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Debt And Related Expenses (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule Of Debt Instruments and Balances

        See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.

		March 31, 2021				December 31, 2020
8.25% due August 1, 2023 (1)		$	242			$	—
5.25% due September 15, 2024 (1)			472				—
5.85% due December 15, 2025			485				485
5.75% due June 1, 2026 (1)			500				—
7.50% due September 15, 2027			73				73
5.25% due October 15, 2027 (1)			600				—
5.875% due June 15, 2028 (1)			325				—
4.50% due January 15, 2030 (1)			585				—
7.875% due September 30, 2031			675				675
7.95% due April 15, 2032			366				366
5.60% due July 15, 2041			1,250				1,250
4.75% due May 15, 2042			750				750
5.00% due June 15, 2045			750				750
Net premium (discount) on debentures and notes			226				(20	)
Debt issuance costs			(31	)			(31	)
Total debt		$	7,268			$	4,298
Less amount classified as short-term debt			226				—
Total long-term debt		$	7,042			$	4,298

Schedule of WPX Debt assumed with the Merger

The following schedule includes the summary of the WPX debt Devon assumed upon closing of the Merger on January 7, 2021.

		Face Value				Fair Value				Optional Redemption(1)
6.00% due January 15, 2022		$	43			$	44
8.25% due August 1, 2023			242				281			June 1, 2023
5.25% due September 15, 2024			472				530			June 15, 2024
5.75% due June 1, 2026			500				529			June 1, 2021
5.25% due October 15, 2027			600				646			October 15, 2022
5.875% due June 15, 2028			500				554			June 15, 2023
4.50% due January 15, 2030			900				978			January 15, 2025
		$	3,257			$	3,562

(1) At any time prior to these dates, Devon has the option to redeem some or all of the notes at a specified "make whole" premium as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in such documents.

Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

		Three Months Ended March 31,
		2021				2020
Interest based on debt outstanding		$	105			$	65
Gain on early retirement of debt			(20	)			—
Interest income			(1	)			(5	)
Other			(7	)			5
Total net financing costs		$	77			$	65

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