Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Expense (Benefit)

The following table presents Devon’s income tax components.

	Year Ended December 31,
	2020			2019			2018
Current income tax benefit:
U.S. federal	$	(219	)	$	(3	)	$	(14	)
Various states		—			(2	)		(3	)
Total current income tax benefit		(219	)		(5	)		(17	)
Deferred income tax expense (benefit):
U.S. federal		(304	)		8			184
Various states		(24	)		(33	)		63
Total deferred income tax expense (benefit)		(328	)		(25	)		247
Total income tax expense (benefit)	$	(547	)	$	(30	)	$	230

Schedule Of Effective Income Tax Rate Reconciliation

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to earnings (loss) from continuing operations before income taxes as a result of the following:

	Year Ended December 31,
	2020			2019			2018
Earnings (loss) from continuing operations before income taxes	$	(3,090	)	$	(109	)	$	944
U.S. statutory income tax rate		21	%		21	%		21	%
Change in tax legislation		4	%		0	%		0	%
State income taxes		1	%		24	%		5	%
Change in unrecognized tax benefits		0	%		(13	%)		(2	%)
Audit settlements		0	%		15	%		(2	%)
Other		(1	%)		(19	%)		2	%
Deferred tax asset valuation allowance		(7	%)		0	%		0	%
Effective income tax rate		18	%		28	%		24	%

Schedule Of Deferred Tax Assets And Liabilities

The following table presents the tax effects of temporary differences that gave rise to Devon’s deferred tax assets and liabilities.

	December 31,
	2020			2019
Deferred tax assets:
Capital loss carryforwards	$	547		$	—
Investment in subsidiary		441			—
Net operating loss carryforwards		238			306
Accrued liabilities		125			35
Asset retirement obligation		94			123
Pension benefit obligation		43			39
Other		96			66
Total deferred tax assets before valuation allowance		1,584			569
Less: valuation allowance		(1,355	)		(106	)
Net deferred tax assets		229			463
Deferred tax liabilities:
Property and equipment		(213	)		(800	)
Other		—			(4	)
Total deferred tax liabilities		(213	)		(804	)
Net deferred tax asset (liability)	$	16		$	(341	)

Schedule Of Changes In Unrecognized Tax Benefits

The following table presents changes in Devon’s unrecognized tax benefits.

	December 31,
	2020			2019
	(Millions)
Balance at beginning of year	$	65		$	51
Tax positions taken in prior periods		(42	)		14
Balance at end of year	$	23		$	65

Summary Of The Tax Years By Jurisdiction That Remain Subject To Examination By Taxing Authorities

Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by taxing authorities

Jurisdiction	Tax Years Open
U.S. Federal	2017-2020
Various U.S. states	2016-2020
Canada	2004-2020