Document And Entity Information
Document And Entity Information - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Apr. 22, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Trading Symbol | DVN | |
Entity Registrant Name | DEVON ENERGY CORP/DE | |
Entity Central Index Key | 0001090012 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 382.7 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-32318 | |
Entity Tax Identification Number | 73-1567067 | |
Entity Address, Address Line One | 333 West Sheridan Avenue | |
Entity Address, City or Town | Oklahoma City | |
Entity Address, State or Province | OK | |
Entity Address, Postal Zip Code | 73102-5015 | |
City Area Code | 405 | |
Local Phone Number | 235-3611 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Upstream revenues | $ 1,527 | $ 314 |
Revenues | $ 560 | $ 765 |
Type of Revenue [Extensible List] | us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember | us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember |
Total revenues | $ 2,087 | $ 1,079 |
Production expenses | 318 | 283 |
Exploration expenses | 112 | 4 |
Expenses | $ 578 | $ 750 |
Type of Cost, Good or Service [Extensible List] | us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember | us-gaap:NaturalGasGatheringTransportationMarketingAndProcessingMember |
Depreciation, depletion and amortization | $ 401 | $ 360 |
Asset impairments | 2,666 | |
Asset dispositions | (45) | |
General and administrative expenses | 102 | 135 |
Financing costs, net | 65 | 60 |
Restructuring and transaction costs | 51 | |
Other expenses | (48) | (22) |
Total expenses | 4,194 | 1,576 |
Earnings (loss) from continuing operations before income taxes | (2,107) | (497) |
Income tax expense (benefit) | (417) | (119) |
Net earnings (loss) from continuing operations | (1,690) | (378) |
Net earnings (loss) from discontinued operations, net of income taxes | (125) | 61 |
Net earnings (loss) | (1,815) | (317) |
Net earnings attributable to noncontrolling interests | 1 | |
Net earnings (loss) attributable to Devon | $ (1,816) | $ (317) |
Basic net earnings (loss) per share: | ||
Basic earnings (loss) from continuing operations per share | $ (4.48) | $ (0.89) |
Basic earnings (loss) from discontinued operations per share | (0.34) | 0.15 |
Basic net earnings (loss) per share | (4.82) | (0.74) |
Diluted net earnings (loss) per share: | ||
Diluted earnings (loss) from continuing operations per share | (4.48) | (0.89) |
Diluted earnings (loss) from discontinued operations per share | (0.34) | 0.15 |
Diluted net earnings (loss) per share | $ (4.82) | $ (0.74) |
Comprehensive earnings (loss): | ||
Net earnings (loss) | $ (1,815) | $ (317) |
Other comprehensive earnings (loss), net of tax: | ||
Foreign currency translation, discontinued operations | 35 | |
Pension and postretirement plans | 1 | 2 |
Other comprehensive earnings (loss), net of tax | 1 | 37 |
Comprehensive earnings (loss): | (1,814) | (280) |
Comprehensive earnings attributable to noncontrolling interests | 1 | |
Comprehensive earnings (loss) attributable to Devon | $ (1,815) | $ (280) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (1,815) | $ (317) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Net (earnings) loss from discontinued operations, net of income taxes | 125 | (61) |
Depreciation, depletion and amortization | 401 | 360 |
Asset impairments | 2,666 | |
Leasehold impairments | 110 | 1 |
Accretion on discounted liabilities | 8 | 9 |
Total (gains) losses on commodity derivatives | (720) | 605 |
Cash settlements on commodity derivatives | 101 | 31 |
Gains on asset dispositions | (45) | |
Deferred income tax benefit | (311) | (115) |
Share-based compensation | 20 | 44 |
Other | (14) | |
Changes in assets and liabilities, net | (56) | (61) |
Net cash from operating activities - continuing operations | 529 | 437 |
Cash flows from investing activities: | ||
Capital expenditures | (425) | (490) |
Acquisitions of property and equipment | (4) | (10) |
Divestitures of property and equipment | 25 | 310 |
Net cash from investing activities - continuing operations | (404) | (190) |
Cash flows from financing activities: | ||
Repayments of long-term debt | (162) | |
Repurchases of common stock | (38) | (999) |
Dividends paid on common stock | (34) | (34) |
Contributions from noncontrolling interests | 5 | |
Distributions to noncontrolling interests | (3) | |
Shares exchanged for tax withholdings | (17) | (19) |
Net cash from financing activities - continuing operations | (87) | (1,214) |
Net change in cash, cash equivalents and restricted cash of continuing operations | 38 | (967) |
Cash flows from discontinued operations: | ||
Operating activities | (131) | (59) |
Investing activities | (1) | (59) |
Financing activities | 0 | (7) |
Effect of exchange rate changes on cash | (23) | 1 |
Net change in cash, cash equivalents and restricted cash of discontinued operations | (155) | (124) |
Net change in cash, cash equivalents and restricted cash | (117) | (1,091) |
Cash, cash equivalents and restricted cash at beginning of period | 1,844 | 2,446 |
Cash, cash equivalents and restricted cash at end of period | 1,727 | 1,355 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 1,527 | 1,327 |
Cash restricted for discontinued operations | 200 | |
Restricted cash included in other current assets | 28 | |
Cash, cash equivalents and restricted cash at end of period | $ 1,727 | $ 1,355 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Cash and cash equivalents | $ 1,527 | $ 1,464 | |
Cash restricted for discontinued operations | 200 | 380 | |
Accounts receivable | 594 | 832 | |
Current assets associated with discontinued operations | 736 | 896 | |
Other current assets | 998 | 279 | |
Total current assets | 4,055 | 3,851 | |
Oil and gas property and equipment, based on successful efforts accounting, net | 4,756 | 7,558 | |
Other property and equipment, net ($89 and $80 million related to CDM in 2020 and 2019, respectively) | [1] | 1,024 | 1,035 |
Total property and equipment, net | 5,780 | 8,593 | |
Goodwill | 753 | 753 | |
Right-of-use assets | 237 | 243 | |
Other long-term assets | 245 | 196 | |
Long-term assets associated with discontinued operations | 74 | 81 | |
Total assets | 11,144 | 13,717 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 444 | 428 | |
Revenues and royalties payable | 617 | 730 | |
Current liabilities associated with discontinued operations | 294 | 459 | |
Other current liabilities | 199 | 310 | |
Total current liabilities | 1,554 | 1,927 | |
Long-term debt | 4,295 | 4,294 | |
Lease liabilities | 245 | 244 | |
Asset retirement obligations | 386 | 380 | |
Other long-term liabilities | 461 | 426 | |
Long-term liabilities associated with discontinued operations | 163 | 185 | |
Deferred income taxes | 341 | ||
Stockholders' equity: | |||
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 383 million and 382 million shares in 2020 and 2019, respectively | 38 | 38 | |
Additional paid-in capital | 2,701 | 2,735 | |
Retained earnings | 1,298 | 3,148 | |
Accumulated other comprehensive loss | (118) | (119) | |
Total stockholders’ equity attributable to Devon | 3,919 | 5,802 | |
Noncontrolling interests | 121 | 118 | |
Total equity | 4,040 | 5,920 | |
Total liabilities and equity | $ 11,144 | $ 13,717 | |
[1] | $89 million and $80 million related to CDM in 2020 and 2019, respectively. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Other property and equipment, net | [1] | $ 1,024 | $ 1,035 |
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) | 383,000,000 | 382,000,000 | |
CDM [Member] | |||
Other property and equipment, net | $ 89 | $ 80 | |
[1] | $89 million and $80 million related to CDM in 2020 and 2019, respectively. |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Other Comprehensive Earnings (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2018 | $ 9,186 | $ 45 | $ 4,486 | $ 3,650 | $ 1,027 | $ (22) | |
Balance, shares at Dec. 31, 2018 | 450 | ||||||
Effect of adoption of lease accounting at Dec. 31, 2018 | (19) | (19) | |||||
Net earnings (loss) | (317) | (317) | |||||
Other comprehensive earnings, net of tax | 37 | 37 | |||||
Restricted stock grants, net of cancellations, shares | 3 | ||||||
Common stock repurchased | (1,042) | (1,042) | |||||
Common stock retired | $ (3) | (1,014) | 1,017 | ||||
Common stock retired, shares | (36) | ||||||
Common stock dividends | (34) | (34) | |||||
Share-based compensation | 46 | 46 | |||||
Balance at Mar. 31, 2019 | 7,857 | $ 42 | 3,518 | 3,280 | 1,064 | (47) | |
Balance, shares at Mar. 31, 2019 | 417 | ||||||
Balance at Dec. 31, 2019 | 5,920 | $ 38 | 2,735 | 3,148 | (119) | $ 118 | |
Balance, shares at Dec. 31, 2019 | 382 | ||||||
Net earnings (loss) | (1,815) | (1,816) | 1 | ||||
Other comprehensive earnings, net of tax | 1 | 1 | |||||
Restricted stock grants, net of cancellations, shares | 3 | ||||||
Common stock repurchased | (54) | (54) | |||||
Common stock retired | (54) | $ 54 | |||||
Common stock retired, shares | (3) | ||||||
Common stock dividends | (34) | (34) | |||||
Share-based compensation | 20 | 20 | |||||
Share-based compensation, shares | 1 | ||||||
Contributions from noncontrolling interests | 5 | 5 | |||||
Distributions to noncontrolling interests | (3) | (3) | |||||
Balance at Mar. 31, 2020 | $ 4,040 | $ 38 | $ 2,701 | $ 1,298 | $ (118) | $ 121 | |
Balance, shares at Mar. 31, 2020 | 383 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | DEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2019 Annual Report on Form 10-K . The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2020 and 2019 and Devon’s financial position as of March 31, 2020. As further discussed in Note 17 , Devon reached an agreement to sell its Barnett Shale assets in December 2019, which was amended in April 2020, and sold its Canadian operations on June 27, 2019 Activity relating to Devon’s Barnett Shale assets, inclusive of properties divested as partial sales of the Barnett Shale common operating field in previous reporting periods located primarily in Johnson and Wise counties, Texas, and its Canadian operations are classified as discontinued operations within Devon’s consolidated statements of comprehensive earnings and consolidated statements of cash flows. The associated assets and liabilities of Devon’s Barnett Shale assets and Canadian operations are presented as assets and liabilities associated with discontinued operations on the consolidated balance sheets . During the fourth quarter of 2019, Devon entered into an agreement to form Cotton Draw Midstream, L.L.C. (“CDM”), a joint-venture entity in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). Devon holds a controlling interest in CDM and the portions of Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended March 31, 2020 2019 Oil $ 662 $ 659 Gas 70 138 NGL 75 122 Oil, gas and NGL revenues from contracts with customers 807 919 Oil, gas and NGL derivatives 720 (605 ) Upstream revenues 1,527 314 Oil 329 356 Gas 92 218 NGL 137 191 Total marketing revenues 558 765 Midstream revenues 2 — Total marketing and midstream revenues from contracts with customers 560 765 Total revenues $ 2,087 $ 1,079 Recently Adopted Accounting Standards In 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Divestitures | 2. Dive Discontinued Operations – Upstream Assets In June 2019, Devon completed the sale of substantially all of its oil and gas assets and operations in Canada to Canadian Natural Resources Limited for proceeds, net of purchase price adjustments, of $2.6 billion ($3.4 billion Canadian dollars), and recognized a pre-tax gain of $223 million ($425 million, net of tax, primarily due to a significant deferred tax benefit). Additional information can be found in Note 17 . Devon announced the sale of its Barnett Shale assets to BKV in December 2019 and subsequently amended the agreement in April 2020. Under the amended terms, Devon has agreed to sell its Barnett Shale assets for $570 million in cash, before purchase price adjustments, at closing, which was extended to December 31, 2020. Devon recognized a $748 million asset impairment related to these assets in the fourth quarter of 2019 and an incremental $179 million asset impairment during the first quarter of 2020. Additional information can be found in Note 17 . Continuing Operations – Upstream Assets During the first quarter of 2020, Devon entered into a farmout agreement in which the third-party to the agreement can participate in the development of certain Devon-owned non-operated interests in the Delaware Basin. Under the agreement, Devon will periodically transfer working interests to the third party, who will then fund its share of operating and development costs. Once certain investment hurdles are met, a portion of the working interest held by the third party will revert back to Devon. No material activity occurred during the first quarter of 2020. In the first quarter of 2019, Devon received proceeds of approximately $300 million and recognized a $45 million net gain on asset dispositions, primarily from sales of non-core assets in the Permian Basin. In aggregate, the total estimated proved reserves associated with these divested assets were approximately 25 MMBoe. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 3. Derivative Fin Objectives and Strategies Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of March 31, 2020, Devon did not have any open interest rate swap contracts. Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. Counterparty Credit Risk By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of March 31, 2020, Devon neither held cash collateral of its counterpar ties no r posted collateral to its counterparties. Commodity Derivatives As of March 31, 2020, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table Price Swaps Price Collars Period Volume (Bbls/d) Weighted Average Price ($/Bbl) Volume (Bbls/d) Weighted Average Floor Price ($/Bbl) Weighted Average Ceiling Price ($/Bbl) Q2-Q4 2020 82,207 $ 36.87 50,449 $ 51.11 $ 61.14 Q1-Q4 2021 11,649 $ 36.77 15,964 $ 41.24 $ 51.24 Oil Basis Swaps Period Index Volume (Bbls/d) Weighted Average Differential to WTI ($/Bbl) Q2-Q4 2020 Argus MEH 50,916 $ 0.45 Q2-Q4 2020 Midland Sweet 31,782 $ (1.23 ) Q2-Q4 2020 NYMEX Roll 52,676 $ 0.38 Q1-Q4 2021 Midland Sweet 7,000 $ 1.27 As of March 31, 2020, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table. Price Swaps Price Collars Period Volume (MMBtu/d) Weighted Average Price ($/MMBtu) Volume (MMBtu/d) Weighted Average Floor Price ($/MMBtu) Weighted Average Ceiling Price ($/MMBtu) Q2-Q4 2020 65,396 $ 2.75 171,418 $ 1.89 $ 2.37 Q1-Q4 2021 — $ — 22,438 $ 2.06 $ 2.56 Natural Gas Basis Swaps Period Index Volume (MMBtu/d) Weighted Average Differential to Henry Hub ($/MMBtu) Q2-Q4 2020 Panhandle Eastern Pipe Line 30,000 $ (0.47 ) Q2-Q4 2020 El Paso Natural Gas 65,000 $ (0.78 ) Q2-Q4 2020 Houston Ship Channel 30,000 $ (0.02 ) Q1-Q4 2021 El Paso Natural Gas 35,000 $ (0.92 ) As of March 31 , 20 20 , Devon had the following open NGL derivative positions. Devon’s NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Price Swaps Period Product Volume (Bbls/d) Weighted Average Price ($/Bbl) Q2-Q4 2020 Ethane 9,982 $ 5.62 Q2-Q4 2020 Natural Gasoline 1,000 $ 44.84 Q2-Q4 2020 Normal Butane 1,500 $ 23.56 Q2-Q4 2020 Propane 4,500 $ 25.18 Financial Statement Presentation The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption. Three Months Ended March 31, 2020 2019 Commodity derivatives: Upstream revenues $ 720 $ (605 ) Marketing and midstream revenues — 1 Net gains (losses) recognized $ 720 $ (604 ) The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption. March 31, 2020 December 31, 2019 Commodity derivative assets: Other current assets $ 616 $ 49 Other long-term assets 27 1 Total derivative assets $ 643 $ 50 Commodity derivative liabilities: Other current liabilities $ — $ 30 Other long-term liabilities 5 1 Total derivative liabilities $ 5 $ 31 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 4 . Share-Base d Compensation The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. The vesting for certain share-based awards was accelerated in conjunction with the reduction of workforce described in Note 6 and is included in restructuring and transaction costs in the accompanying . Three Months Ended March 31st, 2020 2019 G&A $ 20 $ 23 Restructuring and transaction costs — 22 Total $ 20 $ 45 Related income tax benefit $ — $ 9 Under its approved long-term incentive plan, Devon granted share-based awards to certain employees in the first three months of 2020. The following table presents a summary of Devon’s unvested restricted stock awards, performance-based restricted stock awards and performance share units granted under the plan. Performance-Based Performance Restricted Stock Awards Restricted Stock Awards Share Units Awards Weighted Average Grant-Date Fair Value Awards Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value (Thousands, except fair value data) Unvested at 12/31/19 4,984 $ 29.65 153 $ 33.88 2,155 $ 40.35 Granted 2,865 $ 22.54 — $ — 688 $ 27.89 Vested (1,733 ) $ 29.42 (105 ) $ 29.12 (455 ) $ 52.56 Forfeited (29 ) $ 28.05 — $ — (304 ) $ 52.56 Unvested at 3/31/20 6,087 $ 26.37 48 $ 44.12 2,084 (1 ) $ 31.79 (1) A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking. The following table presents the assumptions related to the performance share units granted in 2020, as indicated in the previous summary table. 2020 Grant-date fair value $ 27.89 Risk-free interest rate 1.36% Volatility factor 38.4% Contractual term (years) 2.89 The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2020. Performance-Based Restricted Stock Restricted Stock Performance Awards Awards Share Units Unrecognized compensation cost $ 120 $ — $ 25 Weighted average period for recognition (years) 2.9 1.2 1.8 |
Asset Impairments
Asset Impairments | 3 Months Ended |
Mar. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Asset Impairments | 5. Asset The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings Three Months Ended March 31, 2020 2019 Proved oil and gas assets $ 2,664 $ — Other assets 2 — Total asset impairments $ 2,666 $ — Unproved impairments $ 110 $ 1 Proved Oil and Gas and Other Asset Reduced demand from the COVID-19 pandemic caused an unprecedented downturn in the price of oil. As a result, Devon reduced planned 2020 capital investment by 45%. With materially lower commodity prices and reduced near-term investment, Devon assessed all of its oil and gas fields for impairment as of March 31, 2020. For impairment determinations, Devon historically utilized NYMEX forward strip prices for the first five years and applied internally generated price forecasts for subsequent years. In response to the COVID-19 pandemic, the NYMEX forward market became highly illiquid as evidenced by materially reduced trading volumes for periods beyond 2021. Therefore, Devon supplemented the NYMEX forward strip prices with price forecasts published by reputable investment banks and reservoir engineering firms to estimate future revenues as of March 31, 2020. To measure indicated impairments, Devon used a market-based weighted-average cost of capital to discount the future net cash flows. Devon recognized approximately $2.7 billion of proved asset impairments during the first three months of 2020. These impairments related to the Anadarko Basin and Rockies fields in which the Unproved Due to the recent downturn in the commodity price environment and reduced near-term investment as discussed above, Devon also recognized $110 million of unproved impairments during the first three months of 2020, primarily in the Rockies field. During the first three months of 2019, Devon allowed certain non-core acreage to expire without plans for development resulting in unproved impairments of $1 million. |
Restructuring and Transaction C
Restructuring and Transaction Costs | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Transaction Costs | 6. Restructuring and During the first quarter of 2019, Devon announced workforce reductions and other initiatives designed to enhance its operational focus and cost structure in conjunction with the portfolio transformation announcement further discussed in Note 2 . As a result, Devon recognized $51 million of restructuring expenses during the first three months of 2019. Of these expenses, $22 million resulted from accelerated vesting of share-based grants, which are noncash charges. The following table summarizes Devon’s restructuring liabilities. Other Other Current Long-term Liabilities Liabilities Total (Millions) Balance as of December 31, 2019 $ 20 $ 1 $ 21 Changes related to prior years' restructurings (9 ) — (9 ) Balance as of March 31, 2020 $ 11 $ 1 $ 12 Balance as of December 31, 2018 $ 39 $ 3 $ 42 Changes related to prior years' restructurings 12 (2 ) 10 Balance as of March 31, 2019 $ 51 $ 1 $ 52 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Inco The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate. Three Months Ended March 31, 2020 2019 Loss from continuing operations before income taxes $ (2,107 ) $ (497 ) Current income tax benefit $ (106 ) $ (4 ) Deferred income tax benefit (311 ) (115 ) Total income tax benefit $ (417 ) $ (119 ) U.S. statutory income tax rate 21 % 21 % State income taxes 1 % 6 % Change in tax legislation 5 % 0 % Other (3 %) (3 %) Deferred tax asset valuation allowance (4 %) 0 % Effective income tax rate 20 % 24 % Devon estimates its annual effective income tax rate to record its quarterly provision for income taxes in the various jurisdictions in which it operates. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law on March 27, 2020. The CARES Act allows net operating losses generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to be carried back five years to offset taxable income and generate a refund. Devon intends to carry net operating losses generated in 2019 and 2020 back to 2014 and 2015, respectively. As a result, Devon recorded a $96 million income tax benefit in Q1 2020, and expects to record an additional $9 million income tax benefit by the end of the year. Throughout 2019, Devon maintained a valuation allowance against certain deferred tax assets, including certain tax credits and state net operating losses. Since then, reduced demand from the COVID-19 pandemic has caused an unprecedented downturn in the commodity price environment. As a result, Devon recorded significant impairments during the first quarter of 2020 and is now in a net deferred tax asset position. Included in “other” in the table above is the impact of increasing Devon’s unrecognized tax benefits by approximately $34 million during the first quarter of 2020. |
