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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense (Benefit) | The following table presents Devon’s income tax components.
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 501 |  |  | $ | 10 |  |  | $ | (219 | )
Various states |  |  | 65 |  |  |  | 9 |  |  |  | — |
Canada |  |  | (7 | ) |  |  | (3 | ) |  |  | — |
Total current income tax expense (benefit) |  |  | 559 |  |  |  | 16 |  |  |  | (219 | )
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 1,090 |  |  |  | 18 |  |  |  | (304 | )
Various states |  |  | 82 |  |  |  | 22 |  |  |  | (24 | )
Canada |  |  | 7 |  |  |  | 9 |  |  |  | — |
Total deferred income tax expense (benefit) |  |  | 1,179 |  |  |  | 49 |  |  |  | (328 | )
Total income tax expense (benefit) |  | $ | 1,738 |  |  | $ | 65 |  |  | $ | (547 | )
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Earnings (loss) from continuing operations before income taxes |  | $ | 7,775 |  |  | $ | 2,898 |  |  | $ | (3,090 | )
U.S. statutory income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Change in tax legislation |  |  | 0 | % |  |  | 0 | % |  |  | 4 | %
State income taxes |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Other |  |  | 0 | % |  |  | 2 | % |  |  | (1 | %)
Deferred tax asset valuation allowance |  |  | 0 | % |  |  | (22 | %) |  |  | (7 | %)
Effective income tax rate |  |  | 22 | % |  |  | 2 | % |  |  | 18 | %
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, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 526 |  |  | $ | 1,075 |
Capital loss carryforwards |  |  | 523 |  |  |  | 559 |
Accrued liabilities |  |  | 209 |  |  |  | 262 |
Fair value of derivative financial instruments |  |  | — |  |  |  | 129 |
Asset retirement obligation |  |  | 119 |  |  |  | 109 |
Other, including tax credits |  |  | 14 |  |  |  | 138 |
Total deferred tax assets before valuation allowance |  |  | 1,391 |  |  |  | 2,272 |
Less: valuation allowance |  |  | (814 | ) |  |  | (893 | )
Net deferred tax assets |  |  | 577 |  |  |  | 1,379 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | (1,969 | ) |  |  | (1,630 | )
Fair value of derivative financial instruments |  |  | (33 | ) |  |  | — |
Other |  |  | (38 | ) |  |  | (29 | )
Total deferred tax liabilities |  |  | (2,040 | ) |  |  | (1,659 | )
Net deferred tax asset (liability) |  | $ | (1,463 | ) |  | $ | (280 | )
Schedule Of Changes In Unrecognized Tax Benefits | The following table presents changes in Devon’s unrecognized tax benefits.
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (Millions) |
Balance at beginning of year |  | $ | 36 |  |  | $ | 23 |
Tax positions taken in prior periods |  |  | 51 |  |  |  | 5 |
Assumed WPX tax positions taken in prior periods |  |  | — |  |  |  | 8 |
Settlements |  |  | (14 | ) |  |  | — |
Balance at end of year |  | $ | 73 |  |  | $ | 36 |
Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities |
Jurisdiction |  | Tax Years Open
U.S. federal |  | 2015-2022
Various U.S. states |  | 2018-2022
Canada |  | 2006-2022

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 + Details
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