NYSE: DVN
DEVON ENERGY CORP/DECIK 0001090012 · SIC 1311 · Crude Petroleum & Natural Gas
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Devon Energy reshuffles E&P leadership with three promotions, two EVP departures
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Devon Energy reports Q2 results post-Coterra merger, generates $1.7B free cash flow
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Devon Energy issues new notes under third supplemental indenture
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Devon registers 175K shares for Coterra preferred stock conversion post-merger
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Devon Energy files shelf registration for future securities offerings of unspecified size
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Devon Energy files pro forma financials showing combined results from merger
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Devon Energy acquires 16,300 acres in Delaware Basin for $2.6 billion
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Devon Energy completes + merger with Coterra, doubles authorized shares to 2B
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revenue $3.81B, net income $120.0M. Devon-Coterra merger targets synergies; Q1 core earnings fall 14% on lower prices
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Devon Energy reports Q1 2026 earnings with updated guidance and hedging positions
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Latest financial statements
From 10-Q filed Aug 5, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Comprehensive Earnings
| Description | Three months ended June 30, 2026 (unaudited) | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Oil, gas and NGL sales | 5,106 | 2,710 | 8,083 | 5,836 |
| Oil, gas and NGL derivatives | 414 | 236 | (287) | 138 |
| Marketing and midstream revenues | 1,897 | 1,338 | 3,428 | 2,762 |
| Total revenues | 7,417 | 4,284 | 11,224 | 8,736 |
| Production expenses | 1,393 | 899 | 2,287 | 1,811 |
| Exploration expenses | 16 | 20 | 41 | 30 |
| Marketing and midstream expenses | 1,874 | 1,357 | 3,421 | 2,793 |
| Depreciation, depletion and amortization | 1,416 | 914 | 2,320 | 1,826 |
| Asset impairments | — | — | — | 254 |
| Asset dispositions | (25) | (307) | (24) | (305) |
| General and administrative expenses | 175 | 113 | 300 | 243 |
| Financing costs, net | 125 | 116 | 234 | 239 |
| Restructuring and transaction costs | 246 | 9 | 265 | 27 |
| Other, net | (187) | 2 | (170) | 11 |
| Total expenses | 5,033 | 3,123 | 8,674 | 6,929 |
| Earnings before income taxes | 2,384 | 1,161 | 2,550 | 1,807 |
| Income tax expense | 473 | 244 | 519 | 381 |
| Net earnings | 1,911 | 917 | 2,031 | 1,426 |
| Net earnings attributable to noncontrolling interests | — | 18 | — | 33 |
| Net earnings attributable to Devon | 1,911 | 899 | 2,031 | 1,393 |
| Net earnings per share: | ||||
| Basic net earnings per share | 2.04 | 1.42 | 2.61 | 2.18 |
| Diluted net earnings per share | 2.03 | 1.41 | 2.60 | 2.17 |
| Comprehensive earnings: | ||||
| Net earnings | 1,911 | 917 | 2,031 | 1,426 |
| Other comprehensive earnings, net of tax: | ||||
| Pension and postretirement plans | 1 | 1 | 2 | 2 |
| Other comprehensive earnings, net of tax | 1 | 1 | 2 | 2 |
| Comprehensive earnings: | 1,912 | 918 | 2,033 | 1,428 |
| Comprehensive earnings attributable to noncontrolling interests | — | 18 | — | 33 |
| Comprehensive earnings attributable to Devon | 1,912 | 900 | 2,033 | 1,395 |
Consolidated Balance Sheets
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash, cash equivalents and restricted cash | 1,009 | 1,434 |
| Accounts receivable | 3,162 | 1,792 |
| Inventory | 356 | 336 |
| Other current assets | 522 | 444 |
| Total current assets | 5,049 | 4,006 |
| Oil and gas property and equipment, based on successful efforts accounting, net | 60,899 | 23,731 |
| Other property and equipment, net | 2,199 | 1,688 |
