Form 10-Q · Quarterly report
Devon Energy 10-Q, filed Nov 6, 2026
- Filed
- CIK
- 0001090012
- Accession no.
- 0001193125-26-451216
Summary
Devon Energy reported third-quarter 2026 earnings of $1.0 billion, or $0.88 per diluted share, on production of 1,668 MBoe/d including 553 MBbls/d of oil, its first full quarter including Coterra's legacy assets after the all-stock merger of equals closed on May 7, 2026. The company agreed on October 8, 2026 to sell its Eagle Ford assets for $4.2 billion in cash, with closing expected in early 2027, and said it remains on track to capture at least $1.0 billion in annual pre-tax merger synergies by year-end 2027.
Key points
- Devon generated $2.8 billion of operating cash flow in the third quarter of 2026, retired $750 million of debt, paid $366 million of dividends, and repurchased about 8.9 million shares for roughly $415 million under a new $8.0 billion repurchase program announced in May 2026.
- Production rose to 1,668 MBoe/d from 1,359 MBoe/d in the second quarter, driven mainly by a full quarter of Coterra legacy volumes in the Permian, Anadarko and Marcellus, partly offset by well declines and Eagle Ford completion timing.
- Realized unhedged combined prices fell 6% to $38.70 per Boe from $41.30 per Boe, with lower WTI index prices partly offset by higher unhedged gas realizations after the Marcellus mix shift.
- Devon has roughly 45% of remaining anticipated 2026 oil production hedged and 30% of gas, and about 35% of 2027 oil and 10% of 2027 gas hedged, excluding Eagle Ford output.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion Executive Overview We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States. Our operations are currently focused in five core areas: Permian Basin, Rockies, Eagle Ford, Anadarko Basin and Marcellus Shale. Our asset base is underpinned by premium acreage in the economic core of the Permian Basin and our diverse, top-tier resource plays, providing a deep inventory of opportunities for years to come. On February 1, 2026, we entered into the Merger Agreement providing for an all-stock merger of equals with Coterra, which successfully closed on May 7, 2026. …
An excerpt of the text as filed with the SEC, cut for length.
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