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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative [Line Items]  
Schedule Of Open Derivative Positions

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

)
Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets

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

)