Debt And Related Expenses (Tables)

12 Months Ended

Dec. 31, 2014



	December 31, 2014		December 31, 2013

	(In millions)
Devon debt
Commercial paper	$	932	$	1,317
5.625% due January 15, 2014		-		500
Floating rate due December 15, 2015		500		500
2.40% due July 15, 2016		-		500
Floating rate due December 15, 2016		350		350
1.20% due December 15, 2016		-		650
1.875% due May 15, 2017		-		750
8.25% due July 1, 2018		125		125
2.25% due December 15, 2018		750		750
6.30% due January 15, 2019		700		700
4.00% due July 15, 2021		500		500
3.25% due May 15, 2022		1,000		1,000
7.50% due September 15, 2027		150		150
7.875% due September 30, 2031		1,250		1,250
7.95% due April 15, 2032		1,000		1,000
5.60% due July 15, 2041		1,250		1,250
4.75% due May 15, 2042		750		750
Net discount on debentures and notes		(18)		(20)
Total Devon debt		9,239		12,022
EnLink debt
Credit facilities		237		-
2.70% due April 1, 2019		400		-
7.125% due June 1, 2022		163		-
4.40% due April 1, 2024		550		-
5.60% due April 1, 2044		350		-
5.05% due April 1, 2045		300
Net premium on debentures and notes		23		-
Total EnLink debt		2,023		-
Total debt		11,262		12,022
Less amount classified as short-term debt (1)		1,432		4,066
Total long-term debt	$	9,830	$	7,956

__________________________

2014 short-term debt consists of $932 million of commercial paper and $500 million floating rate due on December 15, 2015. 2013 short-term debt consists of $2.25 billion of senior notes issued in conjunction with the GeoSouthern acquisition, $1.3 billion of commercial paper and $500 million of senior notes due January 15, 2014.

Schedule of Debt Maturities


2015	$	1,432
2016		350
2017		-
2018		875
2019		1,337
2020 and thereafter		7,263
Total	$	11,257

Schedule Of Debt Assumed Upon Acquisition Of Business


	Fair Value of Debt Assumed		Effective Rate of Debt Assumed

Debt Assumed		(In millions)
8.250% due July 2018 (principal of $125 million)	$	147		5.5%
7.500% due September 2027 (principal of $150 million)	$	169		6.5%

Schedule Of Fair Value Of Enlink's Debt

	March 7, 2014 Fair Value of Debt		Effective Rate of Debt
	(In millions)
8.875% due February 15, 2018 (principal of $725 million) (1)	$	760	7.7%
7.125% due June 1, 2022 (principal of $197 million)		226	5.3%
Credit facilities		468
Total long-term debt	$	1,454

__________________________

(1) The 2018 senior notes were redeemed on April 18, 2014.

Schedule Of Net Financing Cost Components


	Year Ended December 31,
	2014		2013		2012

	(In millions)
Interest based on debt outstanding	$	546	$	466	$	440
Early retirement of debt		48		-		-
Capitalized interest		(70)		(56)		(48)
Other fees and expenses		12		27		14
Interest expense		536		437		406
Interest income		(10)		(20)		(36)
Net financing costs	$	526	$	417	$	370

Other Debentures And Notes [Member]

Debt Instrument [Line Items]

Schedule Of Debt Instruments


	Date Issued
	May 2012		July 2011		January 2009		March 2002

1.875% due May 15, 2017 (1)	$	750	$	-	$	-	$	-
3.25% due May 15, 2022		1,000		-		-		-
4.75% due May 15, 2042		750		-		-		-
2.40% due July 15, 2016 (1)		-		500		-		-
4.00% due July 15, 2021		-		500		-		-
5.60% due July 15, 2041		-		1,250		-		-
5.625% due January 15, 2014 (2)		-		-		500		-
6.30% due January 15, 2019		-		-		700		-
7.95% due April 15, 2032		-		-		-		1,000
Discount and issuance costs		(35)		(29)		(13)		(14)
Net proceeds	$	2,465	$	2,221	$	1,187	$	986

__________________________

(1) The 1.875% $750 million note due May 15, 2017 and 2.4% $500 million note due July 15, 2016 were redeemed on November 13, 2014.

(2) The 5.625% $500 million note due January 15, 2014 was redeemed upon maturity.

GeoSouthern Intermediate Holdings, LLC [Member]

Debt Instrument [Line Items]

Schedule Of Debt Instruments


Floating rate due December 15, 2015	$	500
Floating rate due December 15, 2016		350
1.20% due December 15, 2016 (1)		650
2.25% due December 15, 2018		750
Discount and issuance costs		(2)
Net proceeds	$	2,248

__________________________

(1) The 1.20% $650 million note due December 15, 2016 was redeemed on November 13, 2014.