XML 123 R11.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Asset Impairments | 12 Months Ended
--- | ---
Dec. 31, 2014
Asset Impairments [Abstract] |
Asset Impairments | 5. Asset Impairments In 2014, 2013 and 2012, Devon recognized asset impairments as presented below.
| Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
| Gross |  | Net of Taxes |  | Gross |  | Net of Taxes |  | Gross |  | Net of Taxes
| (In millions)
Goodwill | $ | 1,941 |  | $ | 1,941 |  | $ | - |  | $ | - |  | $ | - |  | $ | -
U.S. oil and gas assets |  | - |  |  | - |  |  | 1,110 |  |  | 707 |  |  | 1,793 |  |  | 1,142
Canada oil and gas assets |  | - |  |  | - |  |  | 843 |  |  | 632 |  |  | 163 |  |  | 122
Midstream assets |  | 12 |  |  | 7 |  |  | 23 |  |  | 14 |  |  | 68 |  |  | 44
Asset impairments | $ | 1,953 |  | $ | 1,948 |  | $ | 1,976 |  | $ | 1,353 |  | $ | 2,024 |  | $ | 1,308
Goodwill Impairment In 2014, Devon recognized $1.9 billion in goodwill impairment related to its Canadian reporting unit. Additional information regarding the impairment is discussed in Note 12. Oil and Gas Impairments Under the full cost method of accounting, capitalized costs of oil and gas properties are subject to a quarterly full cost ceiling test, which is discussed in Note 1. The oil and gas impairments resulted primarily from declines in the U.S. and Canada full cost ceilings. The lower ceiling values resulted primarily from decreases in the 12-month average trailing prices for oil, natural gas and NGLs, which reduced proved reserve values. Midstream Impairments Due to the significant decline in oil prices during the fourth quarter of 2014, Devon wrote down its pipeline line fill inventory, as the carrying amount exceeded its fair value, which was determined based on the West Texas Intermediate s pot price at December 31, 2014. Due to declining natural gas production resulting from low natural gas and NGL prices in 2013 and 2012, Devon determined that the carrying amounts of certain of its midstream facilities were not recoverable from estimated future cash flows. Consequently, the assets were written down to their estimated fair values, which were determined using discounted cash flow models. The fair value of Devon’s midstream assets is considered a Level 3 fair value measurement.

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

X
- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
Name: | us-gaap_AssetImpairmentChargesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration