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Income Taxes

3 Months Ended

Mar. 31, 2015

6. Income Taxes

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 March 31,
	2015		2014

Total income tax expense (benefit) (millions)	$	(2,035)	$	231

U.S. statutory income tax rate		(35)%		35%
Taxation on Canadian operations		0%		(3)%
State income taxes		(1)%		1%
Taxes on General Partner formation		0%		9%
Other		0%		(1)%
Effective income tax rate		(36)%		41%

In the first quarter of 2014, Devon recorded a $48 million deferred tax liability in conjunction with the formation of the General Partner, which impacted the effective tax rate as reflected in the table above.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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