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DVN

Devon Energy Corporation

DVN

Devon Energy Corporation • NYSE
$37.06 ▲ 1.81% (+0.66)
Market Cap $23.70 B
52w High $38.88
52w Low $25.89
Dividend Yield 0.94%
P/E 8.74
Volume 4.44M
Outstanding Shares 639.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.251B ▲ $114M ▲ $687M ▼ 16.161% ▼ $1.09 ▼ $1.916B ▼
Q2-2025 $4.048B ▼ $104M ▼ $899M ▲ 22.208% ▲ $1.42 ▲ $2.205B ▲
Q1-2025 $4.374B ▲ $130M ▼ $494M ▼ 11.294% ▼ $0.77 ▼ $1.691B ▼
Q4-2024 $4.203B ▲ $155M ▲ $639M ▼ 15.203% ▼ $0.98 ▼ $1.95B ▼
Q3-2024 $4.129B $117M $812M 19.666% $1.31 $1.965B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.278B ▼ $31.221B ▼ $15.871B ▼ $15.35B ▲
Q2-2025 $1.759B ▲ $31.39B ▲ $16.098B ▼ $15.06B ▲
Q1-2025 $1.234B ▲ $30.928B ▲ $16.155B ▲ $14.545B ▲
Q4-2024 $846M ▲ $30.489B ▲ $15.785B $14.496B ▲
Q3-2024 $676M $30.263B $15.785B $14.277B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $687M ▼ $1.69B ▲ $-1.024B ▼ $-1.147B ▼ $-481M ▼ $820M ▲
Q2-2025 $899M ▲ $1.545B ▼ $-597M ▲ $-424M ▲ $525M ▲ $589M ▼
Q1-2025 $509M ▼ $1.942B ▲ $-802M ▲ $-752M ▼ $388M ▲ $1B ▲
Q4-2024 $653M ▼ $1.664B ▲ $-1.043B ▲ $-450M ▼ $170M ▲ $622M ▲
Q3-2024 $812M $1.663B $-4.349B $2.192B $-493M $-2.816B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
N G L Product Sales
N G L Product Sales
 $5.88Bn ▲$3.13Bn ▼$2.71Bn ▼$2.81Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Devon’s income statement shows a classic commodity cycle story. Revenue and profits surged with strong oil and gas prices in 2021–2022, then stepped down but remained solid in 2023–2024. Profitability is still far better than in 2020, when the company was losing money, but margins have narrowed from the peak. Earnings per share tell the same story: very strong in 2022, then easing back as prices and margins normalized. Overall, the core business is clearly profitable and productive, but results remain highly sensitive to energy prices, and recent years reflect a move from boom conditions toward a more normal, but still healthy, level of performance.

Balance Sheet

Balance Sheet The balance sheet has strengthened significantly compared with the pre‑upswing period. Total assets and shareholders’ equity have grown steadily, reflecting reinvestment in the business and retained profits. Debt moved up recently after having been reduced earlier in the cycle, so leverage is higher than a year or two ago but still looks manageable given the size of the asset base and earnings power. Cash on hand is modest rather than abundant, suggesting reliance on ongoing cash generation and credit access rather than a large cash cushion. Overall, the company looks financially sturdier than it was earlier in the decade, but with some renewed use of debt to fund growth and capital programs.

Cash Flow

Cash Flow Operating cash flow has been consistently strong since 2021, indicating that the underlying operations convert revenue into cash efficiently. Free cash flow, however, has recently dipped because Devon has sharply increased its capital spending, especially in the latest year. That shift from comfortably positive to slightly negative free cash flow points to a deliberate choice to reinvest heavily in drilling and development rather than to conserve cash. This can support future production and earnings but reduces near‑term financial flexibility and makes the company more exposed if commodity prices weaken while spending remains high.

Competitive Edge

Competitive Edge Devon competes in a crowded shale and conventional oil and gas space, but it has carved out a differentiated position through scale, technical expertise, and high‑quality acreage, particularly in the Delaware Basin. The integration of advanced analytics and automation into drilling and production gives it a cost and productivity edge, which can help cushion downturns compared to less efficient peers. At the same time, the business is still fundamentally a price‑taker in global oil and gas markets, exposed to swings in commodity prices, regulatory changes, and environmental pressures. In short, Devon appears to be a relatively efficient and technologically advanced producer within a structurally volatile industry.

Innovation and R&D

Innovation and R&D Devon stands out among traditional oil and gas producers for its aggressive use of technology and formal R&D. The company is applying artificial intelligence, advanced data analytics, and physics‑based models to nearly every stage of its operations, boosting drilling speeds, well performance, and equipment reliability while lowering operating costs. Extensive use of drones, predictive maintenance, and a proprietary carbon accounting system supports both safety and environmental management. Its dedicated engineering teams and substantial research budget create a real capabilities moat, though the payoff depends on continued execution. Looking forward, early moves into geothermal, liquefied natural gas, and water management suggest Devon is trying to position itself on the right side of the energy transition, but many of these initiatives are still in development and carry typical innovation and commercialization risks.

Summary

Devon Energy today reflects a mature shale producer that has used a strong commodity cycle to rebuild profitability and strengthen its financial footing, while simultaneously investing heavily in technology. Earnings are well above the weak levels seen earlier in the decade, though off the exceptional highs of the recent boom, and the balance sheet is healthier even with some renewed borrowing. Cash generation from operations is robust, but recent heavy capital spending has absorbed much of that cash, signaling a growth and optimization focus rather than a purely defensive posture. Competitively, Devon’s technology‑driven approach, cost advantages, and attractive acreage give it a solid position in a volatile industry, while its R&D culture and early steps into cleaner and more diversified energy themes may provide longer‑term strategic options. The main uncertainties remain commodity price swings, regulatory and environmental pressures, and the execution risk around both large capital programs and newer transition‑oriented ventures.

NEWS

November 5, 2025 · 4:05 PM UTC

Devon Energy Reports Third-Quarter 2025 Results and Declares Quarterly Dividend

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October 2, 2025 · 6:55 AM UTC

Devon Energy Appoints Brent J. Smolik to Board of Directors

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September 24, 2025 · 11:15 AM UTC

Devon Energy Schedules Third-Quarter 2025 Earnings Release and Conference Call

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