Devon Energy (DVN) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$1.58

$0.98$2.58

vs $0.84+88.3%

18 analysts

Next Qtr

$1.39

$0.86$1.93

vs $1.04+33.4%

17 analysts

Current Yr

$5.48

$3.89$7.30

vs $3.92+39.8%

19 analysts

Next Yr

$5.45

$3.41$7.95

vs $5.04+8.3%

13 analysts

Revenue Estimates

Current Qtr

$6.34B

$4.73B$7.69B

vs $4.28B+47.9%

6 analysts

Next Qtr

$7.38B

$5.81B$8.89B

vs $4.33B+70.5%

6 analysts

Current Yr

$24.88B

$20.11B$29.50B

vs $17.19B+44.8%

7 analysts

Next Yr

$28.24B

$21.71B$37.15B

vs $24.88B+13.5%

7 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for DVN on EDGAR.

DVN filing events and research context
Filed	Item	Context
May 6, 2026	mda_quarterly	Devon Energy is executing an all-stock merger of equals with Coterra, expected to close May 7, 2026, to capture $1.0 billion in sustainable annual synergies. Operations are concentrated in the Delaware Basin, Rockies, Eagle Ford, and Anadarko Basin. In the first quarter of 2026, the company generated $1.7 billion in operating cash flow, with net earnings of $120 million and non-GAAP core earnings of $641 million. Results were heavily impacted by a $0.6 billion non-cash valuation loss on commodity derivatives, reflecting price volatility stemming from Middle East conflicts, OPEC+ decisions, and global trade uncertainty. To enhance margins, Devon is executing a business optimization plan targeting a $1.0 billion improvement in annual pre-tax cash flow. The company ended the quarter with $4.8 billion in liquidity and has deployed $4.5 billion of its $5.0 billion share repurchase program. Following the merger, the company plans a $0.315 per share quarterly dividend and a new share repurchase authorization exceeding $5 billion. Primary risks include geopolitical instability, inflation-driven supply chain constraints, and material tax assessments from the Canada Revenue Agency regarding legacy Canadian operations.
Feb 18, 2026	business	Devon Energy manages its cybersecurity risks through a structured corporate information security program aligned with the National Institute of Standards and Technology Cybersecurity Framework. Designed to protect networks, systems, and critical data, the program utilizes advanced monitoring, encryption, firewalls, and third-party vendor risk assessments. To ensure operational continuity, Devon conducts regular internal testing, including disaster recovery and tabletop exercises, supplemented by periodic third-party stress tests and employee phishing simulations. Governance of these risks is structured under a dedicated Digital Security team, led by a manager with over 15 years of specialized experience. Board-level oversight is maintained by the Audit Committee, which receives quarterly updates on cybersecurity metrics, strategic initiatives, and emerging industry trends, while the full Board of Directors receives regular reports. From a risk perspective, although Devon and its service providers have experienced minor cybersecurity incidents, no historical threats have had a material financial or operational impact on the company, nor are any currently deemed reasonably likely to do so.
Feb 18, 2026	mda	Devon Energy's onshore U.S. operations, centered in the Delaware Basin, Rockies, Eagle Ford, and Anadarko Basin, generated $2.6 billion in net earnings and $6.7 billion in operating cash flow in 2025. Total production rose 14% to 840 MBoe/d, driven by the $5.0 billion acquisition of Grayson Mill's Williston Basin assets and Delaware Basin development. Oil production increased 12% to 389 MBbls/d, offsetting a 14% decline in average WTI prices to $64.87 per barrel. Conversely, Henry Hub natural gas prices rose 51% to average $3.43 per Mcf. To mitigate commodity volatility, Devon has hedged approximately 30% of its 2026 oil and gas volumes. The company returned $1.7 billion to shareholders in 2025 through dividends and share repurchases, exiting the year with $4.4 billion in liquidity and $8.4 billion in outstanding debt. Looking ahead, Devon entered an all-stock merger agreement with Coterra on February 1, 2026, targeting $1.0 billion in annual synergies. Additionally, Devon expects its 2026 capital budget to decrease by 4% year-over-year, focusing capital on the Delaware Basin, while its business optimization plan remains on track to deliver $1.0 billion in annual cash flow improvements by the end of 2026.

Filed

Item

Context

May 6, 2026

mda_quarterly

Devon Energy is executing an all-stock merger of equals with Coterra, expected to close May 7, 2026, to capture $1.0 billion in sustainable annual synergies. Operations are concentrated in the Delaware Basin, Rockies, Eagle Ford, and Anadarko Basin. In the first quarter of 2026, the company generated $1.7 billion in operating cash flow, with net earnings of $120 million and non-GAAP core earnings of $641 million. Results were heavily impacted by a $0.6 billion non-cash valuation loss on commodity derivatives, reflecting price volatility stemming from Middle East conflicts, OPEC+ decisions, and global trade uncertainty. To enhance margins, Devon is executing a business optimization plan targeting a $1.0 billion improvement in annual pre-tax cash flow. The company ended the quarter with $4.8 billion in liquidity and has deployed $4.5 billion of its $5.0 billion share repurchase program. Following the merger, the company plans a $0.315 per share quarterly dividend and a new share repurchase authorization exceeding $5 billion. Primary risks include geopolitical instability, inflation-driven supply chain constraints, and material tax assessments from the Canada Revenue Agency regarding legacy Canadian operations.

Feb 18, 2026

business

Devon Energy manages its cybersecurity risks through a structured corporate information security program aligned with the National Institute of Standards and Technology Cybersecurity Framework. Designed to protect networks, systems, and critical data, the program utilizes advanced monitoring, encryption, firewalls, and third-party vendor risk assessments. To ensure operational continuity, Devon conducts regular internal testing, including disaster recovery and tabletop exercises, supplemented by periodic third-party stress tests and employee phishing simulations. Governance of these risks is structured under a dedicated Digital Security team, led by a manager with over 15 years of specialized experience. Board-level oversight is maintained by the Audit Committee, which receives quarterly updates on cybersecurity metrics, strategic initiatives, and emerging industry trends, while the full Board of Directors receives regular reports. From a risk perspective, although Devon and its service providers have experienced minor cybersecurity incidents, no historical threats have had a material financial or operational impact on the company, nor are any currently deemed reasonably likely to do so.

Feb 18, 2026

mda

Devon Energy's onshore U.S. operations, centered in the Delaware Basin, Rockies, Eagle Ford, and Anadarko Basin, generated $2.6 billion in net earnings and $6.7 billion in operating cash flow in 2025. Total production rose 14% to 840 MBoe/d, driven by the $5.0 billion acquisition of Grayson Mill's Williston Basin assets and Delaware Basin development. Oil production increased 12% to 389 MBbls/d, offsetting a 14% decline in average WTI prices to $64.87 per barrel. Conversely, Henry Hub natural gas prices rose 51% to average $3.43 per Mcf. To mitigate commodity volatility, Devon has hedged approximately 30% of its 2026 oil and gas volumes. The company returned $1.7 billion to shareholders in 2025 through dividends and share repurchases, exiting the year with $4.4 billion in liquidity and $8.4 billion in outstanding debt. Looking ahead, Devon entered an all-stock merger agreement with Coterra on February 1, 2026, targeting $1.0 billion in annual synergies. Additionally, Devon expects its 2026 capital budget to decrease by 4% year-over-year, focusing capital on the Delaware Basin, while its business optimization plan remains on track to deliver $1.0 billion in annual cash flow improvements by the end of 2026.

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DVN filing events and research context

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