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

12 Months Ended

Dec. 31, 2022

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Costs Incurred

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

		Year Ended December 31,
		2022				2021				2020
Property acquisition costs:
Proved properties		$	1,760			$	7,017			$	—
Unproved properties			803				2,381				8
Exploration costs			472				212				159
Development costs			2,132				1,643				820
Costs incurred		$	5,167			$	11,253			$	987

Results Of Operations

		Year Ended December 31,
		2022				2021				2020
Oil, gas and NGL sales		$	14,082			$	9,531			$	2,695
Production expenses			(2,797	)			(2,131	)			(1,123	)
Exploration expenses			(29	)			(14	)			(167	)
Depreciation, depletion and amortization			(2,119	)			(2,050	)			(1,207	)
Asset dispositions			43				170				—
Asset impairments			—				—				(2,664	)
Accretion of asset retirement obligations			(25	)			(28	)			(20	)
Income tax expense			(2,041	)			(1,238	)			—
Results of operations		$	7,114			$	4,240			$	(2,486	)
Depreciation, depletion and amortization per Boe		$	9.52			$	9.83			$	9.90

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, 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
Revisions due to prices			15				61				8				34
Revisions other than price			(55	)			13				3				(49	)
Extensions and discoveries			127				449				76				278
Purchase of reserves			106				137				24				153
Production			(109	)			(356	)			(54	)			(223	)
Sale of reserves			—				(7	)			(1	)			(3	)
December 31, 2022			793				3,175				493				1,815
Proved developed reserves:
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
December 31, 2022			596				2,595				391				1,419
Proved developed-producing reserves:
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
December 31, 2022			585				2,553				387				1,397
Proved undeveloped reserves:
December 31, 2019			78				277				44				168
December 31, 2020			88				268				45				178
December 31, 2021			165				517				89				340
December 31, 2022			197				580				102				396

(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, 2021			340
Extensions and discoveries			176
Revisions due to prices			2
Revisions other than price			(39	)
Purchase of reserves			44
Sale of reserves			—
Conversion to proved developed reserves			(127	)
Proved undeveloped reserves as of December 31, 2022			396

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,
		2022				2021				2020
Future cash inflows		$	108,361			$	66,321			$	14,957
Future costs:
Development			(5,176	)			(3,689	)			(1,747	)
Production			(35,264	)			(22,975	)			(7,964	)
Future income tax expense			(13,216	)			(6,423	)			—
Future net cash flow			54,705				33,234				5,246
10% discount to reflect timing of cash flows			(23,391	)			(13,933	)			(1,774	)
Standardized measure of discounted future net cash flows		$	31,314			$	19,301			$	3,472

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

The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:

		Year Ended December 31,
		2022				2021				2020
Beginning balance		$	19,301			$	3,472			$	5,398
Net changes in prices and production costs			14,081				8,274				(3,277	)
Oil, gas and NGL sales, net of production costs			(11,285	)			(7,400	)			(1,572	)
Changes in estimated future development costs			(216	)			(414	)			402
Extensions and discoveries, net of future development costs			7,279				3,877				988
Purchase of reserves			4,185				12,460				23
Sales of reserves in place			(20	)			(12	)			(7	)
Revisions of quantity estimates			(874	)			838				147
Previously estimated development costs incurred during the period			956				663				537
Accretion of discount			2,059				1,218				285
Net change in income taxes and other			(4,152	)			(3,675	)			548
Ending balance		$	31,314			$	19,301			$	3,472

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