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DVN Devon Energy

Document And Entity Information

Document And Entity Information - shares shares in Millions3 Months Ended
Mar. 31, 2021Apr. 21, 2021
Cover [Abstract]
Document Type10-Q
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Trading SymbolDVN
Entity Registrant NameDEVON ENERGY CORP/DE
Entity Central Index Key0001090012
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Document Fiscal Period FocusQ1
Entity Common Stock, Shares Outstanding676.9
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity File Number001-32318
Entity Tax Identification Number73-1567067
Entity Address, Address Line One333 West Sheridan Avenue
Entity Address, City or TownOklahoma City
Entity Address, State or ProvinceOK
Entity Address, Postal Zip Code73102-5015
City Area Code405
Local Phone Number235-3611
Entity Interactive Data CurrentYes
Title of 12(b) SecurityCommon Stock, par value $0.10 per share
Security Exchange NameNYSE
Entity Incorporation, State or Country CodeDE
Document Quarterly Reporttrue
Document Transition Reportfalse

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues $ 2,290 $ 1,367
Oil, gas and NGL derivatives(528)720
Total revenues1,762 2,087
Production expenses489 318
Exploration expenses3 112
Depreciation, depletion and amortization467 401
Asset impairments2,666
Asset dispositions(32)
General and administrative expenses107 102
Financing costs, net77 65
Restructuring and transaction costs189
Other, net(29)(48)
Total expenses1,794 4,194
Loss from continuing operations before income taxes(32)(2,107)
Income tax benefit(248)(417)
Net earnings (loss) from continuing operations216 (1,690)
Net loss from discontinued operations, net of income taxes(125)
Net earnings (loss)216 (1,815)
Net earnings attributable to noncontrolling interests3 1
Net earnings (loss) attributable to Devon $ 213 $ (1,816)
Basic net earnings (loss) per share:
Basic earnings (loss) from continuing operations per share $ 0.33 $ (4.48)
Basic loss from discontinued operations per share(0.34)
Basic net earnings (loss) per share0.33(4.82)
Diluted net earnings (loss) per share:
Diluted earnings (loss) from continuing operations per share0.32(4.48)
Diluted loss from discontinued operations per share(0.34)
Diluted net earnings (loss) per share $ 0.32 $ (4.82)
Comprehensive earnings (loss):
Net earnings (loss) $ 216 $ (1,815)
Other comprehensive earnings (loss), net of tax:
Pension and postretirement plans23 1
Other comprehensive earnings, net of tax23 1
Comprehensive earnings (loss):239 (1,814)
Comprehensive earnings attributable to noncontrolling interests3 1
Comprehensive earnings (loss) attributable to Devon236 (1,815)
Oil, Gas and NGL Sales [Member]
Revenues1,788 807
Marketing and Midstream Revenues [Member]
Revenues502 560
Marketing and Midstream Expenses [Member]
Expenses $ 523 $ 578

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net earnings (loss) $ 216 $ (1,815)
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Net loss from discontinued operations, net of income taxes125
Depreciation, depletion and amortization467 401
Asset impairments2,666
Leasehold impairments1 110
(Amortization) accretion of liabilities(54)8
Total (gains) losses on commodity derivatives528 (720)
Cash settlements on commodity derivatives(232)101
Gains on asset dispositions(32)
Deferred income tax benefit(243)(311)
Share-based compensation41 20
Early retirement of debt27
Changes in assets and liabilities, net(127)(56)
Net cash from operating activities - continuing operations592 529
Cash flows from investing activities:
Capital expenditures(499)(425)
Acquisitions of property and equipment(4)
Divestitures of property and equipment15 25
WPX acquired cash344
Distributions from equity method investments10
Net cash from investing activities - continuing operations(130)(404)
Cash flows from financing activities:
Repayments of long-term debt(533)
Early retirement of debt(27)
Repurchases of common stock(38)
Dividends paid on common stock(203)(34)
Contributions from noncontrolling interests5
Distributions to noncontrolling interests(4)(3)
Acquisition of noncontrolling interests(24)
Shares exchanged for tax withholdings(33)(17)
Net cash from financing activities - continuing operations(824)(87)
Effect of exchange rate changes on cash - continuing operations3
Net change in cash, cash equivalents and restricted cash of continuing operations(359)38
Cash flows from discontinued operations:
Operating activities0 (131)
Investing activities0 (1)
Financing activities0 0
Effect of exchange rate changes on cash0 (23)
Net change in cash, cash equivalents and restricted cash of discontinued operations0 (155)
Net change in cash, cash equivalents and restricted cash(359)(117)
Cash, cash equivalents and restricted cash at beginning of period2,237 1,844
Cash, cash equivalents and restricted cash at end of period1,878 1,727
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents1,683 1,527
Restricted cash195 200
Cash, cash equivalents and restricted cash at end of period $ 1,878 $ 1,727

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash, cash equivalents and restricted cash $ 1,878 $ 2,237
Accounts receivable1,089 601
Income taxes receivable166 174
Other current assets334 248
Total current assets3,467 3,260
Oil and gas property and equipment, based on successful efforts accounting, net13,826 4,436
Other property and equipment, net ($106 million and $102 million related to CDM in 2021 and 2020, respectively)[1]1,448 957
Total property and equipment, net15,274 5,393
Goodwill753 753
Right-of-use assets255 223
Investments402 12
Other long-term assets306 271
Total assets20,457 9,912
LIABILITIES AND EQUITY
Accounts payable564 242
Revenues and royalties payable909 662
Short-term debt226
Other current liabilities1,246 536
Total current liabilities2,945 1,440
Long-term debt7,042 4,298
Lease liabilities260 246
Asset retirement obligations455 358
Other long-term liabilities1,269 551
Stockholders' equity:
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued 675 million and 382 million shares in 2021 and 2020, respectively67 38
Additional paid-in capital8,172 2,766
Retained earnings218 208
Accumulated other comprehensive loss(104)(127)
Total stockholders’ equity attributable to Devon8,353 2,885
Noncontrolling interests133 134
Total equity8,486 3,019
Total liabilities and equity $ 20,457 $ 9,912
[1]$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other property and equipment, net[1] $ 1,448 $ 957
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)675,000,000 382,000,000
CDM [Member]
Other property and equipment, net $ 106 $ 102
[1]$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in MillionsTotalCommon Stock [Member]Additional Paid-In Capital [Member]Retained Earning (Accumulated Deficit) [Member]Other Comprehensive Earnings (Loss) [Member]Treasury Stock [Member]Noncontrolling Interests [Member]
Balance at Dec. 31, 2019 $ 5,920 $ 38 $ 2,735 $ 3,148 $ (119) $ 118
Balance, shares at Dec. 31, 2019382
Net earnings (loss)(1,815)(1,816)1
Other comprehensive earnings (loss), net of tax1 1
Restricted stock grants, net of cancellations, shares3
Common stock repurchased(54) $ (54)
Common stock retired(54)54
Common stock retired, shares(3)
Common stock dividends(34)(34)
Share-based compensation20 20
Share-based compensation, shares1
Contributions from noncontrolling interests5 5
Distributions to noncontrolling interests(3)(3)
Balance at Mar. 31, 20204,040 $ 38 2,701 1,298 (118)121
Balance, shares at Mar. 31, 2020383
Balance at Dec. 31, 20203,019 $ 38 2,766 208 (127)134
Balance, shares at Dec. 31, 2020382
Net earnings (loss)216 213 3
Other comprehensive earnings (loss), net of tax23 23
Restricted stock grants, net of cancellations, shares4
Common stock repurchased(38)(38)
Common stock retired(38) $ 38
Common stock retired, shares(2)
Common stock dividends(203)(203)
Common stock issued5,432 $ 29 5,403
Common stock issued, Shares290
Share-based compensation41 41
Share-based compensation, shares1
Distributions to noncontrolling interests(4)(4)
Balance at Mar. 31, 2021 $ 8,486 $ 67 $ 8,172 $ 218 $ (104) $ 133
Balance, shares at Mar. 31, 2021675

Summary Of Significant Accounti

Summary Of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary Of Significant Accounting PoliciesDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.
Summary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2020 Annual Report on Form 10-K . The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2021 and 2020 and Devon’s financial position as of March 31, 2021. Devon and WPX completed an all-stock merger of equals on January 7, 2021 See Note 2 for further discussion. As further discussed in Note 18 , Devon closed on the sale of its Barnett Shale assets in October 2020 As of March 31, 2021, classified 10 Variable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint-venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of Investments In conjunction with the Merger, Devon acquired an interest in Catalyst which is a joint venture established between WPX and Howard Energy Partners (“HEP”) to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the agreement, Devon and HEP each have a 50 percent voting interest in the joint venture legal entity and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. The agreements do not include any minimum volume commitments. Devon accounts for the investment in Catalyst as an equity method investment. Devon’s investment in Catalyst is shown within investments on the consolidated balance sheet and Devon’s share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
Three Months Ended March 31,
2021
2020
Oil
$
1,357
$
662
Gas
207
70
NGL
224
75
Oil, gas and NGL sales
1,788
807
Oil
209
329
Gas
118
94
NGL
175
137
Marketing and midstream revenues
502
560
Total revenues from contracts with customers
$
2,290
$
1,367

Acquisition and Divestitures

Acquisition and Divestitures3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Acquisition and Divestitures2. WPX Merger On January 7, 2021 Purchase Price Allocation The transaction has been accounted for using the acquisition method of accounting, with Devon being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of WPX and its subsidiaries have been recorded at their respective fair values as of the date of completion of the Merger and added to Devon’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the Merger. Determining the fair value of the assets and liabilities of WPX requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of WPX’s oil and gas properties. The inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy. The following table represents the preliminary allocation of the total purchase price of WPX to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
Preliminary Purchase Price Allocation
Consideration:
WPX Common Stock outstanding
561.2
Exchange Ratio
0.5165
Devon common stock issued
289.9
Devon closing price on January 7, 2021
$
18.57
Total common equity consideration
5,383
Share-based replacement awards
49
Total consideration
$
5,432
Assets acquired:
Cash, cash equivalents and restricted cash
$
344
Accounts receivable
425
Other current assets
49
Right-of-use assets
38
Proved oil and gas property and equipment
7,017
Unproved and properties under development
2,367
Other property and equipment
485
Investments
400
Other long-term assets
43
Total assets acquired
$
11,168
Liabilities assumed:
Accounts payable
$
346
Revenue and royalties payable
223
Other current liabilities
454
Debt
3,562
Lease liabilities
38
Asset retirement obligations
94
Deferred income taxes
254
Other long-term liabilities
765
Total liabilities assumed
5,736
Net assets acquired
$
5,432
WPX Revenues and Earnings The following table represents WPX’s revenues and earnings included in Devon’s consolidated comprehensive statements of earnings subsequent to the closing date of the Merger.
Three Months Ended March 31,
2021
Total revenues
$
772
Net earnings
$
166
Pro Forma Financial Information Due to the Merger closing on January 7, 2021, all activity in the first quarter of 2021 except for the first six days of January is included in Devon’s consolidated statements of comprehensive earnings. The following unaudited pro forma financial information for the three months ended March 31, 2020 is based on our historical consolidated financial statements adjusted to reflect as if the Merger had occurred on January 1, 2020. The information below reflects pro forma adjustments to conform WPX’s historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.
Three Months Ended March 31,
Continuing operations:
2020
Total revenues
$
3,485
Net loss
$
(1,864
)
Basic net loss per share
$
(2.77
) Divestitures On March 3, 2021, Devon completed the sale of non-core assets in the Rockies for proceeds of $ 9 gain related to the sale. The transaction includes contingent earnout payments of up to $8 million. As of December 31, 2020, the associated assets and liabilities were classified as assets held for sale and included in other current assets and other current liabilities, respectively. On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million. The agreement with BKV also provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. Devon recognized a $748 million asset impairment related to these assets in the fourth quarter of 2019 and incremental asset impairments of $179 million and $3 million during the first quarter and third quarter of 2020, respectively. Additional information can be found in Note 18 .

