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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense (Benefit)

The following table presents Devon’s income tax components.

		Year Ended December 31,
		2021				2020				2019
Current income tax expense (benefit):
U.S. federal		$	10			$	(219	)		$	(3	)
Various states			9				—				(2	)
Canada			(3	)			—				—
Total current income tax expense (benefit)			16				(219	)			(5	)
Deferred income tax expense (benefit):
U.S. federal			18				(304	)			8
Various states			22				(24	)			(33	)
Canada			9				—				—
Total deferred income tax expense (benefit)			49				(328	)			(25	)
Total income tax expense (benefit)		$	65			$	(547	)		$	(30	)

Schedule Of Effective Income Tax Rate Reconciliation

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes as a result of the following:

		Year Ended December 31,
		2021				2020				2019
Earnings (loss) from continuing operations before income taxes		$	2,898			$	(3,090	)		$	(109	)
U.S. statutory income tax rate			21	%			21	%			21	%
Change in tax legislation			0	%			4	%			0	%
State income taxes			1	%			1	%			24	%
Change in unrecognized tax benefits			0	%			0	%			(13	%)
Audit settlements			0	%			0	%			15	%
Other			2	%			(1	%)			(19	%)
Deferred tax asset valuation allowance			(22	%)			(7	%)			0	%
Effective income tax rate			2	%			18	%			28	%

Schedule Of Deferred Tax Assets And Liabilities

The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.

		December 31,
		2021				2020
Deferred tax assets:
Net operating loss carryforwards		$	1,075			$	238
Capital loss carryforwards			559				547
Accrued liabilities			262				125
Fair value of derivative financial instruments			129				33
Asset retirement obligation			109				94
Investment in subsidiary			—				441
Other, including tax credits			138				106
Total deferred tax assets before valuation allowance			2,272				1,584
Less: valuation allowance			(893	)			(1,355	)
Net deferred tax assets			1,379				229
Deferred tax liabilities:
Property and equipment			(1,630	)			(213	)
Other			(29	)			-
Total deferred tax liabilities			(1,659	)			(213	)
Net deferred tax asset (liability)		$	(280	)		$	16

Schedule Of Changes In Unrecognized Tax Benefits

The following table presents changes in Devon’s unrecognized tax benefits.

		December 31,
		2021				2020
		(Millions)
Balance at beginning of year		$	23			$	65
Tax positions taken in prior periods			5				(42	)
Assumed WPX tax positions taken in prior periods			8				—
Balance at end of year		$	36			$	23

Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities

Jurisdiction		Tax Years Open
U.S. Federal		2015-2021
Various U.S. states		2014-2021
Canada		2006-2021

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