DVN · 10-Q · 2026Q3 · Full report

Outstanding Indebtedness

DEVON ENERGY CORP/DE · 2026-11-06 · Importance 46 · Surprise 42 · In source text

Devon retired $1.25 billion of debt during the first nine months of 2026, including repayment of its $1.0 billion Term Loan, and retired $750 million in Q3. After these repayments, no debt maturities were outstanding until Q2 2027, and Devon expected annual cash net financing costs to decline by approximately $60 million. The company had assumed approximately $3.5 billion of Coterra principal debt at the May 7 merger closing. At September 30, Devon had approximately $3.0 billion of available borrowing capacity, no commercial-paper borrowings and was in compliance with its credit-facility covenant; its ratings were BBB+ from S&P, BBB+ from Fitch and Baa2 from Moody’s.

Key facts

• Devon assumed approximately $3.5 billion principal value of Coterra debt when the merger closed on May 7, 2026. source
• Devon retired $1.25 billion of debt in the first nine months of 2026, including repayment of the $1.0 billion Term Loan. source
• After its first-nine-months 2026 debt repayments, Devon had no outstanding debt maturities until Q2 2027 and expected annual cash net financing costs to decline by approximately $60 million. source
• At September 30, 2026, Devon had approximately $3.0 billion of available borrowing capacity under its Senior Credit Facility, supporting $3.0 billion of commercial paper capacity; no commercial paper was outstanding. source

Impact estimates