Derivative Financial Instrument

Derivative Financial Instruments3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments3. 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, price swaptions, basis swaps, costless price collars and call options. Devon periodically enters into interest rate swaps to manage its exposure to interest rate volatility. As of March 31, 2021, Devon did not have any open interest rate swap contracts. Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment. Counterparty Credit Risk By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of March 31, 2021, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Commodity Derivatives As of March 31, 2021, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table
Price Swaps
Price Swaptions
Price Collars
Call Options Sold
Period
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Floor Price ($/Bbl)
Weighted Average Ceiling Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Q2-Q4 2021
81,122
$
40.45
6,691
$
40.12
40,905
$
39.84
$
49.84
5,000
$
39.50
Q1-Q4 2022
25,619
$
43.82
10,323
$
46.46
15,733
$
44.92
$
54.92

$

Oil Basis Swaps
Period
Index
Volume (Bbls/d)
Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2021
Midland Sweet
22,669
$
0.84
Q2-Q4 2021
Guernsey Light Sweet
2,007
$
(1.48
)
Q2-Q4 2021
BRENT
1,000
$
(8.00
)
Q2-Q4 2021
NYMEX Roll
11,676
$
0.38
Q1-Q4 2022
BRENT
1,000
$
(7.75
)
Q1-Q4 2022
NYMEX Roll
16,000
$
0.37
As of March 31, 2021, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
Price Swaps (1)
Price Swaptions (2)
Price Collars (2)
Call Options Sold (2)
Period
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Floor Price ($/MMBtu)
Weighted Average Ceiling Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Q2-Q4 2021
270,636
$
2.63

$

196,218
$
2.46
$
2.96
50,000
$
2.68
Q1-Q4 2022
3,452
$
2.85
100,000
$
2.70
69,110
$
2.54
$
3.04

$

(1)
Related to the 2021 open positions, 30,636 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.76 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.
(2)
Price swaptions and call options settle against end of the month NYMEX index. Price collars settle against the Inside FERC first of the month Henry Hub Index.
Natural Gas Basis Swaps
Period
Index
Volume (MMBtu/d)
Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2021
El Paso Natural Gas
35,000
$
(0.92
)
Q2-Q4 2021
WAHA
80,000
$
(0.65
)
Q1-Q4 2022
WAHA
70,000
$
(0.57
)
Q1-Q4 2023
WAHA
70,000
$
(0.51
)
Q1-Q4 2024
WAHA
40,000
$
(0.51
) As of March 31, 2021, Devon had the following open NGL derivative positions. Devon’s NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.
Price Swaps
Period
Product
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Q2-Q4 2021
Natural Gasoline
1,000
$
47.57
Q2-Q4 2021
Normal Butane
1,000
$
31.40
Q2-Q4 2021
Propane
1,000
$
27.88
Financial Statement Presentation The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.
March 31, 2021
December 31, 2020
Commodity derivative assets:
Other current assets
$
3
$
5
Other long-term assets
3
1
Total derivative assets
$
6
$
6
Commodity derivative liabilities:
Other current liabilities
$
667
$
143
Other long-term liabilities
122
5
Total derivative liabilities
$
789
$
148

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation4. Share-Base 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 31,
2021
2020
G&A
$
20
$
20
Restructuring and transaction costs
21

Total
$
41
$
20
Under its approved long-term incentive plan, Devon grants share-based awards to certain employees. The following table presents a summary of Devon’s unvested restricted stock awards and units, performance-based restricted stock awards and performance share units granted under the plan.
Performance-Based
Performance
Restricted Stock Awards & Units
Restricted Stock Awards
Share Units
Awards/Units
Weighted Average Grant-Date Fair Value
Awards
Weighted Average Grant-Date Fair Value
Units
Weighted Average Grant-Date Fair Value
(Thousands, except fair value data)
Unvested at 12/31/20
5,316
$
25.82
44
$
44.70
1,994
$
31.89
Granted (1)
5,542
$
18.71

$

861
$
18.08
Vested
(4,329
)
$
22.63
(39
)
$
45.41
(754
)
$
37.40
Forfeited
(20
)
$
24.79

$

(25
)
$
36.04
Unvested at 3/31/21
6,509
$
21.89
5
$
38.54
2,076
(2
)
$
24.12
(1)
Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.
( 2 )
A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking. The following table presents the assumptions related to the performance share units granted in 2021, as indicated in the previous summary table.
2021
Grant-date fair value
$
18.08
Risk-free interest rate
0.18%
Volatility factor
67.8%
Contractual term (years)
2.89
The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2021.
Performance-Based
Restricted Stock
Restricted Stock
Performance
Awards/Units
Awards
Share Units
Unrecognized compensation cost
$
88
$

$
21
Weighted average period for recognition (years)
2.2
0.2
2.3

Asset Impairments

Asset Impairments3 Months Ended
Mar. 31, 2021
Asset Impairment Charges [Abstract]
Asset Impairments5. 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,
2021
2020
Proved oil and gas assets
$

$
2,664
Other assets

2
Total asset impairments
$

$
2,666
Unproved impairments
$
1
$
110
Proved Oil and Gas and Other Asset Due to the reduced demand from the COVID-19 pandemic causing an unprecedented downturn in the price of oil and reductions in near-term capital investment, Devon recognized approximately $2.7 billion of proved asset impairments during the first quarter of 2020. These impairments related to the Anadarko Basin and Rockies fields in which the Unproved Due to the 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.

Restructuring and Transaction C

Restructuring and Transaction Costs3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Restructuring and Transaction Costs6. Restructuring and The following table summarizes Devon’s restructuring and transaction costs.
Three Months Ended March 31,
2021
2020
Restructuring
$
143
$

Transaction costs
46

Total
$
189
$

In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees. The following table summarizes Devon’s restructuring liabilities.
Other
Other
Current
Long-term
Liabilities
Liabilities
Total
Balance as of December 31, 2020
$
35
$
137
$
172
Changes related to 2021 workforce reductions
61

61
Changes related to prior years' restructurings
(2
)
(7
)
(9
)
Balance as of March 31, 2021
$
94
$
130
$
224
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

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes7. Inco The following table presents Devon’s total income tax benefit and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.
Three Months Ended March 31,
2021
2020
Loss from continuing operations before income taxes
$
(32
)
$
(2,107
)
Current income tax benefit
$
(5
)
$
(106
)
Deferred income tax benefit
(243
)
(311
)
Total income tax benefit
$
(248
)
$
(417
)
U.S. statutory income tax rate
21
%
21
%
State income taxes
(1
%)
1
%
Change in tax legislation
0
%
5
%
Unrecognized tax benefits
0
%
0
%
Other
(48
%)
(3
%)
Deferred tax asset valuation allowance
791
%
(4
%)
Effective income tax rate
763
%
20
% The deferred income tax benefit recognized in the first quarter of 2021 primarily relates to the Merger. As shown in Note 2 , Devon recognized $254 million of deferred tax liabilities to account for the Merger. The recognition of these deferred tax liabilities caused a decrease to Devon’s net deferred tax assets and a corresponding decrease to the valuation allowance Devon has recognized on its U.S. Federal deferred tax assets. As of March 31, 2021, Devon continues to maintain a valuation allowance against materially all U.S. deferred tax assets. Devon continues to assess its valuation allowance position every quarter. Absent any additional objective negative evidence, and with the addition of subjective evidence such as forecasted taxable income, Devon may adjust the valuation allowance on its deferred tax assets in future periods. In the table above, the “other” effect is composed primarily of permanent differences related to costs incurred in connection with the Merger. Such items represent $15 million of income tax expense in the first quarter of 2021. 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 recoup previously paid taxes. As a result, Devon is carrying back net operating losses generated in 2020 and 2019 to 2015 and 2014, respectively. Because the U.S. Federal income tax rate was higher in the carryback periods, Devon recognized an income tax benefit in the first quarter of 2020.

Net Earnings (Loss) Per Share f

Net Earnings (Loss) Per Share from Continuing Operations3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share from Continuing Operations8.
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,
2021
2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations
$
213
$
(1,691
)
Attributable to participating securities
(2
)
(1
)
Basic and diluted earnings (loss) from continuing operations
$
211
$
(1,692
)
Common shares:
Common shares outstanding - total
654
383
Attributable to participating securities
(5
)
(6
)
Common shares outstanding - basic
649
377
Dilutive effect of potential common shares issuable
2

Common shares outstanding - diluted
651
377
Net earnings (loss) per share from continuing operations:
Basic
$
0.33
$
(4.48
)
Diluted
$
0.32
$
(4.48
)
Antidilutive options

Other Comprehensive Earnings (L

Other Comprehensive Earnings (Loss)3 Months Ended
Mar. 31, 2021
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]
Other Comprehensive Earnings (Loss)9.
Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) consist of the following:
Three Months Ended March 31,
2021
2020
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits
$
(127
)
$
(119
)
Recognition of net actuarial loss and prior service cost in earnings (1)
1
2
Settlement of pension benefits (2)
15

Income tax expense

(1
)
Other (3)
7

Accumulated other comprehensive loss, net of tax
$
(104
)
$
(118
)
(1)
Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
(2)
The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
(3)
Includes a remeasurement of the pension obligation due to the change in control described above which was partially offset by a change in mortality assumption.

