Earnings summaries and quarterly performance for DEVON ENERGY CORP/DE.
Executive leadership at DEVON ENERGY CORP/DE.
Clay Gaspar
Detailed
President and Chief Executive Officer
CEO
DC
Dennis Cameron
Detailed
Executive Vice President and General Counsel
JR
Jeffrey Ritenour
Detailed
Executive Vice President and Chief Financial Officer
JR
John Raines
Detailed
Senior Vice President E&P Asset Management
TC
Tana Cashion
Detailed
Executive Vice President Human Resources and Administration
TH
Thomas Hellman
Detailed
Senior Vice President E&P Operations
TL
Trey Lowe
Detailed
Senior Vice President and Chief Technology Officer
Board of directors at DEVON ENERGY CORP/DE.
AF
Ann Fox
Detailed
Director
BB
Barbara Baumann
Detailed
Director
BS
Brent Smolik
Detailed
Director
GK
Gennifer Kelly
Detailed
Director
JB
John Bethancourt
Detailed
Chair of the Board
KK
Karl Kurz
Detailed
Director
KK
Kelt Kindick
Detailed
Director
MM
Michael Mears
Detailed
Director
RM
Robert Mosbacher Jr.
Detailed
Director
VW
Valerie Williams
Detailed
Director
Research analysts who have asked questions during DEVON ENERGY CORP/DE earnings calls.
AJ
Arun Jayaram
JPMorgan Chase & Co.
8 questions for DVN
Also covers: APA, AR, BKR +33 more
Neil Mehta
Goldman Sachs
8 questions for DVN
Also covers: AESI, APA, AR +36 more
PC
Paul Cheng
Scotiabank
6 questions for DVN
Also covers: APA, BP, CLNE +20 more
SG
Scott Gruber
Citigroup
6 questions for DVN
Also covers: APA, BKR, BKV +24 more
John Freeman
Raymond James Financial
5 questions for DVN
Also covers: APA, AR, CRGY +9 more
Scott Hanold
RBC Capital Markets
5 questions for DVN
Also covers: APA, CHRD, CIVI +13 more
Kevin MacCurdy
Pickering Energy Partners
4 questions for DVN
Also covers: AR, CHRD, CNX +13 more
ND
Neal Dingmann
Truist Securities
4 questions for DVN
Also covers: APA, CHRD, CIVI +33 more
Betty Jiang
Barclays
3 questions for DVN
Also covers: APA, AR, BKV +14 more
DD
David Deckelbaum
TD Cowen
3 questions for DVN
Also covers: ALB, ALTM, APA +17 more
DL
Doug Leggate
Wolfe Research
3 questions for DVN
Also covers: APA, AR, BP +21 more
Phillip Jungwirth
BMO Capital Markets
3 questions for DVN
Also covers: AR, CIVI, COP +17 more
DG
Douglas George Blyth Leggate
Wolfe Research
2 questions for DVN
Also covers: APA, BP, COP +18 more
DL
Doug Leggett
Wolfe Research
2 questions for DVN
Also covers: XOM
Kalei Akamine
Bank of America
2 questions for DVN
Also covers: COP, CRC, CRK +8 more
KA
Kaleinoheaokealaula Akamine
Bank of America
2 questions for DVN
Also covers: AR, COP, CRC +8 more
Matthew Portillo
Tudor, Pickering, Holt & Co.
2 questions for DVN
Also covers: CTRA, EXE, MRO +1 more
RR
Roger Read
Wells Fargo & Company
2 questions for DVN
Also covers: APA, AR, BP +22 more
WJ
Wei Jiang
Barclays
2 questions for DVN
Also covers: APA, AR, BKV +9 more
CM
Charles Meade
Johnson Rice & Company L.L.C.
1 question for DVN
Also covers: APA, BRY, COP +17 more
JS
Joshua Silverstein
UBS Group AG
1 question for DVN
Also covers: AR, CHRD, COP +9 more
PJ
Phillips Johnston
Capital One Securities, Inc.
