DEVON ENERGY CORP/DEDVN
DEVON ENERGY CORP/DE Financial Overview 2021–2025
Updated Aug 15, 2026Devon Energy expanded its production volumes by 14% in FY2025, a jump that proves its $5.0 billion 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 billion 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 billion. 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.
Rev
$17.19B
FY2025
NI
$2.64B
FY2025
EPS
$4.18
FY2025
OCF
$6.71B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All DVN Financial Metrics(59)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- NCI
- Total L&E
Cash Flow
Recent SEC Filings
DEVON 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.
DEVON 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.
DEVON ENERGY CORP/DE 8-K Report, Financial Results (Aug 4, 2026)
Devon Energy Corporation (DVN) announced its second quarter 2026 financial and operational results on August 4, 2026, via an 8-K filing. While the filing itself is brief, it directs investors to the comprehensive earnings release (Exhibit 99.1) and supplemental financial information (Exhibit 99.2) for detailed performance metrics. These exhibits, accessible on the company's website, are crucial for understanding the company's operational achievements, financial condition, and forward-looking guidance for the period ended June 30, 2026. Investors should pay close attention to the information within the furnished exhibits, as they contain the substantive details of the company's performance, including updated guidance and hedging strategies. The 8-K serves as notification of the availability of this information and does not contain the results directly. Therefore, a thorough review of the linked earnings release and supplemental data is essential for a complete understanding of DVN's recent performance and outlook.
DEVON ENERGY CORP/DE 8-K Report, Shareholder Vote Results (Jun 30, 2026)
Devon Energy Corporation (DVN) has filed an 8-K detailing the results of its 2026 Annual Meeting of Stockholders held on June 30, 2026. The meeting primarily focused on routine corporate governance matters, including the election of directors, ratification of the independent auditor, and an advisory vote on executive compensation. All proposals presented to shareholders received strong approval, indicating continued investor confidence in the company's current leadership and financial oversight. Key outcomes include the overwhelming election of all eleven director nominees for one-year terms and the ratification of KPMG LLP as the independent auditor for 2026. Furthermore, stockholders provided an advisory vote of approval for the compensation of the company's named executive officers. These results suggest a stable operational and governance environment for Devon Energy as it moves forward.
DEVON ENERGY CORP/DE 8-K Report, Material Agreement (Jun 25, 2026)
Devon Energy Corporation (DVN) has completed the settlement of its exchange offers for Coterra Energy Inc. notes on June 25, 2026. This transaction involved existing Coterra notes being exchanged for new Devon Energy notes and cash. A significant portion of the existing Coterra notes, across various series and maturities, were tendered and accepted, reducing the outstanding principal amounts of these Coterra-issued obligations. In conjunction with the exchange, Devon issued new senior notes across several maturities (2027, 2029, 2034, 2035, and 2055) with varying interest rates. These new Devon notes are general unsecured obligations of the company. The company also entered into a registration rights agreement to facilitate the exchange of these new notes for registered notes, with provisions for additional interest if certain conditions are not met within 450 days. This move aims to streamline Devon's debt structure and potentially reduce complexity for investors.
View all 8-K filings →