Supplemental Information To Sta

Supplemental Information To Statements Of Cash Flows3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Information To Statements Of Cash Flows10.
Supplemental Information to Statements of Cash Flows
Three Months Ended March 31,
2021
2020
Changes in assets and liabilities, net:
Accounts receivable
$
(63
)
$
238
Income tax receivable
15
(113
)
Other current assets
(25
)
(38
)
Other long-term assets
(10
)
(24
)
Accounts payable
71
42
Revenues and royalties payable
(55
)
(113
)
Other current liabilities
(33
)
(81
)
Other long-term liabilities
(27
)
33
Total
$
(127
)
$
(56
)
Supplementary cash flow data - total operations:
Interest paid
$
114
$
64
Income taxes paid (refunded)
$
(6
)
$
151
As of March 31, 2021, Devon had approximately $230 million of accrued capital expenditures included in total property and equipment, net and accounts payable on the consolidated balance sheets. As of December 31, 2020 (pre-merger), Devon had approximately $100 million of accrued capital expenditures in total property and equipment, net and accounts payable on the consolidated balance sheets. As of January 7, 2021 (date of Merger closing), Devon assumed approximately $150 million of accrued capital expenditures included in accounts payable.

Accounts Receivable

Accounts Receivable3 Months Ended
Mar. 31, 2021
Accounts Receivable Net [Abstract]
Accounts Receivable11.
Accounts Receivable Components of accounts receivable include the following:
March 31, 2021
December 31, 2020
Oil, gas and NGL sales
$
742
$
335
Joint interest billings
127
57
Marketing and midstream revenues
181
195
Other
54
25
Gross accounts receivable
1,104
612
Allowance for doubtful accounts
(15
)
(11
)
Net accounts receivable
$
1,089
$
601

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Extractive Industries [Abstract]
Property, Plant and Equipment12. 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, 2021
December 31, 2020
Property and equipment:
Proved
$
35,119
$
27,589
Unproved and properties under development
2,692
392
Total oil and gas
37,811
27,981
Less accumulated DD&A
(23,985
)
(23,545
)
Oil and gas property and equipment, net
13,826
4,436
Other property and equipment
2,060
1,737
Less accumulated DD&A
(612
)
(780
)
Other property and equipment, net (1)
1,448
957
Property and equipment, net
$
15,274
$
5,393
(1)
$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Debt And Related Expenses

Debt And Related Expenses3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Related Expenses13.
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, 2021
December 31, 2020
8.25% due August 1, 2023 ( 1 )
$
242
$

5.25% due September 15, 2024 ( 1 )
472

5.85% due December 15, 2025
485
485
5.75% due June 1, 2026 ( 1 )
500

7.50% due September 15, 2027
73
73
5.25% due October 15, 2027 ( 1 )
600

5.875% due June 15, 2028 ( 1 )
325

4.50% due January 15, 2030 ( 1 )
585

7.875% due September 30, 2031
675
675
7.95% due April 15, 2032
366
366
5.60% due July 15, 2041
1,250
1,250
4.75% due May 15, 2042
750
750
5.00% due June 15, 2045
750
750
Net premium (discount) on debentures and notes
226
(20
)
Debt issuance costs
(31
)
(31
)
Total debt
$
7,268
$
4,298
Less amount classified as short-term debt
226

Total long-term debt
$
7,042
$
4,298
(1)
These instruments were assumed by Devon in January 2021 in conjunction with the Merger. These instruments are the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon. The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.
Face Value
Fair Value
Optional Redemption (1)
6.00% due January 15, 2022
$
43
$
44
8.25% due August 1, 2023
242
281
June 1, 2023
5.25% due September 15, 2024
472
530
June 15, 2024
5.75% due June 1, 2026
500
529
June 1, 2021
5.25% due October 15, 2027
600
646
October 15, 2022
5.875% due June 15, 2028
500
554
June 15, 2023
4.50% due January 15, 2030
900
978
January 15, 2025
$
3,257
$
3,562
(1)
At any time prior to these dates, Devon has the option to redeem some or all of the notes at a specified "make whole" premium as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents. Credit Lines Devon has a $3.0 billion Senior Credit Facility. As of March 31, 2021, Devon had no outstanding borrowings under the Senior Credit Facility and had issued $2 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non- cash financial write-downs such as impairments. As of March 31, 2021, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 27.4 %. Retirement of Senior Notes In first quarter of 2021, Devon redeemed $43 million of the 6.00% senior notes due 2022, $175 million of the 5.875% senior notes due 2028 and $315 million of the 4.50% senior notes due 2030. In the first quarter of 2021, Devon recognized a $20 million gain on early retirement of debt, consisting of $47 million of non-cash premium accelerations partially offset by $27 million of cash retirement costs. The gain on early retirement is included in net financing costs in the consolidated comprehensive statements of earnings. Devon also redeemed $210 million of the 5.25% senior notes due 2027 in April 2021. In May 2021, Devon gave notice to exercise its early redemption to fully retire the 5.75% senior notes due 2026 in June 2021. Net Financing Costs The following schedule includes the components of net financing costs.
Three Months Ended March 31,
2021
2020
Interest based on debt outstanding
$
105
$
65
Gain on early retirement of debt
(20
)

Interest income
(1
)
(5
)
Other
(7
)
5
Total net financing costs
$
77
$
65

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Leases14. Le The following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Finance
Operating
Total
Finance
Operating
Total
Right-of-use assets
$
217
$
38
$
255
$
220
$
3
$
223
Lease liabilities:
Current lease liabilities (1)
$
8
$
23
$
31
$
8
$
1
$
9
Long-term lease liabilities
244
16
260
244
2
246
Total lease liabilities
$
252
$
39
$
291
$
252
$
3
$
255
(1) 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 Obligations3 Months Ended
Mar. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations15.
Asset Retirement Obligations The following table presents the changes in Devon’s asset retirement obligations.
Three Months Ended March 31,
2021
2020
Asset retirement obligations as of beginning of period
$
369
$
398
Assumed WPX obligations
98

Liabilities incurred
9
6
Liabilities settled and divested
(17
)
(13
)
Revision of estimated obligation
11
4
Accretion expense on discounted obligation
7
5
Asset retirement obligations as of end of period
477
400
Less current portion
22
14
Asset retirement obligations, long-term
$
455
$
386

Other Long-Term Liabilities

Other Long-Term Liabilities3 Months Ended
Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities16.
Other Long-Term Liabilities Components of other long-term liabilities include the following:
March 31, 2021
December 31, 2020
Assumed gathering, processing and transportation contracts
$
482
$

Pension and post retirement benefit obligations
225
243
Restructuring and transaction costs
130
137
Estimated future obligation under a performance guarantee
128

Commodity derivatives
122
5
Other
182
166
Total other long-term liabilities
$
1,269
$
551
Devon assumed fixed gathering, processing and transportation contracts in the Merger and recognized a liability related to the difference in the contractual and market rates of these contracts as of the date of the Merger. The terms of the contracts extend through 2038 and all relate to the Delaware Basin. This difference will be recognized as a reduction to production expenses as the associated reserves are produced over the life of the respective contracts. In the first quarter of 2021, Devon recognized $8 million of non-cash amortization of these liabilities as a reduction of production expenses in the consolidated statement of comprehensive earnings. Additionally, in the Merger, Devon assumed a future obligation under a performance guarantee related to gathering and processing commitments for assets WPX sold in 2018 in which the purchaser of those assets is now not expected to have the financial ability to satisfy the obligations. As of March 31, 2021, Devon has recorded a $164 million liability for the estimated potential exposure based on probability-weighted cash flows for the remainder of the contract term of five years. Of the $164 million, $128 million is included in other long-term liabilities and $36 million is included in other current liabilities on the consolidated balance sheets as of March 31, 2021.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Stockholders Equity Note [Abstract]
Stockholders' Equity1 7 .
Stockholders’ Equity WPX Merger On January 7, 2021, Devon and WPX completed an all-stock merger of equals. On the closing date of the Merger, each share of WPX common stock was automatically converted into the right to receive of a share of Devon common stock. Consequently, Devon issued approximately Share Repurchases The table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).
Total Number of Shares Purchased
Dollar Value of Shares Purchased
Average Price Paid per Share
First quarter 2020
2,243
$
38
$
16.85
Total
2,243
$
38
$
16.85
Dividends Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. The following table summarizes Devon’s fixed and variable dividends for the first quarter of 2021 and 2020, respectively.
Amounts
Rate Per Share
2021:
Fixed
$
76
$
0.11
Variable
127
0.19
Total
$
203
$
0.30
2020:
Fixed
$
34
$
0.09
In May 2021, Devon announced a cash dividend in the amount of $0.34 per share payable in the second quarter of 2021. The dividend consists of a fixed quarterly dividend in the amount of approximately $74 million (or $0.11 per share) and a variable quarterly dividend in the amount of approximately $155 million (or $0.23 per share). Noncontrolling Interests The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.

