Devon Energy reported first-quarter 2026 core earnings of $1.04 per share on total revenues of $3.81 billion. The company generated $816 million in free cash flow, supported by total production of 833,000 barrels of oil equivalent per day.
Key Highlights
- Oil production averaged 387,000 barrels per day, reaching the high end of guidance and exceeding analyst expectations of 383,800 barrels per day.
- Capital investment of $848 million came in 6 percent below the midpoint of guidance, reflecting disciplined cost management.
- Both Devon and Coterra shareholders approved the merger on May 4, 2026, with the transaction expected to close around May 7, 2026.