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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense Included in the Consolidated Statements of Comprehensive Earnings | The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
G&A |  | $ | 92 |  |  | $ | 87 |  |  | $ | 77 |
Exploration expenses |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Restructuring and transaction costs |  |  | — |  |  |  | — |  |  |  | 21 |
Total |  | $ | 93 |  |  | $ | 88 |  |  | $ | 99 |
Related income tax benefit |  | $ | 34 |  |  | $ | 34 |  |  | $ | 13 |
Summary of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards and Performance Share Units | The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plans.
|  | Restricted Stock Awards & Units |  |  | Performance Share Units |
|  | Awards/Units |  |  | Weighted Average Grant-Date Fair Value |  |  | Units |  |  | Weighted Average Grant-Date Fair Value |
|  | (Thousands, except fair value data) |
Unvested at 12/31/22 |  |  | 5,788 |  |  | $ | 29.11 |  |  |  | 1,841 |  |  | $ | 31.33 |
Granted |  |  | 1,298 |  |  | $ | 62.24 |  |  |  | 743 |  | (1) | $ | 51.38 |
Vested |  |  | (2,926 | ) |  | $ | 25.25 |  |  |  | (1,037 | ) |  | $ | 27.89 |
Forfeited |  |  | (127 | ) |  | $ | 43.89 |  |  |  | — |  |  | $ | — |
Unvested at 12/31/23 |  |  | 4,033 |  |  | $ | 42.10 |  |  |  | 1,547 |  | (2) | $ | 43.25 |
(1) These grants also include the impact of performance share units granted in prior year that vested higher than 100% target due to Devon's TSR performance compared to applicable peers. (2) A maximum of 3.1 million common shares could be awarded based upon Devon’s final TSR ranking.
Schedule of Share Based Compensation Arrangement by Share Based Payment Award Aggregate Fair Value of Awards and Units | The following table presents the aggregate fair value of awards and units that vested during the indicated period.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Restricted Stock Awards and Units |  | $ | 172 |  |  | $ | 180 |  |  | $ | 115 |
Performance-Based Restricted Stock Awards |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Performance Share Units |  | $ | 66 |  |  | $ | 62 |  |  | $ | 15 |
Summary of Unrecognized Compensation Cost and Weighted Average Period for Recognition | The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of December 31, 2023.
|  | Restricted Stock |  |  | Performance |
|  | Awards/Units |  |  | Share Units |
Unrecognized compensation cost |  | $ | 93 |  |  | $ | 18 |
Weighted average period for recognition (years) |  |  | 2.5 |  |  |  | 1.7 |
Summary of Performance Share Units Grant-Date Fair Values and their Related Assumptions | The following table presents the assumptions related to performance share units granted.
|  | 2023 |  |  | 2022 |  |  | 2021 |
Grant-date fair value |  | $ | 81.70 |  |  | $ | 68.68 |  |  | $ | 18.08 |
Risk-free interest rate |  |  | 4.15 | % |  |  | 1.81 | % |  |  | 0.18 | %
Volatility factor |  |  | 61.43 | % |  |  | 70.1 | % |  |  | 67.8 | %
Contractual term (years) |  |  | 2.89 |  |  |  | 2.89 |  |  |  | 2.89 |

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- Definition Tabular disclosure of the aggregate fair value of Restricted Stock, Performance-based Restricted Stock and Performance Shares Units that vested during the period. + References No definition available. + Details
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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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