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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 6. Inco me Taxes The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Earnings before income taxes |  | $ | 1,161 |  | $ | 1,040 |  | $ | 1,807 |  | $ | 1,808 |
Current income tax expense |  | $ | 226 |  | $ | 146 |  | $ | 322 |  | $ | 265 |
Deferred income tax expense |  |  | 18 |  |  | 39 |  |  | 59 |  |  | 79 |
Total income tax expense |  | $ | 244 |  | $ | 185 |  | $ | 381 |  | $ | 344 |
U.S. statutory income tax rate |  |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
State income taxes |  |  | 1 | % |  | 1 | % |  | 1 | % |  | 1 | %
Income tax credits |  |  | (1 | %) |  | (4 | %) |  | (1 | %) |  | (3 | %)
Effective income tax rate |  |  | 21 | % |  | 18 | % |  | 21 | % |  | 19 | %
The increase in current income tax expense during the second quarter of 2025 is due to the sale of Devon’s investment in Matterhorn. For additional information, see Note 12. On July 4, 2025, the OBBB was signed into law. The OBBB includes permanent reinstatement of 100% bonus depreciation and the expensing of domestic research costs. Devon is currently assessing the effects of the OBBB and, based on the enactment date, will recognize the impacts beginning in the third quarter of 2025. Devon anticipates that its current tax rates will be lower for the remainder of 2025 and in future periods.

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