Devon Energy Corp

Latest Results (26.10.2025):

Devon Energy Corp. reported strong second-quarter 2025 financial results, exceeding production guidance and demonstrating disciplined capital allocation. The company achieved significant earnings, robust cash flow, and enhanced its balance sheet, while continuing to return capital to shareholders.

Net and Core Earnings

Devon Energy Corp. delivered $899 million in net earnings, or $1.41 per share, and $536 million in core earnings, or $0.84 per share, for the second quarter of 2025.

Production Performance

The company achieved an average production of 841,000 barrels of oil equivalent (Boe) per day, surpassing the top end of its guidance. Oil production averaged 387,000 barrels per day, exceeding the midpoint of expectations.

Capital Investment and Cash Flow

Devon invested $932 million in capital, which is 7% below the midpoint guidance. The company generated $1.5 billion in operating cash flow and $589 million in free cash flow during the quarter.

Shareholder Returns

Devon returned $405 million to shareholders through a fixed quarterly dividend and share repurchases. The company repurchased 7.9 million shares for $249 million in the second quarter as part of its ongoing $5.0 billion share repurchase program.

Balance Sheet Strength

The company's cash balances increased by $525 million, reaching a total of $1.8 billion. Devon ended the quarter with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 0.9 times.

Strategic Transactions

Devon closed the divestiture of its equity interest in the Matterhorn Pipeline for $372 million and acquired the remaining noncontrolling interests in Cotton Draw Midstream for $260 million, optimizing its midstream portfolio and enhancing long-term value.

Marketing Agreements

The company announced two new marketing agreements: a 10-year LNG export contract with international pricing exposure and a seven-year Permian gas sale tied to ERCOT West power pricing. These agreements enhance Devon's portfolio diversification.