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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2014
Derivative Financial Instruments [Abstract] |
Derivative Financial Instruments | 3.Derivative Financial Instruments Commodity Derivatives As of December 31, 201 4, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX West Texas Intermediate futures price. The second table presents Devon’s oil derivatives that settle against the Western Canadian Select, West Texas Sour and Midland Sweet indices.
|  | 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 2015 |  | 107,203 |  | $ | 91.07 |  | 31,500 |  | $ | 89.67 |  | $ | 97.84 |  | 28,000 |  | $ | 116.43
Q1-Q4 2016 |  | - |  | $ | - |  | - |  | $ | - |  | $ | - |  | 18,500 |  | $ | 103.11
|  | Oil Basis Swaps
Period |  | Index |  | Volume (Bbls/d) |  | Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2015 |  | Western Canadian Select |  | 22,514 |  | $ | (18.35)
Q1-Q4 2015 |  | West Texas Sour |  | 8,000 |  | $ | (3.68)
Q1-Q4 2015 |  | Midland Sweet |  | 14,247 |  | $ | (2.92)
As of December 31, 201 4, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the Panhandle Eastern Pipe Line, El Paso Natural Gas and Houston Ship Channel indices.
|  | 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 2015 |  | 250,000 |  | $ | 4.32 |  | 328,452 |  | $ | 4.05 |  | $ | 4.36 |  | 550,000 |  | $ | 5.09
Q1-Q4 2016 |  | - |  | $ | - |  | - |  | $ | - |  | $ | - |  | 400,000 |  | $ | 5.00
|  | Natural Gas Basis Swaps
Period |  | Index |  | Volume (MMBtu/d) |  | Weighted Average Differential to Henry Hub ($/MMBtu)
Q1-Q4 2015 |  | Panhandle Eastern Pipe Line |  | 100,000 |  | $ | (0.28)
Q1-Q4 2015 |  | El Paso Natural Gas |  | 70,000 |  | $ | (0.11)
Q1-Q4 2015 |  | Houston Ship Channel |  | 200,000 |  | $ | 0.01
Q1-Q4 2016 |  | Panhandle Eastern Pipe Line |  | 30,000 |  | $ | (0.33)
Q1-Q4 2016 |  | El Paso Natural Gas |  | 15,000 |  | $ | (0.13)
Q1-Q4 2016 |  | Houston Ship Channel |  | 30,000 |  | $ | 0.11
As of December 31, 2014, the following were open derivative positions associated with gas processing and fractionation at EnLink. EnLink’s NGL positions settle by purity product against the average of the prompt month OPIS Mont Belvieu, Texas index. EnLink’s natural gas positions settle against the Henry Hub Gas Daily index as defined by the pricing dates in the derivative contracts.
Period |  | Product |  | Volume |  |  | Weighted Average Price Paid |  |  | Weighted Average Price Received
Q1 2015-Q4 2016 |  | Ethane |  | 1,168 | MBbls |  |  | Index |  | $ | 0.29/gal
Q1 2015-Q4 2016 |  | Propane |  | 1,171 | MBbls |  |  | Index |  | $ | 1.01/gal
Q1-Q4 2015 |  | Normal Butane |  | 53 | MBbls |  |  | Index |  | $ | 1.14/gal
Q1-Q4 2015 |  | Natural Gasoline |  | 44 | MBbls |  |  | Index |  | $ | 1.81/gal
Q1-Q4 2015 |  | Natural Gas |  | 1,225 | MMBtu/d |  | $ | 4.08/MMBtu |  |  | Index
Interest Rate Derivatives As of December 31, 2014, Devon had the following open interest rate derivative positions:
Notional |  | Rate Received |  | Rate Paid |  | Expiration
(In millions) |  |  |  |  |  |
$ | 100 |  | Three Month LIBOR |  | 0.92% |  | December 2016
$ | 100 |  | 1.76% |  | Three Month LIBOR |  | January 2019
Foreign Currency Derivatives As of December 31, 201 4, Devon had the following open foreign currency derivative position:
Forward Contract
Currency |  | Contract Type |  | CAD Notional |  | Weighted Average Fixed Rate Received |  | Expiration
|  |  |  | (In millions) |  | (CAD-USD) |  |
Canadian Dollar |  | Sell |  | $ | 1,884 |  | 0.864 |  | March 2015
Financial Statement Presentation The following table presents the net gains and losses recognized in the accompanying consolidated comprehensive statements of earnings associated with derivative financial instruments.
