v2.3.0.15

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Schedule Of Derivative Financial Instruments Included In Consolidated Balance Sheets

	Balance Sheet Caption	September 30, 2011	December 31, 2010
		(In millions)
Asset derivatives:
Commodity derivatives	Other current assets	$ 672	$ 248
Commodity derivatives	Other long-term assets	188	1
Interest rate derivatives	Other current assets	29	100
Interest rate derivatives	Other long-term assets	27	40
Total asset derivatives		$ 916	$ 389
Liability derivatives:
Commodity derivatives	Other current liabilities	$ 38	$ 50
Commodity derivatives	Other long-term liabilities	20	142
Total liability derivatives		$ 58	$ 192

Schedule of Foreign Currency Derivative

Forward Contract
Currency	Contract Type		CAD Notional		Fixed Rate Received	Expiration
			(In millions)		(CAD-USD)
Canadian Dollar	Sell		$ 305		0.9615	December 30, 2011

Schedule Of Derivative Financial Instruments Included In The Consolidated Statements Of Operations

	Three Months Ended September 30,		Nine Months Ended September 30,
	2011	2010	2011	2010
	(In millions)
Cash settlements:
Commodity derivatives	$ 96	$ 232	$ 241	$ 580
Interest rate derivatives	52	17	73	37
Foreign currency derivatives	22	—	22	—
Total cash settlements	170	249	336	617
Unrealized gains (losses):
Commodity derivatives	642	(23)	745	294
Interest rate derivatives	(55)	(72)	(84)	(158)
Total unrealized gains (losses)	587	(95)	661	136
Net gain (loss) recognized on statement of operations	$ 757	$ 154	$ 997	$ 753

Commodity Derivatives [Member]

Schedule Of Derivative Financial Instruments

Commodity Derivatives

As of September 30, 2011, Devon had the following open oil derivative positions. Devon's oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price.

Production Period	Price Swaps		Price Collars			Call Options Sold
Period	Volume (Bbls/d)	Weighted Average Price ($/Bbl)	Volume (Bbls/d)	Weighted Average Floor Price ($/Bbl)	Weighted Average Ceiling Price ($/Bbl)	Volume (Bbls/d)	Weighted Average Price ($/Bbl)
Q4 2011	—	—	45,000	$75.00	$108.89	19,500	$95.00
Q1-Q4 2012...	22,000	$107.17	54,000	$85.74	$126.42	19,500	$95.00
Q1-Q4 2013...	—	—	7,000	$90.00	$125.12	—	—

As of September 30, 2011, Devon had the following open natural gas derivative positions. Devon's natural gas derivative swaps, collars and call options settle against the Inside FERC first of the month Henry Hub index.

Production Period	Price Swaps		Price Collars			Call Options Sold
Period	Volume (MMBtu/d)	Weighted Average Price ($/MMBtu)	Volume (MMBtu/d)	Weighted Average Floor Price ($/MMBtu)	Weighted Average Ceiling Price ($/MMBtu)	Volume (MMBtu/d)	Weighted Average Price ($/MMBtu)
Q4 2011	712,500	$5.51	287,935	4.66	5.07	—	—
Q1-Q4 2012...	325,000	$5.09	490,000	4.75	5.57	487,500	$6.00

Basis Swaps
Production Period	Index	Volume (MMBtu/d)	Weighted Average Differential to Henry Hub ($/MMBtu)
Q4 2011	Panhandle Eastern Pipeline	150,000	$(0.33)

As of September 30, 2011, Devon had the following open NGL derivative positions:

Basis Swaps
Production Period	Pay	Volume (Bbls/d)	Weighted Average Differential to WTI ($/Bbl)
Q4 2011	Natural Gasoline	332	$(9.75)
Q1-Q4 2012	Natural Gasoline	500	$(10.10)
Q1-Q4 2013	Natural Gasoline	500	$(6.80)

Interest Rate Derivatives [Member]

Schedule Of Derivative Financial Instruments

Fixed-to-Floating Swaps
Notional	Fixed Rate Received	Variable Rate Paid	Expiration
(In millions)
$           100	1.90%	Federal funds rate	August 3, 2012
500	3.90%	Federal funds rate	July 18, 2013
250	3.85%	Federal funds rate	July 22, 2013
$           850	3.65%

X

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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