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Supplemental Information on Oil and Gas Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.


	Year Ended December 31,
	2023		2022		2021
Property acquisition costs:
Proved properties	$	2	$	1,760	$	7,017
Unproved properties		63		803		2,381
Exploration costs		534		472		212
Development costs		3,160		2,132		1,643
Costs incurred	$	3,759	$	5,167	$	11,253

Results Of Operations


	Year Ended December 31,
	2023			2022			2021
Oil, gas and NGL sales	$	10,791		$	14,082		$	9,531
Production expenses		(2,928	)		(2,797	)		(2,131	)
Exploration expenses		(20	)		(29	)		(14	)
Depreciation, depletion and amortization		(2,464	)		(2,119	)		(2,050	)
Asset dispositions		(33	)		43			170
Accretion of asset retirement obligations		(29	)		(25	)		(28	)
Income tax expense		(1,044	)		(2,041	)		(1,238	)
Results of operations	$	4,273		$	7,114		$	4,240
Depreciation, depletion and amortization per Boe	$	10.27		$	9.52		$	9.83

Proved Reserves

The following table presents Devon’s estimated proved reserves by product.



	Oil (MMBbls)			Gas (Bcf) (1)			NGL (MMBbls)			Combined (MMBoe)
Proved developed and undeveloped reserves:
December 31, 2020		282			1,512			218			752
Revisions due to prices		55			382			36			155
Revisions other than price		(23	)		11			64			43
Extensions and discoveries		112			348			58			228
Purchase of reserves		393			961			110			663
Production		(106	)		(325	)		(48	)		(209	)
Sale of reserves		(4	)		(11	)		(1	)		(7	)
December 31, 2021		709			2,878			437			1,625
Revisions due to prices		15			61			8			34
Revisions other than price		(55	)		13			3			(49	)
Extensions and discoveries		127			449			76			278
Purchase of reserves		106			137			24			153
Production		(109	)		(356	)		(54	)		(223	)
Sale of reserves		—			(7	)		(1	)		(3	)
December 31, 2022		793			3,175			493			1,815
Revisions due to prices		(25	)		(189	)		(22	)		(78	)
Revisions other than price		(12	)		58			1			(1	)
Extensions and discoveries		147			525			87			322
Production		(117	)		(385	)		(59	)		(240	)
Sale of reserves		—			(2	)		—			(1	)
December 31, 2023		786			3,182			500			1,817

Proved developed reserves:
December 31, 2020		194			1,244			173			574
December 31, 2021		544			2,361			348			1,285
December 31, 2022		596			2,595			391			1,419
December 31, 2023		603			2,560			395			1,425
Proved developed-producing reserves:
December 31, 2020		190			1,223			171			564
December 31, 2021		533			2,316			341			1,260
December 31, 2022		585			2,553			387			1,397
December 31, 2023		586			2,505			386			1,390
Proved undeveloped reserves:
December 31, 2020		88			268			45			178
December 31, 2021		165			517			89			340
December 31, 2022		197			580			102			396
December 31, 2023		183			622			105			392

(1)

Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.

Proved Undeveloped Reserves


	Total
Proved undeveloped reserves as of December 31, 2022		396
Extensions and discoveries		177
Revisions due to prices		(4	)
Revisions other than price		(12	)
Conversion to proved developed reserves		(165	)
Proved undeveloped reserves as of December 31, 2023		392

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves

The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.


	Year Ended December 31,
	2023			2022			2021
Future cash inflows	$	75,734		$	108,361		$	66,321
Future costs:
Development		(5,241	)		(5,176	)		(3,689	)
Production		(31,648	)		(35,264	)		(22,975	)
Future income tax expense		(6,644	)		(13,216	)		(6,423	)
Future net cash flow		32,201			54,705			33,234
10% discount to reflect timing of cash flows		(12,888	)		(23,391	)		(13,933	)
Standardized measure of discounted future net cash flows	$	19,313		$	31,314		$	19,301

Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves

The principal changes in Devon’s standardized measure of discounted future net cash flows are as follows:


	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	31,314		$	19,301		$	3,472
Net changes in prices and production costs		(16,797	)		14,081			8,274
Oil, gas and NGL sales, net of production costs		(7,863	)		(11,285	)		(7,400	)
Changes in estimated future development costs		218			(216	)		(414	)
Extensions and discoveries, net of future development costs		5,222			7,279			3,877
Purchase of reserves		—			4,185			12,460
Sales of reserves in place		(9	)		(20	)		(12	)
Revisions of quantity estimates		(747	)		(874	)		838
Previously estimated development costs incurred during the period		1,567			956			663
Accretion of discount		2,972			2,059			1,218
Net change in income taxes and other		3,436			(4,152	)		(3,675	)
Ending balance	$	19,313		$	31,314		$	19,301

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details