Devon Energy

Devon helps produce the oil and gas that power homes and vehicles across America. The company finds and pumps energy resources from deep underground in several states. These fuels provide the raw materials for electricity, heating, and transportation.

What Devon Produces

• Oil: Crude oil extracted for refining into gasoline, diesel, and other fuels; represented 46% of production in 2025.
• Natural Gas: Clean-burning fuel used primarily for home heating and generating electricity; accounted for 1.6 billion cubic feet per day in 2025.
• Natural Gas Liquids: Liquid components like propane and butane used in heating and plastic manufacturing; made up 26% of 2025 production.

Growth and Recent Moves

• Expanded operations in the Williston Basin by acquiring Grayson Mill in late 2024 to increase oil production.
• Formed a joint venture with Dow to develop acreage in the Anadarko Basin located in western Oklahoma.
• Entered into a merger agreement with Coterra in February 2026 to combine businesses and operations.
• Dissolved a partnership with BPX Energy in April 2025 to gain more control over the Blackhawk field in Texas.

Where the Company Stands Out

Devon operates across several major energy regions including the Delaware Basin and the Eagle Ford. The company uses recycled water for 90% of its drilling activities in its busiest New Mexico locations.

The Recent Financial Story

• Revenue reached $3.9 billion in Q4 2025, down 6.3% from the same period in 2024.
• Net income was $562 million in Q4 2025, a 12.1% decrease year-over-year.
• Free cash flow—the money left after bills and investments—rose to $641 million in Q4 2025, up 3.1% from Q4 2024.
• Operating cash flow hit $1.6 billion in Q4 2025, down 5.4% from the prior year.

Bottom Line

Devon has transitioned into a focused U.S. onshore producer by concentrating its efforts on high-margin oil regions. Recent large-scale acquisitions and mergers show a shift toward increasing its size and operational flexibility.