveloped reserves, production | -19 | -17 | -13 | ' |
Proved developed and undeveloped reserves, ending balance | 552 | 528 | 457 | ' |
Proved developed reserves | 111 | 99 | 90 | 44 |
Proved developed producing reserves | 111 | 99 | 90 | 44 |
Proved undeveloped reserve | 441 | 429 | 367 | 396 |
Bitumen [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 528 | 457 | 440 | ' |
Proved developed and undeveloped reserves, due to prices | -11 | 14 | -16 | ' |
Proved developed and undeveloped reserves, revisions other than price | 16 | 7 | 16 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 38 | 67 | 30 | ' |
Proved developed and undeveloped reserves, production | -19 | -17 | -13 | ' |
Proved developed and undeveloped reserves, ending balance | 552 | 528 | 457 | ' |
Proved developed reserves | 111 | 99 | 90 | 44 |
Proved developed producing reserves | 111 | 99 | 90 | 44 |
Proved undeveloped reserve | 441 | 429 | 367 | 396 |
Supplemental_Information_On_Oi9
Supplemental Information On Oil And Gas Operations (Proved Natural Gas Reserves) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MMcf | MMcf | MMcf | MMcf | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | ' | ' | ' |
Natural Gas [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 9,446,000 | 10,486,000 | 10,283,000 | ' |
Proved developed and undeveloped reserves, due to prices | 566,000 | -930,000 | -61,000 | ' |
Proved developed and undeveloped reserves, revisions other than price | -232,000 | -320,000 | -281,000 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 490,000 | 1,158,000 | 1,468,000 | ' |
Proved developed and undeveloped reserves, purchase of reserves | 1,000 | 2,000 | 36,000 | ' |
Proved developed and undeveloped reserves, production | -874,000 | -938,000 | -953,000 | ' |
Proved developed and undeveloped reserves, sale of reserves | -89,000 | -12,000 | -6,000 | ' |
Proved developed and undeveloped reserves, ending balance | 9,308,000 | 9,446,000 | 10,486,000 | ' |
Proved developed reserves | 8,459,000 | 8,070,000 | 8,908,000 | 8,424,000 |
Proved developed producing reserves | 8,105,000 | 7,715,000 | 8,271,000 | 7,733,000 |
Proved undeveloped reserve | 849,000 | 1,376,000 | 1,578,000 | 1,859,000 |
Natural Gas [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 8,762,000 | 9,507,000 | 9,065,000 | ' |
Proved developed and undeveloped reserves, due to prices | 405,000 | -831,000 | -1,000 | ' |
Proved developed and undeveloped reserves, revisions other than price | -299,000 | -287,000 | -243,000 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 471,000 | 1,124,000 | 1,410,000 | ' |
Proved developed and undeveloped reserves, purchase of reserves | 1,000 | 2,000 | 16,000 | ' |
Proved developed and undeveloped reserves, production | -709,000 | -752,000 | -740,000 | ' |
Proved developed and undeveloped reserves, sale of reserves | -81,000 | -1,000 | ' | ' |
Proved developed and undeveloped reserves, ending balance | 8,550,000 | 8,762,000 | 9,507,000 | ' |
Proved developed reserves | 7,707,000 | 7,391,000 | 7,957,000 | 7,280,000 |
Proved developed producing reserves | 7,425,000 | 7,091,000 | 7,409,000 | 6,702,000 |
Proved undeveloped reserve | 843,000 | 1,371,000 | 1,550,000 | 1,785,000 |
Natural Gas [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 684,000 | 979,000 | 1,218,000 | ' |
Proved developed and undeveloped reserves, due to prices | 161,000 | -99,000 | -60,000 | ' |
Proved developed and undeveloped reserves, revisions other than price | 67,000 | -33,000 | -38,000 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 19,000 | 34,000 | 58,000 | ' |
