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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative [Line Items]

Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The table below presents a summary of these positions as of December 31, 2021 and 2020.

	December 31, 2021												December 31, 2020
	Gross Fair Value				Amounts Netted				Net Fair Value				Gross Fair Value				Amounts Netted				Net Fair Value				Balance Sheet Classification
Commodity derivatives:
Short-term derivative asset	$	6			$	(4	)		$	2			$	23			$	(18	)		$	5			Other current assets
Long-term derivative asset		6				—				6				1				—				1			Other long-term assets
Short-term derivative liability		(579	)			4				(575	)			(161	)			18				(143	)		Other current liabilities
Long-term derivative liability		(2	)			—				(2	)			(5	)			—				(5	)		Other long-term liabilities
Total derivative liability	$	(569	)		$	—			$	(569	)		$	(142	)		$	—			$	(142	)

Open Oil Derivative Positions [Member]

Derivative [Line Items]

Schedule Of Open Derivative Positions

		Price Swaps								Price Swaptions								Price Collars
Period		Volume (Bbls/d)				Weighted Average Price ($/Bbl)				Volume (Bbls/d)				Weighted Average Price ($/Bbl)				Volume (Bbls/d)				Weighted Average Floor Price ($/Bbl)				Weighted Average Ceiling Price ($/Bbl)
Q1-Q4 2022			26,112			$	43.75				10,000			$	46.67				28,160			$	51.44			$	61.78
Q1-Q4 2023			—			$	—				—			$	—				1,110			$	60.58			$	70.58

		Oil Basis Swaps
Period		Index		Volume (Bbls/d)				Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2022		BRENT			1,000			$	(7.75	)
Q1-Q4 2022		NYMEX Roll			29,000			$	0.45

Open Natural Gas Derivative Positions [Member]

Derivative [Line Items]

Schedule Of Open Derivative Positions

The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

		Price Swaps (1)								Price Collars (2)
Period		Volume (MMBtu/d)				Weighted Average Price ($/MMBtu)				Volume (MMBtu/d)				Weighted Average Floor Price ($/MMBtu)				Weighted Average Ceiling Price ($/MMBtu)
Q1-Q4 2022			110,986			$	2.77				164,342			$	2.78			$	3.55
Q1-Q4 2023			4,959			$	3.65				23,000			$	3.32			$	4.63

(1) Related to the 2022 open positions, 10,986 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $3.40 and 100,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.70. All 2023 open positions settle against the Inside FERC first of month Henry Hub index.

(2) Price Collars settle against the Inside FERC first of month Henry Hub.

		Natural Gas Basis Swaps
Period		Index		Volume (MMBtu/d)				Weighted Average Differential to Henry Hub ($/MMBtu)
Q1-Q4 2022		WAHA			70,000			$	(0.57	)
Q1-Q4 2023		WAHA			70,000			$	(0.51	)
Q1-Q4 2024		WAHA			40,000			$	(0.51	)

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