Derivative Financial Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3. Derivative Financial Instruments

Commodity Derivatives

As of December 31, 2016, Devon had the following open oil derivative positions. The first table presents Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The second 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)
Q1-Q4 2017		72,527	$	54.32		53,245	$	45.16	$	57.97
Q1-Q4 2018		2,600	$	53.38		6,189	$	46.97	$	56.97

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2017	Midland Sweet		10,000	$	(0.43	)

As of December 31, 2016, 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)
Q1-Q4 2017		189,753	$	3.13		335,274	$	2.97	$	3.38
Q1-Q4 2018		29,705	$	3.17		19,110	$	3.20	$	3.50

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q1-Q4 2017	Panhandle Eastern Pipe Line		150,000	$	(0.34	)
Q1-Q4 2017	El Paso Natural Gas		80,000	$	(0.13	)
Q1-Q4 2017	Houston Ship Channel		35,000	$	0.06
Q1-Q4 2017	Transco Zone 4		205,000	$	0.03
Q1 2018	Panhandle Eastern Pipe Line		50,000	$	(0.29	)

As of December 31, 2016, EnLink had the following open derivative positions associated with gas processing and fractionation. EnLink’s NGL positions settle by purity product against the average of the prompt month OPIS Mont Belvieu, Texas index. EnLink’s natural gas positions settle against the Henry Hub Gas Daily index.

Period	Product	Volume (Total)			Weighted Average Price Paid	Weighted Average Price Received
Q1 2017-Q4 2017	Propane		434	MBbls	Index	$0.55/gal
Q1 2017-Q4 2017	Normal Butane		161	MBbls	Index	$0.70/gal
Q1 2017-Q4 2017	Natural Gas		21,685	MMBtu/d	Index	$3.14/MMbtu

Interest Rate Derivatives

As of December 31, 2016, Devon had the following open interest rate derivative positions:

Notional		Rate Received		Rate Paid		Expiration
(Millions)
$	750	Three Month LIBOR			2.98%	December 2048 (1)
$	100		1.76%	Three Month LIBOR		January 2019

(1) Mandatory settlement in December 2018.

Financial Statement Presentation

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated comprehensive statements of earnings caption.

	Year Ended December 31,
	2016			2015			2014
Commodity derivatives:	(Millions)
Oil, gas and NGL derivatives	$	(201	)	$	503		$	1,989
Marketing and midstream revenues		(13	)		9			22
Interest rate derivatives:
Other nonoperating items		(19	)		(20	)		(1	)
Foreign currency derivatives:
Other nonoperating items		(153	)		246			60
Net gains (losses) recognized	$	(386	)	$	738		$	2,070

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	December 31, 2016		December 31, 2015
	(Millions)
Commodity derivative assets:
Other current assets	$	9	$	34
Other long-term assets		1		1
Interest rate derivative assets:
Other current assets		1		1
Other long-term assets		—		1
Foreign currency derivative assets:
Other current assets		—		8
Total derivative assets	$	11	$	45
Commodity derivative liabilities:
Other current liabilities	$	187	$	14
Other long-term liabilities		16		4
Interest rate derivative liabilities:
Other long-term liabilities		41		22
Foreign currency derivative liabilities:
Other current liabilities		—		8
Total derivative liabilities	$	244	$	48