Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

3. Derivative Financial Instruments

Commodity Derivatives

As of December 31, 2020, 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)
Q1-Q4 2021		28,040	$	37.60		32,726	$	40.77	$	50.77
Q1-Q2 2022		1,249	$	45.16		9,856	$	38.24	$	48.24

	Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2021	Midland Sweet		7,000	$	1.27

As of December 31, 2020, 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)
Q1-Q4 2021		32,699	$	2.76		179,055	$	2.45	$	2.95
Q1-Q4 2022		6,961	$	2.85		54,901	$	2.66	$	3.16

	Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q1-Q4 2021	El Paso Natural Gas		35,000	$	(0.92	)

As of December 31, 2020, Devon did not have any open NGL derivative positions.

Financial Statement Presentation

The following table presents the net gains and losses by derivative financial instrument type followed by the corresponding individual consolidated statements of comprehensive earnings caption.

	Year Ended December 31,
	2020		2019			2018
Commodity derivatives:
Oil, gas and NGL derivatives	$	155	$	(454	)	$	457
Marketing and midstream revenues		—		1			(1	)
Interest rate derivatives:
Other expenses		—		—			65
Net gains (losses) recognized	$	155	$	(453	)	$	521

The following table presents the derivative fair values by derivative financial instrument type followed by the corresponding individual consolidated balance sheet caption.

	December 31, 2020		December 31, 2019
Commodity derivative assets:
Other current assets	$	5	$	49
Other long-term assets		1		1
Total derivative assets	$	6	$	50
Commodity derivative liabilities:
Other current liabilities	$	143	$	30
Other long-term liabilities		5		1
Total derivative liabilities	$	148	$	31