Net Earnings (Loss) Per Share f
Net Earnings (Loss) Per Share from Continuing Operations | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Share from Continuing Operations | 8 . Net Earnings (Loss) Per Share from Continuing Operations The following table reconciles net earnings (loss) from continuing operations and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings (loss) per share from continuing operations. Three Months Ended March 31, 2020 2019 Net loss from continuing operations: Net loss from continuing operations $ (1,691 ) $ (378 ) Attributable to participating securities (1 ) — Basic and diluted loss from continuing operations $ (1,692 ) $ (378 ) Common shares: Common shares outstanding - total 383 434 Attributable to participating securities (6 ) (6 ) Common shares outstanding - basic and diluted 377 428 Net loss per share from continuing operations: Basic $ (4.48 ) $ (0.89 ) Diluted $ (4.48 ) $ (0.89 ) Antidilutive options (1) — 1 (1) Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive. |
Other Comprehensive Earnings (L
Other Comprehensive Earnings (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Other Comprehensive Earnings (Loss) | 9 . Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) consist of the following: Three Months Ended March 31, 2020 2019 Foreign currency translation: Beginning accumulated foreign currency translation and other $ — $ 1,159 Change in cumulative translation adjustment — 35 Ending accumulated foreign currency translation and other — 1,194 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits (119 ) (132 ) Recognition of net actuarial loss and prior service cost in earnings (1) 2 3 Income tax expense (1 ) (1 ) Ending accumulated pension and postretirement benefits (118 ) (130 ) Accumulated other comprehensive earnings (loss), net of tax $ (118 ) $ 1,064 ( 1 ) These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings. |
Supplemental Information To Sta
Supplemental Information To Statements Of Cash Flows | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information To Statements Of Cash Flows | 1 0 . Supplemental Information to Statements of Cash Flows Three Months Ended March 31, 2020 2019 Changes in assets and liabilities, net: Accounts receivable $ 238 $ (29 ) Income tax receivable (113 ) — Other current assets (38 ) 9 Other long-term assets (24 ) (8 ) Accounts payable 42 (51 ) Revenues and royalties payable (113 ) 46 Other current liabilities (81 ) (23 ) Other long-term liabilities 33 (5 ) Total $ (56 ) $ (61 ) Supplementary cash flow data - total operations: Interest paid (net of capitalized interest) $ 64 $ 53 Income taxes paid $ 151 $ 6 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2020 | |
Accounts Receivable Net [Abstract] | |
Accounts Receivable | 1 1 . Accounts Receivable Components of accounts receivable include the following: March 31, 2020 December 31, 2019 Oil, gas and NGL sales $ 235 $ 452 Joint interest billings 147 168 Marketing and midstream revenues 149 207 Other 74 13 Gross accounts receivable 605 840 Allowance for doubtful accounts (11 ) (8 ) Net accounts receivable $ 594 $ 832 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Property, Plant and Equipment | 12. Property, Plan The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities. March 31, 2020 December 31, 2019 Property and equipment: Proved $ 27,986 $ 27,668 Unproved and properties under development 504 583 Total oil and gas 28,490 28,251 Less accumulated DD&A (23,734 ) (20,693 ) Oil and gas property and equipment, net 4,756 7,558 Other property and equipment 1,732 1,725 Less accumulated DD&A (708 ) (690 ) Other property and equipment, net (1) 1,024 1,035 Property and equipment, net $ 5,780 $ 8,593 (1) $89 million and $80 million related to CDM in 2020 and 2019, respectively. During the first quarter of 2020, Devon recognized asset impairments of $2.7 billion primarily related to proved oil and gas assets and $110 million of unproved impairments, which significantly reduced the carrying value of its property and equipment, net. See Note 5 for additional details. |
Debt And Related Expenses
Debt And Related Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Related Expenses | 1 3 . Debt and Related Expenses See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon. March 31, 2020 December 31, 2019 5.85% due December 15, 2025 $ 485 $ 485 7.50% due September 15, 2027 73 73 7.875% due September 30, 2031 675 675 7.95% due April 15, 2032 366 366 5.60% due July 15, 2041 1,250 1,250 4.75% due May 15, 2042 750 750 5.00% due June 15, 2045 750 750 Net discount on debentures and notes (20 ) (20 ) Debt issuance costs (34 ) (35 ) Total long-term debt $ 4,295 $ 4,294 Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2020, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as impairments. As of March 31, 2020, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 18.8%. Retirement of Senior Notes In January 2019, Devon repaid the $162 million of 6.30% senior notes at maturity. Net Financing Costs The following schedule includes the components of net financing costs. Three Months Ended March 31, 2020 2019 Interest based on debt outstanding $ 65 $ 65 Interest income (5 ) (11 ) Other 5 6 Total net financing costs $ 65 $ 60 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 14. Le The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2020 and December 31, 2019. March 31, 2020 December 31, 2019 Finance Operating Total Finance Operating Total Right-of-use assets $ 227 $ 10 $ 237 $ 229 $ 14 $ 243 Lease liabilities: Current lease liabilities (1) $ 7 $ 7 $ 14 $ 7 $ 10 $ 17 Long-term lease liabilities 242 3 245 240 4 244 Total lease liabilities $ 249 $ 10 $ 259 $ 247 $ 14 $ 261 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets. Devon’s right-of-use operating lease assets are for certain leases related to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s right-of-use financing lease assets are related to real estate. |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | 1 5 . Asset Retirement Obligations The following table presents the changes in Devon’s asset retirement obligations. Three Months Ended March 31, 2020 2019 Asset retirement obligations as of beginning of period $ 398 $ 484 Liabilities incurred 6 4 Liabilities settled and divested (13 ) (33 ) Revision of estimated obligation 4 (62 ) Accretion expense on discounted obligation 5 6 Asset retirement obligations as of end of period 400 399 Less current portion 14 15 Asset retirement obligations, long-term $ 386 $ 384 During the first three months of 2019, Devon reduced its asset retirement obligations by $62 million, primarily due to changes in the future cost estimates and retirement dates for its oil and gas assets. Additionally, during the first three months of 2019, Devon reduced its asset retirement obligations by $29 million as a result of the non-core asset divestitures. For additional information, see Note 2 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 1 6 . Stockholders’ Equity Share Repurchase Programs In March 2018, Devon announced a $1.0 billion share repurchase program. In June 2018, Devon announced the expansion of this program to $4.0 billion. In February 2019, Devon announced a further expansion to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a new $1.0 billion share repurchase program with a December 31, 2020 expiration date. Under the new program, $800 million of the $1.0 billion authorization is conditioned upon the closing of the Barnett Shale divestiture for cash proceeds of at least $725 million. Due to the amended terms of the Barnett Shale divestiture with BKV, which reduced the closing payment to $570 million and extended the closing date to December 31, 2020, Devon does not anticipate being able to repurchase more than $200 million of the $1.0 billion authorization before the program expiration date. As the pricing and economic environment has changed due to the COVID-19 pandemic and demand challenges for commodities, Devon has temporarily suspended its share repurchase program to preserve liquidity. The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands). Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid per Share $5.0 Billion Plan Full year 2018 78,149 $ 2,978 $ 38.11 First quarter 2019 36,141 1,024 28.33 Second quarter 2019 5,911 159 27.01 Third quarter 2019 22,137 550 24.80 Fourth quarter 2019 4,436 94 21.32 Total inception-to-date 146,774 $ 4,805 $ 32.74 $1.0 Billion Plan First quarter 2020 2,243 $ 38 $ 16.85 Total inception-to-date 2,243 $ 38 $ 16.85 Dividends Devon paid common stock dividends of $34 million ($0.09 per share) and $34 million ($0.08 per share) during the first three months of 2020 and 2019, respectively. In February 2020, Devon announced a 22% increase to its quarterly dividend, to $0.11 per share, beginning in the second quarter of 2020. In the second quarter of 2019, Devon raised its quarterly dividend from $ 0.08 to $ 0.09 per share . |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | 1 7 . Discontinued Operations and Assets Held For Sale Barnett Shale In 2019, Devon announced that it had entered into an agreement to sell its Barnett Shale assets to BKV and subsequently amended the agreement in April 2020. Under the amended terms, Devon has agreed to sell its Barnett Shale assets for $570 million in cash, before purchase price adjustments, at closing, which was extended to December 31, 2020. Additionally, the agreement provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commences on January 1, 2021 and has a term of four years. Under the terms of the agreement, Devon received the deposit funds of $170 million in April 2020. The deposit is being held by Devon pursuant to the terms of the sale agreement, which only requires Devon to return such funds to BKV in the event the transaction does not close as a result of Devon’s breach of its closing obligations. In connection with the announced sale of its Barnett Shale assets, approximately $88 million of the U.S. reporting unit goodwill was allocated to the Barnett Shale assets. Additionally, Devon ceased depreciation for all property, plant and equipment classified as assets held for sale on the date the sales agreement was approved by the Board of Directors. Devon also recognized a $748 million asset impairment in the fourth quarter of 2019 related to these assets, primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments. During the first quarter of 2020, Devon adjusted the estimated impairment $179 million, primarily due to the amended agreement terms. The valuation of the future contingent earnout payments included in the March 31, 2020 Barnett Shale impairment computation was $41 million. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement. As of March 31, 2020, 2 Canada On June 27, 2019, Devon completed the sale of its Canadian business for $2.6 billion ($3.4 billion Canadian dollars), net of purchase price adjustments, and recognized a pre-tax gain of $223 million ($425 million net of tax, primarily due to a significant deferred tax benefit). Current (cash) income tax associated with the sale was approximately $150 million and was paid in the first quarter of 2020. During the third quarter of 2019, Devon utilized a portion of the sales proceeds to early retire its $500 million of the 4.00% senior notes due July 15, 2021 and $1.0 billion of the 3.25% senior notes due May 15, 2022. Devon recognized a charge on the early retirement of these notes consisting of $52 million in cash retirement costs and $6 million of noncash charges. As of March 31, 2020, $175 million of the Canadian cash balance is restricted for funding other obligations retained related to the Canadian business and is classified as cash restricted for discontinued operations on the consolidated balance sheets. The remaining obligations consist of a firm transportation agreement and office leases. Cash payments for these charges total approximately $6 million per quarter. The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations. Three Months Ended March 31, Barnett Shale Canada Total 2020 Upstream revenues $ 92 $ — $ 92 Total revenues 92 — 92 Production expenses 74 — 74 Asset impairments 179 — 179 General and administrative expenses — 1 1 Financing costs, net — (2 ) (2 ) Other expenses (13 ) 10 (3 ) Total expenses 240 9 249 Loss from discontinued operations before income taxes (148 ) (9 ) (157 ) Income tax benefit (32 ) — (32 ) Net loss from discontinued operations, net of tax $ (116 ) $ (9 ) $ (125 ) 2019 Upstream revenues $ 149 $ 247 $ 396 Marketing and midstream revenues — 26 26 Total revenues 149 273 422 Production expenses 81 141 222 Exploration expenses — 9 9 Marketing and midstream expenses — 9 9 Depreciation, depletion and amortization 20 79 99 Asset dispositions 1 — 1 General and administrative expenses — 18 18 Financing costs, net — 13 13 Restructuring and transaction costs — 3 3 Other expenses 6 (28 ) (22 ) Total expenses 108 244 352 Earnings from discontinued operations before income taxes 41 29 70 Income tax expense 9 — 9 Net earnings from discontinued operations, net of tax $ 32 $ 29 $ 61 The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets. As of March 31, 2020 As of December 31, 2019 Barnett Shale Canada Total Barnett Shale Canada Total Cash restricted for discontinued operations $ 25 $ 175 $ 200 $ 25 $ 355 $ 380 Accounts receivable $ 36 $ 1 $ 37 $ 38 $ 1 $ 39 Other current assets 5 2 7 5 2 7 Oil and gas property and equipment, based on successful efforts accounting, net 593 — 593 751 — 751 Other property and equipment, net 11 — 11 11 — 11 Goodwill 88 — 88 88 — 88 Other long-term assets — 74 74 — 81 81 Total assets associated with discontinued operations $ 733 $ 77 $ 810 $ 893 $ 84 $ 977 Accounts payable $ 14 $ 6 $ 20 $ 15 $ 4 $ 19 Revenues and royalties payable 36 3 39 44 3 47 Other current liabilities 21 73 94 19 233 252 Asset retirement obligations 141 — 141 141 — 141 Other long-term liabilities 15 148 163 16 169 185 Total liabilities associated with discontinued operations $ 227 $ 230 $ 457 $ 235 $ 409 $ 644 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 1 8 . Commitments and Contingencies Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates . Royalty Matters Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters. Environmental and Other 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. Beginning in 2013, various parishes in Louisiana filed suit against more than 100 oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, the payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon is vigorously defending against these claims. Various municipalities and other governmental and private parties in California have filed legal proceedings against certain oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctions against the production of all fossil fuels. Although Devon cannot predict the ultimate outcome of these matters, |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 19 . Fair Value Measurements The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, cash restricted for discontinued operations, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at March 31, 2020 and December 31, 2019, as applicable. Therefore, such financial assets and liabilities are not presented in the following table . Fair Value Measurements Using: Carrying Total Fair Level 1 Level 2 Amount Value Inputs Inputs March 31, 2020 assets (liabilities): Cash equivalents $ 890 $ 890 $ 890 $ — Commodity derivatives $ 643 $ 643 $ — $ 643 Commodity derivatives $ (5 ) $ (5 ) $ — $ (5 ) Debt $ (4,295 ) $ (3,118 ) $ — $ (3,118 ) December 31, 2019 assets (liabilities): Cash equivalents $ 702 $ 702 $ 702 $ — Commodity derivatives $ 50 $ 50 $ — $ 50 Commodity derivatives $ (31 ) $ (31 ) $ — $ (31 ) Debt $ (4,294 ) $ (5,376 ) $ — $ (5,376 ) The following methods and assumptions were used to estimate the fair values in the table above. Level 1 Fair Value Measurements Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value. Level 2 Fair Value Measurements Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements. Debt – Devon’s debt instruments do not actively trade in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | During the fourth quarter of 2019, Devon entered into an agreement to form Cotton Draw Midstream, L.L.C. (“CDM”), a joint-venture entity in the Delaware Basin with an affiliate of QL Capital Partners, LP (“QLCP”). Devon holds a controlling interest in CDM and the portions of |
Recent Accounting Standards | Recently Adopted Accounting Standards In 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses. |
Commitments And Contingencies | Devon is party to various legal actions arising in the normal course of business. Matters that are probable of an unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates . |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good or Service | The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service. Three Months Ended March 31, 2020 2019 Oil $ 662 $ 659 Gas 70 138 NGL 75 122 Oil, gas and NGL revenues from contracts with customers 807 919 Oil, gas and NGL derivatives 720 (605 ) Upstream revenues 1,527 314 Oil 329 356 Gas 92 218 NGL 137 191 Total marketing revenues 558 765 Midstream revenues 2 — Total marketing and midstream revenues from contracts with customers 560 765 Total revenues $ 2,087 $ 1,079 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative [Line Items] | |
Schedule Of Derivative Financial Instruments Included In Consolidated Statements Of Comprehensive Earnings And Consolidated Balance Sheets | The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption. Three Months Ended March 31, 2020 2019 Commodity derivatives: Upstream revenues $ 720 $ (605 ) Marketing and midstream revenues — 1 Net gains (losses) recognized $ 720 $ (604 ) The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption. March 31, 2020 December 31, 2019 Commodity derivative assets: Other current assets $ 616 $ 49 Other long-term assets 27 1 Total derivative assets $ 643 $ 50 Commodity derivative liabilities: Other current liabilities $ — $ 30 Other long-term liabilities 5 1 Total derivative liabilities $ 5 $ 31 |
Open Oil Derivative Positions [Member] | |
Derivative [Line Items] | |
Schedule Of Open Derivative Positions | Price Swaps Price Collars Period Volume (Bbls/d) Weighted Average Price ($/Bbl) Volume (Bbls/d) Weighted Average Floor Price ($/Bbl) Weighted Average Ceiling Price ($/Bbl) Q2-Q4 2020 82,207 $ 36.87 50,449 $ 51.11 $ 61.14 Q1-Q4 2021 11,649 $ 36.77 15,964 $ 41.24 $ 51.24 Oil Basis Swaps Period Index Volume (Bbls/d) Weighted Average Differential to WTI ($/Bbl) Q2-Q4 2020 Argus MEH 50,916 $ 0.45 Q2-Q4 2020 Midland Sweet 31,782 $ (1.23 ) Q2-Q4 2020 NYMEX Roll 52,676 $ 0.38 Q1-Q4 2021 Midland Sweet 7,000 $ 1.27 |
Open Natural Gas Derivative Positions [Member] | |
Derivative [Line Items] | |
Schedule Of Open Derivative Positions | Price Swaps Price Collars Period Volume (MMBtu/d) Weighted Average Price ($/MMBtu) Volume (MMBtu/d) Weighted Average Floor Price ($/MMBtu) Weighted Average Ceiling Price ($/MMBtu) Q2-Q4 2020 65,396 $ 2.75 171,418 $ 1.89 $ 2.37 Q1-Q4 2021 — $ — 22,438 $ 2.06 $ 2.56 Natural Gas Basis Swaps Period Index Volume (MMBtu/d) Weighted Average Differential to Henry Hub ($/MMBtu) Q2-Q4 2020 Panhandle Eastern Pipe Line 30,000 $ (0.47 ) Q2-Q4 2020 El Paso Natural Gas 65,000 $ (0.78 ) Q2-Q4 2020 Houston Ship Channel 30,000 $ (0.02 ) Q1-Q4 2021 El Paso Natural Gas 35,000 $ (0.92 ) |
Open NGL Derivative Positions [Member] | |
Derivative [Line Items] | |
Schedule Of Open Derivative Positions | Price Swaps Period Product Volume (Bbls/d) Weighted Average Price ($/Bbl) Q2-Q4 2020 Ethane 9,982 $ 5.62 Q2-Q4 2020 Natural Gasoline 1,000 $ 44.84 Q2-Q4 2020 Normal Butane 1,500 $ 23.56 Q2-Q4 2020 Propane 4,500 $ 25.18 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings | Three Months Ended March 31st, 2020 2019 G&A $ 20 $ 23 Restructuring and transaction costs — 22 Total $ 20 $ 45 Related income tax benefit $ — $ 9 |
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units | Performance-Based Performance Restricted Stock Awards Restricted Stock Awards Share Units Awards Weighted Average Grant-Date Fair Value Awards Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value (Thousands, except fair value data) Unvested at 12/31/19 4,984 $ 29.65 153 $ 33.88 2,155 $ 40.35 Granted 2,865 $ 22.54 — $ — 688 $ 27.89 Vested (1,733 ) $ 29.42 (105 ) $ 29.12 (455 ) $ 52.56 Forfeited (29 ) $ 28.05 — $ — (304 ) $ 52.56 Unvested at 3/31/20 6,087 $ 26.37 48 $ 44.12 2,084 (1 ) $ 31.79 (1) A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking. |
