XML 75 R28.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Supplemental Information On Oil And Gas Operations | 12 Months Ended
--- | ---
Dec. 31, 2014
Supplemental Information On Oil And Gas Operations [Abstract] |
Supplemental Information On Oil And Gas Operations | 2 2.Supplemental Information on Oil and Gas Operations (Unaudited) Supplemental unaudited information regarding Devon's oil and gas activities is presented in this note. The information is provided separately by country. Unless otherwise noted, t his supplemental information excludes amounts for all periods presented related to Devon's discontinued operations. Costs Incurred The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.
|  | Year Ended December 31, 2014
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Property acquisition costs: |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 5,210 |  | $ | - |  | $ | 5,210
Unproved properties |  |  | 1,176 |  |  | 1 |  |  | 1,177
Exploration costs |  |  | 270 |  |  | 52 |  |  | 322
Development costs |  |  | 4,400 |  |  | 1,063 |  |  | 5,463
Costs incurred |  | $ | 11,056 |  | $ | 1,116 |  | $ | 12,172
|  | Year Ended December 31, 2013
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Property acquisition costs: |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 19 |  | $ | 3 |  | $ | 22
Unproved properties |  |  | 213 |  |  | 3 |  |  | 216
Exploration costs |  |  | 443 |  |  | 152 |  |  | 595
Development costs |  |  | 3,838 |  |  | 1,251 |  |  | 5,089
Costs incurred |  | $ | 4,513 |  | $ | 1,409 |  | $ | 5,922
|  | Year Ended December 31, 2012
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Property acquisition costs: |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 2 |  | $ | 71 |  | $ | 73
Unproved properties |  |  | 1,135 |  |  | 32 |  |  | 1,167
Exploration costs |  |  | 351 |  |  | 315 |  |  | 666
Development costs |  |  | 4,408 |  |  | 1,691 |  |  | 6,099
Costs incurred |  | $ | 5,896 |  | $ | 2,109 |  | $ | 8,005
Costs incurred in the tables above include additions and revisions to Devon’s asset retirement obligations. The proceeds received from our joint venture transactions at closing have not been netted against the costs incurred. At December 31, 201 4, our partners’ remaining commitment s to fund our future costs associated with these joint venture transactions totaled approximately $250 m illion. Pursuant to the full cost method of accounting, Devon capitalizes certain of its general and administrative expenses that are related to property acquisition, exploration and development activities. Such capitalized expenses, which are included in the costs shown in the preceding tables, were $3 76 million, $3 68 million and $3 59 million in the years 201 4, 201 3 and 201 2, respectively. Also, Devon capitalizes interest costs incurred and attributable to unproved oil and gas properties and major development projects of oil and gas properties. Capitalized interest expenses, which are included in the costs shown in the preceding tables, were $45 million, $42 million and $36 million in the years 201 4, 201 3 and 201 2, respectively. Capitalized Costs The following tables reflect the aggregate capitalized costs related to oil and gas activities.
|  | December 31, 2014
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Proved properties |  | $ | 59,849 |  | $ | 15,889 |  | $ | 75,738
Unproved properties |  |  | 1,460 |  |  | 1,292 |  |  | 2,752
Total oil & gas properties |  |  | 61,309 |  |  | 17,181 |  |  | 78,490
Accumulated DD&A |  |  | (38,213) |  |  | (11,347) |  |  | (49,560)
Net capitalized costs |  | $ | 23,096 |  | $ | 5,834 |  | $ | 28,930
|  | December 31, 2013
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Proved properties |  | $ | 51,366 |  | $ | 22,629 |  | $ | 73,995
Unproved properties |  |  | 1,277 |  |  | 1,514 |  |  | 2,791
Total oil & gas properties |  |  | 52,643 |  |  | 24,143 |  |  | 76,786
Accumulated DD&A |  |  | (35,848) |  |  | (16,613) |  |  | (52,461)
Net capitalized costs |  | $ | 16,795 |  | $ | 7,530 |  | $ | 24,325
The following is a summary of Devon's oil and gas properties not subject to amortization as of December 31, 201 4.