Proved developed and undeveloped reserves, purchase of reserves | ' | ' | 20,000 | ' |
Proved developed and undeveloped reserves, production | -165,000 | -186,000 | -213,000 | ' |
Proved developed and undeveloped reserves, sale of reserves | -8,000 | -11,000 | -6,000 | ' |
Proved developed and undeveloped reserves, ending balance | 758,000 | 684,000 | 979,000 | ' |
Proved developed reserves | 752,000 | 679,000 | 951,000 | 1,144,000 |
Proved developed producing reserves | 680,000 | 624,000 | 862,000 | 1,031,000 |
Proved undeveloped reserve | 6,000 | 5,000 | 28,000 | 74,000 |
Recovered_Sheet1
Supplemental Information On Oil And Gas Operations (Proved Natural Gas Liquids Reserves) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
MMBbls | MMBbls | MMBbls | MMBbls | |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | ' | ' | ' |
Natural Gas Liquids [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 591 | 552 | 479 | ' |
Proved developed and undeveloped reserves, due to prices | 11 | -24 | 3 | ' |
Proved developed and undeveloped reserves, revisions other than price | -47 | -13 | 1 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 65 | 116 | 104 | ' |
Proved developed and undeveloped reserves, purchase of reserves | ' | ' | 2 | ' |
Proved developed and undeveloped reserves, production | -45 | -40 | -37 | ' |
Proved developed and undeveloped reserves, ending balance | 575 | 591 | 552 | ' |
Proved developed reserves | 491 | 451 | 428 | 381 |
Proved developed producing reserves | 463 | 425 | 396 | 344 |
Proved undeveloped reserve | 84 | 140 | 124 | 98 |
Natural Gas Liquids [Member] | United States [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 571 | 525 | 449 | ' |
Proved developed and undeveloped reserves, due to prices | 8 | -19 | 4 | ' |
Proved developed and undeveloped reserves, revisions other than price | -50 | -13 | 1 | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 64 | 114 | 102 | ' |
Proved developed and undeveloped reserves, purchase of reserves | ' | ' | 2 | ' |
Proved developed and undeveloped reserves, production | -41 | -36 | -33 | ' |
Proved developed and undeveloped reserves, ending balance | 552 | 571 | 525 | ' |
Proved developed reserves | 468 | 431 | 402 | 353 |
Proved developed producing reserves | 442 | 406 | 372 | 318 |
Proved undeveloped reserve | 84 | 140 | 123 | 96 |
Natural Gas Liquids [Member] | Canada [Member] | ' | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' | ' |
Proved developed and undeveloped reserves, beginning balance | 20 | 27 | 30 | ' |
Proved developed and undeveloped reserves, due to prices | 3 | -5 | -1 | ' |
Proved developed and undeveloped reserves, revisions other than price | 3 | ' | ' | ' |
Proved developed and undeveloped reserves, extensions and discoveries | 1 | 2 | 2 | ' |
Proved developed and undeveloped reserves, production | -4 | -4 | -4 | ' |
Proved developed and undeveloped reserves, ending balance | 23 | 20 | 27 | ' |
Proved developed reserves | 23 | 20 | 26 | 28 |
Proved developed producing reserves | 21 | 19 | 24 | 26 |
Proved undeveloped reserve | ' | ' | 1 | 2 |
Recovered_Sheet2
Supplemental Information On Oil And Gas Operations (Proved Total MMBoe Reserves) (Details) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
MMBoe | MMBoe | MMBoe | MMBoe | |||||
Mcf | ||||||||
Reserve Quantities [Line Items] | ' | ' | ' | ' | ||||
Proved developed and undeveloped reserves, beginning balance (MMBoe) | 2,963 | [1] | 2,963 | [1] | 3,005 | [1] | 2,873 | [1] |
