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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 3. Derivative Financial Instruments Commodity Derivatives As of December 31, 2022, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
|  | Price Collars |  |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Floor Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |  |
Q1-Q4 2023 |  |  | 86,207 |  |  | $ | 69.03 |  |  | $ | 94.66 |  |
|  | Oil Basis Swaps |
Period |  | Index |  | Volume (Bbls/d) |  |  | Weighted Average Differential to WTI ($/Bbl) |
Q1-Q4 2023 |  | Midland Sweet |  |  | 18,647 |  |  | $ | 0.73 |
Q1-Q4 2024 |  | Midland Sweet |  |  | 9,000 |  |  | $ | 1.14 |
As of December 31, 2022, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
|  | Price Swaps |  |  | Price Collars |
Period |  | Volume (MMBtu/d) |  |  | Weighted Average Price ($/MMBtu) |  |  | Volume (MMBtu/d) |  |  | Weighted Average Floor Price ($/MMBtu) |  |  | Weighted Average Ceiling Price ($/MMBtu) |
Q1-Q4 2023 |  |  | 11,123 |  |  | $ | 5.47 |  |  |  | 199,490 |  |  | $ | 3.78 |  |  | $ | 8.27 |
Q1-Q4 2024 |  |  |  |  |  |  |  |  | 40,527 |  |  | $ | 3.78 |  |  | $ | 7.05 |
|  | Natural Gas Basis Swaps |
Period |  | Index |  | Volume (MMBtu/d) |  |  | Weighted Average Differential to Henry Hub ($/MMBtu) |
Q1-Q4 2023 |  | El Paso Natural Gas |  |  | 140,041 |  |  | $ | (1.58 | )
Q1-Q4 2023 |  | Houston Ship Channel |  |  | 110,000 |  |  | $ | (0.16 | )
Q1-Q4 2023 |  | WAHA |  |  | 70,000 |  |  | $ | (0.51 | )
Q1-Q4 2024 |  | WAHA |  |  | 40,000 |  |  | $ | (0.51 | )
As of December 31, 2022, Devon did not have any open NGL derivative positions. Financial Statement Presentation 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, 2022 and 2021.
| December 31, 2022 |  |  | December 31, 2021 |  |  |
| 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 | $ | 138 |  |  | $ | (19 | ) |  | $ | 119 |  |  | $ | 6 |  |  | $ | (4 | ) |  | $ | 2 |  |  | Other current assets
Long-term derivative asset |  | 12 |  |  |  | — |  |  |  | 12 |  |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  | Other long-term assets
Short-term derivative liability |  | (22 | ) |  |  | 19 |  |  |  | (3 | ) |  |  | (579 | ) |  |  | 4 |  |  |  | (575 | ) |  | Other current liabilities
Long-term derivative liability |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | ) |  | Other long-term liabilities
Total derivative asset (liability) | $ | 128 |  |  | $ | — |  |  | $ | 128 |  |  | $ | (569 | ) |  | $ | — |  |  | $ | (569 | ) |  |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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