Supplemental Information on Oil and Gas Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Oil And Gas Exploration And Production Industries Disclosures [Abstract]

The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.

	Year Ended December 31,
	2021		2020		2019
Property acquisition costs:
Proved properties	$	7,017	$	—	$	—
Unproved properties		2,381		8		35
Exploration costs		212		159		312
Development costs		1,643		820		1,499
Costs incurred	$	11,253	$	987	$	1,846

Results Of Operations

	Year Ended December 31,
	2021			2020			2019
Oil, gas and NGL sales	$	9,531		$	2,695		$	3,809
Production expenses		(2,131	)		(1,123	)		(1,197	)
Exploration expenses		(14	)		(167	)		(58	)
Depreciation, depletion and amortization		(2,050	)		(1,207	)		(1,398	)
Asset dispositions		170			—			37
Asset impairments		—			(2,664	)		—
Accretion of asset retirement obligations		(28	)		(20	)		(21	)
Income tax expense		(1,238	)		—			(270	)
Results of operations	$	4,240		$	(2,486	)	$	902
Depreciation, depletion and amortization per Boe	$	9.83		$	9.90		$	11.72

Proved Reserves

The following table presents Devon’s estimated proved reserves by product.


	Oil (MMBbls)			Gas (Bcf) ⁽¹⁾			NGL (MMBbls)			Combined (MMBoe)
Proved developed and undeveloped reserves:
December 31, 2018		296			1,802			227			823
Revisions due to prices		(7	)		(86	)		(6	)		(28	)
Revisions other than price		(13	)		(50	)		(9	)		(31	)
Extensions and discoveries		76			269			39			160
Purchase of reserves		3			7			1			6
Production		(55	)		(219	)		(28	)		(119	)
Sale of reserves		(24	)		(102	)		(13	)		(54	)
December 31, 2019		276			1,621			211			757
Revisions due to prices		(26	)		(209	)		(17	)		(78	)
Revisions other than price		18			119			17			55
Extensions and discoveries		71			188			33			135
Purchase of reserves		1			19			3			7
Production		(57	)		(221	)		(28	)		(122	)
Sale of reserves		(1	)		(5	)		(1	)		(2	)
December 31, 2020		282			1,512			218			752
Revisions due to prices		55			382			36			155
Revisions other than price		(23	)		11			64			43
Extensions and discoveries		112			348			58			228
Purchase of reserves		393			961			110			663
Production		(106	)		(325	)		(48	)		(209	)
Sale of reserves		(4	)		(11	)		(1	)		(7	)
December 31, 2021		709			2,878			437			1,625

Proved developed reserves:
December 31, 2018		196			1,427			166			600
December 31, 2019		198			1,344			167			589
December 31, 2020		194			1,244			173			574
December 31, 2021		544			2,361			348			1,285
Proved developed-producing reserves:
December 31, 2018		188			1,394			162			582
December 31, 2019		191			1,327			165			578
December 31, 2020		190			1,223			171			564
December 31, 2021		533			2,316			341			1,260
Proved undeveloped reserves:
December 31, 2018		100			375			61			223
December 31, 2019		78			277			44			168
December 31, 2020		88			268			45			178
December 31, 2021		165			517			89			340

(1)

Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.

Proved Undeveloped Reserves

	Total
Proved undeveloped reserves as of December 31, 2020		178
Extensions and discoveries		160
Revisions due to prices		8
Revisions other than price		11
Purchase of reserves		90
Sale of reserves		—
Conversion to proved developed reserves		(107	)
Proved undeveloped reserves as of December 31, 2021		340

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves

The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.

	Year Ended December 31,
	2021			2020			2019
Future cash inflows	$	66,321		$	14,957		$	20,750
Future costs:
Development		(3,689	)		(1,747	)		(2,093	)
Production		(22,975	)		(7,964	)		(9,174	)
Future income tax expense		(6,423	)		—			(1,037	)
Future net cash flow		33,234			5,246			8,446
10% discount to reflect timing of cash flows		(13,933	)		(1,774	)		(3,048	)
Standardized measure of discounted future net cash flows	$	19,301		$	3,472		$	5,398

Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves

	Year Ended December 31,
	2021			2020			2019
Beginning balance	$	3,472		$	5,398		$	7,150
Net changes in prices and production costs		8,274			(3,277	)		(2,323	)
Oil, gas and NGL sales, net of production costs		(7,400	)		(1,572	)		(2,612	)
Changes in estimated future development costs		(414	)		402			303
Extensions and discoveries, net of future development costs		3,877			988			1,690
Purchase of reserves		12,460			23			43
Sales of reserves in place		(12	)		(7	)		(481	)
Revisions of quantity estimates		838			147			(359	)
Previously estimated development costs incurred during the period		663			537			857
Accretion of discount		1,218			285			506
Net change in income taxes and other		(3,675	)		548			624
Ending balance	$	19,301		$	3,472		$	5,398

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details