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Acquisitions and Divestitures (Tables)

9 Months Ended

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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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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.

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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.

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