DEVON ENERGY CORP/DE (DVN) Company Report

Reported Q3 2025 rental revenue of $41.5 million (+11.1% YoY) and total revenue of $43.4 million (+6.7% YoY).
Achieved net income of $5.8 million ( $0.46 per diluted share).
Recorded Adjusted EBITDA of $20.8 million, up 14.6% YoY and 6.0% sequentially.
Raised full-year 2025 Adjusted EBITDA guidance to $78 – $81 million, and boosted quarterly dividend to $0.11 per share.

Nov 10, 2025, 9:03 PM

Press Release

Devon reports Q3 2025 results

DVN

Earnings

Guidance Update

Share Buyback

Delivered $820 million free cash flow on $1.7 billion operating cash flow; returned $151 million in dividends, repurchased $250 million of shares and retired $485 million of debt, lowering net debt/EBITDA to 0.9×.
Captured over 60% of the $1 billion business optimization target and secured an incremental 20,000 BOE/d uplift tied to an expected $150 million sustainable free cash flow benefit.
Provided preliminary 2026 guidance of 845,000 BOE/d production (388,000 bbl/d oil) with $3.5–$3.7 billion CapEx fundable below $45 WTI, and plans $200–$300 million quarterly share repurchases.
Maintained financial flexibility with $4.3 billion of total liquidity, including $1.3 billion in cash, ahead of a $1 billion 2026 term loan maturity.

Nov 6, 2025, 4:00 PM

Transcript

Devon Energy reports Q3 2025 results

DVN

Earnings

Guidance Update

Share Buyback

Delivered 390,000 barrels of oil per day, reaching the top end of guidance, and achieved a 5% reduction in LOE & GP&T costs to $8.85/BOE.
Invested $859 million in capital, 5% below guidance, and realized >60% of its $1 billion business optimization target ahead of schedule.
Generated $1.04 core EPS and $820 million of free cash flow, returning $400 million to shareholders via dividends and buybacks and retiring $485 million of debt in the quarter.
Maintained strong liquidity of $4.3 billion, a cash balance of $1.3 billion, and a net debt-to-EBITDAX ratio of 0.9x as of September 30, 2025.
Provided preliminary 2026 outlook of 835–855 MBOED, $3.5–3.7 billion of capital, and breakeven funding at < $45/bbl WTI, targeting ~13% free cash flow yield at $60 WTI.

Nov 6, 2025, 4:00 PM

Presentation

Devon Energy reports Q3 2025 results

DVN

Earnings

Guidance Update

M&A

Exceeded Q3 2025 guidance on production, operating costs, and capital spend, delivering $820 million free cash flow, oil production 3,000 bbl/d above midpoint, 5% lower operating costs, 10% lower capex, returned over $400 million to shareholders, and retired $485 million of debt.
Generated $1.7 billion in operating cash flow, paid $151 million in dividends and $250 million in share buybacks; ended the quarter with $4.3 billion liquidity and net debt/EBITDA of 0.9×, advancing nearly $1 billion toward a $2.5 billion debt reduction goal.
Business optimization initiative has captured over 60% of its $1 billion target, with an expected $150 million of sustainable incremental free cash flow from a 20,000 BOE/d production uplift.
Provides preliminary 2026 guidance of ~845,000 BOE/d production (388,000 bbl/d oil), $3.5–3.7 billion in capex, $200–300 million in quarterly share repurchases, and no assumed cost inflation or deflation.
Portfolio optimization actions have added over $1 billion to NAV, including dissolving the Eagle Ford JV, selling the Matterhorn pipeline, acquiring Cotton Draw Midstream, entering premium gas marketing agreements, buying 60 net NM locations for $170 million, and benefiting from the Waterbridge IPO valued at over $400 million.

Nov 6, 2025, 4:00 PM

Transcript

Devon Energy reports Q3 2025 results

DVN

Earnings

Guidance Update

M&A

Production exceeded guidance midpoint by 3,000 bpd and operating costs fell 5% year-to-date, supporting $820 million in free cash flow in Q3 2025.
Returned over $400 million to shareholders through $151 million in dividends and $250 million in share repurchases; retired $485 million of debt, leaving net debt/EBITDA at 0.9× and liquidity of $4.3 billion.
Captured more than 60% of a $1 billion annual pre-tax free cash flow target via business optimization, with an incremental 20,000 BOE/d driving $150 million in sustainable FCF uplift.
Executed portfolio actions adding over $1 billion to NAV, including Eagle Ford JV dissolution, Matterhorn pipeline sale, full acquisition of Cotton Draw Midstream interest, and a $170 million New Mexico acreage purchase.
Provided preliminary 2026 outlook: maintain production at 845,000 BOE/d (388,000 bpd oil) with $3.5–3.7 billion capital investment, fundable below $45/WTI, and target $200–300 million quarterly share repurchases.

