Devon Energy Corporation
DVN · NYSE
Next quarter
Reports Nov 4, 2026.
Consensus is $1.20 EPS for Sep 2026 across 9 estimates, ranging $0.88 to $1.47.
DVN Jun 2026
- 20.77%
- -4.45%
- $1.30
- $1.57
- —
- $7.00B
Reported results
- $7.00B
- $1.91B
- $2.03
Highlights
- Total revenue was $7,417 million, up from $4,284 million in the year-ago quarter; net earnings attributable to Devon were $1,911 million, compared with $899 million.
- Oil, gas and NGL sales were $5,106 million, including $4,354 million from oil, $104 million from gas and $648 million from NGLs.
- Marketing and midstream revenue was $1,897 million, versus $1,338 million in the year-ago quarter, with oil contributing $1,411 million, gas $156 million and NGLs $330 million.
- Operating cash flow was $3,674 million, while capital expenditures were $1,318 million and acquisitions of property and equipment were $2,729 million.
- No segment margin percentages, production or subscriber-style unit counts, or forward guidance ranges were provided in the supplied material.
Analysis
No consensus figures were provided, so the quarter cannot be judged against an external earnings estimate. Reported revenue rose from $4,284 million to $7,417 million year over year, while net earnings attributable to Devon increased from $899 million to $1,911 million. The Coterra merger, completed May 7, 2026, materially expanded the reported business and contributed to the comparison. Oil was the primary operating contributor, with $4,354 million of sales, while NGL sales were $648 million. Gas sales declined to $104 million from $178 million. Marketing and midstream revenue also increased to $1,897 million from $1,338 million. Costs rose alongside the larger business: production expenses increased to $1,393 million from $899 million, DD&A to $1,416 million from $914 million, and restructuring and transaction costs to $246 million from $9 million. The filing does not provide operating or segment margin percentages, limiting margin analysis.
Guidance
No production, revenue, earnings, margin or capex guidance ranges were provided in the supplied material, and therefore there is no prior guide against which to compare the outlook. Management’s forward-looking disclosures instead emphasize uncertainty around oil, gas and NGL prices, hedging results, midstream capacity and production interruptions, regulatory costs, and the ability to realize expected benefits from and integrate the Coterra Merger. The filing also reports $5.3 billion of remaining performance obligations tied to natural gas contracts with a fixed pricing component, expected to be recognized ratably over the next 13 years, but this is not presented as quarterly guidance.
What drove it
- Oil sales — Oil sales were $4,354 million in the quarter, compared with $2,174 million in the year-ago quarter.
- NGL sales — NGL sales increased to $648 million from $358 million in the year-ago quarter.
- Midstream revenue — Marketing and midstream revenue was $1,897 million, up from $1,338 million.
- Merger expansion — Devon issued approximately $24.8 billion of common stock to Coterra holders when the merger closed on May 7, 2026.
- Capital spending — Capital expenditures were $1,318 million and acquisitions of property and equipment were $2,729 million during the quarter.
Watch items
- Gas sales declined to $104 million from $178 million in the year-ago quarter.
- Restructuring and transaction costs rose to $246 million from $9 million, reflecting the merger and related activity.
- The company spent $1,318 million on capital expenditures and $2,729 million on property and equipment acquisitions while cash, cash equivalents and restricted cash fell to $1,009 million from $1,815 million at the start of the quarter.
- Management identifies oil, gas and NGL price volatility, midstream capacity constraints, production interruptions and the risk of failing to realize the Coterra merger’s anticipated benefits as material uncertainties.
