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Reportable Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments
20.
Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is the executive committee, which includes the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.

The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Total revenues

 

$

15,940

 

 

$

15,258

 

 

$

19,169

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

1,574

 

 

 

1,428

 

 

 

1,071

 

Gathering, processing & transportation

 

 

790

 

 

 

702

 

 

 

693

 

Production and property taxes

 

 

819

 

 

 

798

 

 

 

1,033

 

Total significant expenses

 

 

3,183

 

 

 

2,928

 

 

 

2,797

 

Marketing and midstream expenses

 

 

4,792

 

 

 

4,409

 

 

 

5,780

 

DD&A

 

 

3,255

 

 

 

2,554

 

 

 

2,223

 

G&A

 

 

500

 

 

 

408

 

 

 

395

 

Financing costs, net

 

 

363

 

 

 

308

 

 

 

309

 

Income tax expense

 

 

770

 

 

 

841

 

 

 

1,738

 

Other segment items (1)

 

 

135

 

 

 

28

 

 

 

(110

)

Total expenses

 

 

12,998

 

 

 

11,476

 

 

 

13,132

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

2,942

 

 

$

3,782

 

 

$

6,037

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

30,489

 

 

$

24,490

 

 

$

23,271

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

8,919

 

 

$

3,907

 

 

$

5,301

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset dispositions and other, net.