Nov 6, 2025, 4:00 PM

Transcript

Devon Energy reports Q3 2025 results and declares dividend

DVN

Earnings

Dividends

Share Buyback

Devon reported Q3 2025 net earnings of $687 million (GAAP) or $1.09 per diluted share, with core earnings of $656 million or $1.04 per diluted share.
Generated $1.7 billion of operating cash flow and $820 million of free cash flow, while investing $859 million of capital in the quarter.
Production averaged 853,000 Boe/d, including 390,000 bbl/d of oil, reaching the top-end of guidance.
Returned $401 million to shareholders through dividends and share repurchases, and declared a fixed quarterly cash dividend of $0.24 per share payable Dec. 30, 2025.
Achieved over 60% of its $1 billion Business Optimization target in seven months and acquired approximately 60 net locations in the Delaware Basin for $168 million.

Nov 5, 2025, 9:19 PM

8-K

Devon Energy Reports Q3 2025 Results and Declares Dividend

DVN

Earnings

Guidance Update

Dividends

Devon Energy reported third-quarter 2025 financial and operational results and declared its quarterly dividend.
Provided an updated 2025 outlook and made the earnings release, supplemental financial tables, guidance, and related presentation available on its website.
Scheduled a third-quarter conference call for Nov. 6, 2025 at 10:00 a.m. CT (11:00 a.m. ET) for analysts and investors.

Nov 5, 2025, 9:05 PM

Press Release

Devon Energy targets $1 billion cost savings and details free cash flow strategy

DVN

Share Buyback

New Projects/Investments

Devon has set a $1 billion free cash flow optimization target by year-end 2026, driven by company-wide cost reductions and a technology-focused “north star” ambition.
The firm’s proprietary ChatDVN AI platform achieved 100% employee training and reached 50% daily utilization, aiming to flip time spent from data gathering to analysis and realize roughly 3× productivity gains.
Midstream moves include a 5× return on the Matterhorn partnership exit and purchase of the remaining Cotton Draw interest—avoiding $50–$90 million in annual partner payouts from a $260 million investment.
Capital allocation priorities are to maintain and grow the base dividend, execute $200–$300 million of quarterly share buybacks, and complete a $2.5 billion debt reduction plan, with share repurchases timed counter-cyclically.
Upstream enablers feature over 800 miles of electrical distribution with microgrids and strategic water infrastructure—including pore-space acquisitions—to support decades of resource development.

Sep 3, 2025, 2:48 PM

Devon Energy outlines business optimization and capital strategy at J.P. Morgan conference

DVN

Guidance Update

Share Buyback

Devon targets $1 billion of incremental free cash flow by YE 2026 through four pillars—capital efficiency, production optimization, commercial agreements and corporate cost savings.
The company maintains a strong balance sheet, aiming to pay down $2.5 billion of debt in 2025 with ~$2.5 billion of free cash flow, prioritizing dividends and opportunistic share buybacks.
2025 capital expenditure midpoint cut to $3.8 billion to support a ~385 kbopd maintenance program, shifting efficiency gains to capital savings rather than production growth.
Emphasis on technology and AI-driven operational innovations (e.g., simul frac) to boost efficiency; views commodity volatility as headwind to consolidation but remains pro-M&A.

Jun 24, 2025, 8:35 PM

BP appoints former Devon Energy CEO David Hager to board

DVN

Board Change

David Hager, former CEO and executive chair of Devon Energy, has been appointed a non-executive director on BP’s board.
The move underpins BP’s strategic pivot back to oil and gas, driven by pressure from Elliott Management to boost valuation by focusing on core fossil fuel assets and cutting green investments.
BP plans to divest $20 billion of assets by 2027—covering stakes in solar, wind and its Gelsenkirchen refinery—and is conducting the sale of its Castrol lubricants business.
CEO Murray Auchincloss has set targets to lift oil and gas output to 2.3–2.5 million barrels of oil equivalent per day by 2030 and increase annual spending to $10 billion, 20% above prior plans.
BP shares have underperformed peers, down 10% year-to-date, highlighting investor concern over its earlier green energy focus.

May 30, 2025, 6:07 AM

Bloomberg

Earnings Transcripts

Quarterly earnings call transcripts for DEVON ENERGY CORP/DE.

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