Proved developed and undeveloped reserves, revisions due to prices (MMboe) | 94 | [1] | -171 | [1] | -21 | [1] | ' | |
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | -88 | [1] | -68 | [1] | -35 | [1] | ' | |
Proved developed and undeveloped reserves, extension and discoveries (MMBoe) | 261 | [1] | 449 | [1] | 421 | [1] | ' | |
Proved developed and undeveloped reserves, purchase of reserves (MMboe) | 1 | [1] | ' | 8 | [1] | ' | ||
Proved developed and undeveloped reserves, production (MMBoe) | -253 | [1] | -250 | [1] | -240 | [1] | ' | |
Proved developed and undeveloped reserves, sale of reserves (MMBoe) | -15 | [1] | -2 | [1] | -1 | [1] | ' | |
Proved developed and undeveloped reserves, ending balance (MMBoe) | 2,963 | [1] | 2,963 | [1] | 3,005 | [1] | 2,873 | [1] |
Proved developed reserves (MMBoe) | 2,262 | [1] | 2,123 | [1] | 2,223 | [1] | 2,042 | [1] |
Proved developed producing reserves (MMBoe) | 2,154 | [1] | 2,021 | [1] | 2,069 | [1] | 1,871 | [1] |
Proved undeveloped reserve (MMBoe) | 701 | [1] | 840 | [1] | 782 | [1] | 831 | [1] |
Conversion rate of gas reserves from barrels of oil to Boe | 6 | ' | ' | ' | ||||
United States [Member] | ' | ' | ' | ' | ||||
Reserve Quantities [Line Items] | ' | ' | ' | ' | ||||
Proved developed and undeveloped reserves, beginning balance (MMBoe) | 2,205 | [1] | 2,236 | [1] | 2,278 | [1] | 2,107 | [1] |
Proved developed and undeveloped reserves, revisions due to prices (MMboe) | 76 | [1] | -159 | [1] | 6 | [1] | ' | |
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | -117 | [1] | -67 | [1] | -41 | [1] | ' | |
Proved developed and undeveloped reserves, extension and discoveries (MMBoe) | 212 | [1] | 367 | [1] | 374 | [1] | ' | |
Proved developed and undeveloped reserves, purchase of reserves (MMboe) | 1 | [1] | ' | 5 | [1] | ' | ||
Proved developed and undeveloped reserves, production (MMBoe) | -189 | [1] | -183 | [1] | -173 | [1] | ' | |
Proved developed and undeveloped reserves, sale of reserves (MMBoe) | -14 | [1] | ' | ' | ' | |||
Proved developed and undeveloped reserves, ending balance (MMBoe) | 2,205 | [1] | 2,236 | [1] | 2,278 | [1] | 2,107 | [1] |
Proved developed reserves (MMBoe) | 1,947 | [1] | 1,829 | [1] | 1,875 | [1] | 1,696 | [1] |
Proved developed producing reserves (MMBoe) | 1,857 | [1] | 1,743 | [1] | 1,746 | [1] | 1,557 | [1] |
Proved undeveloped reserve (MMBoe) | 258 | [1] | 407 | [1] | 403 | [1] | 411 | [1] |
Canada [Member] | ' | ' | ' | ' | ||||
Reserve Quantities [Line Items] | ' | ' | ' | ' | ||||
Proved developed and undeveloped reserves, beginning balance (MMBoe) | 758 | [1] | 727 | [1] | 727 | [1] | 766 | [1] |
Proved developed and undeveloped reserves, revisions due to prices (MMboe) | 18 | [1] | -12 | [1] | -27 | [1] | ' | |
Proved developed and undeveloped reserves, revisions other than price (MMBoe) | 29 | [1] | -1 | [1] | 6 | [1] | ' | |
Proved developed and undeveloped reserves, extension and discoveries (MMBoe) | 49 | [1] | 82 | [1] | 47 | [1] | ' | |
Proved developed and undeveloped reserves, purchase of reserves (MMboe) | ' | ' | 3 | [1] | ' | |||
Proved developed and undeveloped reserves, production (MMBoe) | -64 | [1] | -67 | [1] | -67 | [1] | ' | |
Proved developed and undeveloped reserves, sale of reserves (MMBoe) | -1 | [1] | -2 | [1] | -1 | [1] | ' | |
Proved developed and undeveloped reserves, ending balance (MMBoe) | 758 | [1] | 727 | [1] | 727 | [1] | 766 | [1] |
Proved developed reserves (MMBoe) | 315 | [1] | 294 | [1] | 348 | [1] | 346 | [1] |
Proved developed producing reserves (MMBoe) | 297 | [1] | 278 | [1] | 323 | [1] | 314 | [1] |
