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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Extractive Industries [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment

Capitalized Costs

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

53,647

 

 

$

46,659

 

Unproved and properties under development

 

 

2,814

 

 

 

1,279

 

Total oil and gas

 

 

56,461

 

 

 

47,938

 

Less accumulated DD&A

 

 

(33,263

)

 

 

(30,113

)

Oil and gas property and equipment, net

 

 

23,198

 

 

 

17,825

 

Other property and equipment

 

 

2,671

 

 

 

2,289

 

Less accumulated DD&A

 

 

(858

)

 

 

(786

)

Other property and equipment, net (1)

 

 

1,813

 

 

 

1,503

 

Property and equipment, net

 

$

25,011

 

 

$

19,328

 

(1)
$178 million and $136 million related to CDM in 2024 and 2023, respectively.

Suspended Exploratory Well Costs

The following summarizes the changes in suspended exploratory well costs for the three years ended December 31, 2024.

 

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

 

Beginning balance

 

$

136

 

$

126

 

$

66

 

Additions pending determination of proved reserves

 

 

674

 

 

522

 

 

462

 

Charges to exploration expense

 

 

(1

)

 

(1

)

 

(1

)

Reclassifications to proved properties

 

 

(516

)

 

(511

)

 

(401

)

Ending balance

 

$

293

 

$

136

 

$

126

 

Devon had no projects with material suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling as of December 31, 2024, 2023 and 2022.