|  | Costs Incurred In
|  | 2014 |  | 2013 |  | 2012 |  | Prior to 2012 |  | Total
|  | (In millions)
Acquisition costs |  | $ | 973 |  | $ | 127 |  | $ | 140 |  | $ | 650 |  | $ | 1,890
Exploration costs |  |  | 111 |  |  | 76 |  |  | 68 |  |  | 107 |  |  | 362
Development costs |  |  | 103 |  |  | 48 |  |  | 121 |  |  | 69 |  |  | 341
Capitalized interest |  |  | 43 |  |  | 38 |  |  | 30 |  |  | 48 |  |  | 159
Total oil and gas properties not subject to amortization |  | $ | 1,230 |  | $ | 289 |  | $ | 359 |  | $ | 874 |  | $ | 2,752
Included in the $2.8 billion of oil and gas properties not subject to amortization are approximately $2.2 billion of costs that Devon deem s significant for individual assessment. These costs primarily relate to investments in the Pike thermal oil project in Canada and the Eagle Ford in Texas. Based on Devon’s development plans, Pike costs will begin to be included in the amortization computation when the first phase of this project is fully approved and Devon subsequently begin s recognizing the associated proved reserves. Devon is evaluating and developing the newly acquired Eagle Ford properties over the next four to five years. Results of Operations The following tables include revenues and expenses associated with Devon's oil and gas producing activities. They do not include any allocation of Devon's interest costs or general corporate overhead and, therefore, are not necessarily indicative of the contribution to net earnings of Devon's oil and gas operations. Income tax expense has been calculated by applying statutory income tax rates to oil, gas and NGL sales after deducting costs, including depreciation, depletion and amortization and after giving effect to permanent differences.
|  | December 31, 2014
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Oil, gas and NGL sales |  | $ | 7,867 |  | $ | 2,043 |  | $ | 9,910
Lease operating expenses |  |  | (1,559) |  |  | (773) |  |  | (2,332)
General and administrative expenses |  |  | (153) |  |  | (57) |  |  | (210)
Production and property taxes |  |  | (466) |  |  | (37) |  |  | (503)
Depreciation, depletion and amortization |  |  | (2,365) |  |  | (531) |  |  | (2,896)
Gain on sale of assets |  |  | - |  |  | 1,077 |  |  | 1,077
Accretion of asset retirement obligations |  |  | (49) |  |  | (39) |  |  | (88)
Income tax expense |  |  | (1,199) |  |  | (568) |  |  | (1,767)
Results of operations(1) |  | $ | 2,076 |  | $ | 1,115 |  | $ | 3,191
Depreciation, depletion and amortization per Boe |  | $ | 11.41 |  | $ | 13.80 |  | $ | 11.79
(1) In the fourth quarter of 2014, Devon recognized a $1.9 billion Canadian goodwill impairment that is not reflected in
this table.
|  | December 31, 2013
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Oil, gas and NGL sales |  | $ | 5,964 |  | $ | 2,558 |  | $ | 8,522
Lease operating expenses |  |  | (1,257) |  |  | (1,011) |  |  | (2,268)
General and administrative expenses |  |  | (125) |  |  | (77) |  |  | (202)
Production and property taxes |  |  | (380) |  |  | (59) |  |  | (439)
Depreciation, depletion and amortization |  |  | (1,640) |  |  | (825) |  |  | (2,465)
Asset impairments |  |  | (1,110) |  |  | (843) |  |  | (1,953)
Accretion of asset retirement obligations |  |  | (47) |  |  | (64) |  |  | (111)
Income tax benefit (expense) |  |  | (510) |  |  | 88 |  |  | (422)
Results of operations |  | $ | 895 |  | $ | (233) |  | $ | 662
Depreciation, depletion and amortization per Boe |  | $ | 8.69 |  | $ | 12.87 |  | $ | 9.75
|  | December 31, 2012
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Oil, gas and NGL sales |  | $ | 4,679 |  | $ | 2,474 |  | $ | 7,153
Lease operating expenses |  |  | (1,059) |  |  | (1,015) |  |  | (2,074)
General and administrative expenses |  |  | (159) |  |  | (137) |  |  | (296)
Production and property taxes |  |  | (340) |  |  | (55) |  |  | (395)
Depreciation, depletion and amortization |  |  | (1,563) |  |  | (963) |  |  | (2,526)
Asset impairments |  |  | (1,793) |  |  | (163) |  |  | (1,956)
Accretion of asset retirement obligations |  |  | (40) |  |  | (69) |  |  | (109)
Income tax benefit (expense) |  |  | 99 |  |  | (3) |  |  | 96
Results of operations |  | $ | (176) |  | $ | 69 |  | $ | (107)
Depreciation, depletion and amortization per Boe |  | $ | 8.55 |  | $ | 14.41 |  | $ | 10.12
Proved Reserves The following tables present Devon’s estimated proved reserves by product by country.
