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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments |
3. | Derivative Financial Instruments
Commodity Derivatives As of December 31, 2020, 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 WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
|  | Price Swaps |  |  | Price Collars |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Price ($/Bbl) |  |  | Volume (Bbls/d) |  |  | Weighted Average Floor Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |
Q1-Q4 2021 |  |  | 28,040 |  |  | $ | 37.60 |  |  |  | 32,726 |  |  | $ | 40.77 |  |  | $ | 50.77 |
Q1-Q2 2022 |  |  | 1,249 |  |  | $ | 45.16 |  |  |  | 9,856 |  |  | $ | 38.24 |  |  | $ | 48.24 |
|  | Oil Basis Swaps |
Period |  | Index |  | Volume (Bbls/d) |  |  | Weighted Average Differential to WTI ($/Bbl) |
Q1-Q4 2021 |  | Midland Sweet |  |  | 7,000 |  |  | $ | 1.27 |
As of December 31, 2020, 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 respective indices noted within the table.
|  | Price Swaps |  |  | Price Collars |
Period |  | Volume (MMBtu/d) |  |  | Weighted Average Price ($/MMBtu) |  |  | Volume (MMBtu/d) |  |  | Weighted Average Floor Price ($/MMBtu) |  |  | Weighted Average Ceiling Price ($/MMBtu) |
Q1-Q4 2021 |  |  | 32,699 |  |  | $ | 2.76 |  |  |  | 179,055 |  |  | $ | 2.45 |  |  | $ | 2.95 |
Q1-Q4 2022 |  |  | 6,961 |  |  | $ | 2.85 |  |  |  | 54,901 |  |  | $ | 2.66 |  |  | $ | 3.16 |
|  | Natural Gas Basis Swaps |
Period |  | Index |  | Volume (MMBtu/d) |  |  | Weighted Average Differential to Henry Hub ($/MMBtu) |
Q1-Q4 2021 |  | El Paso Natural Gas |  |  | 35,000 |  |  | $ | (0.92 | )
As of December 31, 2020, Devon did not have any open NGL derivative positions. Financial Statement Presentation The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption.
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Commodity derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Oil, gas and NGL derivatives |  | $ | 155 |  |  | $ | (454 | ) |  | $ | 457 |
Marketing and midstream revenues |  |  | — |  |  |  | 1 |  |  |  | (1 | )
Interest rate derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Other expenses |  |  | — |  |  |  | — |  |  |  | 65 |
Net gains (losses) recognized |  | $ | 155 |  |  | $ | (453 | ) |  | $ | 521 |
The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.
|  | December 31, 2020 |  |  | December 31, 2019 |
Commodity derivative assets: |  |  |  |  |  |  |  |
Other current assets |  | $ | 5 |  |  | $ | 49 |
Other long-term assets |  |  | 1 |  |  |  | 1 |
Total derivative assets |  | $ | 6 |  |  | $ | 50 |
Commodity derivative liabilities: |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 143 |  |  | $ | 30 |
Other long-term liabilities |  |  | 5 |  |  |  | 1 |
Total derivative liabilities |  | $ | 148 |  |  | $ | 31 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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