Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents Devon’s total income tax expense (benefit) and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Earnings before income taxes	$	2,495	$	304	$	3,757	$	272
Current income tax expense	$	252	$	19	$	355	$	14
Deferred income tax expense (benefit)		305		24		469		(219	)
Total income tax expense (benefit)	$	557	$	43	$	824	$	(205	)

Schedule of Effective Income Tax Rate Reconciliation

U.S. statutory income tax rate	21	%	21	%	21	%	21	%
State income taxes	1	%	0	%	1	%	1	%
Subsidiary reorganization	0	%	6	%	0	%	7	%
Deferred tax asset valuation allowance	0	%	(19	%)	0	%	(116	%)
Other	0	%	6	%	0	%	12	%
Effective income tax rate	22	%	14	%	22	%	(75	%)