|  | Oil (MMBbls)
|  | U.S. |  | Canada |  | Total
Proved developed and undeveloped reserves: |  |
December 31, 2011 |  |  | 168 |  |  | 80 |  |  | 248
Revisions due to prices |  |  | (1) |  |  | (5) |  |  | (6)
Revisions other than price |  |  | (6) |  |  | (2) |  |  | (8)
Extensions and discoveries |  |  | 65 |  |  | 7 |  |  | 72
Production |  |  | (21) |  |  | (15) |  |  | (36)
December 31, 2012 |  |  | 205 |  |  | 65 |  |  | 270
Revisions due to prices |  |  | 1 |  |  | (1) |  |  | -
Revisions other than price |  |  | (18) |  |  | - |  |  | (18)
Extensions and discoveries |  |  | 69 |  |  | 7 |  |  | 76
Purchase of reserves |  |  | 1 |  |  | - |  |  | 1
Production |  |  | (28) |  |  | (15) |  |  | (43)
Sale of reserves |  |  | (1) |  |  | - |  |  | (1)
December 31, 2013 |  |  | 229 |  |  | 56 |  |  | 285
Revisions due to prices |  |  | (1) |  |  | - |  |  | (1)
Revisions other than price |  |  | (38) |  |  | 1 |  |  | (37)
Extensions and discoveries |  |  | 94 |  |  | 5 |  |  | 99
Purchase of reserves |  |  | 132 |  |  | - |  |  | 132
Production |  |  | (48) |  |  | (10) |  |  | (58)
Sale of reserves |  |  | (17) |  |  | (29) |  |  | (46)
December 31, 2014 |  |  | 351 |  |  | 23 |  |  | 374
Proved developed reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 146 |  |  | 73 |  |  | 219
December 31, 2012 |  |  | 166 |  |  | 62 |  |  | 228
December 31, 2013 |  |  | 194 |  |  | 56 |  |  | 250
December 31, 2014 |  |  | 255 |  |  | 23 |  |  | 278
Proved developed-producing reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 139 |  |  | 65 |  |  | 204
December 31, 2012 |  |  | 155 |  |  | 56 |  |  | 211
December 31, 2013 |  |  | 178 |  |  | 51 |  |  | 229
December 31, 2014 |  |  | 224 |  |  | 19 |  |  | 243
Proved undeveloped reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 22 |  |  | 7 |  |  | 29
December 31, 2012 |  |  | 39 |  |  | 3 |  |  | 42
December 31, 2013 |  |  | 35 |  |  | - |  |  | 35
December 31, 2014 |  |  | 96 |  |  | - |  |  | 96
|  | Bitumen (MMBbls)
|  | U.S. |  | Canada |  | Total
Proved developed and undeveloped reserves: |  |
December 31, 2011 |  |  | - |  |  | 457 |  |  | 457
Revisions due to prices |  |  | - |  |  | 14 |  |  | 14
Revisions other than price |  |  | - |  |  | 7 |  |  | 7
Extensions and discoveries |  |  | - |  |  | 67 |  |  | 67
Production |  |  | - |  |  | (17) |  |  | (17)
December 31, 2012 |  |  | - |  |  | 528 |  |  | 528
Revisions due to prices |  |  | - |  |  | (11) |  |  | (11)
Revisions other than price |  |  | - |  |  | 16 |  |  | 16
Extensions and discoveries |  |  | - |  |  | 38 |  |  | 38
Production |  |  | - |  |  | (19) |  |  | (19)
December 31, 2013 |  |  | - |  |  | 552 |  |  | 552
Revisions due to prices |  |  | - |  |  | (37) |  |  | (37)
Revisions other than price |  |  | - |  |  | 18 |  |  | 18
Extensions and discoveries |  |  | - |  |  | 8 |  |  | 8
Production |  |  | - |  |  | (20) |  |  | (20)
December 31, 2014 |  |  | - |  |  | 521 |  |  | 521
Proved developed reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | - |  |  | 90 |  |  | 90
December 31, 2012 |  |  | - |  |  | 99 |  |  | 99
December 31, 2013 |  |  | - |  |  | 111 |  |  | 111
December 31, 2014 |  |  | - |  |  | 137 |  |  | 137
Proved developed-producing reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | - |  |  | 90 |  |  | 90
December 31, 2012 |  |  | - |  |  | 99 |  |  | 99
December 31, 2013 |  |  | - |  |  | 111 |  |  | 111
December 31, 2014 |  |  | - |  |  | 137 |  |  | 137
Proved undeveloped reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | - |  |  | 367 |  |  | 367
December 31, 2012 |  |  | - |  |  | 429 |  |  | 429
December 31, 2013 |  |  | - |  |  | 441 |  |  | 441
December 31, 2014 |  |  | - |  |  | 384 |  |  | 384
|  | Gas (Bcf)
|  | U.S. |  | Canada |  | Total
Proved developed and undeveloped reserves: |  |
December 31, 2011 |  |  | 9,507 |  |  | 979 |  |  | 10,486
Revisions due to prices |  |  | (831) |  |  | (99) |  |  | (930)
Revisions other than price |  |  | (287) |  |  | (33) |  |  | (320)
Extensions and discoveries |  |  | 1,124 |  |  | 34 |  |  | 1,158
Purchase of reserves |  |  | 2 |  |  | - |  |  | 2
Production |  |  | (752) |  |  | (186) |  |  | (938)
Sale of reserves |  |  | (1) |  |  | (11) |  |  | (12)
December 31, 2012 |  |  | 8,762 |  |  | 684 |  |  | 9,446
Revisions due to prices |  |  | 405 |  |  | 161 |  |  | 566
Revisions other than price |  |  | (299) |  |  | 67 |  |  | (232)
Extensions and discoveries |  |  | 471 |  |  | 19 |  |  | 490
Purchase of reserves |  |  | 1 |  |  | - |  |  | 1
Production |  |  | (709) |  |  | (165) |  |  | (874)
Sale of reserves |  |  | (81) |  |  | (8) |  |  | (89)
December 31, 2013 |  |  | 8,550 |  |  | 758 |  |  | 9,308
Revisions due to prices |  |  | 191 |  |  | 45 |  |  | 236
Revisions other than price |  |  | (299) |  |  | 4 |  |  | (295)
Extensions and discoveries |  |  | 335 |  |  | 8 |  |  | 343
Purchase of reserves |  |  | 457 |  |  | - |  |  | 457
Production |  |  | (660) |  |  | (41) |  |  | (701)
Sale of reserves |  |  | (923) |  |  | (738) |  |  | (1,661)
December 31, 2014 |  |  | 7,651 |  |  | 36 |  |  | 7,687
Proved developed reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 7,957 |  |  | 951 |  |  | 8,908
December 31, 2012 |  |  | 7,391 |  |  | 679 |  |  | 8,070
December 31, 2013 |  |  | 7,707 |  |  | 752 |  |  | 8,459
December 31, 2014 |  |  | 6,948 |  |  | 36 |  |  | 6,984
Proved developed-producing reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 7,409 |  |  | 862 |  |  | 8,271
December 31, 2012 |  |  | 7,091 |  |  | 624 |  |  | 7,715
December 31, 2013 |  |  | 7,425 |  |  | 680 |  |  | 8,105
December 31, 2014 |  |  | 6,746 |  |  | 34 |  |  | 6,780
Proved undeveloped reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 1,550 |  |  | 28 |  |  | 1,578
December 31, 2012 |  |  | 1,371 |  |  | 5 |  |  | 1,376
December 31, 2013 |  |  | 843 |  |  | 6 |  |  | 849
December 31, 2014 |  |  | 703 |  |  | - |  |  | 703
|  | Natural Gas Liquids (MMBbls)
|  | U.S. |  | Canada |  | Total
Proved developed and undeveloped reserves: |  |
December 31, 2011 |  |  | 525 |  |  | 27 |  |  | 552
Revisions due to prices |  |  | (19) |  |  | (5) |  |  | (24)
Revisions other than price |  |  | (13) |  |  | - |  |  | (13)
Extensions and discoveries |  |  | 114 |  |  | 2 |  |  | 116