Discontinued Operations

Discontinued Operations3 Months Ended
Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations1 8 .
Discontinued Operations On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million. Additionally, the agreement provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. The valuation of the future contingent earnout payments included within other current assets in the March 31, 2021 balance sheet was $66 million. The value was derived utilizing a Monte Carlo valuation model and qualifies as a level 3 fair value measurement. The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
Three Months Ended March 31, 2020
Oil, gas and NGL sales
$
92
Total revenues
92
Production expenses
74
Asset impairments (1)
179
General and administrative expenses
1
Financing costs, net
(2
)
Other, net
(3
)
Total expenses
249
Loss from discontinued operations before income taxes
(157
)
Income tax benefit
(32
)
Net loss from discontinued operations, net of tax
$
(125
)
(1)
Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Commitments And Contingencies

Commitments And Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments And Contingencies1 9 .
Commitments and Contingencies Devon is party to various legal proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved could differ materially from management’s estimates . Royalty Matters Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently defending against a number of such lawsuits, either as a named defendant in the action or pursuant to indemnity obligations for the benefit of a third party. Plaintiffs in some of these lawsuits are seeking class certification. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, failed to “enhance” the value of gas through processing, used improper measurement techniques, entered into purchase and midstream arrangements with affiliates that resulted in underpayment of royalties or otherwise failed to prudently market oil, natural gas and NGLs produced and sold and pay royalties on the highest obtainable price. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims. Devon does not currently believe that it is subject to material exposure with respect to such royalty matters. Environmental and Climate Change Matters Devon’s business is subject to numerous federal, state, local, Native American tribal and foreign laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future. Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and The State of Delaware and various municipalities and other governmental and private parties in California have filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of these matters, Williams’ Former Power Business Matter Direct and indirect purchasers of natural gas in various states filed individual and class action lawsuits against The Williams Companies, Inc. (“Williams”) and other parties alleging the manipulation of published gas price indices and seeking unspecified amounts of damages. WPX and certain of its subsidiaries, which were then affiliates of Williams, were also named as defendants in these actions. Such actions were transferred to the Nevada federal district court for consolidation of discovery and pre-trial issues. Although certain of the actions were subsequently settled or otherwise resolved, two putative class actions and an individual action remain unresolved. The putative class actions have been remanded to their originally filed court, the Wisconsin federal district court, and class certification motions are pending. The individual action, Reorganized FLI Inc., has been remanded to its originally filed court, the Kansas federal district court. The Tenth Circuit granted a petition to reconsider the denial of defendants’ motion for summary judgment, and the decision is pending after oral argument in January 2021. Because of the uncertainty around pending unresolved issues, including an insufficient description of the purported classes and other related matters, Devon cannot reasonably estimate a range of potential exposure at this time for these matters. In connection with its spin-off from Williams in 2011, WPX entered into a separation and distribution agreement with Williams, pursuant to which Williams agreed to indemnify and hold WPX and its subsidiaries harmless from any losses arising out of these matters. Other Indemnifications and Legacy Matters Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities or performing requirements under surface agreements in existence at the time of disposition. In November 2020, the Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including Devon, to perform decommissioning and reclamation activities related to two California offshore oil and gas production platforms and related facilities. The current operator and owner of the platforms contends that it does not have the financial ability to perform these obligations and relinquished the related federal lease in October 2020. In response to the apparent insolvency of the current operator, the government has ordered the former operators and alleged former lease record title owners to decommission the platforms. The government contends that an alleged corporate predecessor of Devon owned a partial interest in the subject lease and platforms. Although Devon cannot predict the ultimate outcome of this matter, Devon denies any obligation to decommission the subject platforms, has appealed the order, and believes any decommissioning obligation related to the subject platforms should be assumed by others.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements20 .
Fair Value Measurements The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at March 31, 2021 and December 31, 2020, as applicable. Therefore, such financial assets and liabilities are not presented in the following table . Additionally, information regarding the fair values of oil and gas assets is provided in Note 5 .
Fair Value Measurements Using:
Carrying
Total Fair
Level 1
Level 2
Level 3
Amount
Value
Inputs
Inputs
Inputs
March 31, 2021 assets (liabilities):
Cash equivalents
$
1,075
$
1,075
$
1,075
$

$

Commodity derivatives
$
6
$
6
$

$
6
$

Commodity derivatives
$
(789
)
$
(789
)
$

$
(789
)
$

Debt
$
(7,268
)
$
(8,091
)
$

$
(8,091
)
$

Contingent earnout payments
$
70
$
70
$

$

$
70
December 31, 2020 assets (liabilities):
Cash equivalents
$
1,436
$
1,436
$
1,436
$

$

Commodity derivatives
$
6
$
6
$

$
6
$

Commodity derivatives
$
(148
)
$
(148
)
$

$
(148
)
$

Debt
$
(4,298
)
$
(5,365
)
$

$
(5,365
)
$

Contingent earnout payments
$
66
$
66
$

$

$
66
The following methods and assumptions were used to estimate the fair values in the table above. Level 1 Fair Value Measurements Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value. Level 2 Fair Value Measurements Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements. Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of its debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. Level 3 Fair Value Measurements Contingent Earnout Payments – Devon has the right to receive contingent consideration related to the Barnett and non-core Rockies asset divestitures based on future oil and gas prices. These values were derived using a Monte Carlo valuation model and qualify as a level 3 fair value measurement. For additional information, see Note 2 .

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Variable Interest EntityVariable Interest Entity Cotton Draw Midstream, L.L.C. (“CDM”) is a joint-venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of
InvestmentsInvestments
Commitments And ContingenciesDevon is party to various legal proceedings and other matters that may result in future payment obligations or other adverse consequences to its business. Matters that are probable of an unfavorable outcome to Devon and which any related potential payment obligation or other liability can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. While management does not believe any current matter is likely to involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals, the ultimate outcome of such matters and the amounts involved could differ materially from management’s estimates .

Summary Of Significant Accoun_3

Summary Of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Revenue from Contracts with CustomersThe following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
Three Months Ended March 31,
2021
2020
Oil
$
1,357
$
662
Gas
207
70
NGL
224
75
Oil, gas and NGL sales
1,788
807
Oil
209
329
Gas
118
94
NGL
175
137
Marketing and midstream revenues
502
560
Total revenues from contracts with customers
$
2,290
$
1,367

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Preliminary Allocation of the Total Purchase PriceThe following table represents the preliminary allocation of the total purchase price of WPX to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
Preliminary Purchase Price Allocation
Consideration:
WPX Common Stock outstanding
561.2
Exchange Ratio
0.5165
Devon common stock issued
289.9
Devon closing price on January 7, 2021
$
18.57
Total common equity consideration
5,383
Share-based replacement awards
49
Total consideration
$
5,432
Assets acquired:
Cash, cash equivalents and restricted cash
$
344
Accounts receivable
425
Other current assets
49
Right-of-use assets
38
Proved oil and gas property and equipment
7,017
Unproved and properties under development
2,367
Other property and equipment
485
Investments
400
Other long-term assets
43
Total assets acquired
$
11,168
Liabilities assumed:
Accounts payable
$
346
Revenue and royalties payable
223
Other current liabilities
454
Debt
3,562
Lease liabilities
38
Asset retirement obligations
94
Deferred income taxes
254
Other long-term liabilities
765
Total liabilities assumed
5,736
Net assets acquired
$
5,432
Schedule of WPX Revenues And Earnings Included In Devons Consolidated Comprehensive Statements of EarningsThe following table represents WPX’s revenues and earnings included in Devon’s consolidated comprehensive statements of earnings subsequent to the closing date of the Merger.
Three Months Ended March 31,
2021
Total revenues
$
772
Net earnings
$
166
Schedule of Pro Forma Adjustments to Confirm AcquisitionThe unaudited pro forma financial information is not necessarily indicative of what would have occurred if the Merger had been completed as of the beginning of the periods presented, nor is it indicative of future results.
Three Months Ended March 31,
Continuing operations:
2020
Total revenues
$
3,485
Net loss
$
(1,864
)
Basic net loss per share
$
(2.77
)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Derivative [Line Items]
Schedule Of Derivative Financial Instruments Included In The Consolidated Balance SheetsThe following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheets caption.
March 31, 2021
December 31, 2020
Commodity derivative assets:
Other current assets
$
3
$
5
Other long-term assets
3
1
Total derivative assets
$
6
$
6
Commodity derivative liabilities:
Other current liabilities
$
667
$
143
Other long-term liabilities
122
5
Total derivative liabilities
$
789
$
148
Open Oil Derivative Positions [Member]
Derivative [Line Items]
Schedule Of Open Derivative PositionsPrice Swaps
Price Swaptions
Price Collars
Call Options Sold
Period
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Floor Price ($/Bbl)
Weighted Average Ceiling Price ($/Bbl)
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Q2-Q4 2021
81,122
$
40.45
6,691
$
40.12
40,905
$
39.84
$
49.84
5,000
$
39.50
Q1-Q4 2022
25,619
$
43.82
10,323
$
46.46
15,733
$
44.92
$
54.92

$

Oil Basis Swaps
Period
Index
Volume (Bbls/d)
Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2021
Midland Sweet
22,669
$
0.84
Q2-Q4 2021
Guernsey Light Sweet
2,007
$
(1.48
)
Q2-Q4 2021
BRENT
1,000
$
(8.00
)
Q2-Q4 2021
NYMEX Roll
11,676
$
0.38
Q1-Q4 2022
BRENT
1,000
$
(7.75
)
Q1-Q4 2022
NYMEX Roll
16,000
$
0.37
Open Natural Gas Derivative Positions [Member]
Derivative [Line Items]
Schedule Of Open Derivative PositionsPrice Swaps (1)
Price Swaptions (2)
Price Collars (2)
Call Options Sold (2)
Period
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Floor Price ($/MMBtu)
Weighted Average Ceiling Price ($/MMBtu)
Volume (MMBtu/d)
Weighted Average Price ($/MMBtu)
Q2-Q4 2021
270,636
$
2.63

$

196,218
$
2.46
$
2.96
50,000
$
2.68
Q1-Q4 2022
3,452
$
2.85
100,000
$
2.70
69,110
$
2.54
$
3.04

$

(1)
Related to the 2021 open positions, 30,636 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.76 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.
(2)
Price swaptions and call options settle against end of the month NYMEX index. Price collars settle against the Inside FERC first of the month Henry Hub Index.
Natural Gas Basis Swaps
Period
Index
Volume (MMBtu/d)
Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2021
El Paso Natural Gas
35,000
$
(0.92
)
Q2-Q4 2021
WAHA
80,000
$
(0.65
)
Q1-Q4 2022
WAHA
70,000
$
(0.57
)
Q1-Q4 2023
WAHA
70,000
$
(0.51
)
Q1-Q4 2024
WAHA
40,000
$
(0.51
)
Open NGL Derivative Positions [Member]
Derivative [Line Items]
Schedule Of Open Derivative PositionsPrice Swaps
Period
Product
Volume (Bbls/d)
Weighted Average Price ($/Bbl)
Q2-Q4 2021
Natural Gasoline
1,000
$
47.57
Q2-Q4 2021
Normal Butane
1,000
$
31.40
Q2-Q4 2021
Propane
1,000
$
27.88

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive EarningsThree Months Ended March 31,
2021
2020
G&A
$
20
$
20
Restructuring and transaction costs
21

Total
$
41
$
20
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share UnitsPerformance-Based
Performance
Restricted Stock Awards & Units
Restricted Stock Awards
Share Units
Awards/Units
Weighted Average Grant-Date Fair Value
Awards
Weighted Average Grant-Date Fair Value
Units
Weighted Average Grant-Date Fair Value
(Thousands, except fair value data)
Unvested at 12/31/20
5,316
$
25.82
44
$
44.70
1,994
$
31.89
Granted (1)
5,542
$
18.71

$

861
$
18.08
Vested
(4,329
)
$
22.63
(39
)
$
45.41
(754
)
$
37.40
Forfeited
(20
)
$
24.79