| Total property and equipment, net | 63,098 | 25,419 |
| Goodwill | 753 | 753 |
| Right-of-use assets | 509 | 299 |
| Investments | 992 | 727 |
| Other long-term assets | 492 | 395 |
| Total assets | 70,893 | 31,599 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 1,626 | 790 |
| Revenues and royalties payable | 2,451 | 1,491 |
| Short-term debt | 1,497 | 998 |
| Income taxes payable | 414 | 152 |
| Other current liabilities | 1,052 | 655 |
| Total current liabilities | 7,040 | 4,086 |
| Long-term debt | 9,891 | 7,391 |
| Lease liabilities | 356 | 197 |
| Asset retirement obligations | 1,169 | 863 |
| Other long-term liabilities | 1,043 | 907 |
| Deferred income taxes | 9,647 | 2,627 |
| Commitments and contingencies (Note 18) | ||
| Stockholders’ equity: | ||
| Common stock, $0.10 par value. Authorized 2.0 billion shares; issued 1,150 million and 622 million shares in 2026 and 2025, respectively | 115 | 62 |
| Additional paid-in capital | 30,045 | 5,388 |
| Retained earnings | 11,712 | 10,200 |
| Accumulated other comprehensive loss | (120) | (122) |
| Treasury stock, at cost, 0.1 million shares in 2026 | (5) | — |
| Total stockholders’ equity | 41,747 | 15,528 |
| Total liabilities and equity | 70,893 | 31,599 |
Consolidated Statements of Cash Flows
| Description | Three months ended June 30, 2026 (unaudited) | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net earnings | 1,911 | 917 | 2,031 | 1,426 |
| Adjustments to reconcile net earnings to net cash from operating activities: | ||||
| Depreciation, depletion and amortization | 1,416 | 914 | 2,320 | 1,826 |
| Asset impairments | — | — | — | 254 |
| Leasehold impairments | 9 | 7 | 12 | 12 |
| Accretion of liabilities | 7 | 3 | 11 | 9 |
| Total (gains) losses on commodity derivatives | (414) | (236) | 287 | (138) |
| Cash settlements on commodity derivatives | (116) | 67 | (173) | 57 |
| Gains on asset dispositions | (25) | (307) | (24) | (305) |
| Deferred income tax expense | 95 | 18 | 329 | 59 |
| Share-based compensation | 71 | 23 | 93 | 53 |
| Other | (204) | 5 | (182) | (17) |
| Changes in assets and liabilities, net | 924 | 134 | 625 | 251 |
| Net cash from operating activities | 3,674 | 1,545 | 5,329 | 3,487 |
| Cash flows from investing activities: | ||||
| Cash acquired in Merger | 581 | — | 581 | — |
| Capital expenditures | (1,318) | (956) | (2,157) | (1,890) |
| Acquisitions of property and equipment | (2,729) | (16) | (2,919) | (24) |
| Divestitures of property, equipment and investments | 88 | 372 | 90 | 505 |
| Distributions from investments | 13 | 11 | 22 | 20 |
| Contributions to investments and other | (10) | (8) | (12) | (10) |
| Net cash from investing activities | (3,375) | (597) | (4,395) | (1,399) |
| Cash flows from financing activities: | ||||
| Repayments of long-term debt | (500) | — | (500) | — |
| Repurchases of common stock | (197) | (249) | (266) | (550) |
| Dividends paid on common stock | (366) | (156) | (521) | (319) |
| Contributions from noncontrolling interests | — | — | — | 14 |
| Distributions to noncontrolling interests | — | (14) | — | (23) |
| Repayment of finance leases | (2) | — | (5) | (274) |
| Shares exchanged for tax withholdings and other | (44) | (5) | (71) | (24) |
| Net cash from financing activities | (1,109) | (424) | (1,363) | (1,176) |
| Effect of exchange rate changes on cash | 4 | 1 | 4 | 1 |
| Net change in cash, cash equivalents and restricted cash | (806) | 525 | (425) | 913 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,815 | 1,234 | 1,434 | 846 |
| Cash, cash equivalents and restricted cash at end of period | 1,009 | 1,759 | 1,009 | 1,759 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||||
| Cash and cash equivalents | 950 | 1,713 | 950 | 1,713 |
| Restricted cash | 59 | 46 | 59 | 46 |
| Total cash, cash equivalents and restricted cash | 1,009 | 1,759 | 1,009 | 1,759 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