Production |  |  | (36) |  |  | (4) |  |  | (40)
December 31, 2012 |  |  | 571 |  |  | 20 |  |  | 591
Revisions due to prices |  |  | 8 |  |  | 3 |  |  | 11
Revisions other than price |  |  | (50) |  |  | 3 |  |  | (47)
Extensions and discoveries |  |  | 64 |  |  | 1 |  |  | 65
Production |  |  | (41) |  |  | (4) |  |  | (45)
December 31, 2013 |  |  | 552 |  |  | 23 |  |  | 575
Revisions due to prices |  |  | 7 |  |  | 1 |  |  | 8
Revisions other than price |  |  | 2 |  |  | - |  |  | 2
Extensions and discoveries |  |  | 47 |  |  | - |  |  | 47
Purchase of reserves |  |  | 57 |  |  | - |  |  | 57
Production |  |  | (50) |  |  | (1) |  |  | (51)
Sale of reserves |  |  | (37) |  |  | (23) |  |  | (60)
December 31, 2014 |  |  | 578 |  |  | - |  |  | 578
Proved developed reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 402 |  |  | 26 |  |  | 428
December 31, 2012 |  |  | 431 |  |  | 20 |  |  | 451
December 31, 2013 |  |  | 468 |  |  | 23 |  |  | 491
December 31, 2014 |  |  | 486 |  |  | - |  |  | 486
Proved developed-producing reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 372 |  |  | 24 |  |  | 396
December 31, 2012 |  |  | 406 |  |  | 19 |  |  | 425
December 31, 2013 |  |  | 442 |  |  | 21 |  |  | 463
December 31, 2014 |  |  | 467 |  |  | - |  |  | 467
Proved undeveloped reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 123 |  |  | 1 |  |  | 124
December 31, 2012 |  |  | 140 |  |  | - |  |  | 140
December 31, 2013 |  |  | 84 |  |  | - |  |  | 84
December 31, 2014 |  |  | 92 |  |  | - |  |  | 92
|  | Total (MMBoe) (1)
|  | U.S. |  | Canada |  | Total
Proved developed and undeveloped reserves: |  |
December 31, 2011 |  |  | 2,278 |  |  | 727 |  |  | 3,005
Revisions due to prices |  |  | (159) |  |  | (12) |  |  | (171)
Revisions other than price |  |  | (67) |  |  | (1) |  |  | (68)
Extensions and discoveries |  |  | 367 |  |  | 82 |  |  | 449
Production |  |  | (183) |  |  | (67) |  |  | (250)
Sale of reserves |  |  | - |  |  | (2) |  |  | (2)
December 31, 2012 |  |  | 2,236 |  |  | 727 |  |  | 2,963
Revisions due to prices |  |  | 76 |  |  | 18 |  |  | 94
Revisions other than price |  |  | (117) |  |  | 29 |  |  | (88)
Extensions and discoveries |  |  | 212 |  |  | 49 |  |  | 261
Purchase of reserves |  |  | 1 |  |  | - |  |  | 1
Production |  |  | (189) |  |  | (64) |  |  | (253)
Sale of reserves |  |  | (14) |  |  | (1) |  |  | (15)
December 31, 2013 |  |  | 2,205 |  |  | 758 |  |  | 2,963
Revisions due to prices |  |  | 38 |  |  | (29) |  |  | 9
Revisions other than price |  |  | (86) |  |  | 21 |  |  | (65)
Extensions and discoveries |  |  | 197 |  |  | 14 |  |  | 211
Purchase of reserves |  |  | 265 |  |  | - |  |  | 265
Production |  |  | (207) |  |  | (39) |  |  | (246)
Sale of reserves |  |  | (207) |  |  | (176) |  |  | (383)
December 31, 2014 |  |  | 2,205 |  |  | 549 |  |  | 2,754
Proved developed reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 1,875 |  |  | 348 |  |  | 2,223
December 31, 2012 |  |  | 1,829 |  |  | 294 |  |  | 2,123
December 31, 2013 |  |  | 1,947 |  |  | 315 |  |  | 2,262
December 31, 2014 |  |  | 1,900 |  |  | 165 |  |  | 2,065
