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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Right-of-use Assets and Lease Liabilities | The following table presents Devon’s right-of-use assets and lease liabilities.
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Finance |  |  | Operating |  |  | Total |  |  | Finance |  |  | Operating |  |  | Total |
Right-of-use assets |  | $ | 248 |  |  | $ | 55 |  |  | $ | 303 |  |  | $ | 246 |  |  | $ | 21 |  |  | $ | 267 |
Lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current lease liabilities (1) |  | $ | 25 |  |  | $ | 28 |  |  | $ | 53 |  |  | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |
Long-term lease liabilities |  |  | 293 |  |  |  | 27 |  |  |  | 320 |  |  |  | 286 |  |  |  | 9 |  |  |  | 295 |
Total lease liabilities (2) |  | $ | 318 |  |  | $ | 55 |  |  | $ | 373 |  |  | $ | 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 December 31, 2024 and are therefore excluded from the amounts shown above.
Schedule of Total Lease Cost | he following table presents Devon’s total lease cost.
|  |  | Year Ended December 31, |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost | Property and equipment; LOE; G&A |  | $ | 28 |  |  | $ | 13 |  |  | $ | 22 |
Short-term lease cost (1) | Property and equipment; LOE; G&A |  |  | 234 |  |  |  | 193 |  |  |  | 140 |
Financing lease cost: |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | DD&A |  |  | 11 |  |  |  | 9 |  |  |  | 8 |
Interest on lease liabilities | Net financing costs |  |  | 19 |  |  |  | 15 |  |  |  | 11 |
Variable lease cost | G&A |  |  | — |  |  |  | 5 |  |  |  | — |
Lease income | G&A |  |  | (10 | ) |  |  | (10 | ) |  |  | (8 | )
Net lease cost |  |  | $ | 282 |  |  | $ | 225 |  |  | $ | 173 |
(1) Short-term lease cost excludes leases with terms of one month or less.
Schedule of Additional Lease Information | The following table presents Devon’s additional lease information.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
|  | Finance |  |  | Operating |  |  | Finance |  |  | Operating |
Cash outflows for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows |  | $ | 22 |  |  | $ | 27 |  |  | $ | 15 |  |  | $ | 13 |
Investing cash flows |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Right-of-use assets obtained in exchange for new lease liabilities |  | $ | 14 |  |  | $ | 59 |  |  | $ | — |  |  | $ | 13 |
Weighted average remaining lease term (years) |  |  | 8.2 |  |  |  | 2.1 |  |  |  | 9.4 |  |  |  | 2.2 |
Weighted average discount rate |  |  | 6.2 | % |  |  | 5.3 | % |  |  | 6.1 | % |  |  | 4.9 | %
Maturities of Lease Liabilities | The following table presents Devon’s maturity analysis as of December 31, 2024 for leases expiring in each of the next 5 years and thereafter.
|  | Finance |  |  | Operating |  |  | Total |
2025 |  | $ | 25 |  |  | $ | 30 |  |  | $ | 55 |
2026 |  |  | 25 |  |  |  | 24 |  |  |  | 49 |
2027 |  |  | 25 |  |  |  | 4 |  |  |  | 29 |
2028 |  |  | 24 |  |  |  | — |  |  |  | 24 |
2029 |  |  | 22 |  |  |  | — |  |  |  | 22 |
Thereafter(1) |  |  | 349 |  |  |  | — |  |  |  | 349 |
Total lease payments |  |  | 470 |  |  |  | 58 |  |  |  | 528 |
Less: interest |  |  | (152 | ) |  |  | (3 | ) |  |  | (155 | )
Present value of lease liabilities |  | $ | 318 |  |  | $ | 55 |  |  | $ | 373 |
(1) Devon has one real estate lease that contains a residual value guarantee. Under the lease terms, the residual value guarantee stipulates that if the lessor were to sell the leased property and receive sale proceeds less than 90% of the lease liability at the time of sale, Devon would be required to make a shortfall payment to the lessor for the difference.
Schedule of Expected Lease Income | Devon rents or subleases certain real estate to third parties. The following table presents Devon’s expected lease income as of December 31, 2024 for each of the next 5 years and thereafter.
|  | Operating |
|  | Lease Income |
2025 |  | $ | 14 |
2026 |  |  | 15 |
2027 |  |  | 16 |
2028 |  |  | 16 |
2029 |  |  | 15 |
Thereafter |  |  | 67 |
Total |  | $ | 143 |

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