|  | Comprehensive Statements of |  | Year Ended December 31,
|  | Earnings Caption |  | 2014 |  | 2013 |  | 2012
|  |  |  | (In millions)
Oil, gas and NGL commodity derivatives |  | Oil, gas and NGL derivatives |  | $ | 1,989 |  | $ | (191) |  | $ | 693
Midstream commodity derivatives |  | Marketing and midstream revenues |  |  | 22 |  |  | - |  |  | -
Interest rate derivatives |  | Other nonoperating items |  |  | (1) |  |  | - |  |  | (15)
Foreign currency derivatives |  | Other nonoperating items |  |  | 60 |  |  | 56 |  |  | (18)
Net gains (losses) recognized in comprehensive statements of earnings |  | $ | 2,070 |  | $ | (135) |  | $ | 660
The following table presents the derivative fair values included in the accompanying consolidated balance sheets.
|  |  |  | December 31,
|  | Balance Sheet Caption |  | 2014 |  | 2013
|  |  |  | (In millions)
Asset derivatives: |  |  |  |  |  |  |  |
Oil, gas and NGL commodity derivatives |  | Derivatives, at fair value |  | $ | 1,967 |  | $ | 75
Oil, gas and NGL commodity derivatives |  | Other long-term assets |  |  | 1 |  |  | 28
Midstream commodity derivatives |  | Derivatives, at fair value |  |  | 17 |  |  | -
Midstream commodity derivatives |  | Other long-term assets |  |  | 10 |  |  | -
Interest rate derivatives |  | Derivatives, at fair value |  |  | 1 |  |  | -
Foreign currency derivatives |  | Derivatives, at fair value |  |  | 8 |  |  | -
Total asset derivatives |  |  |  | $ | 2,004 |  | $ | 103
Liability derivatives: |  |  |  |  |  |  |  |
Oil, gas and NGL commodity derivatives |  | Other current liabilities |  | $ | 25 |  | $ | 58
Oil, gas and NGL commodity derivatives |  | Other long-term liabilities |  |  | 26 |  |  | 62
Midstream commodity derivatives |  | Other current liabilities |  |  | 3 |  |  | -
Midstream commodity derivatives |  | Other long-term liabilities |  |  | 2 |  |  | -
Interest rate derivatives |  | Other current liabilities |  |  | 1 |  |  | -
Foreign currency derivatives |  | Other current liabilities |  |  | - |  |  | 1
Total liability derivatives |  |  |  | $ | 57 |  | $ | 121

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: 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=35736893&loc=d3e80748-113994 Reference 2: 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=35706170&loc=SL5618551-113959 Reference 3: 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=35706170&loc=SL5708775-113959 Reference 4: 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 5: 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=35706170&loc=SL5624181-113959 Reference 6: 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 7: 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=35706170&loc=SL5624258-113959 Reference 8: 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=35706170&loc=SL5624163-113959 Reference 9: 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=26873400&loc=d3e23780-122690 Reference 10: 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=35706170&loc=SL5708773-113959 Reference 11: 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=35736893&loc=d3e80784-113994 Reference 12: 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=35706170&loc=SL5624177-113959 Reference 13: 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=35706170&loc=d3e41620-113959 Reference 14: 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=35706170&loc=SL5579245-113959 Reference 15: 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=35706170&loc=SL5580258-113959 Reference 16: 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=35706170&loc=SL5579240-113959 Reference 17: 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=35706170&loc=d3e41641-113959 Reference 18: 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=35706170&loc=d3e41638-113959 Reference 19: 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=35706170&loc=SL5624171-113959 + Details
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