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions | 2020 Grant-date fair value $ 27.89 Risk-free interest rate 1.36% Volatility factor 38.4% Contractual term (years) 2.89 |
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition | Performance-Based Restricted Stock Restricted Stock Performance Awards Awards Share Units Unrecognized compensation cost $ 120 $ — $ 25 Weighted average period for recognition (years) 2.9 1.2 1.8 |
Asset Impairments (Tables)
Asset Impairments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Summary of Asset Impairments | The following table presents a summary of Devon’s asset impairments. Unproved impairments shown below are included in exploration expenses in the consolidated statements of comprehensive earnings Three Months Ended March 31, 2020 2019 Proved oil and gas assets $ 2,664 $ — Other assets 2 — Total asset impairments $ 2,666 $ — Unproved impairments $ 110 $ 1 |
Restructuring and Transaction_2
Restructuring and Transaction Costs (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Schedule Of The Activity And Balances Associated With Restructuring Liabilities | The following table summarizes Devon’s restructuring liabilities. Other Other Current Long-term Liabilities Liabilities Total (Millions) Balance as of December 31, 2019 $ 20 $ 1 $ 21 Changes related to prior years' restructurings (9 ) — (9 ) Balance as of March 31, 2020 $ 11 $ 1 $ 12 Balance as of December 31, 2018 $ 39 $ 3 $ 42 Changes related to prior years' restructurings 12 (2 ) 10 Balance as of March 31, 2019 $ 51 $ 1 $ 52 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Income Tax Rate Reconciliation | The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate. Three Months Ended March 31, 2020 2019 Loss from continuing operations before income taxes $ (2,107 ) $ (497 ) Current income tax benefit $ (106 ) $ (4 ) Deferred income tax benefit (311 ) (115 ) Total income tax benefit $ (417 ) $ (119 ) U.S. statutory income tax rate 21 % 21 % State income taxes 1 % 6 % Change in tax legislation 5 % 0 % Other (3 %) (3 %) Deferred tax asset valuation allowance (4 %) 0 % Effective income tax rate 20 % 24 % |
Net Earnings (Loss) Per Share_2
Net Earnings (Loss) Per Share from Continuing Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Share Computations from Continuing Operations | Three Months Ended March 31, 2020 2019 Net loss from continuing operations: Net loss from continuing operations $ (1,691 ) $ (378 ) Attributable to participating securities (1 ) — Basic and diluted loss from continuing operations $ (1,692 ) $ (378 ) Common shares: Common shares outstanding - total 383 434 Attributable to participating securities (6 ) (6 ) Common shares outstanding - basic and diluted 377 428 Net loss per share from continuing operations: Basic $ (4.48 ) $ (0.89 ) Diluted $ (4.48 ) $ (0.89 ) Antidilutive options (1) — 1 (1) Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive. |
Other Comprehensive Earnings _2
Other Comprehensive Earnings (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract] | |
Components Of Other Comprehensive Earnings (Loss) | Components of other comprehensive earnings (loss) consist of the following: Three Months Ended March 31, 2020 2019 Foreign currency translation: Beginning accumulated foreign currency translation and other $ — $ 1,159 Change in cumulative translation adjustment — 35 Ending accumulated foreign currency translation and other — 1,194 Pension and postretirement benefit plans: Beginning accumulated pension and postretirement benefits (119 ) (132 ) Recognition of net actuarial loss and prior service cost in earnings (1) 2 3 Income tax expense (1 ) (1 ) Ending accumulated pension and postretirement benefits (118 ) (130 ) Accumulated other comprehensive earnings (loss), net of tax $ (118 ) $ 1,064 ( 1 ) These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings. |
Supplemental Information To S_2
Supplemental Information To Statements Of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule Of Supplemental Information To Statements Of Cash Flows | Three Months Ended March 31, 2020 2019 Changes in assets and liabilities, net: Accounts receivable $ 238 $ (29 ) Income tax receivable (113 ) — Other current assets (38 ) 9 Other long-term assets (24 ) (8 ) Accounts payable 42 (51 ) Revenues and royalties payable (113 ) 46 Other current liabilities (81 ) (23 ) Other long-term liabilities 33 (5 ) Total $ (56 ) $ (61 ) Supplementary cash flow data - total operations: Interest paid (net of capitalized interest) $ 64 $ 53 Income taxes paid $ 151 $ 6 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts Receivable Net [Abstract] | |
Schedule Of Components Of Accounts Receivable | Components of accounts receivable include the following: March 31, 2020 December 31, 2019 Oil, gas and NGL sales $ 235 $ 452 Joint interest billings 147 168 Marketing and midstream revenues 149 207 Other 74 13 Gross accounts receivable 605 840 Allowance for doubtful accounts (11 ) (8 ) Net accounts receivable $ 594 $ 832 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Extractive Industries [Abstract] | |
Table of Property and Equipment, net | The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities. March 31, 2020 December 31, 2019 Property and equipment: Proved $ 27,986 $ 27,668 Unproved and properties under development 504 583 Total oil and gas 28,490 28,251 Less accumulated DD&A (23,734 ) (20,693 ) Oil and gas property and equipment, net 4,756 7,558 Other property and equipment 1,732 1,725 Less accumulated DD&A (708 ) (690 ) Other property and equipment, net (1) 1,024 1,035 Property and equipment, net $ 5,780 $ 8,593 (1) $89 million and $80 million related to CDM in 2020 and 2019, respectively. |
Debt And Related Expenses (Tabl
Debt And Related Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt Instruments and Balances | See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon. March 31, 2020 December 31, 2019 5.85% due December 15, 2025 $ 485 $ 485 7.50% due September 15, 2027 73 73 7.875% due September 30, 2031 675 675 7.95% due April 15, 2032 366 366 5.60% due July 15, 2041 1,250 1,250 4.75% due May 15, 2042 750 750 5.00% due June 15, 2045 750 750 Net discount on debentures and notes (20 ) (20 ) Debt issuance costs (34 ) (35 ) Total long-term debt $ 4,295 $ 4,294 |
Schedule Of Net Financing Cost Components | The following schedule includes the components of net financing costs. Three Months Ended March 31, 2020 2019 Interest based on debt outstanding $ 65 $ 65 Interest income (5 ) (11 ) Other 5 6 Total net financing costs $ 65 $ 60 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Right-of-use Assets and Lease Liabilities | The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2020 and December 31, 2019. March 31, 2020 December 31, 2019 Finance Operating Total Finance Operating Total Right-of-use assets $ 227 $ 10 $ 237 $ 229 $ 14 $ 243 Lease liabilities: Current lease liabilities (1) $ 7 $ 7 $ 14 $ 7 $ 10 $ 17 Long-term lease liabilities 242 3 245 240 4 244 Total lease liabilities $ 249 $ 10 $ 259 $ 247 $ 14 $ 261 (1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary Of Changes In Asset Retirement Obligations | The following table presents the changes in Devon’s asset retirement obligations. Three Months Ended March 31, 2020 2019 Asset retirement obligations as of beginning of period $ 398 $ 484 Liabilities incurred 6 4 Liabilities settled and divested (13 ) (33 ) Revision of estimated obligation 4 (62 ) Accretion expense on discounted obligation 5 6 Asset retirement obligations as of end of period 400 399 Less current portion 14 15 Asset retirement obligations, long-term $ 386 $ 384 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders Equity Note [Abstract] | |
Summary of Purchases of Common Stock | The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands). Total Number of Shares Purchased Dollar Value of Shares Purchased Average Price Paid per Share $5.0 Billion Plan Full year 2018 78,149 $ 2,978 $ 38.11 First quarter 2019 36,141 1,024 28.33 Second quarter 2019 5,911 159 27.01 Third quarter 2019 22,137 550 24.80 Fourth quarter 2019 4,436 94 21.32 Total inception-to-date 146,774 $ 4,805 $ 32.74 $1.0 Billion Plan First quarter 2020 2,243 $ 38 $ 16.85 Total inception-to-date 2,243 $ 38 $ 16.85 |
Discontinued Operations and A_2
Discontinued Operations and Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets | The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations. Three Months Ended March 31, Barnett Shale Canada Total 2020 Upstream revenues $ 92 $ — $ 92 Total revenues 92 — 92 Production expenses 74 — 74 Asset impairments 179 — 179 General and administrative expenses — 1 1 Financing costs, net — (2 ) (2 ) Other expenses (13 ) 10 (3 ) Total expenses 240 9 249 Loss from discontinued operations before income taxes (148 ) (9 ) (157 ) Income tax benefit (32 ) — (32 ) Net loss from discontinued operations, net of tax $ (116 ) $ (9 ) $ (125 ) 2019 Upstream revenues $ 149 $ 247 $ 396 Marketing and midstream revenues — 26 26 Total revenues 149 273 422 Production expenses 81 141 222 Exploration expenses — 9 9 Marketing and midstream expenses — 9 9 Depreciation, depletion and amortization 20 79 99 Asset dispositions 1 — 1 General and administrative expenses — 18 18 Financing costs, net — 13 13 Restructuring and transaction costs — 3 3 Other expenses 6 (28 ) (22 ) Total expenses 108 244 352 Earnings from discontinued operations before income taxes 41 29 70 Income tax expense 9 — 9 Net earnings from discontinued operations, net of tax $ 32 $ 29 $ 61 The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets. As of March 31, 2020 As of December 31, 2019 Barnett Shale Canada Total Barnett Shale Canada Total Cash restricted for discontinued operations $ 25 $ 175 $ 200 $ 25 $ 355 $ 380 Accounts receivable $ 36 $ 1 $ 37 $ 38 $ 1 $ 39 Other current assets 5 2 7 5 2 7 Oil and gas property and equipment, based on successful efforts accounting, net 593 — 593 751 — 751 Other property and equipment, net 11 — 11 11 — 11 Goodwill 88 — 88 88 — 88 Other long-term assets — 74 74 — 81 81 Total assets associated with discontinued operations $ 733 $ 77 $ 810 $ 893 $ 84 $ 977 Accounts payable $ 14 $ 6 $ 20 $ 15 $ 4 $ 19 Revenues and royalties payable 36 3 39 44 3 47 Other current liabilities 21 73 94 19 233 252 Asset retirement obligations 141 — 141 141 — 141 Other long-term liabilities 15 148 163 16 169 185 Total liabilities associated with discontinued operations $ 227 $ 230 $ 457 $ 235 $ 409 $ 644 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [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 Amount Value Inputs Inputs March 31, 2020 assets (liabilities): Cash equivalents $ 890 $ 890 $ 890 $ — Commodity derivatives $ 643 $ 643 $ — $ 643 Commodity derivatives $ (5 ) $ (5 ) $ — $ (5 ) Debt $ (4,295 ) $ (3,118 ) $ — $ (3,118 ) December 31, 2019 assets (liabilities): Cash equivalents $ 702 $ 702 $ 702 $ — Commodity derivatives $ 50 $ 50 $ — $ 50 Commodity derivatives $ (31 ) $ (31 ) $ — $ (31 ) Debt $ (4,294 ) $ (5,376 ) $ — $ (5,376 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers Disaggregated Based on Type of Good or Service) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 560 | $ 765 |
