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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

5. Income Taxes

The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2024

 

2023

 

2024

 

2023

 

Earnings before income taxes

 

$

1,040

 

$

897

 

$

1,808

 

$

2,121

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

$

146

 

$

80

 

$

265

 

$

221

 

Deferred income tax expense

 

 

39

 

 

119

 

 

79

 

 

199

 

Total income tax expense

 

$

185

 

$

199

 

$

344

 

$

420

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

21

%

 

21

%

 

21

%

State income taxes

 

 

1

%

 

1

%

 

1

%

 

1

%

Income tax credits

 

 

(4

%)

 

—

 

 

(3

%)

 

(2

%)

Effective income tax rate

 

 

18

%

 

22

%

 

19

%

 

20

%

 

In the first six months of 2024 and 2023, Devon recognized income tax credits associated with its qualified research activities.