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Debt And Related Expenses (Tables)

6 Months Ended

Jun. 30, 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.

		June 30, 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
7.50% due September 15, 2027			73				73
5.25% due October 15, 2027 (1)			390				—
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			171				(20	)
Debt issuance costs			(32	)			(31	)
Total long-term debt		$	6,502			$	4,298

(1) These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Subsequent to debt retirements and the obligor exchange transaction completed during the first six months of 2021, approximately $51 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.

Schedule Of Debt Maturities

Debt maturities as of June 30, 2021, excluding debt issuance costs, premiums and discounts, are as follows:

		Total
2022		$	—
2023			242
2024			472
2025			485
2026			—
Thereafter			5,164
Total		$	6,363

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 or had the option to redeem (i) some or all of the notes at a specified "make whole" premium and (ii) a portion of certain of the notes at applicable redemption prices, in each case as described in the indenture documents governing the notes to be redeemed. On or after these dates, Devon has or had 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 June 30,								Six Months Ended June 30,
		2021				2020				2021				2020
Interest based on debt outstanding		$	98			$	65			$	203			$	130
Gain on early retirement of debt			(10	)			—				(30	)			—
Interest income			—				(2	)			(1	)			(7	)
Other			(8	)			6				(15	)			11
Total net financing costs		$	80			$	69			$	157			$	134

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