DVN · 10-Q · 2026Q2 · Full report

Oil and Gas Price Sensitivity

DEVON ENERGY CORP/DE · 2026-08-05 · Importance 69 · Surprise 56 · Matches filing data

Second-quarter realized price with hedges increased to $40.36 per Boe from $38.94 in the first quarter, contributing $918 million to the sequential earnings increase. Hedged oil realization rose to $88.09 per barrel from $67.94, while hedged gas realization fell 38% to $1.05 per Mcf because of lower Henry Hub prices and wider Permian differentials. Six-month realized price with hedges increased to $39.82 per Boe from $39.31, and higher unhedged oil and NGL prices contributed $1.0 billion to the year-over-year earnings increase. Devon had hedged approximately 30% of anticipated 2026 oil production and 25% of anticipated 2026 gas production at June 30, 2026.

Key facts

• From Q1 2026 to Q2 2026 realized prices contributed to a $918 million increase in earnings. source
• From the six months ended June 30, 2025 to June 30, 2026, realized prices contributed to a $1.0 billion increase in earnings. source
• We currently have approximately 30% of remaining anticipated 2026 oil production hedged and approximately 25% of remaining anticipated 2026 gas production hedged. source
• For 2027, Devon currently has approximately 15% of anticipated oil production hedged and approximately 10% of anticipated gas production hedged. source
• Oil hedge cash settlements for Q2 2026 were $(321) million and total cash settlements were $(116) million. source
• Realized unhedged oil price in Q2 2026 was $95.10 per Bbl and WTI index was $92.47 per Bbl. source
• Realized oil price with hedges in Q2 2026 was $88.09 per Bbl after cash settlements of $(7.01). source
• Henry Hub index for gas was $2.90 per Mcf in Q2 2026 and realized unhedged gas price was $0.35 per Mcf. source

Impact estimates