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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense (Benefit)

The following table presents Devon’s income tax components.

		Year Ended December 31,
		2023				2022				2021
Current income tax expense (benefit):
U.S. federal		$	441			$	501			$	10
Various states			27				65				9
Canada			(3	)			(7	)			(3	)
Total current income tax expense			465				559				16
Deferred income tax expense:
U.S. federal			365				1,090				18
Various states			11				82				22
Canada			—				7				9
Total deferred income tax expense			376				1,179				49
Total income tax expense		$	841			$	1,738			$	65

Schedule Of Effective Income Tax Rate Reconciliation

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings before income taxes as a result of the following:

		Year Ended December 31,
		2023				2022				2021
Earnings before income taxes		$	4,623			$	7,775			$	2,898
U.S. statutory income tax rate			21	%			21	%			21	%
State income taxes			1	%			1	%			1	%
Income tax credits			(3	%)			0	%			0	%
Other			(1	%)			0	%			2	%
Deferred tax asset valuation allowance			0	%			0	%			(22	%)
Effective income tax rate			18	%			22	%			2	%

Schedule Of Deferred Tax Assets And Liabilities

The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.

		December 31,
		2023				2022
Deferred tax assets:
Capital loss carryforwards		$	542			$	523
Net operating loss carryforwards			447				526
Accrued liabilities			194				209
Asset retirement obligation			148				119
Other, including tax credits			25				14
Total deferred tax assets before valuation allowance			1,356				1,391
Less: valuation allowance			(826	)			(814	)
Net deferred tax assets			530				577
Deferred tax liabilities:
Property and equipment			(2,304	)			(1,969	)
Fair value of derivative financial instruments			(50	)			(33	)
Other			(14	)			(38	)
Total deferred tax liabilities			(2,368	)			(2,040	)
Net deferred tax liability		$	(1,838	)		$	(1,463	)

Schedule Of Changes In Unrecognized Tax Benefits

The following table presents changes in Devon’s unrecognized tax benefits.

		December 31,
		2023				2022
		(Millions)
Balance at beginning of year		$	73			$	36
Tax positions taken in prior periods			10				51
Settlements			—				(14	)
Balance at end of year		$	83			$	73

Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities

Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities.

Jurisdiction		Tax Years Open
U.S. federal		2015-2023
Various U.S. states		2019-2023
Canada		2006-2023

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