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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

		Three Months Ended June 30,								Six Months Ended June 30,
		2023				2022				2023				2022
Earnings before income taxes		$	897			$	2,495			$	2,121			$	3,757
Current income tax expense		$	80			$	252			$	221			$	355
Deferred income tax expense			119				305				199				469
Total income tax expense		$	199			$	557			$	420			$	824
U.S. statutory income tax rate			21	%			21	%			21	%			21	%
State income taxes			1	%			1	%			1	%			1	%
Other			0	%			0	%			(2	%)			0	%
Effective income tax rate			22	%			22	%			20	%			22	%

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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