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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Commodity Derivatives As of December 31, 2024, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third 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) |  |
Q1-Q4 2025 |  |  | 12,468 |  |  | $ | 71.86 |  |  |  | 83,025 |  |  | $ | 66.77 |  |  | $ | 74.87 |  |
|  | Three-Way Price Collars |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Floor Sold Price ($/Bbl) |  |  | Weighted Average Floor Purchased Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |
Q1-Q4 2025 |  |  | 8,000 |  |  | $ | 51.25 |  |  | $ | 65.00 |  |  | $ | 77.11 |
|  | Oil Basis Swaps |
Period |  | Index |  | Volume (Bbls/d) |  |  | Weighted Average Differential to WTI ($/Bbl) |
Q1-Q4 2025 |  | Midland Sweet |  |  | 63,000 |  |  | $ | 1.00 |
Q1-Q4 2026 |  | Midland Sweet |  |  | 20,000 |  |  | $ | 1.20 |
As of December 31, 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) |
Q1-Q4 2025 |  |  | 298,071 |  |  | $ | 3.30 |  |  |  | 145,137 |  |  | $ | 3.00 |  |  | $ | 3.68 |
Q1-Q4 2026 |  |  | 215,000 |  |  | $ | 3.71 |  |  |  | 120,000 |  |  | $ | 3.19 |  |  | $ | 4.43 |
|  | Natural Gas Basis Swaps |
Period |  | Index |  | Volume (MMBtu/d) |  |  | Weighted Average Differential to Henry Hub ($/MMBtu) |
Q1-Q4 2025 |  | Houston Ship Channel |  |  | 230,000 |  |  | $ | (0.35 | )
Q1-Q4 2025 |  | WAHA |  |  | 110,000 |  |  | $ | (1.11 | )
Q1-Q4 2026 |  | Houston Ship Channel |  |  | 50,000 |  |  | $ | (0.29 | )
Q1-Q4 2026 |  | WAHA |  |  | 20,000 |  |  | $ | (1.30 | )
As of December 31, 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) |
Q1-Q4 2025 |  | Natural Gasoline |  |  | 3,000 |  |  | $ | 63.35 |
Q1-Q4 2025 |  | Normal Butane |  |  | 323 |  |  | $ | 39.90 |
Q1-Q4 2025 |  | Propane |  |  | 3,000 |  |  | $ | 32.29 |
Financial Statement Presentation All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The table below presents a summary of these positions as of December 31, 2024 and 2023.
| December 31, 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 | $ | 78 |  | $ | (23 | ) | $ | 55 |  | $ | 213 |  | $ | (5 | ) | $ | 208 |  | Other current assets
Long-term derivative asset |  | 5 |  |  | (4 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  | Other long-term assets
Short-term derivative liability |  | (37 | ) |  | 23 |  |  | (14 | ) |  | (7 | ) |  | 5 |  |  | (2 | ) | Other current liabilities
Long-term derivative liability |  | (23 | ) |  | 4 |  |  | (19 | ) |  | (7 | ) |  | — |  |  | (7 | ) | Other long-term liabilities
Total derivative asset | $ | 23 |  | $ | — |  | $ | 23 |  | $ | 199 |  | $ | — |  | $ | 199 |  |

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