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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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	%

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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