DVN · 10-Q · 2026Q2
DEVON ENERGY CORP/DE
Filed 2026-08-05 · Energy · View original filing on EDGAR
USD 7,003,000,000Total Revenue
USD 70,893,000,000Total Assets
15Topics
84Top Importance
Ranked Events
- Upstream Production VolumeImportance 84 · Surprise 74Second-quarter 2026 production totaled 1,359 MBoe/d, including 503 MBbls/d of oil. Coterra legacy assets contributed approximately 488 MBoe/d in the second quarter, and Devon expects combined third-quarter production…
- Operating Cash Flow TrendsImportance 77 · Surprise 82Second-quarter 2026 operating cash flow was $3.674 billion, compared with $1.545 billion in the second quarter of 2025. Six-month operating cash flow increased 53% year over year to $5.329 billion from $3.487 billion,…
- Guidance / OutlookImportance 75 · Surprise 60Devon expects third-quarter 2026 production of approximately 1,660 to 1,690 MBoe/d, reflecting a full quarter of Coterra legacy production. Management remains on track to deliver at least $1.0 billion of annual pre-tax…
- Acquisition / Partnership / DivestitureImportance 71 · Surprise 60Devon completed an all-stock merger of equals with Coterra on May 7, 2026, creating a large-cap shale operator with assets in the Permian Basin, Rockies, Eagle Ford, Anadarko Basin and Marcellus Shale. The combination…
- Oil and Gas Price SensitivityImportance 69 · Surprise 56Second-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…
- Capital Expenditure GuidanceImportance 68 · Surprise 60Devon expects approximately $2.7 billion to $2.9 billion of capital expenditures during the remainder of 2026. Capital expenditures for the first six months of 2026 were $2.157 billion, representing approximately 40%…
- Capital ExpendituresImportance 68 · Surprise 58Devon spent $2.157 billion on capital expenditures during the first six months of 2026, up from $1.890 billion in the prior-year period. The six-month program represented approximately 40% of operating cash flow and…
- Outstanding IndebtednessImportance 64 · Surprise 42Devon assumed approximately $3.5 billion of Coterra debt when the merger closed on May 7, 2026. During the second quarter, Devon repaid $250 million of its Term Loan and redeemed $250 million of 3.77% senior notes due…
- Capital Return ProgramImportance 64 · Surprise 42Following the Coterra merger, Devon authorized an $8.0 billion share-repurchase program expiring June 30, 2029. Devon repurchased approximately 6.3 million shares for $271 million during the first six months of 2026…
- Headcount / RestructuringImportance 52 · Surprise 42Devon recorded $238 million of restructuring and transaction costs during the first six months of 2026, with the majority recognized in the second quarter. The charges primarily relate to employee costs and transaction…
- Regulatory RiskImportance 44 · Surprise 60The Canada Revenue Agency proposed several material adjustments to prior tax years related to Devon’s legacy Canadian business and is making formal assessments based on recent communications. Devon disagrees with the…
- Macroeconomic Factors ImpactImportance 32 · Surprise 24During the first six months of 2026, oil, gas and NGL prices experienced heightened volatility due to Middle East conflict, disruptions to global oil supply, uncertainty in global trade policy and OPEC+ production…
- Trade Policy and TariffsImportance 23 · Surprise 24Devon identified evolving U.S. trade policies and tariff actions as factors that may contribute to higher inflation and disrupt supply chains. The company stated that these effects could negatively impact operating…
- Geographic Market CommentaryImportance 23 · Surprise 24Permian natural-gas realizations were pressured by expanded regional differentials and negative spot pricing at the Waha hub during the second quarter of 2026. Basis differentials began improving in June 2026,…
- Supply Chain ConstraintsImportance 22 · Surprise 6Devon identified supply-chain disruptions as a potential constraint on its oil and gas operations and cash flow. The company said inflation and geopolitical developments could disrupt supplies of people, services,…
Revenue by Product (in dollars)
| Q2 2026 | segment | Q2 2025 | YTD 2026 | YTD 2025 |
|---|---|---|---|---|
| 4,354 | Oil | 2,174 | 6,777 | 4,588 |
| 104 | Gas | 178 | 309 | 487 |
| 648 | NGL | 358 | 997 | 761 |
| 5,106 | Oil, gas and NGL sales | 2,710 | 8,083 | 5,836 |
| 1,411 | Marketing and midstream - Oil | 859 | 2,412 | 1,777 |
| 156 | Marketing and midstream - Gas | 246 | 410 | 517 |
| 330 | Marketing and midstream - NGL | 233 | 606 | 468 |
| 1,897 | Marketing and midstream revenues (total) | 1,338 | 3,428 | 2,762 |