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Debt And Related Expenses (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Instrument [Line Items] |
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.
|  | September 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 |  |  | 160 |  |  |  | (20 | )
Debt issuance costs |  |  | (31 | ) |  |  | (31 | )
Total long-term debt |  | $ | 6,492 |  |  | $ | 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 nine 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 September 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 Net Financing Cost Components | The following schedule includes the components of net financing costs.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Interest based on debt outstanding |  | $ | 93 |  |  | $ | 65 |  |  | $ | 296 |  |  | $ | 195 |
Gain on early retirement of debt |  |  | — |  |  |  | — |  |  |  | (30 | ) |  |  | — |
Interest income |  |  | (1 | ) |  |  | (5 | ) |  |  | (2 | ) |  |  | (12 | )
Other |  |  | (6 | ) |  |  | 6 |  |  |  | (21 | ) |  |  | 17 |
Total net financing costs |  | $ | 86 |  |  | $ | 66 |  |  | $ | 243 |  |  | $ | 200 |
WPX |
Debt Instrument [Line Items] |
Schedule Of Debt Instruments and Balances | 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.

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