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Debt And Related Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon unless otherwise noted in the table below.


	December 31, 2022			December 31, 2021
8.25% due August 1, 2023 (1)	$	242		$	242
5.25% due September 15, 2024 (1)		472			472
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027 (2)		73			73
5.25% due October 15, 2027 (1)		390			390
5.875% due June 15, 2028 (1)		325			325
4.50% due January 15, 2030 (1)		585			585
7.875% due September 30, 2031		675			675
7.95% due April 15, 2032		366			366
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net premium on debentures and notes		103			149
Debt issuance costs		(26	)		(30	)
Total debt	$	6,440		$	6,482
Less amount classified as short-term debt		251			—
Total long-term debt	$	6,189		$	6,482

(1)

These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Approximately $50 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.

(2)

This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.

Schedule of Debt Maturities

Debt maturities as of December 31, 2022, excluding debt issuance costs, premiums and discounts, are as follows:


	Total
2023	$	242
2024		472
2025		485
2026		—
2027		463
Thereafter		4,701
Total	$	6,363

Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.


	Year Ended December 31,
	2022			2021			2020
Interest based on debt outstanding	$	370		$	388		$	259
Gain on early retirement of debt		—			(30	)		—
Interest income		(38	)		(2	)		(12	)
Other		(23	)		(27	)		23
Total net financing costs	$	309		$	329		$	270

WPX

Debt Instrument [Line Items]

Schedule Of Debt Instruments and Balances

the dates in the following schedule, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in the indenture documents governing the notes to be redeemed. At any time prior to the dates in the following schedule, Devon has the option to redeem some or all of the notes at a specified "make whole" premium as described in such documents. Other than with respect to the notes identified in

the schedule below, Devon's senior notes generally include more limited redemption provisions, such as "par call" rights near the maturity date or "make whole" redemption rights.


		Optional Redemption
5.25% due October 15, 2027		October 15, 2022
5.875% due June 15, 2028		June 15, 2023
4.50% due January 15, 2030		January 15, 2025