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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Open Derivative Positions | Commodity Derivatives As of March 31, 2025, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.
|  | Price Swaps |  |  | Price Collars |  |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Price ($/Bbl) |  |  | Volume (Bbls/d) |  |  | Weighted Average Floor Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |  |
Q2-Q4 2025 |  |  | 10,985 |  |  | $ | 71.82 |  |  |  | 103,015 |  |  | $ | 66.41 |  |  | $ | 75.37 |  |
|  | Three-Way Price Collars |
Period |  | Volume (Bbls/d) |  |  | Weighted Average Floor Sold Price ($/Bbl) |  |  | Weighted Average Floor Purchased Price ($/Bbl) |  |  | Weighted Average Ceiling Price ($/Bbl) |
Q2-Q4 2025 |  |  | 13,000 |  |  | $ | 50.77 |  |  | $ | 65.00 |  |  | $ | 77.37 |
Q1-Q4 2026 |  |  | 2,479 |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 77.91 |
|  | Oil Basis Swaps |
Period |  | Index |  | Volume (Bbls/d) |  |  | Weighted Average Differential to WTI ($/Bbl) |
Q2-Q4 2025 |  | Midland Sweet |  |  | 63,000 |  |  | $ | 1.00 |
Q2-Q4 2025 |  | NYMEX Roll |  |  | 4,000 |  |  | $ | 0.91 |
Q1-Q4 2026 |  | Midland Sweet |  |  | 32,000 |  |  | $ | 1.13 |
As of March 31, 2025, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.
|  | Price Swaps |  |  | Price Collars |
Period |  | Volume (MMBtu/d) |  |  | Weighted Average Price ($/MMBtu) |  |  | Volume (MMBtu/d) |  |  | Weighted Average Floor Price ($/MMBtu) |  |  | Weighted Average Ceiling Price ($/MMBtu) |
Q2-Q4 2025 |  |  | 296,167 |  |  | $ | 3.41 |  |  |  | 170,000 |  |  | $ | 3.00 |  |  | $ | 3.80 |
Q1-Q4 2026 |  |  | 217,500 |  |  | $ | 3.72 |  |  |  | 160,000 |  |  | $ | 3.14 |  |  | $ | 4.88 |
|  | Natural Gas Basis Swaps |
Period |  | Index |  | Volume (MMBtu/d) |  |  | Weighted Average Differential to Henry Hub ($/MMBtu) |
Q2-Q4 2025 |  | Houston Ship Channel |  |  | 230,000 |  |  | $ | (0.35 | )
Q2-Q4 2025 |  | WAHA |  |  | 110,000 |  |  | $ | (1.11 | )
Q1-Q4 2026 |  | Houston Ship Channel |  |  | 50,000 |  |  | $ | (0.29 | )
Q1-Q4 2026 |  | WAHA |  |  | 20,000 |  |  | $ | (1.30 | )
As of March 31, 2025, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.
|  |  |  | Price Swaps |
Period |  | Product |  | Volume (Bbls/d) |  |  | Weighted Average Price ($/Bbl) |
Q2-Q4 2025 |  | Natural Gasoline |  |  | 3,000 |  |  | $ | 63.35 |
Q2-Q4 2025 |  | Normal Butane |  |  | 323 |  |  | $ | 39.90 |
Q2-Q4 2025 |  | Propane |  |  | 3,000 |  |  | $ | 32.29 |
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets | The table below presents a summary of these positions as of March 31, 2025 and December 31, 2024.
| March 31, 2025 |  | December 31, 2024 |  |
| Gross Fair Value |  | Amounts Netted |  | Net Fair Value |  | Gross Fair Value |  | Amounts Netted |  | Net Fair Value |  | Balance Sheet Classification
Commodity derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term derivative asset | $ | 133 |  | $ | (68 | ) | $ | 65 |  | $ | 78 |  | $ | (23 | ) | $ | 55 |  | Other current assets
Long-term derivative asset |  | 11 |  |  | (8 | ) |  | 3 |  |  | 5 |  |  | (4 | ) |  | 1 |  | Other long-term assets
Short-term derivative liability |  | (165 | ) |  | 68 |  |  | (97 | ) |  | (37 | ) |  | 23 |  |  | (14 | ) | Other current liabilities
Long-term derivative liability |  | (44 | ) |  | 8 |  |  | (36 | ) |  | (23 | ) |  | 4 |  |  | (19 | ) | Other long-term liabilities
Total derivative asset (liability) | $ | (65 | ) | $ | — |  | $ | (65 | ) | $ | 23 |  | $ | — |  | $ | 23 |  |

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