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Leases
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

12. Leases

The following table presents Devon’s right-of-use assets and lease liabilities as of September 30, 2024 and December 31, 2023.

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

257

 

 

$

60

 

 

$

317

 

 

$

246

 

 

$

21

 

 

$

267

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

27

 

 

$

30

 

 

$

57

 

 

$

21

 

 

$

12

 

 

$

33

 

Long-term lease liabilities

 

 

298

 

 

 

30

 

 

 

328

 

 

 

286

 

 

 

9

 

 

 

295

 

Total lease liabilities (2)

 

$

325

 

 

$

60

 

 

$

385

 

 

$

307

 

 

$

21

 

 

$

328

 

 

(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of September 30, 2024 and are therefore excluded from the amounts shown above.

 

Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s financing lease right-of-use assets primarily relate to real estate.