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Debt And Related Expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Instrument [Line Items] |
Schedule Of Debt Instruments and Balances | See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon unless otherwise noted in the table below.
|  | December 31, 2023 |  |  | December 31, 2022 |
8.25% due August 1, 2023 (1) |  | $ | — |  |  | $ | 242 |
5.25% due September 15, 2024 (1) |  |  | 472 |  |  |  | 472 |
5.85% due December 15, 2025 |  |  | 485 |  |  |  | 485 |
7.50% due September 15, 2027 (2) |  |  | 73 |  |  |  | 73 |
5.25% due October 15, 2027 (1) |  |  | 390 |  |  |  | 390 |
5.875% due June 15, 2028 (1) |  |  | 325 |  |  |  | 325 |
4.50% due January 15, 2030 (1) |  |  | 585 |  |  |  | 585 |
7.875% due September 30, 2031 |  |  | 675 |  |  |  | 675 |
7.95% due April 15, 2032 |  |  | 366 |  |  |  | 366 |
5.60% due July 15, 2041 |  |  | 1,250 |  |  |  | 1,250 |
4.75% due May 15, 2042 |  |  | 750 |  |  |  | 750 |
5.00% due June 15, 2045 |  |  | 750 |  |  |  | 750 |
Net premium on debentures and notes |  |  | 64 |  |  |  | 103 |
Debt issuance costs |  |  | (30 | ) |  |  | (26 | )
Total debt |  | $ | 6,155 |  |  | $ | 6,440 |
Less amount classified as short-term debt |  |  | 483 |  |  |  | 251 |
Total long-term debt |  | $ | 5,672 |  |  | $ | 6,189 |
(1) These instruments were assumed by Devon in January 2021 in conjunction with the Merger. Approximately $35 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon. (2) This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.
Schedule of Debt Maturities | Debt maturities as of December 31, 2023, excluding debt issuance costs, premiums and discounts, are as follows:
|  | Total |
2024 |  | $ | 472 |
2025 |  |  | 485 |
2026 |  |  | — |
2027 |  |  | 463 |
2028 |  |  | 325 |
Thereafter |  |  | 4,376 |
Total |  | $ | 6,121 |
Schedule Of Net Financing Cost Components | The following schedule includes the components of net financing costs.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Interest based on debt outstanding |  | $ | 369 |  |  | $ | 370 |  |  | $ | 388 |
Gain on early retirement of debt |  |  | — |  |  |  | — |  |  |  | (30 | )
Interest income |  |  | (55 | ) |  |  | (38 | ) |  |  | (2 | )
Other |  |  | (6 | ) |  |  | (23 | ) |  |  | (27 | )
Total net financing costs |  | $ | 308 |  |  | $ | 309 |  |  | $ | 329 |
WPX |
Debt Instrument [Line Items] |
Schedule Of Debt Instruments and Balances | the dates in the following schedule, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in the indenture documents governing the notes to be redeemed. At any time prior to the dates in the following schedule, Devon has the option to redeem some or all of the notes at a specified “make whole” premium as described in such documents. Other than with respect to the notes identified in the schedule below, Devon's senior notes generally include more limited redemption provisions, such as "par call" rights near the maturity date or “make whole” redemption rights.
|  | Optional Redemption
5.25% due October 15, 2027 |  | October 15, 2022
5.875% due June 15, 2028 |  | June 15, 2023
4.50% due January 15, 2030 |  | January 15, 2025

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