v3.25.2
Reportable Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Reportable Segments Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is the executive committee, which includes the chief executive officer, chief operating officers and chief financial officer. To assess the performance of our assets, we use net earnings. We believe net earnings provides information useful in assessing our operating and financial performance across periods.

The following table reflects Devon's net earnings, assets and capital expenditures for the time periods presented below.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

4,284

 

 

$

3,917

 

 

$

8,736

 

 

$

7,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

483

 

 

 

383

 

 

 

962

 

 

 

763

 

Gathering, processing & transportation

 

 

219

 

 

 

197

 

 

 

423

 

 

 

377

 

Production and property taxes

 

 

197

 

 

 

208

 

 

 

426

 

 

 

399

 

Total significant expenses

 

 

899

 

 

 

788

 

 

 

1,811

 

 

 

1,539

 

Marketing and midstream expenses

 

 

1,357

 

 

 

1,108

 

 

 

2,793

 

 

 

2,241

 

DD&A

 

 

914

 

 

 

768

 

 

 

1,826

 

 

 

1,490

 

G&A

 

 

113

 

 

 

114

 

 

 

243

 

 

 

228

 

Financing costs, net

 

 

116

 

 

 

76

 

 

 

239

 

 

 

152

 

Income tax expense

 

 

244

 

 

 

185

 

 

 

381

 

 

 

344

 

Other segment items (1)

 

 

(276

)

 

 

23

 

 

 

17

 

 

 

55

 

Total expenses

 

 

3,367

 

 

 

3,062

 

 

 

7,310

 

 

 

6,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

917

 

 

$

855

 

 

$

1,426

 

 

$

1,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

31,390

 

 

$

25,162

 

 

$

31,390

 

 

$

25,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

948

 

 

$

971

 

 

$

1,920

 

 

$

1,916

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions and other, net.