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Discontinued Operations | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations And Disposal Groups [Abstract] |
Discontinued Operations |
1 7. | Discontinued Operations
On October 1, 2020, Devon completed the sale of its Barnett Shale assets to BKV for proceeds, net of purchase price adjustments, of $490 million. Additionally, the agreement provides for contingent earnout payments to Devon of up to $260 million based upon future commodity prices, with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021 and has a term of four years. The following table presents the amounts reported in the consolidated statements of comprehensive earnings as discontinued operations.
| Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020 |
Oil, gas and NGL sales | $ | 94 |  |  | $ | 263 |
Total revenues |  | 94 |  |  |  | 263 |
Production expenses |  | 66 |  |  |  | 214 |
Asset impairments (1) |  | 3 |  |  |  | 182 |
Asset dispositions |  | — |  |  |  | (2 | )
General and administrative expenses |  | 2 |  |  |  | 3 |
Financing costs, net |  | (1 | ) |  |  | (3 | )
Other, net |  | 26 |  |  |  | 19 |
Total expenses |  | 96 |  |  |  | 413 |
Loss from discontinued operations before income taxes |  | (2 | ) |  |  | (150 | )
Income tax benefit |  | (15 | ) |  |  | (47 | )
Net earnings (loss) from discontinued operations, net of tax | $ | 13 |  |  | $ | (103 | )
| (1) | Devon recognized $182 million of asset impairments in the first nine months 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.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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