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Devon Energy Corporation is a leading independent oil and natural gas exploration and production company with operations focused onshore in the United States, particularly in five core areas: the Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin, and Powder River Basin . The company's asset base is underpinned by premium acreage in the Delaware Basin, which is a significant contributor to their operations . Devon's business strategy emphasizes delivering competitive shareholder returns through sustainable, capital-efficient cash flow growth, with a focus on maintaining financial strength and flexibility . Devon sells oil, natural gas, and natural gas liquids (NGLs), and also generates marketing and midstream revenues .
- Oil - Engages in the exploration, production, and sale of oil, which is a major contributor to the company's revenue.
- Natural Gas - Involves the extraction and sale of natural gas, providing a significant portion of the company's diversified commodity mix.
- Natural Gas Liquids (NGLs) - Produces and sells natural gas liquids, contributing to the company's balanced exposure to energy markets.
- Marketing and Midstream - Generates additional revenue through marketing and midstream operations, supporting the company's core exploration and production activities.
Revenue by Segment - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oil | 2,253 | 8,879 | 2,189 | 2,413 | 2,273 | 2,493 | 9,368 | 2,414 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas | 179 | 703 | 128 | 57 | 49 | 164 | 398 | 309 | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL | 305 | 1,209 | 312 | 326 | 343 | 429 | 1,410 | 403 | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and Midstream | 1,084 | 4,349 | 1,112 | 1,098 | 1,132 | 1,401 | 4,743 | 1,424 | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil, Gas and NGL Sales | - | - | - | - | - | - | 11,176 | 3,126 | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil, Gas and NGL Derivatives | - | - | - | - | - | - | 21 | (98) | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Segment | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Canada Segment | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
EnLink Segment | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
- Gains on Asset Sales | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Eliminations | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | 3,821 | 15,140 | 3,741 | 3,894 | 4,024 | 4,281 | 15,940 | 4,452 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Geography - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
U.S. | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
- Oil Revenue | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
- Gas Revenue | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
- NGL Revenue | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Canada | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
EnLink | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue | - | 15,140 | - | - | - | - | 15,940 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
KPIs - Metric (Unit, Scale) | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
Field-level cash margin for Delaware Basin (USD millions) | - | 5,359 | 1,275 | 1,346 | 1,317 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Delaware Basin (USD per BOE) | - | 34.38 | 32.06 | 32.12 | 29.38 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin for Eagle Ford (USD millions) | - | 1,074 | 266 | 303 | 273 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Eagle Ford (USD per BOE) | - | 41.71 | 41.82 | 42.15 | 39.51 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin for Anadarko Basin (USD millions) | - | 508 | 98 | 119 | 112 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Anadarko Basin (USD per BOE) | - | 16.94 | 14.64 | 15.48 | 14.82 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin for Williston Basin (USD millions) | - | 586 | 164 | 160 | 117 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Williston Basin (USD per BOE) | - | 29.43 | 29.74 | 28.62 | 21.16 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin for Powder River Basin (USD millions) | - | 277 | 60 | 65 | 68 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Powder River Basin (USD per BOE) | - | 40.16 | 36.00 | 39.44 | 38.88 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin for Other (USD millions) | - | 59 | 15 | 15 | 15 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Field-level cash margin per BOE for Other (Not meaningful) | - | N/M | N/M | N/M | N/M | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total field-level cash margin (USD millions) | - | 7,863 | 1,878 | 2,008 | 1,902 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total field-level cash margin per BOE (USD per BOE) | - | 32.76 | 31.09 | 31.19 | 28.41 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Delaware Basin (MBbls/d) | - | 211 | 208 | 221 | 227 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Eagle Ford (MBbls/d) | - | 42 | 43 | 46 | 44 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Anadarko Basin (MBbls/d) | - | 14 | 11 | 14 | 13 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Williston Basin (MBbls/d) | - | 36 | 40 | 37 | 34 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Powder River Basin (MBbls/d) | - | 14 | 13 | 13 | 14 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil production in Other (MBbls/d) | - | 3 | 4 | 4 | 3 