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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivatives

As of March 31, 2024, 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)
Q2-Q4 2024		27,451	$	78.98		71,691	$	66.95	$	84.59
Q1-Q4 2025		3,468	$	72.75		992	$	70.00	$	77.40


	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2024	Midland Sweet		67,184	$	1.17
Q2-Q4 2024	NYMEX Roll		26,000	$	0.82
Q1-Q4 2025	Midland Sweet		63,000	$	1.00
Q1-Q4 2026	Midland Sweet		7,000	$	1.14

As of March 31, 2024, 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)
Q2-Q4 2024		244,935	$	3.20		18,531	$	3.91	$	6.19
Q1-Q4 2025		75,537	$	3.04		—		—		—


	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q2-Q4 2024	El Paso Natural Gas		26,545	$	(0.92	)
Q2-Q4 2024	Houston Ship Channel		110,000	$	(0.24	)
Q2-Q4 2024	WAHA		63,309	$	(0.61	)
Q1-Q4 2025	WAHA		10,000	$	(0.63	)

As of March 31, 2024, Devon had the following open NGL derivative positions. Devon's NGL positions settle against the average of the prompt month OPIS Mont Belvieu, Texas index.


		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q2-Q4 2024	Natural Gasoline		3,000	$	69.11
Q2-Q4 2024	Normal Butane		3,350	$	37.58
Q2-Q4 2024	Propane		5,032	$	32.97

Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets

The tables below present a summary of these positions as of March 31, 2024 and December 31, 2023.


	March 31, 2024									December 31, 2023
	Gross Fair Value			Amounts Netted			Net Fair Value			Gross Fair Value			Amounts Netted			Net Fair Value			Balance Sheet Classification
Commodity derivatives:
Short-term derivative asset	$	82		$	(8	)	$	74		$	213		$	(5	)	$	208		Other current assets
Long-term derivative asset		1			(1	)		—			—			—			—		Other long-term assets
Short-term derivative liability		(46	)		8			(38	)		(7	)		5			(2	)	Other current liabilities
Long-term derivative liability		(7	)		1			(6	)		(7	)		—			(7	)	Other long-term liabilities
Total derivative asset	$	30		$	—		$	30		$	199		$	—		$	199

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details