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Devon Energy Corporation (DVN) USD

At a glance: strengths & risks
✓Revenue growing (+8%)✗Margins compressing (44%→41%)✗Only 8 years of reserves

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_DVN

Price chart

42.09 USDDay -4.45%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
42.09 USD · -4.45%
Market cap
32.7 bn USD

Growth

Δ revenue y/y
19.0%
Δ EBITDA y/y
1.3%

Multiples

P/E (LTM)
10.0x
3y avg: 9.7x
P/B (FY)
2.1x
P/E (ann.)
4.3x
EV/EBITDA (LTM)
6.6x
3y avg: 5.3x
EV/EBITDA (ann.)
10.1x

Cash return

Dividend yield
2.5%
FCF yield (LTM)
15.2%

Liquidity

Daily turnover (listing)
508.7 mln USD

Shares: sec_companyfacts/1090012

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK5.1
y/y 19.0%
—
y/y —
1.4
y/y 54.9%
—
y/y —
1.9
y/y 111.3%
3.7-1.370.9
y/y 125.8%
41.7
y/y 177.2%
26.6%10.4Link
2026-03-31Q1 2026 (3M)OK3.8
y/y -14.5%
0.2
y/y -74.3%
0.9
y/y -0.9%
1.1
y/y -31.3%
0.1
y/y -75.7%
1.7-0.832.5
y/y 5.2%
15.4
y/y 6.1%
3.1%7.9Link
2025-12-31Q4 2025 (3M)OK4.1
y/y -6.4%
0.7
y/y -11.1%
0.9
y/y -8.3%
1.6
y/y -9.6%
0.6
y/y -12.1%
1.5-0.831.6
y/y 3.6%
15.5
y/y 7.1%
17.1%8.3Link
2025-09-30Q3 2025 (3M)OK4.3
y/y 7.6%
0.9
y/y -14.3%
0.9
y/y 10.7%
1.8
y/y -3.6%
0.7
y/y -15.4%
1.7-0.931.2
y/y 3.2%
15.3
y/y 7.5%
6.0%8.4Link
2025-06-30Q2 2025 (3M)OK4.3
y/y 9.4%
1.2
y/y 11.6%
0.9
y/y 19.0%
2.1
y/y 14.8%
0.9
y/y 6.5%
1.5-1.031.4
y/y 24.8%
15.1
y/y 20.0%
24.3%7.8Link
2025-03-31Q1 2025 (3M)OK4.5
y/y 23.8%
0.6
y/y -15.9%
0.9
y/y 26.3%
1.6
y/y 4.6%
0.5
y/y -17.1%
1.9-0.930.9
y/y 23.8%
14.5
y/y 19.5%
13.6%8.3Link
2024-12-31Q4 2024 (3M)OK4.4
y/y 6.2%
0.8
y/y —
1.0
y/y 49.4%
1.8
y/y —
0.6
y/y -44.5%
1.7-0.930.5
y/y 24.5%
14.5
y/y 20.2%
20.1%8.9Link
2024-09-30Q3 2024 (3M)OK4.0
y/y 4.9%
1.1
y/y -0.7%
0.8
y/y 22.0%
1.9
y/y 7.8%
0.8
y/y -10.8%
1.7-0.930.3
y/y 24.8%
14.3
y/y 22.7%
8.1%8.6Link
2024-06-30Q2 2024 (3M)OK3.9
y/y 13.4%
1.0
y/y —
0.8
y/y 20.4%
1.8
y/y —
0.8
y/y 22.3%
1.5-0.925.2
y/y 7.7%
12.6
y/y 13.9%
27.3%5.8Link
2024-03-31Q1 2024 (3M)OK3.6
y/y -5.9%
0.8
y/y —
0.7
y/y 17.4%
1.5
y/y —
0.6
y/y -40.1%
1.7-0.925.0
y/y 6.7%
12.2
y/y 10.8%
19.7%5.8Link
2023-12-31Q4 2023 (3M)OK4.1
y/y —
—
y/y —
0.7
y/y —
—
y/y —
1.2
y/y —
1.7-0.924.5
y/y —
12.1
y/y —
31.6%6.1Link
2023-09-30Q3 2023 (3M)OK3.8
y/y —
1.1
y/y —
0.7
y/y —
1.7
y/y —
0.9
y/y —
1.7-0.924.2
y/y —
11.6
y/y —
10.7%6.3Link
2023-06-30Q2 2023 (3M)OK3.5
y/y —
—
y/y —
0.6
y/y —
—
y/y —
0.7
y/y —
1.4-1.123.4
y/y —
11.0
y/y —
25.1%6.3Link
2023-03-31Q1 2023 (3M)OK3.8
y/y —
—
y/y —
0.6
y/y —
—
y/y —
1.0
y/y —
1.7-1.023.4
y/y —
11.0
y/y —
—6.3Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 497
Long-term debt (incl. LT leases)9 891
− Cash & equivalents1 000
Net debt10 388

Net debt / LTM EBITDA: 1.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-3 000-2 000-1 00001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 5005 0007 50010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
2 428 mln boe
2025
Reserve life (R/P)
7.9 yrs
reserves ÷ annual output
Annual production
306.60 mln boe
2025

Production, mln boe

248.202015223.012016198.192017195.282018208.782021222.652022240.172023269.002024306.602025

Proved reserves

YearReserves, mln boe
20252 428
20242 155
20231 817
20221 815
20211 625
2020752
2019757
20184 759
20175 974

Production

YearProduction, mln boeper day, mln boe
202675.80 * (3M)
+2.2%		0.83
2025306.60
+14.0%		0.84
2024269.00
+12.0%		0.74
2023240.17
+7.9%		0.66
2022222.65
+6.6%		0.61
2021208.780.57
2020121.55 * (12M)0.33
2019125.67 * (9M)
−14.1%		0.46
2018195.28
−1.5%		0.54

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 76spot vs LTM +5%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +13.1%

841.1795.1749.0703.0657.0202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +15.6% · Reserves life (R/P): 7.9 yr

24282275212219701817202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31841.12,4281,844584
2024-12-317372,1551,715440
2023-12-316571,817——

2025-12-31 · FY

Production & proved reserves

FY2025 production and year-end 2025 proved reserves derived from SEC inline XBRL (SRT) ProvedDeveloped* tags; matches Note 21 / supplemental tables in Form 10-K.