Oil, gas and NGL derivatives | 720 | (605) |
Upstream revenues | 1,527 | 314 |
Total revenues | 2,087 | 1,079 |
Oil, Gas and NGL Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 807 | 919 |
Oil, Gas and NGL Sales [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 662 | 659 |
Oil, Gas and NGL Sales [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 70 | 138 |
Oil, Gas and NGL Sales [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 75 | 122 |
Marketing Revenues [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 558 | 765 |
Marketing Revenues [Member] | Oil [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 329 | 356 |
Marketing Revenues [Member] | Gas [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 92 | 218 |
Marketing Revenues [Member] | NGL [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 137 | 191 |
Midstream Revenues [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | 2 | |
Marketing and Midstream Revenues [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 560 | $ 765 |
Divestitures (Narrative) (Detai
Divestitures (Narrative) (Details) $ in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($)MMBoe | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | |
Business Acquisition [Line Items] | ||||||
Gain recognized on sale of business, pre tax | $ (1) | |||||
Asset impairment charges | $ 179 | |||||
Gain on asset dispositions | 45 | |||||
Non Core Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures of property and equipment | 300 | |||||
Gain on asset dispositions | $ 45 | |||||
Total estimated proved reserves | MMBoe | 25 | |||||
Barnett Shale [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Asset impairment charges | $ 179 | $ 748 | ||||
Canadian Natural Resources Limited [Member] | Canadian Business Segment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from sale of business | $ 2,600 | $ 3.4 | ||||
Effective close date of divestiture | Jun. 27, 2019 | |||||
Gain recognized on sale of business, pre tax | 223 | |||||
Gain recognized on sale of business, net of tax | $ 425 | |||||
BKV [Member] | Barnett Shale [Member] | Scenario Forecast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Divestitures of property and equipment | $ 570 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) | Mar. 31, 2020USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cash collateral posted | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details) | 3 Months Ended |
Mar. 31, 2020$ / bblbbl | |
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 82,207 |
Weighted Average Price Swap | 36.87 |
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 11,649 |
Weighted Average Price Swap | 36.77 |
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 50,449 |
Weighted Average Floor Price | 51.11 |
Weighted Average Ceiling Price | 61.14 |
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 15,964 |
Weighted Average Floor Price | 41.24 |
Weighted Average Ceiling Price | 51.24 |
Argus MEH Basis Swaps Oil Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 50,916 |
Weighted Average Differential To WTI | 0.45 |
Midland Sweet Basis Swaps Oil Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 31,782 |
Weighted Average Differential To WTI | (1.23) |
NYMEX Roll Basis Swaps Oil Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 52,676 |
Weighted Average Differential To WTI | 0.38 |
Midland Sweet Basis Swaps Oil Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 7,000 |
Weighted Average Differential To WTI | 1.27 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details) | 3 Months Ended |
Mar. 31, 2020MMBTU$ / MMBTU | |
FERC Henry Hub Price Swaps Natural Gas Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 65,396 |
Weighted Average Price Swap | 2.75 |
FERC Henry Hub Price Collars Natural Gas Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 171,418 |
Weighted Average Floor Price | 1.89 |
Weighted Average Ceiling Price | 2.37 |
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 22,438 |
Weighted Average Floor Price | 2.06 |
Weighted Average Ceiling Price | 2.56 |
PEPL Basis Swaps Natural Gas Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 30,000 |
Weighted Average Differential To Henry Hub | (0.47) |
El Paso Natural Gas Basis Swaps Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 65,000 |
Weighted Average Differential To Henry Hub | (0.78) |
Houston Ship Channel Natural Gas Basis Swaps Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 30,000 |
Weighted Average Differential To Henry Hub | (0.02) |
El Paso Natural Gas Basis Swaps Q1-Q4 2021 [Member] | |
Derivative [Line Items] | |
Volume Per Day (MMBtu/d) | MMBTU | 35,000 |
Weighted Average Differential To Henry Hub | (0.92) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details) | 3 Months Ended |
Mar. 31, 2020$ / bblbbl | |
OPIS Mont Belvieu Texas Ethane Price Swaps NGL Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 9,982 |
Weighted Average Price Swap | $ / bbl | 5.62 |
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,000 |
Weighted Average Price Swap | $ / bbl | 44.84 |
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 1,500 |
Weighted Average Price Swap | $ / bbl | 23.56 |
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2020 [Member] | |
Derivative [Line Items] | |
Volume Per Day (Bbls/d) | bbl | 4,500 |
Weighted Average Price Swap | $ / bbl | 25.18 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative [Line Items] | ||
Net gains (losses) recognized in consolidated statements of comprehensive earnings | $ 720 | $ (604) |
Commodity Derivatives [Member] | Upstream Revenues [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) recognized in consolidated statements of comprehensive earnings | $ 720 | (605) |
Commodity Derivatives [Member] | Marketing and Midstream Revenues [Member] | ||
Derivative [Line Items] | ||
Net gains (losses) recognized in consolidated statements of comprehensive earnings | $ 1 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | $ 643 | $ 50 |
Fair value of derivative liabilities | 5 | 31 |
Commodity Derivatives [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 616 | 49 |
Commodity Derivatives [Member] | Other Long-Term Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative assets | 27 | 1 |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | 30 | |
Commodity Derivatives [Member] | Other Long-Term Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 5 | $ 1 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 20 | $ 45 |
Related income tax benefit | 9 | |
G&A [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 20 | 23 |
Restructuring and Transaction Costs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Accelerated share-based compensation expense | $ 22 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Details) shares in Thousands | 3 Months Ended | |
Mar. 31, 2020$ / sharesshares | ||
Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested at December 31, 2019 | shares | 4,984 | |
Granted, awards and units | shares | 2,865 | |
Vested, awards and units | shares | (1,733) | |
Forfeited, awards and units | shares | (29) | |
Unvested at March 31, 2020 | shares | 6,087 | |
Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares | $ 29.65 | |
Granted, weighted average grant-date fair value | $ / shares | 22.54 | |
Vested, weighted average grant-date fair value | $ / shares | 29.42 | |
Forfeited, weighted average grant-date fair value | $ / shares | 28.05 | |
Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares | $ 26.37 | |
Performance-Based Restricted Stock Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested at December 31, 2019 | shares | 153 | |
Vested, awards and units | shares | (105) | |
Unvested at March 31, 2020 | shares | 48 | |
Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares | $ 33.88 | |
Vested, weighted average grant-date fair value | $ / shares | 29.12 | |
Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares | $ 44.12 | |
Performance Share Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unvested at December 31, 2019 | shares | 2,155 | |
Granted, awards and units | shares | 688 | |
Vested, awards and units | shares | (455) | |
Forfeited, awards and units | shares | (304) | |
Unvested at March 31, 2020 | shares | 2,084 | [1] |
Unvested weighted average grant-date fair value at December 31, 2019 | $ / shares | $ 40.35 | |
Granted, weighted average grant-date fair value | $ / shares | 27.89 | |
Vested, weighted average grant-date fair value | $ / shares | 52.56 | |
Forfeited, weighted average grant-date fair value | $ / shares | 52.56 | |
Unvested weighted average grant-date fair value at March 31, 2020 | $ / shares | $ 31.79 | |
[1] | A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking. |
Share-Based Compensation (Sum_2
Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2020shares | |
Performance Share Units [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Maximum common shares that could be awarded based upon total shareholder return | 4.2 |
Share-Based Compensation (Sum_3
Share-Based Compensation (Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions) (Details) - Performance Share Units [Member] | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant-date fair value | $ 27.89 |
Risk-free interest rate | 1.36% |
Volatility factor | 38.40% |
Contractual term (years) | 2 years 10 months 20 days |
Share-Based Compensation (Sum_4
Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 120 |
Weighted average period for recognition (years) | 2 years 10 months 24 days |
Performance-Based Restricted Stock Awards [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Weighted average period for recognition (years) | 1 year 2 months 12 days |
Performance Share Units [Member] | |
Unrecognized Compensation And Weighted Average Recognition [Line Items] | |
Unrecognized compensation cost | $ 25 |
Weighted average period for recognition (years) | 1 year 9 months 18 days |
Asset Impairments (Summary of A
Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairment charges | $ 2,666 | |
Unproved impairments | 112 | $ 4 |
Proved Oil and Gas Assets [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairment charges | 2,664 | |
Other Assets [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairment charges | 2 | |
Unproved Impairments [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Unproved impairments | $ 110 | $ 1 |
