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Supplemental Information on Oil and Gas Operations (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2024
Oil and Gas Disclosure [Abstract] |
Costs Incurred | The following table reflects the costs incurred in oil and gas property acquisition, exploration and development activities.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Property acquisition costs: |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 3,058 |  |  | $ | 2 |  |  | $ | 1,760 |
Unproved properties |  |  | 1,949 |  |  |  | 63 |  |  |  | 803 |
Exploration costs |  |  | 690 |  |  |  | 534 |  |  |  | 472 |
Development costs |  |  | 2,856 |  |  |  | 3,160 |  |  |  | 2,132 |
Costs incurred |  | $ | 8,553 |  |  | $ | 3,759 |  |  | $ | 5,167 |
Results Of Operations |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Oil, gas and NGL sales |  | $ | 11,176 |  |  | $ | 10,791 |  |  | $ | 14,082 |
Production expenses |  |  | (3,183 | ) |  |  | (2,928 | ) |  |  | (2,797 | )
Exploration expenses |  |  | (28 | ) |  |  | (20 | ) |  |  | (29 | )
Depreciation, depletion and amortization |  |  | (3,156 | ) |  |  | (2,464 | ) |  |  | (2,119 | )
Asset dispositions |  |  | (15 | ) |  |  | (33 | ) |  |  | 43 |
Accretion of asset retirement obligations |  |  | (39 | ) |  |  | (29 | ) |  |  | (25 | )
Income tax expense |  |  | (972 | ) |  |  | (1,044 | ) |  |  | (2,041 | )
Results of operations |  | $ | 3,783 |  |  | $ | 4,273 |  |  | $ | 7,114 |
Depreciation, depletion and amortization per Boe |  | $ | 11.70 |  |  | $ | 10.27 |  |  | $ | 9.52 |
Proved Reserves | The following table presents Devon’s estimated proved reserves by product.
|  | Oil (MMBbls) |  |  | Gas (Bcf) (1) |  |  | NGL (MMBbls) |  |  | Combined (MMBoe) |
Proved developed and undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  |  | 709 |  |  |  | 2,878 |  |  |  | 437 |  |  |  | 1,625 |
Revisions due to prices |  |  | 15 |  |  |  | 61 |  |  |  | 8 |  |  |  | 34 |
Revisions other than price |  |  | (55 | ) |  |  | 13 |  |  |  | 3 |  |  |  | (49 | )
Extensions and discoveries |  |  | 127 |  |  |  | 449 |  |  |  | 76 |  |  |  | 278 |
Purchase of reserves |  |  | 106 |  |  |  | 137 |  |  |  | 24 |  |  |  | 153 |
Production |  |  | (109 | ) |  |  | (356 | ) |  |  | (54 | ) |  |  | (223 | )
Sale of reserves |  |  | — |  |  |  | (7 | ) |  |  | (1 | ) |  |  | (3 | )
December 31, 2022 |  |  | 793 |  |  |  | 3,175 |  |  |  | 493 |  |  |  | 1,815 |
Revisions due to prices |  |  | (25 | ) |  |  | (189 | ) |  |  | (22 | ) |  |  | (78 | )
Revisions other than price |  |  | (12 | ) |  |  | 58 |  |  |  | 1 |  |  |  | (1 | )
Extensions and discoveries |  |  | 147 |  |  |  | 525 |  |  |  | 87 |  |  |  | 322 |
Production |  |  | (117 | ) |  |  | (385 | ) |  |  | (59 | ) |  |  | (240 | )
Sale of reserves |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (1 | )
December 31, 2023 |  |  | 786 |  |  |  | 3,182 |  |  |  | 500 |  |  |  | 1,817 |
Revisions due to prices |  |  | (9 | ) |  |  | (187 | ) |  |  | (14 | ) |  |  | (54 | )
Revisions other than price |  |  | 3 |  |  |  | 245 |  |  |  | 31 |  |  |  | 75 |
Extensions and discoveries |  |  | 129 |  |  |  | 646 |  |  |  | 104 |  |  |  | 340 |
Purchase of reserves |  |  | 120 |  |  |  | 328 |  |  |  | 73 |  |  |  | 247 |
