DEVON ENERGY CORPDE
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
Contents
Notes
Restructuring and Transaction Costs
The following table summarizes Devon’s restructuring and transaction costs.
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Restructuring costs | $— | $— | $210 |
| Transaction costs | — | — | 48 |
| Total costs | $— | $— | $258 |
In conjunction with the Merger closing, Devon recognized $210 million of restructuring expense in 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $66 million related to non-cash charges which primarily consisted of settlements and curtailments of defined retirement benefits of $41 million and the accelerated vesting of share-based grants of $21 million. Additionally, in conjunction primarily with the Merger closing, Devon recognized $48 million of transaction costs primarily comprised of bank, legal and accounting fees.
The following table summarizes Devon’s restructuring liabilities. The remaining restructuring liability as of December 31, 2023 primarily relates to obligations associated with an abandoned Canadian firm transportation agreement.
| Other · Other | |||
|---|---|---|---|
| Current · Long-term | |||
| Liabilities | Liabilities | Total | |
| Balance as of December 31, 2021 | $38 | $111 | $149 |
| Changes related to prior years' restructurings | (4) | (30) | (34) |
| Balance as of December 31, 2022 | $34 | $81 | $115 |
| Changes related to prior years' restructurings | (21) | (9) | (30) |
| Balance as of December 31, 2023 | $13 | $72 | $85 |
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