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Debt And Related Expenses (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon unless otherwise noted in the table below.

 

 

December 31, 2024

 

 

December 31, 2023

 

5.25% due September 15, 2024 (1)

 

$

—

 

 

$

472

 

5.85% due December 15, 2025

 

 

485

 

 

 

485

 

7.50% due September 15, 2027 (2)

 

 

73

 

 

 

73

 

5.25% due October 15, 2027 (1)

 

 

390

 

 

 

390

 

5.875% due June 15, 2028 (1)

 

 

325

 

 

 

325

 

4.50% due January 15, 2030 (1)

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

—

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

—

 

Term Loan due September 25, 2026

 

 

1,000

 

 

 

—

 

Net premium on debentures and notes

 

 

37

 

 

 

64

 

Debt issuance costs

 

 

(53

)

 

 

(30

)

Total debt

 

$

8,883

 

 

$

6,155

 

Less amount classified as short-term debt

 

 

485

 

 

 

483

 

Total long-term debt

 

$

8,398

 

 

$

5,672

 

 

(1)
These instruments were assumed by Devon in January 2021 in conjunction with the merger with WPX. Approximately $27 million of these instruments remain the unsecured and unsubordinated obligation of WPX, a wholly-owned subsidiary of Devon.
(2)
This instrument was assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rate of this note at the time assumed was $169 million and 6.5%, respectively. This instrument is the unsecured and unsubordinated obligation of Devon OEI Operating, L.L.C. and is guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.
Schedule of Debt Maturities

Debt maturities as of December 31, 2024, excluding debt issuance costs, premiums and discounts, are as follows:

 

 

 

Total

 

2025

 

$

485

 

2026

 

 

1,000

 

2027

 

 

463

 

2028

 

 

325

 

2029

 

 

—

 

Thereafter

 

 

6,626

 

   Total

 

$

8,899

 

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net financing costs:

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

401

 

 

$

369

 

 

$

370

 

Interest income

 

 

(62

)

 

 

(55

)

 

 

(38

)

Other

 

 

24

 

 

 

(6

)

 

 

(23

)

Total net financing costs

 

$

363

 

 

$

308

 

 

$

309

 
WPX  
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances the dates in the following schedule, Devon has the option to redeem the notes, in whole or in part, at the applicable redemption prices set forth in the indenture documents, plus accrued and unpaid interest thereon to the redemption date as more fully described in the indenture documents governing the notes to be redeemed. At any time prior to the dates in the following schedule, Devon has the option to redeem some or all of the notes at a specified “make whole” premium as described in such documents. Other than with respect to the notes identified in the schedule below, Devon's senior notes generally include more limited redemption provisions, such as "par call" rights near the maturity date or “make whole” redemption rights.

 

 

 

Optional Redemption

5.25% due October 15, 2027

 

October 15, 2022

5.875% due June 15, 2028

 

June 15, 2023

4.50% due January 15, 2030

 

January 15, 2025