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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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	%

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- References

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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