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Reportable Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is the executive committee, which includes the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.

The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Total revenues

 

$

4,452

 

 

$

3,596

 

 

 

 

 

 

 

 

LOE

 

 

479

 

 

 

380

 

Gathering, processing & transportation

 

 

204

 

 

 

180

 

Production and property taxes

 

 

229

 

 

 

191

 

Total significant expenses

 

 

912

 

 

 

751

 

Marketing and midstream expenses

 

 

1,436

 

 

 

1,133

 

DD&A

 

 

912

 

 

 

722

 

G&A

 

 

130

 

 

 

114

 

Financing costs, net

 

 

123

 

 

 

76

 

Income tax expense

 

 

137

 

 

 

159

 

Other segment items (1)

 

 

293

 

 

 

32

 

Total expenses

 

 

3,943

 

 

 

2,987

 

 

 

 

 

 

 

 

Net earnings

 

$

509

 

 

$

609

 

 

 

 

 

 

 

 

Total assets

 

$

30,928

 

 

$

24,978

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

972

 

 

$

945

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.