Production |  |  | (127 | ) |  |  | (438 | ) |  |  | (70 | ) |  |  | (270 | )
December 31, 2024 |  |  | 902 |  |  |  | 3,776 |  |  |  | 624 |  |  |  | 2,155 |
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  |  | 544 |  |  |  | 2,361 |  |  |  | 348 |  |  |  | 1,285 |
December 31, 2022 |  |  | 596 |  |  |  | 2,595 |  |  |  | 391 |  |  |  | 1,419 |
December 31, 2023 |  |  | 603 |  |  |  | 2,560 |  |  |  | 395 |  |  |  | 1,425 |
December 31, 2024 |  |  | 706 |  |  |  | 3,057 |  |  |  | 500 |  |  |  | 1,715 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2021 |  |  | 165 |  |  |  | 517 |  |  |  | 89 |  |  |  | 340 |
December 31, 2022 |  |  | 197 |  |  |  | 580 |  |  |  | 102 |  |  |  | 396 |
December 31, 2023 |  |  | 183 |  |  |  | 622 |  |  |  | 105 |  |  |  | 392 |
December 31, 2024 |  |  | 196 |  |  |  | 719 |  |  |  | 124 |  |  |  | 440 |
(1) Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.
Proved Undeveloped Reserves |
|  | Total |
Proved undeveloped reserves as of December 31, 2023 |  |  | 392 |
Extensions and discoveries |  |  | 198 |
Revisions due to prices |  |  | (2 | )
Revisions other than price |  |  | (6 | )
Purchase of reserves |  |  | 47 |
Conversion to proved developed reserves |  |  | (189 | )
Proved undeveloped reserves as of December 31, 2024 |  |  | 440 |
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves | The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Future cash inflows |  | $ | 82,422 |  |  | $ | 75,734 |  |  | $ | 108,361 |
Future costs: |  |  |  |  |  |  |  |  |
Development |  |  | (6,099 | ) |  |  | (5,241 | ) |  |  | (5,176 | )
Production |  |  | (38,326 | ) |  |  | (31,648 | ) |  |  | (35,264 | )
Future income tax expense |  |  | (5,528 | ) |  |  | (6,644 | ) |  |  | (13,216 | )
Future net cash flow |  |  | 32,469 |  |  |  | 32,201 |  |  |  | 54,705 |
10% discount to reflect timing of cash flows |  |  | (12,699 | ) |  |  | (12,888 | ) |  |  | (23,391 | )
Standardized measure of discounted future net cash flows |  | $ | 19,770 |  |  | $ | 19,313 |  |  | $ | 31,314 |
Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves | The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 19,313 |  |  | $ | 31,314 |  |  | $ | 19,301 |
Net changes in prices and production costs |  |  | (3,202 | ) |  |  | (16,797 | ) |  |  | 14,081 |
Oil, gas and NGL sales, net of production costs |  |  | (7,993 | ) |  |  | (7,863 | ) |  |  | (11,285 | )
Changes in estimated future development costs |  |  | 806 |  |  |  | 218 |  |  |  | (216 | )
Extensions and discoveries, net of future development costs |  |  | 3,951 |  |  |  | 5,222 |  |  |  | 7,279 |
Purchase of reserves |  |  | 3,123 |  |  |  | — |  |  |  | 4,185 |
Sales of reserves in place |  |  | — |  |  |  | (9 | ) |  |  | (20 | )
Revisions of quantity estimates |  |  | 427 |  |  |  | (747 | ) |  |  | (874 | )
Previously estimated development costs incurred during the period |  |  | 1,269 |  |  |  | 1,567 |  |  |  | 956 |
Accretion of discount |  |  | 1,730 |  |  |  | 2,972 |  |  |  | 2,059 |
Net change in income taxes and other |  |  | 346 |  |  |  | 3,436 |  |  |  | (4,152 | )
Ending balance |  | $ | 19,770 |  |  | $ | 19,313 |  |  | $ | 31,314 |

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