1 question for DVN
Also covers: CHRD, COP, CRC +8 more
Recent press releases and 8-K filings for DVN.
E&P firms outline diversification and technology strategies at Goldman Sachs conference
DVN
New Projects/Investments
M&A
- Panelists highlighted that a diversified upstream portfolio enables dynamic capital allocation across basins as commodity prices shift, drives operational synergies (e.g., marketing, flow assurance) and stabilizes cash flows, supporting 2–4× dividend coverage from free cash flow.
- Devon Energy targets $1 billion of sustainable free cash flow by year-end, executing 80 AI-enabled workstreams to boost operational efficiency and exploring long-term opportunities aligned with core competencies.
- Ovintiv has refocused on two core basins (Montney & Permian) to leverage its operational advantage, is preparing a Mid-Con divestiture to achieve a $4 billion net debt goal, and is deploying automation and AI across D&C and operations.
- Northern Oil & Gas acquired a 49% non-operated stake in Utica upstream and midstream assets, lowering upstream unit costs from $3 to $1.80 per Mcf through integration and planning 3× volume growth over five years.
- Consensus views U.S. shale’s marginal break-even at $65–70 WTI, noting that mature basins’ plateauing productivity is currently offset by operational technology sustaining capital efficiency.
Jan 6, 2026, 8:00 PM
Shale E&P companies discuss portfolio diversification and capital efficiency
DVN
M&A
New Projects/Investments
- Panelists from Devon, Ovintiv, Coterra and Northern Oil & Gas highlighted the strategic, operational and financial benefits of a balanced oil and gas portfolio, enabling dynamic capital allocation and stable cash flows.
- Ovintiv has refocused on the Permian and Montney, planning to use proceeds from a Mid-Con sale toward a $4 billion net debt target and capturing $100 million of annual synergies from its NuVista acquisition.
- Northern Oil & Gas detailed its 49% non-operated Utica transaction, acquiring both upstream and midstream assets to grow volumes threefold over five years and reduce unit operating costs from ~$3.00 to $1.80/MCF.
- Devon set a $1 billion sustainable free cash flow target for 2026, underpinned by 80 AI-enabled workstreams that have already delivered a 60% run-rate toward that goal and promise end-to-end process redesigns.
- Coterra’s Marcellus asset delivers high free cash flow at low reinvestment rates to fund Permian growth, and the team successfully remediated Culberson’s Harkey well issues to meet 2025 oil volume guidance.
Jan 6, 2026, 8:00 PM
Panel discusses diversified shale E&P strategies and outlook at Goldman Sachs Conference
DVN
M&A
New Projects/Investments
- Panelists highlighted the benefits of diversified upstream portfolios—strategic capital allocation between gas and oil, operational cross-pollination across basins, and enhanced cash-flow stability with 2–4× dividend coverage even in soft pricing environments.
- Ovintiv has focused its portfolio on the Montney and Permian basins for long-run inventory value, with a Mid-Con divestiture process launched alongside the NuVista acquisition to hit a $4 billion net debt target.
- Northern Oil & Gas detailed a 49% non-operated stake in a Utica midstream/upstream package, enabling near-term volume growth and cost synergies by integrating water and processing assets.
- Devon aims to generate $1 billion of sustainable free cash flow through 80 AI-enabled value workstreams and is exploring long-term expansions into adjacent opportunities such as geothermal projects like Fervo.
- Discussion underscored shale’s maturity and cyclical risks, noting U.S. marginal supply costs at $65–70 WTI and that much of 2025 production gains were driven by New Mexico and offshore projects.
Jan 6, 2026, 8:00 PM
Natural Gas Services Group reports Q3 2025 results and raises 2025 guidance
DVN
Earnings
Guidance Update
Dividends
- 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
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
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
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
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
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
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
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