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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule Of Income Tax Expense (Benefit) | The following table presents Devon’s income tax components.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 427 |  |  | $ | 441 |  |  | $ | 501 |
Various states |  |  | 32 |  |  |  | 27 |  |  |  | 65 |
Canada |  |  | — |  |  |  | (3 | ) |  |  | (7 | )
Total current income tax expense |  |  | 459 |  |  |  | 465 |  |  |  | 559 |
Deferred income tax expense: |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 267 |  |  |  | 365 |  |  |  | 1,090 |
Various states |  |  | 44 |  |  |  | 11 |  |  |  | 82 |
Canada |  |  | — |  |  |  | — |  |  |  | 7 |
Total deferred income tax expense |  |  | 311 |  |  |  | 376 |  |  |  | 1,179 |
Total income tax expense |  | $ | 770 |  |  | $ | 841 |  |  | $ | 1,738 |
Schedule Of Effective Income Tax Rate Reconciliation | Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings before income taxes as a result of the following:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Earnings before income taxes |  | $ | 3,712 |  |  | $ | 4,623 |  |  | $ | 7,775 |
U.S. statutory income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
State income taxes |  |  | 2 | % |  |  | 1 | % |  |  | 1 | %
Income tax credits |  |  | (2 | %) |  |  | (3 | %) |  |  | — |
Other |  |  | — |  |  |  | (1 | %) |  |  | — |
Effective income tax rate |  |  | 21 | % |  |  | 18 | % |  |  | 22 | %
Schedule Of Deferred Tax Assets And Liabilities | The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Capital loss carryforwards |  | $ | 497 |  |  | $ | 542 |
Net operating loss carryforwards |  |  | 428 |  |  |  | 447 |
Accrued liabilities |  |  | 191 |  |  |  | 194 |
Asset retirement obligation |  |  | 181 |  |  |  | 148 |
Other, including tax credits |  |  | 28 |  |  |  | 25 |
Total deferred tax assets before valuation allowance |  |  | 1,325 |  |  |  | 1,356 |
Less: valuation allowance |  |  | (794 | ) |  |  | (826 | )
Net deferred tax assets |  |  | 531 |  |  |  | 530 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | (2,669 | ) |  |  | (2,304 | )
Fair value of derivative financial instruments |  |  | (6 | ) |  |  | (50 | )
Other |  |  | (4 | ) |  |  | (14 | )
Total deferred tax liabilities |  |  | (2,679 | ) |  |  | (2,368 | )
Net deferred tax liability |  | $ | (2,148 | ) |  | $ | (1,838 | )
Schedule Of Changes In Unrecognized Tax Benefits | The following table presents changes in Devon’s unrecognized tax benefits.
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Millions) |
Balance at beginning of year |  | $ | 83 |  |  | $ | 73 |
Tax positions taken in prior periods |  |  | 22 |  |  |  | 10 |
Balance at end of year |  | $ | 105 |  |  | $ | 83 |
Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities | Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities.
Jurisdiction |  | Tax Years Open
U.S. federal |  | 2018-2024
Various U.S. states |  | 2020-2024
Canada |  | 2006-2024

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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 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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