Proved developed-producing reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 1,746 |  |  | 323 |  |  | 2,069
December 31, 2012 |  |  | 1,743 |  |  | 278 |  |  | 2,021
December 31, 2013 |  |  | 1,857 |  |  | 297 |  |  | 2,154
December 31, 2014 |  |  | 1,815 |  |  | 162 |  |  | 1,977
Proved undeveloped reserves as of: |  |  |  |  |  |  |  |  |
December 31, 2011 |  |  | 403 |  |  | 379 |  |  | 782
December 31, 2012 |  |  | 407 |  |  | 433 |  |  | 840
December 31, 2013 |  |  | 258 |  |  | 443 |  |  | 701
December 31, 2014 |  |  | 305 |  |  | 384 |  |  | 689
_______________________ (1)Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. This rate is not necessarily indicative of the relationship of natural gas and oil prices. Bitumen and natural gas liquids reserves are converted to Boe on a one-to-one basis with oil. Proved Undeveloped Reserves The following table presents the changes in Devon’s total proved undeveloped reserves during 201 4 (in MMBoe).
|  | U.S. |  | Canada |  | Total
Proved undeveloped reserves as of December 31, 2013 |  |  | 258 |  |  | 443 |  |  | 701
Extensions and discoveries |  |  | 153 |  |  | 8 |  |  | 161
Revisions due to prices |  |  | (1) |  |  | (34) |  |  | (35)
Revisions other than price |  |  | (61) |  |  | 18 |  |  | (43)
Sale of reserves |  |  | (4) |  |  | (2) |  |  | (6)
Conversion to proved developed reserves |  |  | (40) |  |  | (49) |  |  | (89)
Proved undeveloped reserves as of December 31, 2014 |  |  | 305 |  |  | 384 |  |  | 689
At December 31, 2014, Devon had 689 MMBoe of proved undeveloped reserves. This represents a 2 percent decrease as compared to 2013 and represents 25 percent of total proved reserves. Drilling and development activities increased Devon’s proved undeveloped reserves 161 MMBoe and resulted in the conversion of 89 MMBoe, or 13 percent, of the 2013 proved undeveloped reserves to proved developed reserves. Costs incurred related to the development and conversion of Devon’s proved undeveloped reserves were approximately $1.0 billion for 2014. Additionally, revisions other than price decreased Devon’s proved undeveloped reserves 43 MMBoe primarily due to evaluations of certain U.S. onshore dry-gas areas, which Devon does not expect to develop in the next five years. The largest revisions, which were approximately 69 MMBoe, relate to the dry-gas areas in the Barnett Shale in north Texas. A significant amount of Devon’s proved undeveloped reserves at the end of 2014 related to its Jackfish operations. At December 31, 2014 and 2013, Devon’s Jackfish proved undeveloped reserves were 384 MMBoe and 441 MMBoe, respectively. Development schedules for the Jackfish reserves are primarily controlled by the need to keep the processing plants at their 35,000 barrel daily facility capacity. Processing plant capacity is controlled by factors such as total steam processing capacity and steam-oil ratios. Furthermore, development of these projects involves the up-front construction of steam injection/distribution and bitumen processing facilities. Due to the large up-front capital investments and large reserves