DVN · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

DEVON ENERGY CORP/DE · 2026-11-06 · Importance 59 · Surprise 48 · From source text

For the first nine months of 2026, changes in realized prices contributed $2.5 billion to the increase in earnings, primarily due to higher unhedged realized oil and NGL prices. Combined realized price with hedges rose to $38.81 per Boe from $38.33 per Boe in the prior-year period, while unhedged realized gas prices fell to $1.34 per Mcf from $1.78. Sequentially, Q3 2026 realized prices contributed $164 million to higher earnings; the full quarter of Coterra legacy Marcellus production shifted gas mix away from the Permian and its negative Waha spot pricing in Q2. Devon reported that approximately 45% of remaining 2026 oil production and 30% of gas production were hedged at September 30, 2026.

Key facts

• Devon’s nine-month 2026 net earnings were $3.0 billion, compared with $2.1 billion for the first nine months of 2025. source
• For the first nine months of 2026 versus the same 2025 period, realized prices contributed $2.5 billion to Devon’s earnings increase, primarily from higher unhedged realized oil and NGL prices, partly offset by lower unhedged gas prices and oil hedge cash settlements. source
• From Q2 to Q3 2026, realized prices contributed $164 million to Devon’s earnings increase; higher unhedged gas prices reflected a full quarter of Coterra legacy Marcellus production and a shift away from Permian gas affected by negative Waha spot pricing in Q2, partly offset by lower unhedged oil prices. source

Impact estimates