Asset Impairments (Narrative) (
Asset Impairments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Impaired Long Lived Assets Held And Used [Line Items] | ||
Capital investment percentage | 45.00% | |
Asset impairments | $ 2,666 | |
Exploration expenses | 112 | $ 4 |
Proved Asset Impairments [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairments | 2,700 | |
Product Line Fill Impairments [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Asset impairments | 2 | |
Unproved Impairments [Member] | ||
Impaired Long Lived Assets Held And Used [Line Items] | ||
Exploration expenses | $ 110 | $ 1 |
Restructuring and Transaction_3
Restructuring and Transaction Costs (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring and transaction costs | $ 51 |
Reduction of workforce [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring and transaction costs | 51 |
Expense associated with accelerated awards | $ 22 |
Restructuring and Transaction_4
Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 21 | $ 42 |
Ending balance | 12 | 52 |
Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (9) | 10 |
Other Current Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 20 | 39 |
Ending balance | 11 | 51 |
Other Current Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | (9) | 12 |
Other Long-Term Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 1 | 3 |
Ending balance | $ 1 | 1 |
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring reserve activity | $ (2) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Loss from continuing operations before income taxes | $ (2,107) | $ (497) |
Current income tax benefit | (106) | (4) |
Deferred income tax benefit | (311) | (115) |
Total income tax benefit | $ (417) | $ (119) |
U.S. statutory income tax rate | 21.00% | 21.00% |
State income taxes | 1.00% | 6.00% |
Change in tax legislation | 5.00% | 0.00% |
Other | (3.00%) | (3.00%) |
Deferred tax asset valuation allowance | (4.00%) | 0.00% |
Effective income tax rate | 20.00% | 24.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||
Income tax expense (benefit) | $ (417) | $ (119) | |
Change in deferred tax valuation allowance | $ 108 | ||
Valuation allowance against deferred tax assets, percent | 100.00% | ||
Increase in unrecognized tax benefits | $ 34 | ||
CARES Act [Member] | |||
Income Tax [Line Items] | |||
Income tax expense (benefit) | $ (96) | ||
Scenario Forecast [Member] | CARES Act [Member] | |||
Income Tax [Line Items] | |||
Income tax expense (benefit) | $ (9) |
Net Earnings (Loss) Per Share_3
Net Earnings (Loss) Per Share from Continuing Operations (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net loss from continuing operations: | |||
Net loss from continuing operations | $ (1,691) | $ (378) | |
Attributable to participating securities | (1) | ||
Basic and diluted loss from continuing operations | $ (1,692) | $ (378) | |
Common shares: | |||
Common shares outstanding - total | 383 | 434 | |
Attributable to participating securities | (6) | (6) | |
Common shares outstanding - basic and diluted | 377 | 428 | |
Net loss per share from continuing operations: | |||
Basic | $ (4.48) | $ (0.89) | |
Diluted | $ (4.48) | $ (0.89) | |
Antidilutive options | [1] | 1 | |
[1] | Amounts represent options to purchase shares of Devon’s common stock that are excluded from the diluted net earnings per share calculations because the options are antidilutive. |
Other Comprehensive Earnings _3
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Foreign currency translation: | ||||
Beginning accumulated foreign currency translation and other | $ 1,159 | |||
Change in cumulative translation adjustment | 35 | |||
Ending accumulated foreign currency translation and other | 1,194 | |||
Pension and postretirement benefit plans: | ||||
Beginning accumulated pension and postretirement benefits | $ (119) | (132) | ||
Recognition of net actuarial loss and prior service cost in earnings | [1] | 2 | 3 | |
Income tax expense | (1) | (1) | ||
Ending accumulated pension and postretirement benefits | (118) | (130) | ||
Accumulated other comprehensive earnings (loss), net of tax | $ (118) | $ 1,064 | $ (119) | |
[1] | These accumulated other comprehensive earnings components are included in the computation of net periodic benefit cost, which is a component of other expenses in the accompanying consolidated statements of comprehensive earnings. |
Supplemental Information To S_3
Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in assets and liabilities, net: | ||
Accounts receivable | $ 238 | $ (29) |
Income tax receivable | (113) | |
Other current assets | (38) | 9 |
Other long-term assets | (24) | (8) |
Accounts payable | 42 | (51) |
Revenues and royalties payable | (113) | 46 |
Other current liabilities | (81) | (23) |
Other long-term liabilities | 33 | (5) |
Total | (56) | (61) |
Supplementary cash flow data - total operations: | ||
Interest paid (net of capitalized interest) | 64 | 53 |
Income taxes paid | $ 151 | $ 6 |
Accounts Receivable (Schedule O
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Joint interest billings | $ 147 | $ 168 |
Other | 74 | 13 |
Gross accounts receivable | 605 | 840 |
Allowance for doubtful accounts | (11) | (8) |
Net accounts receivable | 594 | 832 |
Oil, Gas and NGL Sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | 235 | 452 |
Marketing and Midstream Revenues [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross accounts receivable | $ 149 | $ 207 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Table of Property and Equipment, net) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Property and equipment: | |||
Proved | $ 27,986 | $ 27,668 | |
Unproved and properties under development | 504 | 583 | |
Total oil and gas | 28,490 | 28,251 | |
Less accumulated DD&A | (23,734) | (20,693) | |
Oil and gas property and equipment, net | 4,756 | 7,558 | |
Other property and equipment | 1,732 | 1,725 | |
Less accumulated DD&A | (708) | (690) | |
Other property and equipment, net | [1] | 1,024 | 1,035 |
Total property and equipment, net | $ 5,780 | $ 8,593 | |
[1] | $89 million and $80 million related to CDM in 2020 and 2019, respectively. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Table of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Other property and equipment, net | [1] | $ 1,024 | $ 1,035 |
CDM [Member] | |||
Property Plant And Equipment [Line Items] | |||
Other property and equipment, net | $ 89 | $ 80 | |
[1] | $89 million and $80 million related to CDM in 2020 and 2019, respectively. |
Property, Plant and Equipment_4
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Asset impairments | $ 2,666 | |
Exploration expenses | 112 | $ 4 |
Proved Asset Impairments [Member] | ||
Property Plant And Equipment [Line Items] | ||
Asset impairments | 2,700 | |
Unproved Impairments [Member] | ||
Property Plant And Equipment [Line Items] | ||
Exploration expenses | $ 110 | $ 1 |
Debt And Related Expenses (Sche
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Net discount on debentures and notes | $ (20) | $ (20) |
Debt issuance costs | (34) | (35) |
Total long-term debt | 4,295 | 4,294 |
5.85% due December 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 485 | $ 485 |
Debt, maturity date | Dec. 15, 2025 | |
Debt interest rate, stated percentage | 5.85% | 5.85% |
7.50% due September 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 73 | $ 73 |
Debt, maturity date | Sep. 15, 2027 | |
Debt interest rate, stated percentage | 7.50% | 7.50% |
7.875% due September 30, 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 675 | $ 675 |
Debt, maturity date | Sep. 30, 2031 | |
Debt interest rate, stated percentage | 7.875% | 7.875% |
7.95% due April 15, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 366 | $ 366 |
Debt, maturity date | Apr. 15, 2032 | |
Debt interest rate, stated percentage | 7.95% | 7.95% |
5.60% due July 15, 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,250 | $ 1,250 |
Debt, maturity date | Jul. 15, 2041 | |
Debt interest rate, stated percentage | 5.60% | 5.60% |
4.75% due May 15, 2042 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750 | $ 750 |
Debt, maturity date | May 15, 2042 | |
Debt interest rate, stated percentage | 4.75% | 4.75% |
5.00% due June 15, 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 750 | $ 750 |
Debt, maturity date | Jun. 15, 2045 | |
Debt interest rate, stated percentage | 5.00% | 5.00% |
Debt And Related Expenses (Narr
Debt And Related Expenses (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Redemption of senior notes | $ 162,000,000 | ||
6.30% Due January 15, 2019 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Redemption of senior notes | $ 162,000,000 | ||
Debt interest rate, stated percentage | 6.30% | ||
Senior Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility, borrowing capacity | $ 3,000,000,000 | ||
Outstanding credit facility borrowings | $ 0 | ||
Debt-to-capitalization ratio | 0.188 | ||
Outstanding letters of credit | $ 2,000,000 | ||
Senior Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt-to-capitalization ratio | 0.65 |
Debt And Related Expenses (Sc_2
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Interest based on debt outstanding | $ 65 | $ 65 |
Interest income | (5) | (11) |
Other | 5 | 6 |
Total net financing costs | $ 65 | $ 60 |
Leases (Schedule of Right-of-us
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Right-of-use assets, finance lease | $ 227 | $ 229 | |
Finance lease liabilities: | |||
Current lease liabilities, finance lease | [1] | 7 | 7 |
Long-term lease liabilities, finance lease | 242 | 240 | |
Total lease liabilities, finance lease | 249 | 247 | |
Right-of-use assets, operating lease | 10 | 14 | |
Operating lease liabilities: | |||
Current lease liabilities, operating lease | [1] | 7 | 10 |
Long-term lease liabilities, operating lease | 3 | 4 | |
Total lease liabilities, operating lease | 10 | 14 | |
Right-of-use assets | 237 | 243 | |
Lease liabilities: | |||
Current lease liabilities | [1] | 14 | 17 |
Long-term lease liabilities | 245 | 244 | |
Total lease liabilities | $ 259 | $ 261 | |
[1] | Current lease liabilities are included in other current liabilities on the consolidated balance sheets. |
Asset Retirement Obligations (S
Asset Retirement Obligations (Summary Of Changes In Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations as of beginning of period | $ 398 | $ 484 | |
Liabilities incurred | 6 | 4 | |
Liabilities settled and divested | (13) | (33) | |
Revision of estimated obligation | 4 | (62) | |
Accretion expense on discounted obligation | 5 | 6 | |
Asset retirement obligations as of end of period | 400 | 399 | |
Less current portion | 14 | 15 | |
Asset retirement obligations, long-term | $ 386 | $ 384 | $ 380 |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Asset Retirement Obligations [Line Items] | ||
