v3.26.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of March 31, 2026, 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.

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q2-Q4 2026

 

 

108,698

 

 

$

49.51

 

 

$

59.59

 

 

$

71.22

 

Q1-Q4 2027

 

 

37,397

 

 

$

45.78

 

 

$

55.78

 

 

$

71.89

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q2-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q2-Q4 2026

 

WTI/Brent

 

 

8,625

 

 

$

(5.61

)

Q2-Q4 2026

 

NYMEX Roll

 

 

86,051

 

 

$

1.24

 

Q1-Q4 2027

 

Magellan East Houston

 

 

20,000

 

 

$

1.77

 

Q1-Q4 2027

 

Midland Sweet

 

 

46,000

 

 

$

1.00

 

As of March 31, 2026, 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)

 

Q2-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

230,000

 

 

$

3.26

 

 

$

4.90

 

Q1-Q4 2027

 

 

 

 

$

 

 

 

90,000

 

 

$

3.50

 

 

$

4.31

 

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q2-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q2-Q4 2026

 

WAHA

 

 

150,000

 

 

$

(1.79

)

 

Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of March 31, 2026 and December 31, 2025.

 

March 31, 2026

 

December 31, 2025

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

126

 

$

(4

)

$

122

 

$

199

 

$

(7

)

$

192

 

Other current assets

Long-term derivative asset

 

4

 

 

 

 

4

 

 

2

 

 

 

 

2

 

Other long-term assets

Short-term derivative liability

 

(526

)

 

4

 

 

(522

)

 

(8

)

 

7

 

 

(1

)

Other current liabilities

Long-term derivative liability

 

(55

)

 

 

 

(55

)

 

 

 

 

 

 

Other long-term liabilities

  Total derivative asset (liability)

$

(451

)

$

 

$

(451

)

$

193

 

$

 

$

193