Share-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.


	Three Months Ended March 31,
	2025		2024
G&A	$	24	$	24
Restructuring and transaction costs		6		—
Total	$	30	$	24

Related income tax benefit	$	3	$	9

Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.


	Restricted Stock Awards & Units					Performance Share Units
	Awards/Units			Weighted Average Grant-Date Fair Value		Units				Weighted Average Grant-Date Fair Value
	(Thousands, except fair value data)
Unvested at 12/31/24		4,107		$	45.31		1,179			$	67.38
Granted		2,432		$	34.26		510			$	45.92
Vested		(1,192	)	$	46.88		(272	)		$	68.68
Forfeited		(16	)	$	39.40		(90	)		$	68.68
Unvested at 3/31/25		5,331		$	39.93		1,327		(1)	$	58.77

(1)

A maximum of 2.7 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2025, as indicated in the previous summary table.


	2025
Grant-date fair value	$	45.92
Risk-free interest rate		4.29	%
Volatility factor		38.70	%
Contractual term (years)		2.89

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of March 31, 2025.


	Restricted Stock		Performance
	Awards/Units		Share Units
Unrecognized compensation cost	$	159	$	30
Weighted average period for recognition (years)		3.0		2.3