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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule Of Open Derivative Positions | Commodity Derivatives As of June 30, 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 Swaps |  |  | Price Collars |  |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Price ($/Bbl) |  |  | Volume (Bbls/d) |  |  | Weighted Average Floor Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |  |
Q3-Q4 2023 |  |  | 6,000 |  |  | $ | 68.42 |  |  |  | 82,750 |  |  | $ | 69.52 |  |  | $ | 94.57 |  |
Q1-Q4 2024 |  |  | 1,492 |  |  | $ | 68.42 |  |  |  | 21,486 |  |  | $ | 60.00 |  |  | $ | 85.66 |  |
|  | Oil Basis Swaps |
Period |  | Index |  | Volume (Bbls/d) |  |  | Weighted Average Differential to WTI ($/Bbl) |
Q3-Q4 2023 |  | Midland Sweet |  |  | 66,500 |  |  | $ | 1.11 |
Q1-Q4 2024 |  | Midland Sweet |  |  | 61,500 |  |  | $ | 1.17 |
Q1-Q4 2025 |  | Midland Sweet |  |  | 49,000 |  |  | $ | 0.96 |
As of June 30, 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) |
Q3-Q4 2023 |  |  | 108,000 |  |  | $ | 3.30 |  |  |  | 171,000 |  |  | $ | 3.64 |  |  | $ | 7.44 |
Q1-Q4 2024 |  |  | 94,426 |  |  | $ | 3.30 |  |  |  | 40,527 |  |  | $ | 3.78 |  |  | $ | 7.05 |
|  | Natural Gas Basis Swaps |
Period |  | Index |  | Volume (MMBtu/d) |  |  | Weighted Average Differential to Henry Hub ($/MMBtu) |
Q3-Q4 2023 |  | El Paso Natural Gas |  |  | 145,000 |  |  | $ | (1.58 | )
Q3-Q4 2023 |  | Houston Ship Channel |  |  | 140,000 |  |  | $ | (0.19 | )
Q3-Q4 2023 |  | WAHA |  |  | 70,000 |  |  | $ | (0.51 | )
Q1-Q4 2024 |  | El Paso Natural Gas |  |  | 34,863 |  |  | $ | (0.91 | )
Q1-Q4 2024 |  | Houston Ship Channel |  |  | 90,000 |  |  | $ | (0.25 | )
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 June 30, 2023 and December 31, 2022.
| June 30, 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 | $ | 111 |  |  | $ | (20 | ) |  | $ | 91 |  |  | $ | 138 |  |  | $ | (19 | ) |  | $ | 119 |  |  | Other current assets
Long-term derivative asset |  | 11 |  |  |  | (1 | ) |  |  | 10 |  |  |  | 12 |  |  |  | — |  |  |  | 12 |  |  | Other long-term assets
Short-term derivative liability |  | (43 | ) |  |  | 20 |  |  |  | (23 | ) |  |  | (22 | ) |  |  | 19 |  |  |  | (3 | ) |  | Other current liabilities
Long-term derivative liability |  | (13 | ) |  |  | 1 |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | Other long-term liabilities
Total derivative asset | $ | 66 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 128 |  |  | $ | — |  |  | $ | 128 |  |  |

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