Devon Energy

Devon Energy supplies oil, natural gas, and natural gas liquids for U.S. homes and businesses. The company’s work helps meet daily energy needs across many industries.

What’s in the Barrel? Devon’s Main Offerings

• Crude Oil: Supplies fuel for transportation and manufacturing; 63% of total oil production comes from the Delaware Basin.
• Natural Gas: Provides heating and electricity for homes and businesses; 61% of production from the Delaware Basin.
• Natural Gas Liquids (NGLs): Used in plastics, heating, and fuel blending; 64% of NGLs from the Delaware Basin.
• Midstream Services: Includes gathering, compression, and water disposal for oil and gas producers; supports Devon’s own and partner operations.
• Marketing Activities: Sells oil, gas, and NGLs under flexible contracts to utilities, refiners, and industrial users.

Growth Spurts: Devon’s Expansion Moves

• Acquired Grayson Mill’s Williston Basin business in 2024, adding reserves and revenue.
• Expanded share repurchase program to $5.0 billion through June 2026.
• Increased capital spending in the Delaware Basin, now 55% of 2025 budget.
• Invested $100 million in emissions reduction projects in 2024, with more planned for 2025.

Why Devon’s Playbook Stands Out

Devon focuses on high-margin U.S. oil basins, especially the Delaware Basin. Its hedging strategy helps manage price swings in oil and gas markets. The company invests in environmental projects and maintains a strong balance sheet.

Five Things You Need to Know

• Revenue was $3.94 billion in Q4 2025, down 6.3% from Q4 2024.
• Net income was $657 million in Q4 2025, down 16.0% year-over-year.
• Operating cash flow was $1.57 billion in Q4 2025, down 5.4% from Q4 2024.
• Production volumes rose 8% in 2024, driven by acquisitions and new wells.

Bottom Line

Devon has grown through targeted acquisitions and disciplined capital spending. Its focus on U.S. oil and gas basins supports steady production and cash flow.