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Supplemental Information on Oil and Gas Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

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

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details