Line itemAmount
Crude oil equivalent (net, Mboe/d)841.1
Proved reserves (net, MMboe)2,428
Proved developed (net, MMboe)1,844
Proved undeveloped (net, MMboe)584

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 Production / Average Sales Price 'Total' rows (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil142 MMBbls62.77 USD/bbl8,913.379.3%
Natural gas505,000 MMcf1.67 USD/Mcf843.47.5%
NGLs81 MMBbls18.28 USD/bbl1,480.713.2%
Total (implied product revenue)11,237.4100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)11,223USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)5,965USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)367USD mln
Depreciation, depletion & amortization3,595USD mln
General & administrative492USD mln
Exploration expense43USD mln
Income tax expense (benefit)785USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 production volumes (total column) and year-end 2024 proved reserves from Note 21 / supplemental tables in Form 10-K.

Line itemAmount
Oil (net, Mbbl/d)398
Crude oil equivalent (net, Mboe/d)737
Proved reserves (net, MMboe)2,155
Proved developed (net, MMboe)1,715
Proved undeveloped (net, MMboe)440

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 same tables, 2024 column (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil127 MMBbls73.78 USD/bbl9,370.183.8%
Natural gas438,000 MMcf0.91 USD/Mcf398.63.6%
NGLs70 MMBbls20.20 USD/bbl1,41412.6%
Total (implied product revenue)11,182.6100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)11,176USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)4,764USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)282USD mln
Depreciation, depletion & amortization3,255USD mln
General & administrative500USD mln
Exploration expense28USD mln
Income tax expense (benefit)770USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 production and proved reserves — Form 10-K 2023.

Line itemAmount
Crude oil equivalent (net, Mboe/d)657
Proved reserves (net, MMboe)1,817

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Items 1 and 2 same tables, 2023 column (dvn-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil117 MMBbls75.98 USD/bbl8,889.782.3%
Natural gas385,000 MMcf1.83 USD/Mcf704.56.5%
NGLs59 MMBbls20.48 USD/bbl1,208.311.2%
Total (implied product revenue)10,802.5100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)10,791USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)4,467USD mln

Selected expenses (SEC tags)

Line itemAmount
Lease & well expenses (LOE)225USD mln
Depreciation, depletion & amortization2,554USD mln
General & administrative408USD mln
Exploration expense20USD mln
Income tax expense (benefit)841USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +8% vs +4% the year before — a +3.4 pp move. 3-year CAGR —.
revenue growth by year: 2024 +4% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.9x · target 75th pct (3y) 3.3x · LTM avg 5.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-150.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2026-03-130.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-12-150.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-09-150.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-06-130.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.24 USDEx-dividend: 0.24 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-09-130.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2024-06-140.35 USDEx-dividend: 0.35 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.44 USDEx-dividend: 0.44 USD per sharePaidYahoo Finance (ex-div)
2023-12-140.77 USDEx-dividend: 0.77 USD per sharePaidYahoo Finance (ex-div)
2023-09-140.49 USDEx-dividend: 0.49 USD per sharePaidYahoo Finance (ex-div)
2023-06-140.72 USDEx-dividend: 0.72 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.89 USDEx-dividend: 0.89 USD per sharePaidYahoo Finance (ex-div)
2022-12-091.35 USDEx-dividend: 1.35 USD per sharePaidYahoo Finance (ex-div)
2022-09-091.55 USDEx-dividend: 1.55 USD per sharePaidYahoo Finance (ex-div)
2022-06-101.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2022-03-111 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2021-12-090.84 USDEx-dividend: 0.84 USD per sharePaidYahoo Finance (ex-div)
2021-09-100.49 USDEx-dividend: 0.49 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.devonenergy.com/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Devon Energy Corporation (DVN) — from primary filings.

Delaware Basin–weighted independent E&P with multi-basin US oil and gas portfolio.

Frequently asked questions

What is Devon Energy Corporation (DVN)'s P/E ratio?
Devon Energy Corporation (DVN) trades at a P/E of 10.0x (price to trailing 12-month earnings).
What is Devon Energy Corporation (DVN)'s EV/EBITDA?
Devon Energy Corporation (DVN) trades at 6.6x EV/EBITDA.
What is Devon Energy Corporation (DVN)'s P/B ratio?
Devon Energy Corporation (DVN) trades at a P/B of 2.1x.
What is Devon Energy Corporation (DVN)'s dividend yield?
Devon Energy Corporation (DVN)'s trailing 12-month dividend yield is 2.5%.
What is Devon Energy Corporation (DVN)'s return on equity (ROE)?
Devon Energy Corporation (DVN)'s ROE is 26.6%.
What is Devon Energy Corporation (DVN)'s market capitalization?
Devon Energy Corporation (DVN)'s market cap is 32.7 bn USD.

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