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DEVON ENERGY CORP/DEDVN

Sector
Energy
Industry
Crude Petroleum & Natural Gas
Exchange
NYSE

Stock Price $DVN

Latest filings

You are here#22 of 25 in Energy by market cap

Filing record · 2016–202610-K1210-Q328-K123

DVN filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 123 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $17.19B
YoY changeLargest recent move+152.8%in FY21Latest +7.8%

1 older move runs past ±150% (largest +152.8%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All DVN Financial Metrics59 metrics

Income Statement15

Balance Sheet24

Cash Flow15

Per Share5

02—Overview

DEVON ENERGY CORP/DE Financial Overview 2021–2025

Updated Aug 15, 2026

Devon Energy expanded its production volumes by 14% in FY2025, a jump that proves its $5.0 billiona acquisition of Grayson Mill successfully insulated operating cash flows against declining commodity prices. The company operates as a disciplined consolidator, pairing inorganic growth across the Delaware and Williston basins with a strictly enforced capital return framework.

This M&A strategy transformed the company’s financial baseline, as operating cash flow grew from $4.9 billion in FY2021 to $6.7 billionb in FY2025. Devon aggressively distributed this cash through a fixed-plus-variable payout model, returning $2.0 billion to investors in FY2024 and another $1.7 billion in FY2025, which included $1.1 billion in share repurchases. Even while integrating regional assets and initiating an all-stock merger with Coterra Energy—a deal expected to unlock $1.0 billion in annual synergies—management preserved balance sheet flexibility, ending FY2025 with $4.4 billion in total liquidity. The market valued this expanding operational footprint at a multiple of just 8.8x earnings, with the stock closing at $36.63 at the end of FY2025.

Recent Developments (Q1 and Q2 2026)

Devon completed its Coterra Energy merger in Q2 2026, restructuring its leadership by appointing Shannon E. Young III as CFO. The company expanded its core footprint by acquiring 16,300 net acres in the Delaware Basin for $2.6 billionc. Performance fluctuated early in the year. Q1 2026 revenue fell to $3.81 billion from $4.45 billion in Q1 2025, pushing net earnings down to $120 million from $494 million. Revenue and earnings rebounded through the end of Q2 2026 due to added production volumes. The company also retired $500 million in debt during this period.

Bulls see sustained cash flow upside from the combined asset base, noting the stock traded at 10.1x earnings as of August 5, 2026. Bears warn that lower natural gas index prices and expanding regional differentials could squeeze margins.

What to watch: progress integrating Coterra operations; Henry Hub natural gas pricing.

