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Income Taxes | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30, |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Earnings before income taxes |  | $ | 912 |  | $ | 1,064 |  | $ | 2,719 |  | $ | 2,872 |
Current income tax expense (benefit) |  | $ | (44 | ) | $ | 75 |  | $ | 278 |  | $ | 340 |
Deferred income tax expense |  |  | 263 |  |  | 164 |  |  | 322 |  |  | 243 |
Total income tax expense |  | $ | 219 |  | $ | 239 |  | $ | 600 |  | $ | 583 |
U.S. statutory income tax rate |  |  | 21 | % |  | 21 | % |  | 21 | % |  | 21 | %
State income taxes |  |  | 2 | % |  | 3 | % |  | 2 | % |  | 2 | %
Other |  |  | 1 | % |  | (2 | %) |  | (1 | %) |  | (3 | %)
Effective income tax rate |  |  | 24 | % |  | 22 | % |  | 22 | % |  | 20 | %
On July 4, 2025, OBBB was signed into law. In addition to other provisions, OBBB includes permanent reinstatement of 100% bonus depreciation and the expensing of domestic research costs beginning in 2025 and allows for the deduction of intangible drilling costs as part of the computation of the CAMT beginning in 2026. Accordingly, Devon’s third quarter 2025 income tax expense included a current tax benefit of approximately $155 million and a corresponding deferred tax expense associated with the deferral of income taxes resulting from the enactment of OBBB.

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