Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

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

	Three Months Ended March 31,
	2024			2023
Earnings before income taxes	$	768		$	1,224
Current income tax expense	$	119		$	141
Deferred income tax expense		40			80
Total income tax expense	$	159		$	221
U.S. statutory income tax rate		21	%		21	%
State income taxes		1	%		1	%
Income tax credits		(1	%)		(3	%)
Other		—			(1	%)
Effective income tax rate		21	%		18	%

In the first quarter of 2024 and 2023, Devon recognized income tax credits associated with its qualified research activities.