Devon Energy Corp

Company facts

Industry

Crude Petroleum & Natural Gas

Headquarters

Houston, Texas

Most recent report

8-K, filed Aug 27, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1090012

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 5 of 13 sections worth reading, with 6 positive, 12 notable, and 4 negative flags.

• Financial Statements (Item 1)

  Merger and major asset acquisition fundamentally changed the company's financials.
  Positive

  • New $8.0B share repurchase authorization through June 30, 2029.
  • Dividend raised 33% to $0.32 per share in Q2 2026.
  Notable

  • Assumed $5.3B of Coterra natural gas sales performance obligations through 2039.
  • Issued $24.8B in stock to close the all-stock merger with Coterra on May 7, 2026.
  • Recognized $198M in merger-related restructuring costs in Q2 2026.
  • Fervo IPO diluted stake to 12% and added $201M gain to Q2 2026 earnings.
  Negative

  • Accrued $150M decommissioning liability for legacy East Bay Field assets as of June 30, 2026.

• Management's Discussion (Item 2)

  MD&A with Coterra merger results, $1.9B earnings, $3.7B cash flow, new $8B buyback, and $2.6B acreage deal.
  Positive

  • Production 1,359 MBoe/d, up 63% vs Q1 2026, including 503 MBbls/d oil from merger.
  • Operating cash flow $3.7B in Q2 2026, more than double the $1.5B in Q2 2025.
  • Retired $500M debt: $250M term loan + early redemption of $250M 3.77% notes due Sept 2026.
  Notable

  • Acquired 16,300 net Permian acres for $2.6B through a federal lease sale, expanding premier position.
  • Recorded a $201M gain on Fervo investment in Q2 2026, boosting other, net.
  • Assumed approximately $3.5B of Coterra debt upon merger close on May 7, 2026.
  • S&P credit rating upgraded to BBB+ with stable outlook (was BBB with positive outlook in prior filing).
  Negative

  • CRA has issued formal tax assessments for legacy Canadian business; may require material cash deposits.
  • Merger caused ownership change for Coterra, raising risk of NOL/tax credit limitations for Devon over next 3 years.

• Market Risk (Item 3)

  Contains specific debt and derivative numbers that changed from Q1.
  Notable

  • Derivative sensitivity up $50M to $350M for a 10% price change (Q2 2026).
  • Total debt $11.4B, up $3B from $8.4B at March 31, 2026 (Q2 2026).
  • Fixed-rate debt $10.7B at 5.49%, up $3.3B from $7.4B at 5.7% (Q2 2026).

• Legal Proceedings (Item 1)

  Ongoing EPA enforcement with potential fines >$1M each, company-specific risk.
  Negative

  • Two EPA NOVs and DOJ referral; fines could exceed $1M each, outcome uncertain.

• Unregistered Sales and Repurchases (Item 2)

  New $8B buyback program and $202M repurchased in Q2 2026.
  Positive

  • New $8.0 billion buyback authorization, up from $5.0 billion, announced May 7, 2026.
  Notable

  • Repurchased 4.4 million shares for $202 million in Q2 2026 at $45.48 per share.

What changed: Jun 2026 vs. Mar 2026

About 24% of DVN's Jun 2026 10-Q is new information. 92 paragraphs were added, 136 changed, and 49 removed. Below are the most important lines SECSift identified.

• Item 1 72
• Item 2 71
• Item 4 3
• Item 6 3
• Item 3 3
• Item 5 2