v3.25.2
Share-Based Compensation
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
4.
Share-Based Compensation

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

G&A

 

$

46

 

 

$

50

 

Exploration expenses

 

 

 

 

 

1

 

Restructuring and transaction costs

 

 

7

 

 

 

 

Total

 

$

53

 

 

$

51

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

8

 

 

$

18

 

 

 

Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.

 

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/24

 

 

4,107

 

 

$

45.31

 

 

 

1,179

 

 

$

67.38

 

Granted

 

 

2,530

 

 

$

34.17

 

 

 

510

 

 

$

45.92

 

Vested

 

 

(1,690

)

 

$

40.25

 

 

 

(272

)

 

$

68.68

 

Forfeited

 

 

(127

)

 

$

40.82

 

 

 

(110

)

 

$

66.68

 

Unvested at 6/30/25

 

 

4,820

 

 

$

41.35

 

 

 

1,307

 

(1)

$

58.79

 

 

(1)
A maximum of 2.6 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2025, as indicated in the previous summary table.

 

 

2025

 

 Grant-date fair value

 

$

45.92

 

 Risk-free interest rate

 

 

4.29

%

 Volatility factor

 

 

38.70

%

 Contractual term (years)

 

 

2.89

 

 

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of June 30, 2025.

 

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

140

 

 

$

26

 

Weighted average period for recognition (years)

 

 

2.8

 

 

 

2.2