Debt And Related Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes and debentures are senior, unsecured obligations of Devon.

	December 31, 2018			December 31, 2017
8.25% due July 1, 2018 ⁽¹⁾	$	—		$	20
2.25% due December 15, 2018		—			95
6.30% due January 15, 2019		162			162
4.00% due July 15, 2021		500			500
3.25% due May 15, 2022		1,000			1,000
5.85% due December 15, 2025		485			485
7.50% due September 15, 2027 ⁽¹⁾		73			73
7.875% due September 30, 2031 ^{(2) (3)}		675			1,059
7.95% due April 15, 2032 ⁽²⁾		366			789
5.60% due July 15, 2041		1,250			1,250
4.75% due May 15, 2042		750			750
5.00% due June 15, 2045		750			750
Net discount on debentures and notes		(24	)		(30	)
Debt issuance costs		(40	)		(39	)
Total debt		5,947			6,864
Less amount classified as short-term debt⁽⁴⁾		162			115
Total long-term debt	$	5,785		$	6,749

(1)

These instruments were assumed by Devon in April 2003 in conjunction with the merger with Ocean Energy. The fair value and effective rates of these 8.25% notes and 7.50% notes at the time assumed was $147 million and 5.5%, respectively, and $169 million and 6.5%, respectively.These instruments are the unsecured and unsubordinated obligations of Devon OEI Operating, L.L.C. and are guaranteed by Devon Energy Production Company, L.P. Each of these entities is a wholly-owned subsidiary of Devon.

(2)	These senior notes were included in 2018 tender offer repurchases discussed below.

(3)	Issued in October 2001, these are the unsecured and unsubordinated obligations of Devon Financing, a wholly owned subsidiary of Devon. These instruments are fully and unconditionally guaranteed by Devon.

(4)	2018 short-term debt consists of $162 million of 6.30% senior notes due January 15, 2019.

Schedule of Debt Maturities

	Total
2019	$	162
2020		—
2021		500
2022		1,000
2023		—
Thereafter		4,349
Total	$	6,011

Schedule Of Net Financing Cost Components

	Year Ended December 31,
	2018			2017			2016
Interest based on debt outstanding	$	339		$	390		$	488
Early retirement of debt		312			—			269
Capitalized interest		(41	)		(69	)		(61	)
Other		(16	)		(4	)		21
Total net financing costs	$	594		$	317		$	717