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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Acquisition [Line Items] |
Schedule of Preliminary Allocation of the Total Purchase Price | The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
|  | Preliminary Purchase |
|  | Price Allocation |
|  | as of September 27, 2024 |
Consideration: |  |  |
Devon common stock issued |  |  | 37.3 |
Devon closing price on September 27, 2024 |  | $ | 38.96 |
Total common equity consideration |  | $ | 1,455 |
Cash consideration |  |  | 3,567 |
Total consideration |  | $ | 5,022 |
Assets acquired: |  |  |
Cash, cash equivalents and restricted cash |  | $ | 147 |
Accounts receivable |  |  | 226 |
Inventory |  |  | 38 |
Other current assets |  |  | 9 |
Proved oil and gas property and equipment |  |  | 2,931 |
Unproved oil and gas property and equipment |  |  | 1,905 |
Other property and equipment, net |  |  | 210 |
Right-of-use assets |  |  | 29 |
Total assets acquired |  | $ | 5,495 |
Liabilities assumed: |  |  |
Accounts payable |  | $ | 155 |
Revenue and royalties payable |  |  | 209 |
Other current liabilities |  |  | 16 |
Asset retirement obligations |  |  | 75 |
Lease liabilities |  |  | 18 |
Total liabilities assumed |  |  | 473 |
Net assets acquired |  | $ | 5,022 |
Schedule of Pro Forma Adjustments to Confirm Acquisition | The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total revenues |  | $ | 4,691 |  |  | $ | 4,553 |  |  | $ | 13,563 |  |  | $ | 12,679 |
Net earnings |  | $ | 895 |  |  | $ | 1,044 |  |  | $ | 2,524 |  |  | $ | 2,827 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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