v2.4.0.6

Derivative Financial Instruments

12 Months Ended

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

 

X

- Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959



Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959



Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959



Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959



Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959



Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994



Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993



Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994



Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959



Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959



Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4E

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959



Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4H

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959



Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959



Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986



Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 45

-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.



Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959



Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration