Supplemental Information on Oil and Gas Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Oil And Gas Exploration And Production Industries Disclosures [Abstract]

The following tables reflect the costs incurred in oil and gas property acquisition, exploration and development activities.

	Year Ended December 31,
	2020		2019		2018
Property acquisition costs:
Proved properties	$	—	$	—	$	2
Unproved properties		8		35		70
Exploration costs		159		312		679
Development costs		820		1,499		1,505
Costs incurred	$	987	$	1,846	$	2,256

Results Of Operations

	Year Ended December 31,
	2020			2019			2018
Oil, gas and NGL sales	$	2,695		$	3,809		$	4,085
Production expenses		(1,123	)		(1,197	)		(1,153	)
Exploration expenses		(167	)		(58	)		(128	)
Depreciation, depletion and amortization		(1,207	)		(1,398	)		(1,134	)
Asset dispositions		—			37			276
Asset impairments		(2,664	)		—			(109	)
Accretion of asset retirement obligations		(20	)		(21	)		(26	)
Income tax expense		—			(270	)		(416	)
Results of operations	$	(2,486	)	$	902		$	1,395
Depreciation, depletion and amortization per Boe	$	9.90		$	11.72		$	10.51

Proved Reserves

The following table presents Devon’s estimated proved reserves by product.


	Oil (MMBbls)			Gas (Bcf) ⁽¹⁾			NGL (MMBbls)			Combined (MMBoe)
Proved developed and undeveloped reserves:
December 31, 2017		254			1,810			231			787
Revisions due to prices		12			7			2			15
Revisions other than price		(10	)		(102	)		(27	)		(53	)
Extensions and discoveries		93			358			54			206
Production		(47	)		(206	)		(26	)		(108	)
Sale of reserves		(6	)		(65	)		(7	)		(24	)
December 31, 2018		296			1,802			227			823
Revisions due to prices		(7	)		(86	)		(6	)		(28	)
Revisions other than price		(13	)		(50	)		(9	)		(31	)
Extensions and discoveries		76			269			39			160
Purchase of reserves		3			7			1			6
Production		(55	)		(219	)		(28	)		(119	)
Sale of reserves		(24	)		(102	)		(13	)		(54	)
December 31, 2019		276			1,621			211			757
Revisions due to prices		(26	)		(209	)		(17	)		(78	)
Revisions other than price		18			119			17			55
Extensions and discoveries		71			188			33			135
Purchase of reserves		1			19			3			7
Production		(57	)		(221	)		(28	)		(122	)
Sale of reserves		(1	)		(5	)		(1	)		(2	)
December 31, 2020		282			1,512			218			752

Proved developed reserves:
December 31, 2017		175			1,455			168			585
December 31, 2018		196			1,427			166			600
December 31, 2019		198			1,344			167			589
December 31, 2020		194			1,244			173			574
Proved developed-producing reserves:
December 31, 2017		163			1,384			160			554
December 31, 2018		188			1,394			162			582
December 31, 2019		191			1,327			165			578
December 31, 2020		190			1,223			171			564
Proved undeveloped reserves:
December 31, 2017		79			355			63			202
December 31, 2018		100			375			61			223
December 31, 2019		78			277			44			168
December 31, 2020		88			268			45			178

(1)

Gas reserves are converted to Boe at the rate of six Mcf per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL reserves are converted to Boe on a one-to-one basis with oil. The conversion rates are not necessarily indicative of the relationship of oil, natural gas and NGL prices.

Proved Undeveloped Reserves

	Total
Proved undeveloped reserves as of December 31, 2019		168
Extensions and discoveries		105
Revisions due to prices		(8	)
Revisions other than price		(20	)
Purchase of reserves		2
Sale of reserves		(1	)
Conversion to proved developed reserves		(68	)
Proved undeveloped reserves as of December 31, 2020		178

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves

The following tables reflect Devon’s standardized measure of discounted future net cash flows from its proved reserves.

	Year Ended December 31,
	2020			2019			2018
Future cash inflows	$	14,957		$	20,750		$	27,759
Future costs:
Development		(1,747	)		(2,093	)		(2,957	)
Production		(7,964	)		(9,174	)		(10,991	)
Future income tax expense		—			(1,037	)		(2,036	)
Future net cash flow		5,246			8,446			11,775
10% discount to reflect timing of cash flows		(1,774	)		(3,048	)		(4,625	)
Standardized measure of discounted future net cash flows	$	3,472		$	5,398		$	7,150

Schedule Of Principal Changes In The Standardized Measure Of Discounted Future Net Cash Flows Attributable To Proved Reserves

	Year Ended December 31,
	2020			2019			2018
Beginning balance	$	5,398		$	7,150		$	5,954
Net changes in prices and production costs		(3,277	)		(2,323	)		1,533
Oil, gas and NGL sales, net of production costs		(1,572	)		(2,612	)		(2,932	)
Changes in estimated future development costs		402			303			(273	)
Extensions and discoveries, net of future development costs		988			1,690			2,944
Purchase of reserves		23			43			—
Sales of reserves in place		(7	)		(481	)		(120	)
Revisions of quantity estimates		147			(359	)		(152	)
Previously estimated development costs incurred during the period		537			857			787
Accretion of discount		285			506			648
Net change in income taxes and other		548			624			(1,239	)
Ending balance	$	3,472		$	5,398		$	7,150

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details