Highlights

  • Devon Energy shares were trading at $51.39 on October 23, 2026, up 4.49%.
  • Second-quarter total revenues rose 73.1% to $7,417 million, from $4,284 million a year earlier, following the company’s merger with Coterra Energy.
  • Net earnings attributable to Devon rose to $1,911 million, or $2.03 per diluted share, from $899 million, or $1.42 per share, a year earlier.
  • Devon and Coterra completed an all-stock merger of equals on May 7, 2026, and the company subsequently raised its fixed dividend 33% and authorized an $8.0 billion share repurchase program.

Devon Energy (NYSE: DVN) shares were trading at USD 51.39 on October 23, 2026, up 4.49%. The company reported second-quarter results reflecting its first full period including Coterra Energy following the companies’ all-stock merger of equals completed in May.

Devon Energy is headquartered in Oklahoma City, Oklahoma. On May 7, 2026, Devon and Coterra Energy Inc. completed an all-stock merger of equals, under which each share of Coterra common stock was converted into the right to receive 0.70 of a share of Devon common stock; the transaction was accounted for using the acquisition method of accounting, with Devon as the accounting acquirer.

Merger Drives Sharply Higher Revenue and Earnings

Total revenues for the quarter were $7,417 million, up from $4,284 million a year earlier, comprising oil, gas and NGL sales of $5,106 million and marketing and midstream revenues of $1,897 million. Net earnings attributable to Devon were $1,911 million, or $2.03 per diluted share, compared with $899 million, or $1.42 per share, a year earlier. The results included $246 million of restructuring and transaction costs related to the merger, up from $9 million a year earlier. Operating cash flow grew approximately 53% for the first six months of 2026 compared with the same period of 2025, which the company attributed to the merger and higher commodity prices.

Capital Returns Expand Following the Merger

Following the close of the merger, Devon announced a new $8.0 billion share repurchase program expiring June 30, 2029, replacing its prior program, under which the company had repurchased 102 million shares for $4.5 billion before its termination. Through July 2026, Devon had executed approximately $300 million of the new authorization, including 4.4 million shares repurchased for $202 million during the second quarter. The company also raised its fixed quarterly dividend by approximately 33%, to $0.32 per share from $0.24 per share, in the second quarter of 2026. Devon said it expects to capture at least $1.0 billion of annual pre-tax run-rate synergies from the merger by year-end 2027, with approximately $600 million expected to be captured in 2027, driven by capital optimization, operating margin improvements and a reduced corporate cost structure across the combined company.