$

(25
)
$
36.04
Unvested at 3/31/21
6,509
$
21.89
5
$
38.54
2,076
(2
)
$
24.12
(1)
Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.
( 2 )
A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions2021
Grant-date fair value
$
18.08
Risk-free interest rate
0.18%
Volatility factor
67.8%
Contractual term (years)
2.89
Summary of Unrecognized Compensation Cost And Weighted Average Period For RecognitionPerformance-Based
Restricted Stock
Restricted Stock
Performance
Awards/Units
Awards
Share Units
Unrecognized compensation cost
$
88
$

$
21
Weighted average period for recognition (years)
2.2
0.2
2.3

Asset Impairments (Tables)

Asset Impairments (Tables)3 Months Ended
Mar. 31, 2021
Asset Impairment Charges [Abstract]
Summary of Asset ImpairmentsThe 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,
2021
2020
Proved oil and gas assets
$

$
2,664
Other assets

2
Total asset impairments
$

$
2,666
Unproved impairments
$
1
$
110

Restructuring and Transaction_2

Restructuring and Transaction Costs (Tables)3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]
Schedule Of Restructuring And Transaction CostsThe following table summarizes Devon’s restructuring and transaction costs.
Three Months Ended March 31,
2021
2020
Restructuring
$
143
$

Transaction costs
46

Total
$
189
$

In conjunction with the Merger closing, Devon recognized $143 million of restructuring expenses during the first quarter of 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $37 million and $21 million resulted from settlements and curtailments of defined retirement benefits and accelerated vesting of share-based grants, respectively, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $46 million of transaction costs primarily comprised of bank, legal and accounting fees.
Schedule Of The Activity And Balances Associated With Restructuring LiabilitiesThe following table summarizes Devon’s restructuring liabilities.
Other
Other
Current
Long-term
Liabilities
Liabilities
Total
Balance as of December 31, 2020
$
35
$
137
$
172
Changes related to 2021 workforce reductions
61

61
Changes related to prior years' restructurings
(2
)
(7
)
(9
)
Balance as of March 31, 2021
$
94
$
130
$
224
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

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule Of Effective Income Tax Rate ReconciliationThe following table presents Devon’s total income tax benefit and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.
Three Months Ended March 31,
2021
2020
Loss from continuing operations before income taxes
$
(32
)
$
(2,107
)
Current income tax benefit
$
(5
)
$
(106
)
Deferred income tax benefit
(243
)
(311
)
Total income tax benefit
$
(248
)
$
(417
)
U.S. statutory income tax rate
21
%
21
%
State income taxes
(1
%)
1
%
Change in tax legislation
0
%
5
%
Unrecognized tax benefits
0
%
0
%
Other
(48
%)
(3
%)
Deferred tax asset valuation allowance
791
%
(4
%)
Effective income tax rate
763
%
20
%

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share from Continuing Operations (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share Computations from Continuing OperationsThree Months Ended March 31,
2021
2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations
$
213
$
(1,691
)
Attributable to participating securities
(2
)
(1
)
Basic and diluted earnings (loss) from continuing operations
$
211
$
(1,692
)
Common shares:
Common shares outstanding - total
654
383
Attributable to participating securities
(5
)
(6
)
Common shares outstanding - basic
649
377
Dilutive effect of potential common shares issuable
2

Common shares outstanding - diluted
651
377
Net earnings (loss) per share from continuing operations:
Basic
$
0.33
$
(4.48
)
Diluted
$
0.32
$
(4.48
)
Antidilutive options

Other Comprehensive Earnings _2

Other Comprehensive Earnings (Loss) (Tables)3 Months Ended
Mar. 31, 2021
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease [Abstract]
Components Of Other Comprehensive Earnings (Loss)Components of other comprehensive earnings (loss) consist of the following:
Three Months Ended March 31,
2021
2020
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits
$
(127
)
$
(119
)
Recognition of net actuarial loss and prior service cost in earnings (1)
1
2
Settlement of pension benefits (2)
15

Income tax expense

(1
)
Other (3)
7

Accumulated other comprehensive loss, net of tax
$
(104
)
$
(118
)
(1)
Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
(2)
The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
(3)
Includes a remeasurement of the pension obligation due to the change in control described above which was partially offset by a change in mortality assumption.

Supplemental Information To S_2

Supplemental Information To Statements Of Cash Flows (Tables)3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule Of Supplemental Information To Statements Of Cash FlowsThree Months Ended March 31,
2021
2020
Changes in assets and liabilities, net:
Accounts receivable
$
(63
)
$
238
Income tax receivable
15
(113
)
Other current assets
(25
)
(38
)
Other long-term assets
(10
)
(24
)
Accounts payable
71
42
Revenues and royalties payable
(55
)
(113
)
Other current liabilities
(33
)
(81
)
Other long-term liabilities
(27
)
33
Total
$
(127
)
$
(56
)
Supplementary cash flow data - total operations:
Interest paid
$
114
$
64
Income taxes paid (refunded)
$
(6
)
$
151

Accounts Receivable (Tables)

Accounts Receivable (Tables)3 Months Ended
Mar. 31, 2021
Accounts Receivable Net [Abstract]
Schedule Of Components Of Accounts ReceivableComponents of accounts receivable include the following:
March 31, 2021
December 31, 2020
Oil, gas and NGL sales
$
742
$
335
Joint interest billings
127
57
Marketing and midstream revenues
181
195
Other
54
25
Gross accounts receivable
1,104
612
Allowance for doubtful accounts
(15
)
(11
)
Net accounts receivable
$
1,089
$
601

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)3 Months Ended
Mar. 31, 2021
Extractive Industries [Abstract]
Table of Property and Equipment, netThe following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.
March 31, 2021
December 31, 2020
Property and equipment:
Proved
$
35,119
$
27,589
Unproved and properties under development
2,692
392
Total oil and gas
37,811
27,981
Less accumulated DD&A
(23,985
)
(23,545
)
Oil and gas property and equipment, net
13,826
4,436
Other property and equipment
2,060
1,737
Less accumulated DD&A
(612
)
(780
)
Other property and equipment, net (1)
1,448
957
Property and equipment, net
$
15,274
$
5,393
(1)
$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Debt And Related Expenses (Tabl

Debt And Related Expenses (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule Of Debt Instruments and BalancesSee below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.
March 31, 2021
December 31, 2020
8.25% due August 1, 2023 ( 1 )
$
242
$

5.25% due September 15, 2024 ( 1 )
472

5.85% due December 15, 2025
485
485
5.75% due June 1, 2026 ( 1 )
500

7.50% due September 15, 2027
73
73
5.25% due October 15, 2027 ( 1 )
600

5.875% due June 15, 2028 ( 1 )
325

4.50% due January 15, 2030 ( 1 )
585

7.875% due September 30, 2031
675
675
7.95% due April 15, 2032
366
366
5.60% due July 15, 2041
1,250
1,250
4.75% due May 15, 2042
750
750
5.00% due June 15, 2045
750
750
Net premium (discount) on debentures and notes
226
(20
)
Debt issuance costs
(31
)
(31
)
Total debt
$
7,268
$
4,298
Less amount classified as short-term debt
226

Total long-term debt
$
7,042
$
4,298
Schedule of WPX Debt assumed with the MergerThe following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.
Face Value
Fair Value
Optional Redemption (1)
6.00% due January 15, 2022
$
43
$
44
8.25% due August 1, 2023
242
281
June 1, 2023
5.25% due September 15, 2024
472
530
June 15, 2024
5.75% due June 1, 2026
500
529
June 1, 2021
5.25% due October 15, 2027
600
646
October 15, 2022
5.875% due June 15, 2028
500
554
June 15, 2023
4.50% due January 15, 2030
900
978
January 15, 2025
$
3,257
$
3,562
(1)
At any time prior to these dates, Devon has the option to redeem some or all of the notes at a specified "make whole" premium as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents.
Schedule Of Net Financing Cost ComponentsThe following schedule includes the components of net financing costs.
Three Months Ended March 31,
2021
2020
Interest based on debt outstanding
$
105
$
65
Gain on early retirement of debt
(20
)

Interest income
(1
)
(5
)
Other
(7
)
5
Total net financing costs
$
77
$
65

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Right-of-use Assets and Lease LiabilitiesThe following table presents Devon’s right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020.
March 31, 2021
December 31, 2020
Finance
Operating
Total
Finance
Operating
Total
Right-of-use assets
$
217
$
38
$
255
$
220
$
3
$
223
Lease liabilities:
Current lease liabilities (1)
$
8
$
23
$
31
$
8
$
1
$
9
Long-term lease liabilities
244
16
260
244
2
246
Total lease liabilities
$
252
$
39
$
291
$
252
$
3
$
255
(1)

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)3 Months Ended
Mar. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Summary Of Changes In Asset Retirement ObligationsThe following table presents the changes in Devon’s asset retirement obligations.
Three Months Ended March 31,
2021
2020
Asset retirement obligations as of beginning of period
$
369
$
398
Assumed WPX obligations
98

Liabilities incurred
9
6
Liabilities settled and divested
(17
)
(13
)
Revision of estimated obligation
11
4
Accretion expense on discounted obligation
7
5
Asset retirement obligations as of end of period
477
400
Less current portion
22
14
Asset retirement obligations, long-term
$
455
$
386

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Components of Other Long-Term LiabilitiesComponents of other long-term liabilities include the following:
March 31, 2021
December 31, 2020
Assumed gathering, processing and transportation contracts
$
482
$

Pension and post retirement benefit obligations
225
243
Restructuring and transaction costs
130
137
Estimated future obligation under a performance guarantee
128

Commodity derivatives
122
5
Other
182
166
Total other long-term liabilities
$
1,269
$
551

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)3 Months Ended
Mar. 31, 2021
Stockholders Equity Note [Abstract]
Summary of Purchases of Common StockThe table below provides information regarding purchases of Devon’s common stock that were made in 2020 under a share repurchase program that expired at the end of 2020 (shares in thousands).
Total Number of Shares Purchased
Dollar Value of Shares Purchased
Average Price Paid per Share
First quarter 2020
2,243
$
38
$
16.85
Total
2,243
$
38
$
16.85
Schedule of Dividends PayableThe following table summarizes Devon’s fixed and variable dividends for the first quarter of 2021 and 2020, respectively.
Amounts
Rate Per Share
2021:
Fixed
$
76
$
0.11
Variable
127
0.19
Total
$
203
$
0.30
2020:
Fixed
$
34
$
0.09

Discontinued Operations (Tables

Discontinued Operations (Tables)3 Months Ended
Mar. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Summary of Amounts Reported as Discontinued Operations in the Consolidated Comprehensive Statements of Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance SheetsThe following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
Three Months Ended March 31, 2020
Oil, gas and NGL sales
$
92
Total revenues
92
Production expenses
74
Asset impairments (1)
179
General and administrative expenses
1
Financing costs, net
(2
)
Other, net
(3
)
Total expenses
249
Loss from discontinued operations before income taxes
(157
)
Income tax benefit
(32
)
Net loss from discontinued operations, net of tax
$
(125
)
(1)
Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And LiabilitiesFair Value Measurements Using:
Carrying
Total Fair
Level 1
Level 2
Level 3
Amount
Value
Inputs
Inputs
Inputs
March 31, 2021 assets (liabilities):
Cash equivalents
$
1,075
$
1,075
$
1,075
$

$

Commodity derivatives
$
6
$
6
$

$
6
$

Commodity derivatives
$
(789
)
$
(789
)
$

$
(789
)
$

Debt
$
(7,268
)
$
(8,091
)
$

$
(8,091
)
$

Contingent earnout payments
$
70
$
70
$

$

$
70
December 31, 2020 assets (liabilities):
Cash equivalents
$
1,436
$
1,436
$
1,436
$

$

Commodity derivatives
$
6
$
6
$

$
6
$

Commodity derivatives
$
(148
)
$
(148
)
$

$
(148
)
$

Debt
$
(4,298
)
$
(5,365
)
$

$
(5,365
)
$

Contingent earnout payments
$
66
$
66
$

$

$
66

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in MillionsJan. 07, 2021Mar. 31, 2021Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Restricted cash $ 195 $ 200
Cash payments for divestitures10
Barnett Shale [Member]
Summary Of Significant Accounting Policies [Line Items]
Restricted cash $ 185
Devon and WPX Agreement [Member]
Summary Of Significant Accounting Policies [Line Items]
Date of agreementJan. 7,
2021
Jan. 7,
2021
Conversion of common stock into right to recieve per share $ 0.5165
WPX and Howard Energy Partners [Member]
Summary Of Significant Accounting Policies [Line Items]
Voting interest in the join venture legal entity50.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers $ 2,290 $ 1,367
Oil, Gas and NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers1,788 807
Oil, Gas and NGL Sales [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers1,357 662
Oil, Gas and NGL Sales [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers207 70
Oil, Gas and NGL Sales [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers224 75
Marketing and Midstream Revenues [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers502 560
Marketing and Midstream Revenues [Member] | Oil [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers209 329
Marketing and Midstream Revenues [Member] | Gas [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers118 94
Marketing and Midstream Revenues [Member] | NGL [Member]
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers $ 175 $ 137

Acquisition and Divestitures (N

Acquisition and Divestitures (Narrative) (Details) $ in MillionsMar. 03, 2021USD ($)MMBoeJan. 07, 2021sharesOct. 01, 2020USD ($)$ / MMBTU$ / bblMar. 31, 2021USD ($)sharesSep. 30, 2020USD ($)Mar. 31, 2020USD ($)Dec. 31, 2019USD ($)Dec. 31, 2024Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Common Stock Shares Issued $ 67 $ 38
Asset impairment charges[1] $ 179
BKV [Member] | Barnett Shale [Member]
Business Acquisition [Line Items]
Divestitures of property and equipment $ 490
Contingent earnout payments $ 260
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU2.75
WTI oil price for contingent earnout payment upside | $ / bbl50
Contingent earnout payment periodThe contingent payment period commenced on January 1, 2021 and has a term of four years.
Asset impairment charges $ 3 $ 179 $ 748
BKV [Member] | Barnett Shale [Member] | Scenario Forecast [Member]
Business Acquisition [Line Items]
Contingent earnout payment periodThe contingent payment period commenced on January 1, 2021 and has a term of four years.
Non Core Assets [Member]
Business Acquisition [Line Items]
Divestitures of property and equipment $ 9
Gain on asset dispositions35
Contingent earnout payments $ 8
Total estimated proved reserves | MMBoe3
Devon and WPX Agreement [Member]
Business Acquisition [Line Items]
Date of agreementJan. 7,
2021
Jan. 7,
2021
Per share conversion | shares0.5165 0.5165
Common Stock Shares Issued $ 5,400
[1]Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Acquisition and Divestitures (S

Acquisition and Divestitures (Schedule of Preliminary Allocation of the Total Purchase Price) (Details) $ / shares in Units, $ in MillionsJan. 07, 2021USD ($)$ / sharessharesMar. 31, 2021sharesDec. 31, 2020shares
Consideration:
Exchange Ratio0.5165
Common stock, shares issued (in shares) | shares675,000,000 382,000,000
Devon closing price on January 7, 2021 | $ / shares $ 18.57
Total common equity consideration $ 5,383
Share-based replacement awards49
Total consideration5,432
Assets acquired:
Cash, cash equivalents and restricted cash344
Accounts receivable425
Other current assets49
Right-of-use assets38
Proved oil and gas property and equipment7,017
Unproved and properties under development2,367
Other property and equipment485
Investments400
Other long-term assets43
Total assets acquired11,168
Liabilities assumed:
Accounts payable346
Revenue and royalties payable223
Other current liabilities454
Debt3,562
Lease liabilities38
Asset retirement obligations94
Deferred income taxes254
Other long-term liabilities765
Total liabilities assumed5,736
Net assets acquired $ 5,432
WPX
Consideration:
WPX Common Stock outstanding | shares561,200,000
Devon and WPX Agreement [Member]
Consideration:
Common stock, shares issued (in shares) | shares289,900,000

Acquisition and Divestitures _2

Acquisition and Divestitures (Schedule of WPX Revenue and Earnings Included In Devons Consolidated Comprehensive Statements Of Earnings) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Business Acquisition [Line Items]
Total revenues $ 1,762 $ 2,087
Net earnings (loss)216 $ (1,815)
WPX
Business Acquisition [Line Items]
Total revenues772
Net earnings (loss) $ 166

Acquisition and Divestitures _3

Acquisition and Divestitures (Schedule of Pro Forma Adjustments to Confirm Acquisition) (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Business Acquisition [Line Items]
Total revenues $ 1,762 $ 2,087
Net earnings (loss) $ 216 $ (1,815)
Basic net loss per share $ 0.33 $ (4.82)
Devon and WPX Agreement [Member] | Pro Forma [Member]
Business Acquisition [Line Items]
Total revenues $ 3,485
Net earnings (loss) $ (1,864)
Basic net loss per share $ (2.77)

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details)Mar. 31, 2021USD ($)
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash collateral held $ 0
Cash collateral posted $ 0

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)3 Months Ended
Mar. 31, 2021$ / bblbbl
NYMEX West Texas Intermediate Price Swaps Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl81,122
Weighted Average Price Swap40.45
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl25,619
Weighted Average Price Swap43.82
NYMEX West Texas Intermediate Price Swaptions Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl6,691
Weighted Average Price Swap40.12
NYMEX West Texas Intermediate Price Swaptions Oil Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl10,323
Weighted Average Price Swap46.46
NYMEX West Texas Intermediate Price Collars Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl40,905
Weighted Average Floor Price39.84
Weighted Average Ceiling Price49.84
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl15,733
Weighted Average Floor Price44.92
Weighted Average Ceiling Price54.92
NYMEX West Texas Intermediate Call Options Sold Oil Q1-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl5,000
Weighted Average Price Swap39.50
Midland Sweet Basis Swaps Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl22,669
Oil Basis Swaps0.84
Guernsey Light Sweet Basis Swaps Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl2,007
Oil Basis Swaps(1.48)
BRENT Basis Swaps Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl1,000
Oil Basis Swaps(8)
NYMEX Roll Basis Swaps Oil Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl11,676
Oil Basis Swaps0.38
BRENT Basis Swaps Oil Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl1,000
Oil Basis Swaps(7.75)
NYMEX Roll Basis Swaps Oil Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl16,000
Oil Basis Swaps0.37

Derivative Financial Instrume_5

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)3 Months Ended
Mar. 31, 2021MMBTU$ / MMBTU
FERC Henry Hub Price Swaps Natural Gas Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU3,452 [1]
Weighted Average Price Swap2.85[1]
FERC Henry Hub Price Swaps Natural Gas Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU270,636 [1]
Weighted Average Price Swap2.63[1]
FERC Henry Hub Price Swaptions Natural Gas Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU100,000 [2]
Weighted Average Price Swap2.70[2]
FERC Henry Hub Price Collars Natural Gas Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU69,110 [2]
Weighted Average Floor Price2.54[2]
Weighted Average Ceiling Price3.04[2]
FERC Henry Hub Price Collars Natural Gas Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU196,218 [2]
Weighted Average Floor Price2.46[2]
Weighted Average Ceiling Price2.96[2]
FERC Henry Hub Call Options Sold Natural Gas Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU50,000 [2]
Weighted Average Price Swap2.68[2]
El Paso Natural Gas Basis Swaps Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU35,000
Weighted Average Differential To Henry Hub(0.92)
WAHA Natural Gas Basis Swaps Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU80,000
Weighted Average Differential To Henry Hub(0.65)
WAHA Natural Gas Basis Swaps Q1-Q4 2022 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU70,000
Weighted Average Differential To Henry Hub(0.57)
WAHA Natural Gas Basis Swaps Q2-Q4 2023 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU70,000
Weighted Average Differential To Henry Hub(0.51)
WAHA Natural Gas Basis Swaps Q2-Q4 2024 [Member]
Derivative [Line Items]
Volume Per Day (MMBtu/d) | MMBTU40,000
Weighted Average Differential To Henry Hub(0.51)
[1]Related to the 2021 open positions, 30,636 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.76 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.
[2]Price swaptions and call options settle against end of the month NYMEX index. Price collars settle against the Inside FERC first of the month Henry Hub Index.

