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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Open Derivative Positions

Commodity Derivatives

As of March 31, 2023, 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)
Q2-Q4 2023			83,329			$	69.48			$	94.66
Q1-Q4 2024			7,486			$	60.00			$	86.17

		Oil Basis Swaps
Period		Index		Volume (Bbls/d)				Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2023		Midland Sweet			50,091			$	1.09
Q1-Q4 2024		Midland Sweet			48,500			$	1.19
Q1-Q4 2025		Midland Sweet			36,000			$	0.94

As of March 31, 2023, 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)
Q2-Q4 2023			57,309			$	3.32				187,215			$	3.62			$	7.27
Q1-Q4 2024			40,426			$	3.30				40,527			$	3.78			$	7.05

		Natural Gas Basis Swaps
Period		Index		Volume (MMBtu/d)				Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2023		El Paso Natural Gas			141,691			$	(1.58	)
Q2-Q4 2023		Houston Ship Channel			140,000			$	(0.19	)
Q2-Q4 2023		WAHA			70,000			$	(0.51	)
Q1-Q4 2024		El Paso Natural Gas			19,945			$	(0.92	)
Q1-Q4 2024		Houston Ship Channel			30,000			$	(0.32	)
Q1-Q4 2024		WAHA			44,973			$	(0.58	)

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 tables below present a summary of these positions as of March 31, 2023 and December 31, 2022.

	March 31, 2023												December 31, 2022
	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	$	176			$	(5	)		$	171			$	138			$	(19	)		$	119			Other current assets
Long-term derivative asset		14				(3	)			11				12				—				12			Other long-term assets
Short-term derivative liability		(6	)			5				(1	)			(22	)			19				(3	)		Other current liabilities
Long-term derivative liability		(4	)			3				(1	)			—				—				—			Other long-term liabilities
Total derivative asset (liability)	$	180			$	—			$	180			$	128			$	—			$	128

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

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