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Derivative Financial Instruments (Tables)

3 Months Ended

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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