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Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2024
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

The following table represents the preliminary allocation of the total purchase price of Grayson Mill to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

 

 

Purchase

 

 

 

Price Allocation

 

 

 

as of December 31, 2024

 

 Consideration:

 

 

 

 Devon common stock issued

 

 

37.3

 

 Devon closing price on September 27, 2024

 

$

38.96

 

 Total common equity consideration

 

$

1,455

 

 Cash consideration

 

 

3,567

 

 Total consideration

 

$

5,022

 

 Assets acquired:

 

 

 

 Cash, cash equivalents and restricted cash

 

$

147

 

 Accounts receivable

 

 

219

 

 Inventory

 

 

44

 

 Other current assets

 

 

9

 

 Proved oil and gas property and equipment

 

 

3,056

 

 Unproved oil and gas property and equipment

 

 

1,771

 

 Other property and equipment, net

 

 

210

 

 Right-of-use assets

 

 

29

 

 Total assets acquired

 

$

5,485

 

 Liabilities assumed:

 

 

 

 Accounts payable

 

$

145

 

 Revenue and royalties payable

 

 

209

 

 Other current liabilities

 

 

16

 

 Asset retirement obligations

 

 

75

 

 Lease liabilities

 

 

18

 

 Total liabilities assumed

 

 

463

 

 Net assets acquired

 

$

5,022

 
Schedule of Pro Forma Adjustments to Confirm Acquisition The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

(Unaudited)

 

 Total revenues

 

$

17,930

 

 

$

17,483

 

 Net earnings

 

$

3,166

 

 

$

4,083

 

 
GME Revenues and Earnings [Member]  
Business Acquisition [Line Items]  
Schedule of Grayson Mills revenues and earnings

From the date of the acquisition through December 31, 2024, revenues and net earnings included in Devon's consolidated statements of comprehensive earnings associated with these assets totaled $687 million and $122 million, respectively.