Earnings Releases·Nov 5, 2026, 4:16 PM ET

Devon Energy — Third Quarter 2026 Earnings Summary

Reported net earnings of $1.0 billion ($0.88/share) and core earnings of $1.6 billion ($1.42/share), with operating cash flow of $2.8 billion and adjusted free cash flow of $2.0 billion.
Reaffirmed Q4 2026 production guidance of 1.66–1.70 million Boe/d and capital spending of $1.29–$1.40 billion; provided initial 2027 pro forma outlook targeting 525,000 bbl/d oil production and $5.3 billion in total capital.
Raised synergy outlook to a $350 million year-end 2026 run rate (75% above prior plan) and $700 million for 2027, aiming for $1.0 billion in annual pre-tax synergies by year-end 2027.
Agreed to sell Eagle Ford assets for $4.2 billion with closing expected in early 2027; plans to retire an additional $1.5 billion of debt in early 2027 to reach a $9 billion gross debt target.
Returned $1.53 billion to shareholders via $366 million in dividends, $414 million in share repurchases, and $750 million in term loan retirement; announced a $0.32/share Q4 dividend and plans to ramp repurchases to over $1 billion in Q4.