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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of September 30, 2024, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q4 2024

 

 

33,000

 

 

$

78.38

 

 

 

98,000

 

 

$

68.64

 

 

$

83.73

 

 

Q1-Q4 2025

 

 

8,468

 

 

$

71.90

 

 

 

26,992

 

 

$

70.00

 

 

$

76.58

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q4 2024

 

Midland Sweet

 

 

69,500

 

 

$

1.17

 

Q4 2024

 

NYMEX Roll

 

 

26,000

 

 

$

0.82

 

Q1-Q4 2025

 

Midland Sweet

 

 

63,000

 

 

$

1.00

 

Q1-Q4 2026

 

Midland Sweet

 

 

18,000

 

 

$

1.21

 

As of September 30, 2024, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

 

Price Swaps

 

 

Price Collars

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q4 2024

 

 

252,000

 

 

$

3.16

 

 

 

15,000

 

 

$

3.00

 

 

$

3.65

 

Q1-Q4 2025

 

 

220,537

 

 

$

3.34

 

 

 

55,000

 

 

$

3.00

 

 

$

3.69

 

Q1-Q4 2026

 

 

130,000

 

 

$

3.78

 

 

 

50,000

 

 

$

3.25

 

 

$

4.18

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q4 2024

 

El Paso Natural Gas

 

 

10,000

 

 

$

(1.00

)

Q4 2024

 

Houston Ship Channel

 

 

160,000

 

 

$

(0.28

)

Q4 2024

 

WAHA

 

 

80,000

 

 

$

(0.74

)

Q1-Q4 2025

 

Houston Ship Channel

 

 

170,000

 

 

$

(0.36

)

Q1-Q4 2025

 

WAHA

 

 

50,000

 

 

$

(1.04

)

Q1-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

 

As of September 30, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q4 2024

 

Natural Gasoline

 

 

3,000

 

 

$

69.11

 

Q4 2024

 

Normal Butane

 

 

3,350

 

 

$

37.58

 

Q4 2024

 

Propane

 

 

5,250

 

 

$

33.01

 

 
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of September 30, 2024 and December 31, 2023.

 

September 30, 2024

 

December 31, 2023

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

153

 

$

(12

)

$

141

 

$

213

 

$

(5

)

$

208

 

Other current assets

Long-term derivative asset

 

32

 

 

(5

)

 

27

 

 

—

 

 

—

 

 

—

 

Other long-term assets

Short-term derivative liability

 

(14

)

 

12

 

 

(2

)

 

(7

)

 

5

 

 

(2

)

Other current liabilities

Long-term derivative liability

 

(6

)

 

5

 

 

(1

)

 

(7

)

 

—

 

 

(7

)

Other long-term liabilities

  Total derivative asset

$

165

 

$

—

 

$

165

 

$

199

 

$

—

 

$

199