03—Filings

Recent SEC Filings

  1. 8-KDEVON ENERGY CORP/DE 8-K Report, Regulation FD Disclosure (Oct 8, 2026)Devon Energy (NYSE: DVN) announced an 8-K filing on October 8, 2026, disclosing that its wholly-owned subsidiary, Devon Energy Production Company, L.P., has entered into a Purchase and Sale Agreement to sell its Eagle Ford assets in South Texas to Crescent Energy (through Crescent (Eagle Ford) LLC) for $4.2 billion in cash, subject to customary purchase price adjustments. The assets comprise roughly 90,000 net acres across Karnes, DeWitt, and Gonzales Counties and represent approximately 4% of Devon's total BOE production. The purchase price adjustments reflect a July 1, 2026 effective date, and closing is expected in the fourth quarter of 2026 or early 2027, subject to HSR antitrust clearance and other customary conditions. Management characterizes the sale as a portfolio high-grading move, stating the price fully reflects the value of Eagle Ford production and inventory and is accretive to free cash flow and net asset value per share. Management also says it lengthens Devon's inventory life, lowers the corporate breakeven, and reduces the corporate base production decline rate. After-tax proceeds are earmarked for accelerated share repurchases and debt reduction. CEO Clay Gaspar said the price exceeded the company's internal hold case, including potential strategic upside. Investors should note that the filing is a signing announcement, not a closed transaction, and that the company has not yet quantified the impact on its outlook, which it will provide with third-quarter 2026 results on November 5, 2026. The buyback and debt reduction benefits depend on closing, the ultimate after-tax proceeds, and commodity price conditions. The press release and related disclosures are furnished under Item 7.01 and are not deemed filed under Section 18 of the Exchange Act.
  2. 8-KDEVON ENERGY CORP/DE 8-K Report, Executive Changes (Aug 27, 2026)Devon Energy Corporation (DVN) has filed an 8-K report detailing adjustments to CEO Clay M. Gaspar's compensation. Effective retroactively from May 7, 2026, Mr. Gaspar's base salary has been increased to an annualized rate of $1,500,000. This adjustment aligns with benchmarking data and follows a recommendation from the Compensation Committee's executive compensation consultant, occurring after the company's merger with Coterra Energy Inc. In addition to the base salary increase, Mr. Gaspar will receive an award of restricted stock valued at $2,700,000, based on the September 10, 2026 grant date closing price. This long-term incentive award, granted under the 2022 Long-Term Incentive Plan, will vest in three equal annual installments starting from the grant date. These compensation changes reflect the Compensation Committee's consideration of market data and aim to retain and incentivize key executive leadership post-merger.
  3. 8-KDEVON ENERGY CORP/DE 8-K Report, Executive Changes (Aug 20, 2026)Devon Energy Corporation (DVN) has announced a significant restructuring of its Exploration & Production (E&P) leadership team, effective August 20, 2026. This filing details the appointments of Tom Hellman and Robert (Trey) Lowe III to new Executive Vice President, E&P roles, overseeing key operational regions. Additionally, Kevin Smith has been appointed as the new Executive Vice President and Chief Technology Officer. These moves appear to be part of an internal realignment to leverage existing talent within the company for critical operational and technological leadership.
  4. 8-KDEVON ENERGY CORP/DE 8-K Report, Financial Results (Aug 4, 2026)Devon Energy's second-quarter 2026 results, filed under Item 2.02 on August 4, 2026, are the first full quarter after its merger with Coterra Energy, which closed May 7, 2026. Reported net earnings were $1.9 billion, or $2.03 per diluted share, and core (non-GAAP) earnings were $1.57 per diluted share. Oil production averaged 503 thousand barrels per day, at the top of guidance, and total output reached 1,359 thousand Boe per day. Operating cash flow was $3.7 billion, and adjusted free cash flow was $1.7 billion after excluding $174 million of after-tax restructuring costs. Results were supported by strong oil realizations of $88.09 per barrel including hedges, while natural gas realizations were weighed down by Waha basis pressure in the Delaware Basin. The balance sheet grew substantially with the merger and a $2.6 billion New Mexico federal lease acquisition. Total debt was $11.4 billion and net debt was $10.4 billion, or about 1.2x net debt-to-EBITDAX, up from 0.9x in the first quarter. Devon raised its quarterly fixed dividend 33% to $0.32 per share, repurchased $197 million of stock under a new $8.0 billion authorization, and retired $500 million of debt, including the remaining $750 million term loan in July. Management reaffirmed full-year 2026 guidance and said at least $1.0 billion of run-rate pre-tax synergies are on track by year-end 2027. It also disclosed a comprehensive asset-by-asset portfolio review, which could lead to divestitures. For investors, the key questions are how quickly synergies and the portfolio review translate into free cash flow per share, and whether the company can keep returning capital while deleveraging after the acquisition-driven increase in debt. Third-quarter guidance calls for 1,660 to 1,690 thousand Boe per day and capital spending of $1.4 to $1.5 billion. The 8-K itself is a furnishing of earnings materials, not a filed report on the merger, so the figures above come from management's own non-GAAP presentation and should be read alongside the full 10-Q.
  5. 8-KDEVON ENERGY CORP/DE 8-K Report, Shareholder Vote Results (Jun 30, 2026)Devon Energy's 8-K reports the results of its 2026 Annual Meeting of Stockholders, held June 30, 2026. Holders of 1,153,403,107 shares as of the May 18, 2026 record date were eligible to vote. All eleven board nominees were re-elected to one-year terms, KPMG LLP was ratified as independent auditor for 2026, and the advisory say-on-pay proposal was approved. The filing contains no financial results, guidance, or operational updates, so its significance is governance and shareholder sentiment rather than near-term financial performance. Shareholder support was broadly strong. Among the director votes, Kelt Kindick drew the lowest support, with about 91.8% of votes cast in favor (815,995,379 for versus 73,383,640 withheld). The other ten nominees each received roughly 96% to 99% support. Ratification of KPMG passed with about 94.8% of votes cast in favor (946,932,753 for versus 50,581,882 against and 855,982 abstaining). Say-on-pay passed with about 94.7% of votes cast in favor (842,136,244 for versus 45,324,326 against and 1,918,449 abstaining), a level generally considered a solid endorsement of executive pay practices. Turnout was high. About 998.4 million shares, roughly 86.6% of shares outstanding, were represented on the auditor and director items. The 108,991,598 broker non-votes on the director and say-on-pay items, which are typically shares held in street name without voting instructions, are the same across those two proposals and reflect the mechanics of the ballot rather than investor opposition. Investors should look to Devon's quarterly earnings and other filings for financial performance.
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04—See also

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