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Summary Of Significant Accounting Policies | 3 Months Ended
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Mar. 31, 2023
Accounting Policies [Abstract] |
Summary Of Significant Accounting Policies | 1. S ummary of Significant Accounting Policies The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2022 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month periods ended March 31, 2023 and 2022 and Devon’s financial position as of March 31, 2023. Restricted Cash As of March 31, 2023, approximately $126 million of cash on the consolidated balance sheets is presented as restricted cash. These obligations primarily relate to an abandoned Canadian firm transportation agreement. Variable Interest Entity CDM is a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP. CDM provides gathering, compression and dehydration services for natural gas production in the Cotton Draw area of the Delaware Basin. Devon holds a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest are shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM is considered a VIE to Devon. The assets of CDM cannot be used by Devon for general corporate purposes and are included in, and disclosed parenthetically, on Devon's consolidated balance sheets. The carrying amount of liabilities related to CDM for which the creditors do not have recourse to Devon's assets are also included in, and disclosed parenthetically, if material, on Devon's consolidated balance sheets. Investments The following table presents Devon's investments.
|  |  |  | Carrying Amount |
Investments |  | % Interest |  | March 31, 2023 |  |  | December 31, 2022 |
Catalyst |  | 50% |  | $ | 332 |  |  | $ | 339 |
Matterhorn |  | 12.5% |  |  | 90 |  |  |  | 54 |
Other |  | Various |  |  | 47 |  |  |  | 47 |
Total |  |  |  | $ | 469 |  |  | $ | 440 |
Devon has an interest in Catalyst, which is a joint venture with an affiliate of Howard Energy Partners, LLC (“HEP”) and certain other investors, to develop oil gathering and natural gas processing infrastructure in the Stateline area of the Delaware Basin. Under the terms of the arrangement, Devon and a holding company owned by the other joint venture investors each have a 50% voting interest in the joint venture legal entity, and HEP serves as the operator. Through 2038, Devon’s production from 50,000 net acres in the Stateline area of the Delaware Basin has been dedicated to Catalyst subject to fixed-fee oil gathering and natural gas processing agreements. Devon accounts for the investment in Catalyst as an equity method investment. Devon's investment in Catalyst is shown within investments on the consolidated balance sheets and Devon's share of Catalyst earnings are reflected as a component of other, net in the accompanying consolidated statements of comprehensive earnings. During 2023 and 2022, Devon made investments in Matterhorn. Matterhorn is a joint venture entity and was formed for the purpose of constructing a natural gas pipeline that will transport natural gas from the Permian Basin to the Katy, Texas area. Devon's investment in Matterhorn does not give it the ability to exercise significant influence over Matterhorn. Disaggregation of Revenue The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Oil |  | $ | 2,143 |  |  | $ | 2,406 |
Gas |  |  | 213 |  |  |  | 307 |
NGL |  |  | 323 |  |  |  | 462 |
Oil, gas and NGL sales |  |  | 2,679 |  |  |  | 3,175 |
Oil |  |  | 730 |  |  |  | 776 |
Gas |  |  | 152 |  |  |  | 209 |
NGL |  |  | 198 |  |  |  | 335 |
Marketing and midstream revenues |  |  | 1,080 |  |  |  | 1,320 |
Total revenues from contracts with customers |  | $ | 3,759 |  |  | $ | 4,495 |

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- Definition The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI https://asc.fasb.org/topic&trid=2197479 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI https://asc.fasb.org/topic&trid=2134479 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI https://asc.fasb.org/topic&trid=2122394 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369 + Details
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