Derivative Financial Instrume_6

Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details)3 Months Ended
Mar. 31, 2021$ / MMBTUbbl
FERC Henry Hub Natural Gas [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl30,636
Weighted Average Price Swap | $ / MMBTU2.76
NYMEX West Texas Intermediate [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl240,000
Weighted Average Price Swap | $ / MMBTU2.62

Derivative Financial Instrume_7

Derivative Financial Instruments (Schedule Of Open NGL Derivative Positions) (Details)3 Months Ended
Mar. 31, 2021$ / bblbbl
OPIS Mont Belvieu Texas Natural Gasoline Price Swaps NGL Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl1,000
Weighted Average Price Swap | $ / bbl47.57
OPIS Mont Belvieu Texas Normal Butane Price Swaps NGL Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl1,000
Weighted Average Price Swap | $ / bbl31.40
OPIS Mont Belvieu Texas Propane Price Swaps NGL Q2-Q4 2021 [Member]
Derivative [Line Items]
Volume Per Day (Bbls/d) | bbl1,000
Weighted Average Price Swap | $ / bbl27.88

Derivative Financial Instrume_8

Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Derivatives Fair Value [Line Items]
Fair value of derivative assets $ 6 $ 6
Fair value of derivative liabilities789 148
Commodity Contract [Member] | Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets3 5
Commodity Contract [Member] | Other Long-Term Assets [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative assets3 1
Commodity Contract [Member] | Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities667 143
Commodity Contract [Member] | Other Long-Term Liabilities [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative liabilities $ 122 $ 5

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense $ 41 $ 20
G&A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense20 $ 20
Restructuring and Transaction Costs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accelerated share-based compensation expense $ 21

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 Thousands3 Months Ended
Mar. 31, 2021$ / sharesshares
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2020 | shares5,316
Granted, awards and units | shares5,542 [1]
Vested, awards and units | shares(4,329)
Forfeited, awards and units | shares(20)
Unvested at March 31, 2021 shares | shares6,509
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares $ 25.82
Granted, weighted average grant-date fair value | $ / shares18.71[1]
Vested, weighted average grant-date fair value | $ / shares22.63
Forfeited, weighted average grant-date fair value | $ / shares24.79
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares $ 21.89
Performance-Based Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2020 | shares44
Vested, awards and units | shares(39)
Unvested at March 31, 2021 shares | shares5
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares $ 44.70
Vested, weighted average grant-date fair value | $ / shares45.41
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares $ 38.54
Performance Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2020 | shares1,994
Granted, awards and units | shares861 [1]
Vested, awards and units | shares(754)
Forfeited, awards and units | shares(25)
Unvested at March 31, 2021 shares | shares2,076 [2]
Unvested weighted average grant-date fair value at December 31, 2020 | $ / shares $ 31.89
Granted, weighted average grant-date fair value | $ / shares18.08[1]
Vested, weighted average grant-date fair value | $ / shares37.40
Forfeited, weighted average grant-date fair value | $ / shares36.04
Unvested weighted average grant-date fair value at March 31, 2021 | $ / shares $ 24.12
[1]Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.
[2]A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.

Share-Based Compensation (Sum_2

Share-Based Compensation (Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units) (Parenthetical) (Details) - shares3 Months Ended
Mar. 31, 2021Jan. 07, 2021
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 return4,200,000
Devon and WPX Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Per share conversion0.5165 0.5165
Conversion of WPX employees’ shares to Devon shares4,900,000

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, 2021$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date fair value $ 18.08 [1]
Risk-free interest rate0.18%
Volatility factor67.80%
Contractual term (years)2 years 10 months 20 days
[1]Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.

Share-Based Compensation (Sum_4

Share-Based Compensation (Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost $ 88
Weighted average period for recognition (years)2 years 2 months 12 days
Performance-Based Restricted Stock Awards [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Weighted average period for recognition (years)2 months 12 days
Performance Share Units [Member]
Unrecognized Compensation And Weighted Average Recognition [Line Items]
Unrecognized compensation cost $ 21
Weighted average period for recognition (years)2 years 3 months 18 days

Asset Impairments (Summary of A

Asset Impairments (Summary of Asset Impairments) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges $ 2,666
Unproved impairments $ 3 112
Proved Oil and Gas Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges2,664
Other Assets [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairment charges2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Unproved impairments $ 1 $ 110

Asset Impairments (Narrative) (

Asset Impairments (Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments $ 2,666
Exploration expenses $ 3 112
Proved Asset Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments2,700
Product Line Fill Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Asset impairments2
Unproved Impairments [Member]
Impaired Long Lived Assets Held And Used [Line Items]
Exploration expenses $ 1 $ 110

Restructuring and Transaction_3

Restructuring and Transaction Costs (Narrative) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs $ 189
Reduction of workforce [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs143
Expense associated with accelerated awards21
Reduction Of Workforce | Defined Benefit Settlements [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring and transaction costs37
Transaction Costs [Member]
Restructuring Cost And Reserve [Line Items]
Underwriting, bank, legal and accounting fees $ 46

Restructuring and Transaction_4

Restructuring and Transaction Costs - (Schedule Of Restructuring And Transaction Costs) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Restructuring Cost And Reserve [Line Items]
Restructuring cost $ 189
Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring cost143
Transaction Costs [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring cost $ 46

Restructuring and Transaction_5

Restructuring and Transaction Costs (Schedule Of The Activity And Balances Associated With Restructuring Liabilities) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Beginning balance $ 172 $ 21
Ending balance224 12
Reduction Of Workforce
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity61
Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity(9)(9)
Other Current Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance35 20
Ending balance94 11
Other Current Liabilities [Member] | Reduction Of Workforce
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity61
Other Current Liabilities [Member] | Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity(2)(9)
Other Long-Term Liabilities [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance137 1
Ending balance130 $ 1
Other Long-Term Liabilities [Member] | Prior years' restructurings [Member]
Restructuring Cost And Reserve [Line Items]
Restructuring reserve activity $ (7)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Jan. 07, 2021
Income Tax Disclosure [Abstract]
Deferred income taxes $ 254
Other income tax expense benefit $ 15

Income Taxes (Schedule Of Effec

Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes $ (32) $ (2,107)
Current income tax benefit(5)(106)
Deferred income tax benefit(243)(311)
Total income tax benefit $ (248) $ (417)
U.S. statutory income tax rate21.00%21.00%
State income taxes(1.00%)1.00%
Change in tax legislation0.00%5.00%
Unrecognized tax benefits0.00%0.00%
Other(48.00%)(3.00%)
Deferred tax asset valuation allowance791.00%(4.00%)
Effective income tax rate763.00%20.00%

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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net earnings (loss) from continuing operations:
Net earnings (loss) from continuing operations $ 213 $ (1,691)
Attributable to participating securities(2)(1)
Basic and diluted earnings (loss) from continuing operations $ 211 $ (1,692)
Common shares:
Common shares outstanding - total654 383
Attributable to participating securities(5)(6)
Common shares outstanding - basic649 377
Dilutive effect of potential common shares issuable2
Common shares outstanding - diluted651 377
Net earnings (loss) per share from continuing operations:
Basic $ 0.33 $ (4.48)
Diluted $ 0.32 $ (4.48)

Other Comprehensive Earnings _3

Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Pension and postretirement benefit plans:
Beginning accumulated pension and postretirement benefits $ (127) $ (119)
Recognition of net actuarial loss and prior service cost in earnings[1]1 2
Settlement of pension benefits[2]15
Income tax expense(1)
Other[3]7
Accumulated other comprehensive loss $ (104) $ (118) $ (127)
[1]Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
[2]The Merger triggered settlement payments to certain plan participants, and the expense associated with this settlement is recognized as a component of restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings
[3]Includes a remeasurement of the pension obligation due to the change in control described above which was partially offset by a change in mortality assumption.

Supplemental Information To S_3

Supplemental Information To Statements Of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Changes in assets and liabilities, net:
Accounts receivable $ (63) $ 238
Income tax receivable15 (113)
Other current assets(25)(38)
Other long-term assets(10)(24)
Accounts payable71 42
Revenues and royalties payable(55)(113)
Other current liabilities(33)(81)
Other long-term liabilities(27)33
Total(127)(56)
Supplementary cash flow data - total operations:
Interest paid114 64
Income taxes paid (refunded) $ (6) $ 151

Supplemental Information To S_4

Supplemental Information To Statements Of Cash Flows (Narrative) (Details) - USD ($) $ in MillionsMar. 31, 2021Jan. 07, 2021Dec. 31, 2020
Supplemental Cash Flow [Line Items]
Accrued capital expenditures $ 100
Total Property And Equipment Net And Accounts Payable Member
Supplemental Cash Flow [Line Items]
Accrued capital expenditures $ 230
Accounts Payable Member | WPX
Supplemental Cash Flow [Line Items]
Accrued capital expenditures $ 150

Accounts Receivable (Schedule O

Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Joint interest billings $ 127 $ 57
Other54 25
Gross accounts receivable1,104 612
Allowance for doubtful accounts(15)(11)
Net accounts receivable1,089 601
Oil, Gas and NGL Sales [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable742 335
Marketing and Midstream Revenues [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross accounts receivable $ 181 $ 195

Property, Plant and Equipment_2

Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Property and equipment:
Proved $ 35,119 $ 27,589
Unproved and properties under development2,692 392
Total oil and gas37,811 27,981
Less accumulated DD&A(23,985)(23,545)
Oil and gas property and equipment, net13,826 4,436
Other property and equipment2,060 1,737
Less accumulated DD&A(612)(780)
Other property and equipment, net[1]1,448 957
Total property and equipment, net $ 15,274 $ 5,393
[1]$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Property, Plant and Equipment_3

Property, Plant and Equipment (Summary of Property and Equipment, net) (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Property Plant And Equipment [Line Items]
Other property and equipment, net[1] $ 1,448 $ 957
CDM [Member]
Property Plant And Equipment [Line Items]
Other property and equipment, net $ 106 $ 102
[1]$106 million and $102 million related to CDM in 2021 and 2020, respectively.

Debt And Related Expenses (Sche

Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Net premium (discount) on debentures and notes $ (226) $ 20
Debt issuance costs(31)(31)
Total debt7,268 4,298
Short-term debt226
Long-term debt7,042 $ 4,298
8.25% due August 1, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 242
Debt interest rate, stated percentage8.25%8.25%
Debt, maturity dateAug. 1,
2023
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 472
Debt interest rate, stated percentage5.25%5.25%
Debt, maturity dateSep. 15,
2024
5.85% due December 15, 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 485 $ 485
Debt interest rate, stated percentage5.85%5.85%
Debt, maturity dateDec. 15,
2025
5.75% due June 1, 2026 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 500
Debt interest rate, stated percentage5.75%5.75%
Debt, maturity dateJun. 1,
2026
7.50% due September 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 73 $ 73
Debt interest rate, stated percentage7.50%7.50%
Debt, maturity dateSep. 15,
2027
5.25% due October 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 600
Debt interest rate, stated percentage5.25%5.25%
Debt, maturity dateOct. 15,
2027
5.875% due June 15, 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 325
Debt interest rate, stated percentage5.875%5.875%
Debt, maturity dateJun. 15,
2028
4.50% due January 15, 2030 [Member]
Debt Instrument [Line Items]
Long-term debt, gross[1] $ 585
Debt interest rate, stated percentage4.50%4.50%
Debt, maturity dateJan. 15,
2030
7.875% due September 30, 2031 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 675 $ 675
Debt interest rate, stated percentage7.875%7.875%
Debt, maturity dateSep. 30,
2031
7.95% due April 15, 2032 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 366 $ 366
Debt interest rate, stated percentage7.95%7.95%
Debt, maturity dateApr. 15,
2032
5.60% due July 15, 2041 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 1,250 $ 1,250
Debt interest rate, stated percentage5.60%5.60%
Debt, maturity dateJul. 15,
2041
4.75% due May 15, 2042 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage4.75%4.75%
Debt, maturity dateMay 15,
2042
5.00% due June 15, 2045 [Member]
Debt Instrument [Line Items]
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage5.00%5.00%
Debt, maturity dateJun. 15,
2045
[1]These instruments were assumed by Devon in January 2021 in conjunction with the Merger. These instruments are the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.

