XML 29 R12.htm IDEA: XBRL DOCUMENT v3.22.1
Other, Net
3 Months Ended
Mar. 31, 2022
Other Expenses [Abstract]  
Other, Net

6. Other, Net

The following table summarizes Devon's other expenses (income) presented in the accompanying consolidated comprehensive statement of earnings.

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Estimated future obligation under a performance guarantee

 

$

(96

)

 

$

 

Ukraine charitable pledge

 

 

20

 

 

 

 

Asset retirement obligation accretion

 

 

7

 

 

 

7

 

Severance and other non-income tax refunds

 

 

(3

)

 

 

(36

)

Other

 

 

11

 

 

 

 

Total

 

$

(61

)

 

$

(29

)

 

The first quarter of 2022 includes a $96 million benefit related to the revision of a future obligation under a performance guarantee liability for previously divested assets. Due to improved commodity prices and market conditions, the purchaser of these assets was able to fully satisfy the $35 million obligation due in the first quarter of 2022. Further, as of March 31, 2022, Devon also reduced the estimated future exposure of the performance guarantee by $61 million based on probability-weighted cash flows for the remainder of the contract term of four years.

 

The first quarter of 2022 also includes a $20 million pledge for humanitarian relief for the Ukrainian people and surrounding countries supporting refugees.

 

The first quarter of 2021 includes a Texas severance tax refund of $36 million related to prior periods.