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Investments | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Investments | Investments The following table presents Devon's investments shown on the consolidated balance sheets.
|  | % Interest |  | Carrying Amount |
Investments |  | September 30, 2025 |  | September 30, 2025 |  |  | December 31, 2024 |
WaterBridge |  | 14% |  | $ | 271 |  |  | $ | 216 |
Catalyst |  | 50% |  |  | 254 |  |  |  | 273 |
Fervo |  | 17% |  |  | 104 |  |  |  | 115 |
Matterhorn |  | — |  |  | — |  |  |  | 69 |
Other |  | Various |  |  | 50 |  |  |  | 54 |
Total |  |  |  | $ | 679 |  |  | $ | 727 |
During the third quarter of 2025, Devon and its joint venture partner in the Water JV combined the Water JV with certain other companies to form WaterBridge, a water infrastructure business focused in the Delaware Basin, which ultimately completed an initial public offering. Devon received approximately 14% of the equity interests in WaterBridge in connection with these transactions. Prior to these transactions, Devon owned a 30% interest in the Water JV. Devon accounts for its investment in WaterBridge under the equity method. As a result of the WaterBridge equity issued to third parties in the combination transaction and related initial public offering which were accretive, Devon's investment increased by approximately $45 million, which was recorded to other, net in the accompanying consolidated statements of comprehensive earnings. During the second quarter of 2025, Devon sold its investment in Matterhorn for $372 million and recognized a pre-tax gain of $307 million ($239 million, net of tax), which was recorded to asset dispositions in the accompanying consolidated statements of comprehensive earnings.

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