Devon Energy Corp

Latest Results (09.09.2025):

Devon Energy Corp. reported strong second-quarter 2025 financial results, demonstrating robust earnings, increased production, and strategic capital management. The company exceeded production guidance, generated substantial free cash flow, and continued to return value to shareholders while strengthening its financial position.

Net and Core Earnings

In Q2 2025, Devon Energy Corp. delivered net earnings of $899 million, or $1.41 per share. Adjusted for non-recurring items, the company reported core earnings of $536 million, or $0.84 per share.

Production Performance

Devon achieved production of 841,000 barrels of oil equivalent per day (Boe/d), surpassing the top end of its guidance. Oil production averaged 387,000 barrels per day, also exceeding midpoint projections.

Capital Investment and Cash Flow

The company invested $932 million in capital expenditures, which is 7% below the midpoint of its guidance range. Devon 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 of $0.24 per share and share repurchases, continuing its commitment to shareholder value.

Financial Strength

The balance sheet was strengthened with cash balances increasing by $525 million to a total of $1.8 billion. The company also reduced its net debt-to-EBITDAX ratio to 0.9 times.

Strategic Transactions

Devon completed the sale 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.

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 power pricing, enhancing portfolio diversification.

Outlook for 2025

Devon raised its full-year 2025 oil production forecast to 384,000-390,000 barrels per day and increased its total production outlook to 825,000-842,000 Boe/d. Capital guidance was revised downward to $3.6 billion-$3.8 billion, reflecting ongoing business optimization efforts.