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Updated Nov 6, 2026
Devon Energy redefines post-Coterra identity: Permian cornerstone, Eagle Ford divested, $6B excess FCF projected for 2027 buyback acceleration
Devon Energy's Q3 2026 earnings call marked the formal close of its post-Coterra merger portfolio review, with the Permian Basin designated the cornerstone asset and the Eagle Ford divested for $3.5 billion net proceeds expected in early 2027. The company delivered $2 billion of free cash flow in Q3 — its first full quarter as a combined entity — and project approximately $6 billion of excess free cash flow in 2027, with capital efficiency improving as the 2027 program of approximately $5.3 billion compares favorably to a pro forma 2026 baseline of $5.9 billion. Management is leaning aggressively into share buybacks, targeting more than $1 billion in Q4 2026 alone, underpinned by a three-pillar strategy of operational improvement, organic growth, and active portfolio management.
Tone: bullishRevenue
$17.2B
DVN 10-K · FY 2025
Revenue FY2024
$15.9B
Headquarters
Oklahoma City, OK
Profile
DVN 10-K Item 1 · Feb 18, 2026Devon Energy is a leading independent oil and natural gas exploration and production company operating exclusively onshore in the United States. Its operations are concentrated in four core areas: the Delaware Basin, Rockies, Eagle Ford, and Anadarko Basin. The company pursues moderating production growth, capital efficiency, and shareholder returns through dividends and share repurchases.
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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 four core areas: the Delaware Basin, Rockies, Eagle Ford and Anadarko Basin. Our asset base is underpinned by premium acreage in the economic core of the Delaware Basin and our diverse, top-tier resource plays, providing a deep inventory of opportunities for years to come. On September 27, 2024, we acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The acquisition has allowed us to efficiently expand our oil production and operating scale, creating immediate and long-term, sustainable value to shareholders. On February 1, 2026, we entered into the Merger Agreement, providing for an all-stock merger of equals with Coterra. The Merger will create a leading large-cap shale operator with an asset base anchored by a premier position in the economic core of the Delaware Basin. As a company, we remain focused on building economic value by executing on our strategic priorities of moderating production growth, emphasizing capital and operational efficiencies, optimizing reinvestment rates to maximize free cash flow, maintaining low leverage, delivering cash returns to our shareholders and pursuing operational excellence.
Primary products
- Oil
- Natural gas
- Natural gas liquids (NGLs)
- Marketing and midstream services
Business segments
End markets
Geographies
“We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $15,940 million in 2024 to $17,188 million in 2025, driven by higher oil, gas and NGL derivatives income and increased marketing and midstream revenues.
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