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Discontinued Operations and Assets Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract] |
Summary of Amounts Reported as Discontinued Operations in the Consolidated Comprehensive Statements of Earnings and Carrying Amounts of Assets and Liabilities Classified as Held for Sale on the Consolidated Balance Sheets | The following table presents the amounts reported in the consolidated comprehensive statements of earnings as discontinued operations.
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | Canada |  |  | EnLink |  |  | Total |  |  | Canada |  |  | EnLink |  |  | Total |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upstream revenues |  | $ | 388 |  |  | $ | — |  |  | $ | 388 |  |  | $ | 635 |  |  | $ | — |  |  | $ | 635 |
Marketing and midstream revenues |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  |  | 38 |  |  |  | — |  |  |  | 38 |
Total revenues |  |  | 400 |  |  |  | — |  |  |  | 400 |  |  |  | 673 |  |  |  | — |  |  |  | 673 |
Production expenses |  |  | 153 |  |  |  | — |  |  |  | 153 |  |  |  | 294 |  |  |  | — |  |  |  | 294 |
Exploration expenses |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | 13 |  |  |  | — |  |  |  | 13 |
Marketing and midstream expenses |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Depreciation, depletion and amortization |  |  | 49 |  |  |  | — |  |  |  | 49 |  |  |  | 128 |  |  |  | — |  |  |  | 128 |
Asset impairments |  |  | 37 |  |  |  | — |  |  |  | 37 |  |  |  | 37 |  |  |  | — |  |  |  | 37 |
Asset dispositions |  |  | (189 | ) |  |  | — |  |  |  | (189 | ) |  |  | (189 | ) |  |  | — |  |  |  | (189 | )
General and administrative expenses |  |  | 13 |  |  |  | — |  |  |  | 13 |  |  |  | 31 |  |  |  | — |  |  |  | 31 |
Financing costs, net |  |  | 13 |  |  |  | — |  |  |  | 13 |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Restructuring and transaction costs |  |  | 236 |  |  |  | — |  |  |  | 236 |  |  |  | 239 |  |  |  | — |  |  |  | 239 |
Other expenses |  |  | 31 |  |  |  | — |  |  |  | 31 |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
Total expenses |  |  | 356 |  |  |  | — |  |  |  | 356 |  |  |  | 600 |  |  |  | — |  |  |  | 600 |
Earnings from discontinued operations before income taxes |  |  | 44 |  |  |  | — |  |  |  | 44 |  |  |  | 73 |  |  |  | — |  |  |  | 73 |
Income tax benefit |  |  | (285 | ) |  |  | — |  |  |  | (285 | ) |  |  | (285 | ) |  |  | — |  |  |  | (285 | )
Net earnings from discontinued operations, net of tax |  | $ | 329 |  |  | $ | — |  |  | $ | 329 |  |  | $ | 358 |  |  | $ | — |  |  | $ | 358 |
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Upstream revenues |  | $ | 303 |  |  | $ | — |  |  | $ | 303 |  |  | $ | 605 |  |  | $ | — |  |  | $ | 605 |
Marketing and midstream revenues |  |  | 24 |  |  |  | 1,595 |  |  |  | 1,619 |  |  |  | 41 |  |  |  | 3,207 |  |  |  | 3,248 |
Total revenues |  |  | 327 |  |  |  | 1,595 |  |  |  | 1,922 |  |  |  | 646 |  |  |  | 3,207 |  |  |  | 3,853 |
Production expenses |  |  | 166 |  |  |  | — |  |  |  | 166 |  |  |  | 314 |  |  |  | — |  |  |  | 314 |
Exploration expenses |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Marketing and midstream expenses |  |  | 11 |  |  |  | 1,269 |  |  |  | 1,280 |  |  |  | 18 |  |  |  | 2,610 |  |  |  | 2,628 |
Depreciation, depletion and amortization |  |  | 78 |  |  |  | 106 |  |  |  | 184 |  |  |  | 172 |  |  |  | 244 |  |  |  | 416 |