required to provide economic returns, the project conditions meet the specific circumstances requiring a period greater than 5 years for conversion to developed reserves. As a result, these reserves are classified as proved undeveloped for more than five years. Currently, the development schedule for these reserves extends though the year 2031. Price Revision s 2014 - Reserves increased 9 MMBoe primarily due to higher gas prices in the Barnett Shale and the Anadarko Basin, partially offset by higher bitumen prices, which result in lower after-royalty volumes, in Canada. 2013 - Reserves increased 94 MMBoe primarily due to higher gas prices. Of this increase, 43 MMBoe related to the Barnett Shale and 19 MMBoe related to the Rocky Mountain area. 2012 - Reserves decreased 171 MMBoe primarily due to lower gas prices. Of this decrease, 100 MMBoe related to the Barnett Shale and 25 MMBoe related to the Rocky Mountain area. Revisions Other Than Price Total revisions other than price for 2014, 2013 and 2012 primarily related to Devon’s evaluation of certain dry gas regions, with the largest revisions being made in the Cana-Woodford Shale and Barnett Shale. Extensions and Discoveries 2014 – Of the 211 MMBoe of extensions and discoveries, 70 MMBoe related to the Permian Basin in west Te xas and southeast New Mexico, 54 MMBoe related to the Eagle Ford in s outh Texas, 36 MMBoe related to the Barnett Shale, 14 MMBoe related to the Anadarko Basin, 8 MMBoe related to Jackfish and 14 MMBoe related to the Mississippian-Woodford Trend in north Oklahoma. The 2014 extensions and discoveries included 5 MMBoe related to additions from Devon’s infill drilling activities, primarily consisting of 4 MMBoe at the Permian Basin. 2013 – Of the 261 MMBoe of extensions and discoveries, 76 MMBoe related to the Permian Basin, 54 MMBoe related to the Barnett Shale, 42 MMBoe related to the Anadarko Basin, 38 MMBoe related to Jackfish and 32 MMBoe related to the Mississippian-Woodford Trend. The 2013 extensions and discoveries included 175 MMBoe related to additions from Devon’s infill drilling activities, including 23 MMBoe at the Cana-Woodford Shale, 54 MMBoe at the Barnett Shale, 38 MMBoe at Jackfish, 33 MMBoe at the Permian Basin and 20 MMBoe at the Mississippian-Woodford Trend. 2012 – Of the 449 MMBoe of extensions and discoveries, 151 MMBoe related to the Cana-Woodford Shale, 95 MMBoe related to the Barnett Shale, 72 MMBoe related to the Permian Basin, 67 MMBoe related to Jackfish, 16 MMBoe related to the Rocky Mountain area and 18 MMBoe related to the Granite Wash area. The 2012 extensions and discoveries included 229 MMBoe related to additions from Devon’s infill drilling activities, including 134 MMBoe at the Cana-Woodford Shale and 82 MMBoe at the Barnett Shale. Purchase of Reserves 2014 – Of the 265 MMBoe of reserves purchases, 246 MMBoe related to Devon’s GeoSouthern acquisition in the Eagle Ford. Sale of Reserves 2014 – The total 383 MMBoe of reserves sales related to Devon’s asset divestitures in the U.S. and Canada. Standardized Measure The tables below reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.
|  | Year Ended December 31, 2014
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Future cash inflows |  | $ | 75,847 |  | $ | 31,371 |  | $ | 107,218
Future costs: |  |  |  |  |  |  |  |  |
Development |  |  | (7,168) |  |  | (3,619) |  |  | (10,787)
Production |  |  | (29,740) |  |  | (14,232) |  |  | (43,972)
Future income tax expense |  |  | (11,021) |  |  | (3,026) |  |  | (14,047)
Future net cash flow |  |  | 27,918 |  |  | 10,494 |  |  | 38,412
10% discount to reflect timing of cash flows |  |  | (12,819) |  |  | (5,119) |  |  | (17,938)
Standardized measure of discounted future net cash flows |  | $ | 15,099 |  | $ | 5,375 |  | $ | 20,474
|  | Year Ended December 31, 2013
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Future cash inflows |  | $ | 61,983 |  | $ | 33,305 |  | $ | 95,288
Future costs: |  |  |  |  |  |  |  |  |
Development |  |  | (5,448) |  |  | (5,308) |  |  | (10,756)
Production |  |  | (26,663) |  |  | (15,709) |  |  | (42,372)
Future income tax expense |  |  | (9,046) |  |  | (2,327) |  |  | (11,373)
Future net cash flow |  |  | 20,826 |  |  | 9,961 |  |  | 30,787
10% discount to reflect timing of cash flows |  |  | (10,346) |  |  | (4,700) |  |  | (15,046)
Standardized measure of discounted future net cash flows |  | $ | 10,480 |  | $ | 5,261 |  | $ | 15,741
|  | Year Ended December 31, 2012
|  | U.S. |  | Canada |  | Total
|  | (In millions)
Future cash inflows |  | $ | 55,297 |  | $ | 33,570 |  | $ | 88,867
Future costs: |  |  |  |  |  |  |  |  |
Development |  |  | (6,556) |  |  | (6,211) |  |  | (12,767)
Production |  |  | (24,265) |  |  | (16,611) |  |  | (40,876)
Future income tax expense |  |  | (6,542) |  |  | (1,992) |  |  | (8,534)
Future net cash flow |  |  | 17,934 |  |  | 8,756 |  |  | 26,690
10% discount to reflect timing of cash flows |  |  | (9,036) |  |  | (4,433) |  |  | (13,469)
Standardized measure of discounted future net cash flows |  | $ | 8,898 |  | $ | 4,323 |  | $ | 13,221
Future cash inflows, development costs and production costs were computed using the same assumptions for prices and costs that were used to estimate Devon’s proved oil and gas reserves at the end of each year. For 201 4 estimates, Devon’s future realized prices were assumed to be $87.14 per barrel of oil, $57.25 per barrel of bitumen, $3.94 per Mcf of gas and $25.05 per barrel of natural gas liquids. O f the $10.8 billion of future development costs as of the end of 201 4, $2.2 billion, $1.9 billion and $1.0 billion are estimated to be spent in 201 5, 201 6 and 201 7, respectively. Future development costs inc lude not only development costs but also future asset retirement costs. Included as part of the $10.8 billion of future development costs are $1.5 billion of future asset retirement costs. The future income tax expenses have been computed using statutory tax rates, giving effect to allowable tax deductions and tax credits under current laws. The p rincipal changes in Devon’s standardized measure of discounted future net cash flows are as follows:
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In millions)
Beginning balance |  | $ | 15,741 |  | $ | 13,221 |  | $ | 17,844
Net changes in prices and production costs |  |  | 2,561 |  |  | 3,018 |  |  | (9,889)
Oil, bitumen, gas and NGL sales, net of production costs |  |  | (6,865) |  |  | (5,613) |  |  | (4,388)
Changes in estimated future development costs |  |  | (768) |  |  | 399 |  |  | (1,094)
Extensions and discoveries, net of future development costs |  |  | 4,836 |  |  | 4,047 |  |  | 4,669
Purchase of reserves |  |  | 6,422 |  |  | 14 |  |  | 18
Sales of reserves in place |  |  | (2,384) |  |  | (44) |  |  | (25)
Revisions of quantity estimates |  |  | (746) |  |  | (1,040) |  |  | 162
Previously estimated development costs incurred during the period |  |  | 1,933 |  |  | 1,986 |  |  | 1,321
Accretion of discount |  |  | 1,746 |  |  | 1,940 |  |  | 1,420
Other, primarily changes in timing and foreign exchange rates |  |  | (107) |  |  | (583) |  |  | 113
Net change in income taxes |  |  | (1,895) |  |  | (1,604) |  |  | 3,070
Ending balance |  | $ | 20,474 |  | $ | 15,741 |  | $ | 13,221

X
- Definition Supplemental Information On Oil And Gas Operations [Text Block] + References No definition available. + Details
Name: | dvn_SupplementalInformationOnOilAndGasOperationsTextBlock
Namespace Prefix: | dvn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration