v2.4.0.6

Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2011
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | 2. Derivative Financial Instruments Commodity Derivatives As of December 31, 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)
Q1-Q4 2012. | 22,000 | $107.17 | 54,000 | $85.74 | $126.42 | 19,500 | $95.00
Q1-Q4 2013. | — | — | 7,000 | $90.00 | $125.12 | — | —
As of December 31, 2011, Devon had the following open natural gas derivative positions. Devon's natural gas derivative settle against the Inside FERC first of the month Henry Hub index.
Production Period | Price Swaps | Price Collars | Call Options Sold
Period | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Floor Price ($/MMBtu) | Weighted Average Ceiling Price ($/MMBtu) | Volume (MMBtu/d) | Weighted Average Price ($/MMBtu)
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)
Q1-Q4 2012 | El Paso Natural Gas Co. (Permian) | 85,000 | $(0.14)
Q1-Q4 2012 | Panhandle Eastern Pipeline | 70,000 | $(0.15)
Q1-Q4 2012 | Colorado Interstate Gas Co. | 10,000 | $(0.18)
Interest Rate Derivatives As of December 31, 2011, Devon had the following open interest rate derivative positions:
Notional | Fixed Rate Received | Variable Rate Paid | Expiration
(In millions) |  |  |
$ 100 | 1.90% | Federal funds rate | August 2012
750 | 3.88% | Federal funds rate | July 2013
$ 850 | 3.65% |  |
Foreign Exchange Derivatives As of December 31, 2011, Devon had the following open foreign exchange rate derivative positions:
Forward Contract
Currency | Contract Type | CAD Notional | Fixed Rate Received | Expiration
|  | (In millions) | (CAD-USD) |
Canadian Dollar | Sell | $ 305 | 0.9812 | March 30, 2012
Financial Statement Presentation The following table presents the cash settlements and unrealized gains and losses on fair value changes included in the accompanying comprehensive statements of earnings associated with derivative financial instruments.
| Comprehensive Statement of Earnings Caption | 2011 | 2010 | 2009
|  | (In millions)
Cash settlements: |  |  |  |
Commodity derivatives | Oil, gas and NGL derivatives | $ 392 | $ 888 | $ 505
Interest rate derivatives | Other, net | 77 | 44 | 40
Foreign exchange derivatives | Other, net | 16 | — | —
Total cash settlements | 485 | 932 | 545
Unrealized gains (losses): |  |  |  |
Commodity derivatives | Oil, gas and NGL derivatives | 489 | (77) | (121)
Interest rate derivatives | Other, net | (88) | (30) | 66
Total unrealized gains (losses) | 401 | (107) | (55)
Net gain recognized on comprehensive statements of earnings | $ 886 | $ 825 | $ 490
The following table presents the derivative fair values included in the accompanying balance sheets.
|  | December 31,
| Balance Sheet Caption | 2011 | 2010
|  | (In millions)
Asset derivatives: |  |  |
Commodity derivatives | Other current assets | $ 611 | $ 248
Commodity derivatives | Other long-term assets | 17 | 1
Interest rate derivatives | Other current assets | 30 | 100
Interest rate derivatives | Other long-term assets | 22 | 40
Total asset derivatives | $ 680 | $ 389
Liability derivatives: |  |  |
Commodity derivatives | Other current liabilities | $ 82 | $ 50
Commodity derivatives | Other long-term liabilities | — | 142
Total liability derivatives | $ 82 | $ 192

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- Definition The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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