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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of September 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)

 

 

Q4 2023

 

 

23,000

 

 

$

73.38

 

 

 

81,000

 

 

$

69.63

 

 

$

94.29

 

 

Q1-Q4 2024

 

 

27,486

 

 

$

77.74

 

 

 

59,486

 

 

$

65.61

 

 

$

84.85

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q4 2023

 

Midland Sweet

 

 

66,500

 

 

$

1.11

 

Q1-Q4 2024

 

Midland Sweet

 

 

62,500

 

 

$

1.17

 

Q1-Q4 2024

 

NYMEX Roll

 

 

24,000

 

 

$

0.81

 

Q1-Q4 2025

 

Midland Sweet

 

 

53,000

 

 

$

0.97

 

As of September 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)

 

Q4 2023

 

 

161,000

 

 

$

3.36

 

 

 

147,000

 

 

$

3.67

 

 

$

7.62

 

Q1-Q4 2024

 

 

147,426

 

 

$

3.37

 

 

 

40,527

 

 

$

3.78

 

 

$

7.05

 

Q1-Q4 2025

 

 

13,068

 

 

$

3.49

 

 

 

—

 

 

$

—

 

 

$

—

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q4 2023

 

El Paso Natural Gas

 

 

145,000

 

 

$

(1.58

)

Q4 2023

 

Houston Ship Channel

 

 

140,000

 

 

$

(0.19

)

Q4 2023

 

WAHA

 

 

70,000

 

 

$

(0.51

)

Q1-Q4 2024

 

El Paso Natural Gas

 

 

34,863

 

 

$

(0.91

)

Q1-Q4 2024

 

Houston Ship Channel

 

 

110,000

 

 

$

(0.24

)

Q1-Q4 2024

 

WAHA

 

 

44,973

 

 

$

(0.58

)

As of September 30, 2023, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q1-Q4 2024

 

Natural Gasoline

 

 

3,000

 

 

$

69.11

 

Q1-Q4 2024

 

Normal Butane

 

 

3,350

 

 

$

37.58

 

Q1-Q4 2024

 

Propane

 

 

3,000

 

 

$

32.20

 
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The tables below present a summary of these positions as of September 30, 2023 and December 31, 2022.

 

September 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

$

47

 

 

$

(13

)

 

$

34

 

 

$

138

 

 

$

(19

)

 

$

119

 

 

Other current assets

Long-term derivative asset

 

10

 

 

 

(6

)

 

 

4

 

 

 

12

 

 

 

—

 

 

 

12

 

 

Other long-term assets

Short-term derivative liability

 

(152

)

 

 

13

 

 

 

(139

)

 

 

(22

)

 

 

19

 

 

 

(3

)

 

Other current liabilities

Long-term derivative liability

 

(22

)

 

 

6

 

 

 

(16

)

 

 

—

 

 

 

—

 

 

 

—

 

 

Other long-term liabilities

  Total derivative asset (liability)

$

(117

)

 

$

—

 

 

$

(117

)

 

$

128

 

 

$

—

 

 

$

128