Debt And Related Expenses (Sc_2

Debt And Related Expenses (Schedule of WPX Debt assumed with the Merger) (Details) - WPX $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Face Value $ 3,257
Fair Value3,562
6.00% due January 15, 2022 [Member]
Debt Instrument [Line Items]
Face Value43
Fair Value44
8.25% due August 1, 2023 [Member]
Debt Instrument [Line Items]
Face Value242
Fair Value $ 281
Optional RedemptionJun. 1,
2023
[1]
5.25% due September 15, 2024 [Member]
Debt Instrument [Line Items]
Face Value $ 472
Fair Value $ 530
Optional RedemptionJun. 15,
2024
[1]
5.75% due June 1, 2026 [Member]
Debt Instrument [Line Items]
Face Value $ 500
Fair Value $ 529
Optional RedemptionJun. 1,
2021
[1]
5.25% due October 15, 2027 [Member]
Debt Instrument [Line Items]
Face Value $ 600
Fair Value $ 646
Optional RedemptionOct. 15,
2022
[1]
5.875% due June 15, 2028 [Member]
Debt Instrument [Line Items]
Face Value $ 500
Fair Value $ 554
Optional RedemptionJun. 15,
2023
[1]
4.50% due January 15, 2030 [Member]
Debt Instrument [Line Items]
Face Value $ 900
Fair Value $ 978
Optional RedemptionJan. 15,
2025
[1]
[1]At any time prior to these dates, Devon has the option to redeem some or all of the notes at a specified "make whole" premium as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents.

Debt And Related Expenses (Narr

Debt And Related Expenses (Narrative) (Details) - USD ($)Apr. 10, 2021Mar. 31, 2021Jun. 10, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Redemption of senior notes $ 533,000,000
Early retirement of debt20,000,000
Charge on early retirement of debt, cash retirement costs27,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Early retirement of debt20,000,000
Charge on early retirement of debt, cash retirement costs27,000,000
Charge on early retirement of debt, noncash charges47,000,000
6.00% Due 2022 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes $ 43,000,000
Debt interest rate, stated percentage6.00%
5.875% Due 2028 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes $ 175,000,000
Debt interest rate, stated percentage5.875%
4.5% Due 2030 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior notes $ 315,000,000
Debt interest rate, stated percentage4.50%
5.25% Due 2027 [Member] | Senior Notes [Member] | Subsequent Event
Debt Instrument [Line Items]
Redemption of senior notes $ 210,000,000
Debt interest rate, stated percentage5.25%
5.75% due June 1, 2026 [Member]
Debt Instrument [Line Items]
Debt interest rate, stated percentage5.75%5.75%
5.75% due June 1, 2026 [Member] | Senior Notes [Member] | Subsequent Event
Debt Instrument [Line Items]
Debt interest rate, stated percentage5.75%
Senior Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility, borrowing capacity $ 3,000,000,000
Outstanding credit facility borrowings $ 0
Debt-to-capitalization ratio0.274
Outstanding letters of credit $ 2,000,000
Senior Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt-to-capitalization ratio0.65

Debt And Related Expenses (Sc_3

Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Debt Disclosure [Abstract]
Interest based on debt outstanding $ 105 $ 65
Gain on early retirement of debt(20)
Interest income(1)(5)
Other(7)5
Total net financing costs $ 77 $ 65

Leases (Schedule of Right-of-us

Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Leases [Abstract]
Right-of-use assets, finance lease $ 217 $ 220
Finance lease liabilities:
Current lease liabilities, finance lease[1]8 8
Long-term lease liabilities, finance lease244 244
Total lease liabilities, finance lease252 252
Right-of-use assets, operating lease38 3
Operating lease liabilities:
Current lease liabilities, operating lease[1]23 1
Long-term lease liabilities, operating lease16 2
Total lease liabilities, operating lease39 3
Right-of-use assets255 223
Lease liabilities:
Current lease liabilities[1]31 9
Long-term lease liabilities260 246
Total lease liabilities $ 291 $ 255
[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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations as of beginning of period $ 369 $ 398
Assumed WPX obligations98
Liabilities incurred9 6
Liabilities settled and divested(17)(13)
Revision of estimated obligation11 4
Accretion expense on discounted obligation7 5
Asset retirement obligations as of end of period477 400
Less current portion22 14
Asset retirement obligations, long-term $ 455 $ 386 $ 358

Other Long-Term Liabilities - C

Other Long-Term Liabilities - Components of Other Long-Term Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Other Liabilities Noncurrent [Abstract]
Assumed gathering, processing and transportation contracts $ 482
Pension and post retirement benefit obligations225 $ 243
Restructuring and transaction costs130 137
Estimated future obligation under a performance guarantee128
Commodity derivatives122 5
Other182 166
Total other long-term liabilities $ 1,269 $ 551

Other Long-Term Liabilities - A

Other Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Terms of the contracts extendible2038
Amortization of liabilities as a reduction of production expenses $ 8
Liability for the estimated potential exposure for the remainder of the contract term164
Other liabilities noncurrent128
Other current liabilities $ 1,246 $ 536
Probability weighted cash flows for the remainder of the contract term5 years
Other Current Liabilities [Member] | Delaware Basin
Other current liabilities $ 36

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in MillionsMay 04, 2021Mar. 31, 2021Mar. 31, 2020Jan. 07, 2021Dec. 31, 2020
Stockholders Equity [Abstract]
Common stock converted to right to receive share0.5165
Common stock, shares issued (in shares)675,000,000 382,000,000
Dividends rate per share $ 0.30
Fixed Dividend [Member]
Stockholders Equity [Abstract]
Dividends rate per share0.11 $ 0.09
Variable Dividend [Member]
Stockholders Equity [Abstract]
Dividends rate per share $ 0.19
Dividends amount $ 127
Subsequent Event
Stockholders Equity [Abstract]
Dividends rate per share $ 0.34
Dividends payable, year2021
Subsequent Event | Fixed Dividend [Member]
Stockholders Equity [Abstract]
Dividends amount $ 74
Dividends rate per share $ 0.11
Subsequent Event | Variable Dividend [Member]
Stockholders Equity [Abstract]
Dividends rate per share $ 0.23
Dividends amount $ 155
Devon and WPX Agreement [Member]
Stockholders Equity [Abstract]
Common stock, shares issued (in shares)289,900,000

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Purchases of Common Stock) (Details) $ / shares in Units, shares in Thousands, $ in Millions3 Months Ended
Mar. 31, 2020USD ($)$ / sharesshares
Stockholders Equity [Line Items]
Total Number of Shares Purchased | shares2,243
Dollar Value of Shares Purchased | $ $ 38
Average Price Paid per Share | $ / shares $ 16.85
1.0 Billion Dollar Share Repurchase Program [Member]
Stockholders Equity [Line Items]
Total Number of Shares Purchased | shares2,243
Dollar Value of Shares Purchased | $ $ 38
Average Price Paid per Share | $ / shares $ 16.85

Stockholders' Equity (Summary_2

Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Stockholders Equity [Line Items]
Total dividends amount $ 203 $ 34
Dividends rate per share $ 0.30
Fixed Dividend [Member]
Stockholders Equity [Line Items]
Dividends amount $ 76 $ 34
Dividends rate per share $ 0.11 $ 0.09
Variable Dividend [Member]
Stockholders Equity [Line Items]
Dividends amount $ 127
Dividends rate per share $ 0.19

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - Barnett Shale [Member] $ in MillionsOct. 01, 2020USD ($)$ / MMBTU$ / bblMar. 31, 2021USD ($)Dec. 31, 2024USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contingent payments valuation $ 66
BKV [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds from the sale of business $ 490
Contingent earnout payments $ 260
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU2.75
WTI oil price for contingent earnout payment upside | $ / bbl50
Contingent earnout payment periodThe contingent payment period commenced on January 1, 2021 and has a term of four years.
Scenario Forecast [Member] | BKV [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contingent earnout payment periodThe contingent payment period commenced on January 1, 2021 and has a term of four years.
Scenario Forecast [Member] | Maximum [Member] | BKV [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Contingent earnout payments $ 260

Discontinued Operations (Amount

Discontinued Operations (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) (Details) $ in Millions3 Months Ended
Mar. 31, 2020USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Oil, gas and NGL sales $ 92
Total revenues92
Production expenses74
Asset impairment charges179 [1]
General and administrative expenses1
Financing costs, net(2)
Other, net(3)
Total expenses249
Loss from discontinued operations before income taxes(157)
Income tax expense (benefit)(32)
Net loss from discontinued operations, net of tax $ (125)
[1]Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Discontinued Operations (Amou_2

Discontinued Operations (Amounts Reported as Discontinued Operations in the Consolidated Statements of Comprehensive Earnings) Parenthetical (Details) $ in Millions3 Months Ended
Mar. 31, 2020USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset impairments $ 179 [1]
Barnett Shale [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Asset impairments $ 179
[1]Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets $ 6 $ 6
Derivatives, liabilities(789)(148)
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents1,075 1,436
Debt(7,268)(4,298)
Contingent earnout payments70 66
Carrying Amount [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets6 6
Derivatives, liabilities(789)(148)
Total Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents1,075 1,436
Debt(8,091)(5,365)
Contingent earnout payments70 66
Total Fair Value [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets6 6
Derivatives, liabilities(789)(148)
Level 1 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents1,075 1,436
Level 2 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt(8,091)(5,365)
Level 2 Inputs [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, assets6 6
Derivatives, liabilities(789)(148)
Level 3 Inputs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent earnout payments $ 70 $ 66