DVN
NYSE · Energy · Oil & Gas Exploration & Production · US
Research · Nov 4, 2026
[DVN] Devon Energy: Q3 2026 Earnings Test Oil Output After Coterra Merger
Devon produced 1.36 million Boe/d with $1.7 billion of adjusted free cash flow in Q2 2026 after Coterra; Q3 earnings test whether oil hits 555,000 b/d within $1.5 billion of capex.
Research · Sep 3, 2026
[DVN] Devon Energy Thesis 2026: Coterra Merger Creates Large-Cap Diversified Oil and Gas Producer
Devon Energy Corporation FY25 revenue $17.13B (+10%); op income $3.78B (flat); NI $2.64B (-9%); EPS $4.20 (-8%). FCF $3.12B (vs -$853M FY24 — turnaround on lower capex). Capex $3.59B (-52% from $7.45B FY24). Total debt $8.78B (-5%). Q4 FCF $700M; FY oil above top of guide; opex improved; capex 4% better than guidance. Reserve replacement 193%; F&D cost just over $6/BOE. Coterra merger announced: Delaware Basin world-class combined platform >50% of total production + cash flow. Business optimization: 85% of $1B pretax run rate synergies target captured at year-end '27. Midstream / marketing / leasing portfolio rationalization delivered $1B+ value uplift to enterprise NAV. Fervo Energy 15% stake (geothermal optionality). Returned $2.2B to shareholders FY25; dividend +9% Q1 2025. Plan post-merger: dividend +31%; new $5B+ buyback authorization. Cash $1.4B; net debt/EBITDA <1x. Q1 2026 production ~830K BOE/d (~10K BOE/d weather downtime January). Risks: commodity price volatility, Coterra merger execution, Permian pipeline takeaway, capex discipline, acreage longevity, federal land permits, carbon policy, LNG demand pace, competitive landscape (CoP, EOG, Pioneer/Exxon).