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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Extractive Industries [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment

Capitalized Costs

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

 

 

 

December 31, 2023

 

 

December 31, 2022

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

46,659

 

 

$

42,734

 

Unproved and properties under development

 

 

1,279

 

 

 

1,548

 

Total oil and gas

 

 

47,938

 

 

 

44,282

 

Less accumulated DD&A

 

 

(30,113

)

 

 

(27,715

)

Oil and gas property and equipment, net

 

 

17,825

 

 

 

16,567

 

Other property and equipment

 

 

2,289

 

 

 

2,280

 

Less accumulated DD&A

 

 

(786

)

 

 

(741

)

Other property and equipment, net (1)

 

 

1,503

 

 

 

1,539

 

Property and equipment, net

 

$

19,328

 

 

$

18,106

 

(1)
$136 million and $109 million related to CDM in 2023 and 2022, respectively.

Suspended Exploratory Well Costs

The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2023.

 

 

 

Year Ended December 31,

 

 

2023

 

2022

 

2021

 

 

 

(Millions)

 

Beginning balance

 

$

126

 

$

66

 

$

18

 

Acquired WPX costs

 

 

—

 

 

—

 

 

34

 

Additions pending determination of proved reserves

 

 

522

 

 

462

 

 

206

 

Charges to exploration expense

 

 

(1

)

 

(1

)

 

(2

)

Reclassifications to proved properties

 

 

(511

)

 

(401

)

 

(190

)

Ending balance

 

$

136

 

$

126

 

$

66

 

Devon had no projects with material suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling as of December 31, 2023, 2022 and 2021.