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total oil production (MBbls/d) | - | 320 | 319 | 335 | 335 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas production in Delaware Basin (MMcf/d) | - | 657 | 695 | 712 | 764 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas production in Eagle Ford (MMcf/d) | - | 82 | 79 | 92 | 93 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas production in Anadarko Basin (MMcf/d) | - | 238 | 223 | 244 | 241 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas production in Williston Basin (MMcf/d) | - | 58 | 63 | 71 | 77 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas production in Powder River Basin (MMcf/d) | - | 18 | 18 | 18 | 19 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total gas production (MMcf/d) | - | 1,054 | 1,079 | 1,137 | 1,194 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL production in Delaware Basin (MBbls/d) | - | 107 | 113 | 121 | 134 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL production in Eagle Ford (MBbls/d) | - | 15 | 14 | 17 | 16 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL production in Anadarko Basin (MBbls/d) | - | 28 | 26 | 30 | 29 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL production in Williston Basin (MBbls/d) | - | 9 | 10 | 12 | 13 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL production in Powder River Basin (MBbls/d) | - | - | 2 | 2 | 2 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total NGL production (MBbls/d) | - | 162 | 165 | 182 | 194 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Delaware Basin (MBoe/d) | - | 427 | 437 | 461 | 488 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Eagle Ford (MBoe/d) | - | 71 | 70 | 79 | 75 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Anadarko Basin (MBoe/d) | - | 82 | 74 | 84 | 82 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Williston Basin (MBoe/d) | - | 54 | 61 | 61 | 60 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Powder River Basin (MBoe/d) | - | 19 | 18 | 18 | 19 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined production in Other (MBoe/d) | - | 5 | 4 | 4 | 4 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Total combined production (MBoe/d) | - | 658 | 664 | 707 | 728 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil realized price, unhedged (USD per Bbl) | - | 75.98 | 75.40 | 79.10 | 73.74 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil realized price, with hedges (USD per Bbl) | - | 75.70 | 75.15 | 78.95 | 74.26 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas realized price, unhedged (USD per Mcf) | - | 1.83 | 1.30 | 0.55 | 0.45 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas realized price, with hedges (USD per Mcf) | - | 2.03 | 1.62 | 1.10 | 0.84 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL realized price, unhedged (USD per Bbl) | - | 20.48 | 20.81 | 19.60 | 19.25 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
NGL realized price, with hedges (USD per Bbl) | - | 20.48 | 20.73 | 19.71 | 19.36 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined realized price, unhedged (USD per Boe) | - | 44.96 | 43.52 | 43.44 | 39.80 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined realized price, with hedges (USD per Boe) | - | 45.15 | 43.91 | 44.29 | 40.71 | - | - | - |
Name | Position | External Roles | Short Bio | |
---|---|---|---|---|
Richard E. Muncrief ExecutiveBoard | President and CEO | Board Member at Williams Companies, Inc.; Board Member and Executive Committee Member at API; Board Member at American Exploration & Production Council. | Joined DVN in January 2021 after the merger with WPX Energy; retiring effective March 1, 2025. | |
Clay M. Gaspar Executive | EVP and COO (Incoming CEO as of 3/1/25) | None | Joined DVN in January 2021 after the merger with WPX Energy; oversees operations, ESG, and field functions; will succeed Muncrief as CEO on March 1, 2025. | |
Dennis C. Cameron Executive | EVP and General Counsel | None | Joined DVN in January 2021 after the merger with WPX Energy; oversees legal, public, and government affairs. | |
Jeffrey L. Ritenour Executive | EVP and CFO | None | Joined DVN in an unspecified year; oversees financial operations; continues to certify financial filings as of November 2024. | |
John D. Raines Executive | SVP, E&P Asset Management | None | Joined DVN in 2005; oversees asset management; previously VP of Delaware Basin Business Unit. | |
Tana K. Cashion Executive | EVP of HR and Administration | None | Joined DVN in 2005; oversees HR, security, facilities, and corporate services; appointed EVP in February 2022. | |
Thomas J. Hellman Executive | SVP, E&P Operations | None | Joined DVN in January 2025; oversees drilling, completions, supply chain, and EHS; previously held leadership roles at Marathon Oil and WPX Energy. | |
Ann G. Fox Board | Director | President and CEO of Nine Energy Service, Inc.; Board Member at API, Baker Institute, and Groton School. | Joined DVN's board in June 2019; extensive experience in energy and capital markets; former Marine Corps officer. | |
Barbara M. Baumann Board | Chair of the Board | President of Cross Creek Energy Corporation; Board Member at National Fuel Gas Company; Vice Chair of Putnam Mutual Funds; Senior Advisor at First Reserve Corporation. | Joined DVN's board in January 2014; became Chair in January 2023; extensive experience in energy and finance. | |
