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Discontinued Operations (Tables)
 9 Months Ended
Sep. 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 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.