Revision of estimated obligation | $ 4 | $ (62) |
Decrease in asset retirement obligations | $ 13 | 33 |
Asset Divestitures [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Decrease in asset retirement obligations | $ 29 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Feb. 28, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Stockholders Equity [Abstract] | |||||||||
Common stock dividends paid, amount | $ 34,000,000 | $ 34,000,000 | |||||||
Common stock dividends, rate per share | $ 0.09 | $ 0.09 | $ 0.08 | ||||||
Scenario Forecast [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Percentage of increase to quarterly dividend | 22.00% | ||||||||
Common stock dividends, rate per share | $ 0.11 | ||||||||
Scenario Forecast [Member] | Barnett Shale [Member] | BKV [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Divestitures of property and equipment | $ 570,000,000 | ||||||||
Share Repurchase Programs [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Share-repurchase program, authorized amount | $ 5,000,000,000 | $ 4,000,000,000 | $ 1,000,000,000 | ||||||
5.0 Billion Dollar Share Repurchase Program [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Share-repurchase program expiration date | Dec. 31, 2019 | ||||||||
1.0 Billion Dollar Share Repurchase Program [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Share-repurchase program, authorized amount | $ 1,000,000,000 | ||||||||
Share-repurchase program expiration date | Dec. 31, 2020 | ||||||||
Stock-repurchase program, conditioned amount | $ 800,000,000 | ||||||||
Minimum [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Share-repurchase program, cash proceeds required for conditioned amount | $ 725,000,000 | ||||||||
Maximum [Member] | 1.0 Billion Dollar Share Repurchase Program [Member] | Scenario Forecast [Member] | |||||||||
Stockholders Equity [Abstract] | |||||||||
Share repurchase program, remaining authorized repurchase amount | $ 200,000,000 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
5.0 Billion Dollar Share Repurchase Program [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Total Number of Shares Purchased | 4,436 | 22,137 | 5,911 | 36,141 | 78,149 | 146,774 | |
Dollar Value of Shares Purchased | $ 94 | $ 550 | $ 159 | $ 1,024 | $ 2,978 | $ 4,805 | |
Average Price Paid per Share | $ 21.32 | $ 24.80 | $ 27.01 | $ 28.33 | $ 38.11 | $ 32.74 | |
1.0 Billion Dollar Share Repurchase Program [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Total Number of Shares Purchased | 2,243 | ||||||
Dollar Value of Shares Purchased | $ 38 | ||||||
Average Price Paid per Share | $ 16.85 |
Discontinued Operations and A_3
Discontinued Operations and Assets Held for Sale (Narrative) (Details) $ in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($)$ / bbl$ / Mcf | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Apr. 30, 2020USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Cash restricted for discontinued operations | $ 200 | $ 380 | $ 380 | |||||
Asset impairments | 179 | |||||||
Goodwill | 88 | 88 | 88 | |||||
Gain recognized on sale of business, pre-tax | $ (1) | |||||||
Canadian​ Divestiture [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Estimated cash abandonment charges per quarter | 6 | |||||||
Barnett Shale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Cash restricted for discontinued operations | 25 | |||||||
Estimated cash abandonment charges per quarter | 2 | |||||||
Asset impairments | 179 | $ 748 | ||||||
Goodwill | 88 | |||||||
Contingent payments valuation | $ 41 | |||||||
Canadian Business Segment [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Charge on early retirement of debt, cash retirement costs | $ 52 | |||||||
Loss on early retirement of debt, noncash charges | 6 | |||||||
Canadian Business Segment [Member] | 4.00% due July 15, 2021 [Member] | Senior Notes [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Long-term debt retired | $ 500 | |||||||
Debt interest rate, stated percentage | 4.00% | |||||||
Debt, maturity date | Jul. 15, 2021 | |||||||
Canadian Business Segment [Member] | 3.25% due May 15, 2022 [Member] | Senior Notes [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Long-term debt retired | $ 1,000 | |||||||
Debt interest rate, stated percentage | 3.25% | |||||||
Debt, maturity date | May 15, 2022 | |||||||
BKV [Member] | Barnett Shale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Contingent earnout payment period | The contingent payment period commences on January 1, 2021 and has a term of four years. | |||||||
Canadian Natural Resources Limited [Member] | Canadian Business Segment [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Cash restricted for discontinued operations | $ 175 | |||||||
Effective close date of divestiture | Jun. 27, 2019 | |||||||
Proceeds from the sale of business | 2,600 | $ 3.4 | ||||||
Gain recognized on sale of business, pre-tax | 223 | |||||||
Gain recognized on sale of business, after-tax | 425 | |||||||
Income taxes paid | $ 150 | |||||||
Foreign currency translation adjustment | $ 1,200 | |||||||
Subsequent Event [Member] | BKV [Member] | Barnett Shale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Cash deposit received | $ 170 | |||||||
Scenario Forecast [Member] | BKV [Member] | Barnett Shale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Proceeds from the sale of business | $ 570 | |||||||
Henry Hub gas price for contingent earnout payment upside | $ / Mcf | 2.75 | |||||||
WTI oil price for contingent earnout payment upside | $ / bbl | 50 | |||||||
Scenario Forecast [Member] | Maximum [Member] | BKV [Member] | Barnett Shale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Contingent earnout payments | $ 260 |
Discontinued Operations and A_4
Discontinued Operations and Assets Held for Sale (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Upstream revenues | $ 92 | $ 396 |
Marketing and midstream revenues | 26 | |
Total revenues | 92 | 422 |
Production expenses | 74 | 222 |
Exploration expenses | 9 | |
Marketing and midstream expenses | 9 | |
Depreciation, depletion and amortization | 99 | |
Asset impairments | 179 | |
Asset dispositions | 1 | |
General and administrative expenses | 1 | 18 |
Financing costs, net | (2) | 13 |
Restructuring and transaction costs | 3 | |
Other expenses | (3) | (22) |
Total expenses | 249 | 352 |
Earnings (loss) from discontinued operations before income taxes | (157) | 70 |
Income tax expense (benefit) | (32) | 9 |
Net earnings (loss) from discontinued operations, net of tax | (125) | 61 |
Barnett Shale [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Upstream revenues | 92 | 149 |
Total revenues | 92 | 149 |
Production expenses | 74 | 81 |
Depreciation, depletion and amortization | 20 | |
Asset impairments | 179 | |
Asset dispositions | 1 | |
Other expenses | (13) | 6 |
Total expenses | 240 | 108 |
Earnings (loss) from discontinued operations before income taxes | (148) | 41 |
Income tax expense (benefit) | (32) | 9 |
Net earnings (loss) from discontinued operations, net of tax | (116) | 32 |
Canada [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Upstream revenues | 247 | |
Marketing and midstream revenues | 26 | |
Total revenues | 273 | |
Production expenses | 141 | |
Exploration expenses | 9 | |
Marketing and midstream expenses | 9 | |
Depreciation, depletion and amortization | 79 | |
General and administrative expenses | 1 | 18 |
Financing costs, net | (2) | 13 |
Restructuring and transaction costs | 3 | |
Other expenses | 10 | (28) |
Total expenses | 9 | 244 |
Earnings (loss) from discontinued operations before income taxes | (9) | 29 |
Net earnings (loss) from discontinued operations, net of tax | $ (9) | $ 29 |
Discontinued Operations and A_5
Discontinued Operations and Assets Held for Sale (Carrying Amounts of Assets and Liabilities Classified as Associated with Discontinued Operations on Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Cash restricted for discontinued operations | $ 200 | $ 380 |
Accounts receivable | 37 | 39 |
Other current assets | 7 | 7 |
Oil and gas property and equipment, based on successful efforts accounting, net | 593 | 751 |
Other property and equipment, net | 11 | 11 |
Goodwill | 88 | 88 |
Other long-term assets | 74 | 81 |
Total assets associated with discontinued operations | 810 | 977 |
Accounts payable | 20 | 19 |
Revenues and royalties payable | 39 | 47 |
Other current liabilities | 94 | 252 |
Asset retirement obligations | 141 | 141 |
Other long-term liabilities | 163 | 185 |
Total liabilities associated with discontinued operations | 457 | 644 |
Barnett Shale [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Cash restricted for discontinued operations | 25 | 25 |
Accounts receivable | 36 | 38 |
Other current assets | 5 | 5 |
Oil and gas property and equipment, based on successful efforts accounting, net | 593 | 751 |
Other property and equipment, net | 11 | 11 |
Goodwill | 88 | 88 |
Total assets associated with discontinued operations | 733 | 893 |
Accounts payable | 14 | 15 |
Revenues and royalties payable | 36 | 44 |
Other current liabilities | 21 | 19 |
Asset retirement obligations | 141 | 141 |
Other long-term liabilities | 15 | 16 |
Total liabilities associated with discontinued operations | 227 | 235 |
Canada [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Cash restricted for discontinued operations | 175 | 355 |
Accounts receivable | 1 | 1 |
Other current assets | 2 | 2 |
Other long-term assets | 74 | 81 |
Total assets associated with discontinued operations | 77 | 84 |
Accounts payable | 6 | 4 |
Revenues and royalties payable | 3 | 3 |
Other current liabilities | 73 | 233 |
Other long-term liabilities | 148 | 169 |
Total liabilities associated with discontinued operations | $ 230 | $ 409 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020Defendant | |
Parishes in Louisiana [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Number of defendants | 100 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | $ 643 | $ 50 |
Derivatives, liabilities | (5) | (31) |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 890 | 702 |
Debt | (4,295) | (4,294) |
Carrying Amount [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 643 | 50 |
Derivatives, liabilities | (5) | (31) |
Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 890 | 702 |
Debt | (3,118) | (5,376) |
Total Fair Value [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 643 | 50 |
Derivatives, liabilities | (5) | (31) |
Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 890 | 702 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | (3,118) | (5,376) |
Level 2 Inputs [Member] | Commodity Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, assets | 643 | 50 |
Derivatives, liabilities | $ (5) | $ (31) |