Gennifer F. Kelly Board | Director | Director at Delek Logistics Partners, LP; Member of Lone Star College Foundation Audit Committee. | Joined DVN's board in January 2023; 25 years of oil and gas industry experience in upstream and midstream sectors. | |
John E. Bethancourt Board | Director | None | Joined DVN's board in January 2014; Chair of the Reserves Committee; extensive experience in energy operations and governance. | |
John Krenicki Jr. Board | Director | Vice Chairman at Clayton, Dubilier & Rice, LLC; Non-Executive Chairman at Brand Industrial Holdings, Artera Services, Wilsonart International, and Cornerstone Building Brands. | Joined DVN's board in June 2018; former Vice Chairman of General Electric Co.. | |
Karl F. Kurz Board | Director | Non-Executive Chairman at American Water Works Company, Inc.; Board Member at Texas Pacific Land Corporation and Royal Helium Ltd.. | Joined DVN's board in January 2021 after the merger with WPX Energy; extensive energy industry experience. | |
Kelt Kindick Board | Director | Advisory Partner at Bain & Company, Inc.. | Joined DVN's board in January 2021 after the merger with WPX Energy; served as Lead Director from 2021 to 2023. | |
Michael N. Mears Board | Director | Board Member at Sempra Energy (Chair of Corporate Governance Committee). | Joined DVN's board in January 2023; former Chairman, President, and CEO of Magellan Midstream Partners. | |
Valerie M. Williams Board | Director | Board Member at Omnicom Group, Inc. and DTE Energy; Independent Trustee at Franklin Templeton Funds. | Joined DVN's board in January 2021; Chair of the Audit Committee; extensive audit and public accounting experience. |
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Given the current $8 billion of debt and a backward-dated oil curve, how do you justify prioritizing shareholder returns through buybacks and dividends over accelerating debt reduction, especially considering the uncertainty in oil prices?
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With the acquisition of Grayson Mill at a higher oil price of around $75-$76 per barrel, how has the lower current commodity price environment impacted your view of the asset's forward free cash flow and overall value, and do you still believe this was the right strategic investment?
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Considering the efficiency gains from larger projects like the 21-well pad, what limitations prevent you from replicating these large-scale developments across your portfolio, and how do you plan to overcome challenges such as limited undeveloped areas to further enhance productivity and cost savings?
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Given that some peers pursue transformational M&A while others focus on bolt-on acquisitions, can you elaborate on your M&A strategy and explain whether you plan to target smaller tuck-in deals or larger, more transformative transactions in the current market environment?
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Regarding the midstream assets acquired with Grayson Mill, have you considered divesting these assets to accelerate debt reduction, and what factors influence your decision to retain or monetize these midstream holdings, especially in light of your debt reduction goals?
Notable M&A activity and strategic investments in the past 3 years.
Company | Year | Details |
---|---|---|
Grayson Mill Energy Williston Basin Business | 2024 | Deal Value: Approximately $5.0 billion in total, comprising $3.5 billion in cash and 37.3 million shares of Devon common stock at $38.96 per share, with funding secured via senior notes and a term loan. The acquisition adds 307,000 net acres, 500 undrilled locations, and 300 high-quality refrac candidates, strategically increasing production by about 100,000 Boe/d (55% oil) and integrating with the Rockies business unit starting Q4 2024. |
Eagle Ford | 2022 | Deal Value: Completed for approximately $1.7 billion in cash. The acquisition secured producing properties and leasehold interests with about 88 MMBoe of proved reserves, adding 500 drilling locations and expecting an incremental production of 35 MBoe/d in Q4 2022, with an additional $120 million in incremental capital requirements. |
Williston Basin | 2022 | Deal Value: Acquired for approximately $830 million in cash, covering producing properties and leasehold interests with 66 MMBoe of proved reserves. The deal added a contiguous position of 38,000 net acres and boosted production from 45 MBoe/d to 55 MBoe/d in Q3 2022, with an expected rise to 65 MBoe/d by year end, supporting Devon’s strategy to enhance its core position and production. |
Recent press releases and 8-K filings for DVN.
- Robust operating performance: Q1 2025 saw oil production averaging 388,000 barrels/day and $1.0 billion in free cash flow, facilitating significant shareholder returns via dividends and share repurchases .
- Disciplined capital spending: Operating expenditures came in 5% under midpoint guidance .
- Strategic business optimization: Initiatives include cutting 2025 full-year capital by $100 million and targeting $1 billion annual free cash flow improvements by 2026 .
- Operational efficiency & technology investments: The company is advancing measures like higher simul-frac adoption, improved drilling speeds, real‐time analytics, and AI integration to lower operating costs .
- Enhanced liquidity: A cash balance increase of $388 million to $1.2 billion was achieved, bolstered by strategic asset sales such as the Matterhorn pipeline interest for approximately $375 million .