Proved undeveloped reserve (MMBoe) | 443 | [1] | 433 | [1] | 379 | [1] | 420 | [1] |
[1] | Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. |
Recovered_Sheet3
Supplemental Information On Oil And Gas Operations (Proved Undeveloped Reserves) (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
MMBoe | MMBoe | MMBoe | ||||
Reserve Quantities [Line Items] | ' | ' | ' | |||
Proved undeveloped reserve (MMBOE) beginning balance | 840 | [1] | 782 | [1] | 831 | [1] |
Proved undeveloped reserves, extensions and discoveries | 95 | ' | ' | |||
Proved undeveloped reserves, revisions due to prices | -9 | ' | ' | |||
Proved undeveloped reserves, revisions other than price | -78 | ' | ' | |||
Proved undeveloped reserves, conversion to proved developed reserves | -147 | ' | ' | |||
Proved undeveloped reserve (MMBOE) ending balance | 701 | [1] | 782 | [1] | 831 | [1] |
United States [Member] | ' | ' | ' | |||
Reserve Quantities [Line Items] | ' | ' | ' | |||
Proved undeveloped reserve (MMBOE) beginning balance | 407 | [1] | 403 | [1] | 411 | [1] |
Proved undeveloped reserves, extensions and discoveries | 57 | ' | ' | |||
Proved undeveloped reserves, revisions due to prices | 1 | ' | ' | |||
Proved undeveloped reserves, revisions other than price | -91 | ' | ' | |||
Proved undeveloped reserves, conversion to proved developed reserves | -116 | ' | ' | |||
Proved undeveloped reserve (MMBOE) ending balance | 258 | [1] | 403 | [1] | 411 | [1] |
Canada [Member] | ' | ' | ' | |||
Reserve Quantities [Line Items] | ' | ' | ' | |||
Proved undeveloped reserve (MMBOE) beginning balance | 433 | [1] | 379 | [1] | 420 | [1] |
Proved undeveloped reserves, extensions and discoveries | 38 | ' | ' | |||
Proved undeveloped reserves, revisions due to prices | -10 | ' | ' | |||
Proved undeveloped reserves, revisions other than price | 13 | ' | ' | |||
Proved undeveloped reserves, conversion to proved developed reserves | -31 | ' | ' | |||
Proved undeveloped reserve (MMBOE) ending balance | 443 | [1] | 379 | [1] | 420 | [1] |
[1] | Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. |
Recovered_Sheet4
Supplemental Information On Oil And Gas Operations (Standardized Measure Of Discounted Future Net Cash Flows Related To Interest In Proved Reserves) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | $95,288 | $88,867 | $106,091 |
Future costs: | ' | ' | ' |
Development | -10,756 | -12,767 | -11,495 |
Production | -42,372 | -40,876 | -41,280 |
Future income tax expense | -11,373 | -8,534 | -15,195 |
Future net cash flow | 30,787 | 26,690 | 38,121 |
10% discount to reflect timing of cash flows | -15,046 | -13,469 | -20,277 |
Standardized measure of discounted future net cash flows | 15,741 | 13,221 | 17,844 |
United States [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 61,983 | 55,297 | 69,305 |
Future costs: | ' | ' | ' |
Development | -5,448 | -6,556 | -6,817 |
Production | -26,663 | -24,265 | -26,217 |
Future income tax expense | -9,046 | -6,542 | -11,432 |
Future net cash flow | 20,826 | 17,934 | 24,839 |
10% discount to reflect timing of cash flows | -10,346 | -9,036 | -13,492 |
Standardized measure of discounted future net cash flows | 10,480 | 8,898 | 11,347 |
Canada [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 33,305 | 33,570 | 36,786 |
Future costs: | ' | ' | ' |
Development | -5,308 | -6,211 | -4,678 |
Production | -15,709 | -16,611 | -15,063 |
Future income tax expense | -2,327 | -1,992 | -3,763 |
Future net cash flow | 9,961 | 8,756 | 13,282 |
10% discount to reflect timing of cash flows | -4,700 | -4,433 | -6,785 |
Standardized measure of discounted future net cash flows | $5,261 | $4,323 | $6,497 |
Recovered_Sheet5
Supplemental Information On Oil And Gas Operations (Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Information On Oil And Gas Operations [Abstract] | ' | ' | ' |
Standardized measure of discounted future net cash flows, beginning balance | $13,221 | $17,844 | $16,352 |
Net changes in prices and production costs | 3,018 | -9,889 | 1,875 |
Oil, bitumen, gas and NGL sales, net of production costs | -5,613 | -4,388 | -5,811 |
Changes in estimated future development costs | 399 | -1,094 | -440 |
Extensions and discoveries, net of future development costs | 4,047 | 4,669 | 3,714 |
Purchase of reserves | 14 | 18 | 57 |
Sale of reserves in place | -44 | -25 | -2 |
Revisions of quantity estimates | -1,040 | 162 | -228 |
Previously estimated development costs incurred during the period | 1,986 | 1,321 | 1,302 |
Accretion of discount | 1,940 | 1,420 | 2,248 |
Other, primarily changes in timing and foreign exchange rates | -583 | 113 | -294 |
Net change in income taxes | -1,604 | 3,070 | -929 |
Standardized measure of discounted future net cash flows, ending balance | $15,741 | $13,221 | $17,844 |
Supplemental_Quarterly_Financi2
Supplemental Quarterly Financial Information (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
United States And Canada [Member] | United States And Canada [Member] | United States [Member] | Gross [Member] | Gross [Member] | Gross [Member] | Net Of Tax [Member] | Net Of Tax [Member] | Net Of Tax [Member] | |||
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | United States And Canada [Member] | United States And Canada [Member] | United States [Member] | United States And Canada [Member] | United States And Canada [Member] | United States [Member] | |||
Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | ||||||
Asset impairments | $1,976 | $2,024 | ' | ' | ' | $1,900 | $900 | $1,100 | $1,300 | $600 | $700 |
Asset impairment per diluted share | ' | ' | $3.25 | $1.46 | $1.78 | ' | ' | ' | ' | ' | ' |
Supplemental_Quarterly_Financi3
Supplemental Quarterly Financial Information (Schedule Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $2,624 | $2,714 | $3,088 | $1,971 | $2,580 | $1,865 | $2,561 | $2,495 | $10,397 | $9,501 | $11,445 |
Earnings (loss) from continuing operations before income taxes | 475 | 639 | 997 | -1,962 | -501 | -1,161 | 734 | 611 | 149 | -317 | 4,290 |
Earnings (loss) from continuing operations | ' | ' | ' | ' | -357 | -719 | 477 | 414 | -20 | -185 | 2,134 |
Earnings (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | -21 | ' | -21 | 2,570 |
Net (loss) earnings | $207 | $429 | $683 | ($1,339) | ($357) | ($719) | $477 | $393 | ($20) | ($206) | $4,704 |
Basic earnings (loss) from continuing operations per share | ' | ' | ' | ' | ($0.89) | ($1.80) | $1.18 | $1.03 | ($0.06) | ($0.47) | $5.12 |
Basic earnings (loss) from discontinued operations per share | ' | ' | ' | ' | ' | ' | ' | ($0.06) | ' | ($0.05) | $6.17 |
Net (loss) earnings - basic | $0.51 | $1.06 | $1.69 | ($3.34) | ($0.89) | ($1.80) | $1.18 | $0.97 | ($0.06) | ($0.52) | $11.29 |
Diluted earnings (loss) from continuing operations per share | ' | ' | ' | ' | ($0.89) | ($1.80) | $1.18 | $1.03 | ($0.06) | ($0.47) | $5.10 |
Diluted earnings (loss) from discontinued operations per share | ' | ' | ' | ' | ' | ' | ' | ($0.06) | ' | ($0.05) | $6.15 |
Net (loss) earnings - diluted | $0.51 | $1.05 | $1.68 | ($3.34) | ($0.89) | ($1.80) | $1.18 | $0.97 | ($0.06) | ($0.52) | $11.25 |