General and administrative expenses |  |  | 18 |  |  |  | 31 |  |  |  | 49 |  |  |  | 42 |  |  |  | 58 |  |  |  | 100 |
Financing costs, net |  |  | (2 | ) |  |  | 45 |  |  |  | 43 |  |  |  | (4 | ) |  |  | 89 |  |  |  | 85 |
Restructuring and transaction costs |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |  |  |  | 9 |
Other expenses |  |  | 39 |  |  |  | (5 | ) |  |  | 34 |  |  |  | 109 |  |  |  | (7 | ) |  |  | 102 |
Total expenses |  |  | 325 |  |  |  | 1,446 |  |  |  | 1,771 |  |  |  | 678 |  |  |  | 2,994 |  |  |  | 3,672 |
Earnings (loss) from discontinued operations before income taxes |  |  | 2 |  |  |  | 149 |  |  |  | 151 |  |  |  | (32 | ) |  |  | 213 |  |  |  | 181 |
Income tax expense (benefit) |  |  | (20 | ) |  |  | 10 |  |  |  | (10 | ) |  |  | (51 | ) |  |  | 16 |  |  |  | (35 | )
Net earnings from discontinued operations, net of tax |  |  | 22 |  |  |  | 139 |  |  |  | 161 |  |  |  | 19 |  |  |  | 197 |  |  |  | 216 |
Net earnings attributable to noncontrolling interests |  |  | — |  |  |  | 90 |  |  |  | 90 |  |  |  | — |  |  |  | 134 |  |  |  | 134 |
Net earnings from discontinued operations, attributable to Devon |  | $ | 22 |  |  | $ | 49 |  |  | $ | 71 |  |  | $ | 19 |  |  | $ | 63 |  |  | $ | 82 |
The following table presents the carrying amounts of the assets and liabilities associated with discontinued operations on the consolidated balance sheets. The assets and liabilities associated with discontinued operations at June 30, 2019 and December 31, 2018 are primarily related to the divestiture of Devon’s Canadian business. Included within assets and liabilities associated with discontinued operations at December 31, 2018 are $197 million of assets and $69 million of liabilities related to the divestiture of non-core upstream Permian Basin assets which closed in January 2019 as further discussed in Note 2.
|  | June 30, 2019 |  |  | December 31, 2018 |
Accounts receivable |  | $ | 111 |  |  | $ | 37 |
Other current assets |  |  | 20 |  |  |  | 246 |
Current assets associated with discontinued operations |  |  | 131 |  |  |  | 283 |
Oil and gas property and equipment, based on successful efforts accounting, net |  |  | — |  |  |  | 3,829 |
Other property and equipment, net |  |  | — |  |  |  | 78 |
Other long-term assets |  |  | 99 |  |  |  | 79 |
Long-term assets associated with discontinued operations |  |  | 99 |  |  |  | 3,986 |
Total assets associated with discontinued operations |  | $ | 230 |  |  | $ | 4,269 |
Accounts payable |  | $ | 97 |  |  | $ | 101 |
Revenues and royalties payable |  |  | 16 |  |  |  | 67 |
Short-term debt (1) |  |  | 1,494 |  |  |  | — |
Other current liabilities |  |  | 287 |  |  |  | 170 |
Current liabilities associated with discontinued operations |  |  | 1,894 |  |  |  | 338 |
Long-term debt (1) |  |  | — |  |  |  | 1,493 |
Asset retirement obligations |  |  | — |  |  |  | 424 |
Other long-term liabilities |  |  | 189 |  |  |  | 20 |
Deferred income taxes |  |  | — |  |  |  | 348 |
Long-term liabilities associated with discontinued operations |  |  | 189 |  |  |  | 2,285 |
Total liabilities associated with discontinued operations |  | $ | 2,083 |  |  | $ | 2,623 |
| (1) | Includes the $500 million 4.00% Senior Notes due July 15, 2021 and $1.0 billion 3.25% Senior Notes due May 15, 2022 that were retired early in July 2019 utilizing a portion of the proceeds from the sale of Devon’s Canadian business.

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