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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 5. Inco me 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 September 30, |  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Earnings before income taxes |  | $ | 1,064 |  | $ | 1,072 |  | $ | 2,872 |  | $ | 3,193 |
Current income tax expense |  | $ | 75 |  | $ | 139 |  | $ | 340 |  | $ | 360 |
Deferred income tax expense |  |  | 164 |  |  | 13 |  |  | 243 |  |  | 212 |
Total income tax expense |  | $ | 239 |  | $ | 152 |  | $ | 583 |  | $ | 572 |
U.S. statutory income tax rate |  |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
State income taxes |  |  | 3 | % |  | 1 | % |  | 2 | % |  | 1 | %
Income tax credits |  |  | (2 | %) |  | (8 | %) |  | (3 | %) |  | (4 | %)
Effective income tax rate |  |  | 22 | % |  | 14 | % |  | 20 | % |  | 18 | %
In the first nine months of 2024 and 2023, Devon recognized income tax credits associated with its qualified research activities.

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