v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
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, among others, the chief executive officer, chief operating officers and chief financial officer. To assess the performance of its assets, Devon uses net earnings. Devon believes net earnings provides information useful in assessing its 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 March 31,

 

 

 

2026

 

 

2025

 

Total revenues

 

$

3,807

 

 

$

4,452

 

 

 

 

 

 

 

 

LOE

 

 

486

 

 

 

479

 

Gathering, processing & transportation

 

 

191

 

 

 

204

 

Production and property taxes

 

 

217

 

 

 

229

 

Total significant expenses

 

 

894

 

 

 

912

 

Marketing and midstream expenses

 

 

1,547

 

 

 

1,436

 

DD&A

 

 

904

 

 

 

912

 

G&A

 

 

125

 

 

 

130

 

Financing costs, net

 

 

109

 

 

 

123

 

Income tax expense

 

 

46

 

 

 

137

 

Other segment items (1)

 

 

62

 

 

 

293

 

Total expenses

 

 

3,687

 

 

 

3,943

 

 

 

 

 

 

 

 

Net earnings

 

$

120

 

 

$

509

 

 

 

 

 

 

 

 

Total assets

 

$

32,543

 

 

$

30,928

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

999

 

 

$

972

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