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Leases
9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases

14. Leases

The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2023 and December 31, 2022.

 

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

249

 

 

$

12

 

 

$

261

 

 

$

203

 

 

$

21

 

 

$

224

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

21

 

 

$

9

 

 

$

30

 

 

$

8

 

 

$

13

 

 

$

21

 

Long-term lease liabilities

 

 

287

 

 

 

3

 

 

 

290

 

 

 

249

 

 

 

8

 

 

 

257

 

Total lease liabilities

 

$

308

 

 

$

12

 

 

$

320

 

 

$

257

 

 

$

21

 

 

$

278

 

 

(1) Current lease liabilities are included in other current liabilities on the consolidated balance sheets.

 

Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment for the exploration, development and production of oil and gas. Devon’s financing lease right-of-use assets relate to real estate. During 2023, Devon's financing lease right-of-use assets and the associated liabilities increased primarily from an amendment of lease terms.