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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2021
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 statements of comprehensive earnings as discontinued operations.

 

 

Three Months Ended June 30, 2020

 

 

Six Months Ended June 30, 2020

 

Oil, gas and NGL sales

$

77

 

 

$

169

 

Total revenues

 

77

 

 

 

169

 

Production expenses

 

74

 

 

 

148

 

Asset impairments (1)

 

—

 

 

 

179

 

Asset dispositions

 

(2

)

 

 

(2

)

General and administrative expenses

 

—

 

 

 

1

 

Financing costs, net

 

—

 

 

 

(2

)

Other, net

 

(4

)

 

 

(7

)

Total expenses

 

68

 

 

 

317

 

Earnings (loss) from discontinued operations before income taxes

 

9

 

 

 

(148

)

Income tax benefit

 

—

 

 

 

(32

)

Net earnings (loss) from discontinued operations, net of tax

$

9

 

 

$

(116

)

 

 

(1)

Devon recognized an $179 million asset impairment in the first quarter of 2020 related to the Barnett Shale assets primarily due to the difference between the net carrying value and the purchase price, net of estimated customary purchase price adjustments, which qualified as a level 2 fair value measurement.