Devon Energy reported second-quarter 2026 core earnings of $1.57 per share on $7.4 billion in revenue, beating analyst expectations. The results reflect the first full quarter of combined operations following the merger with Coterra Energy, which closed in May.
Key Highlights
- Production averaged 1,359,000 barrels of oil equivalent per day (Boe/d), reaching the high end of the company's guidance, driven by strong well performance in the Delaware Basin.
- The company generated $1.7 billion in adjusted free cash flow during the quarter, excluding after-tax restructuring costs.
- Devon returned $1.06 billion to shareholders through a combination of its increased fixed dividend ($0.32/share), $197 million in share repurchases, and debt retirement.
- Capital expenditures of $1.27 billion came in 2% below the midpoint of guidance due to timing and cost management.