Devon Energy Corp on Tuesday reported $562 million in net income and $510 million in adjusted net income for the fourth quarter of 2025, both down quarter-on-quarter and year-on-year.
The Delaware-basin focused oil and gas producer logged $0.82 in net earnings per share adjusted for extraordinary or nonrecurring items, beating the Zacks Consensus Estimate of $0.81 per share.
Oklahoma City-based Devon earlier announced plans to increase its quarterly dividend to $0.315 per share, compared to the current $0.24, and launch another share repurchase program of over $5 billion after the completion of its merger with Coterra Energy Inc. The parties expect to close the combination in the second quarter of 2026.
In conjunction with the pending transaction, announced February 2, Devon has suspended buybacks under its existing $5-billion package, with $4.4 billion worth of shares bought thus far.
Compared to the prior three-month period, Devon’s production in Q4 2025 fell to 851,000 barrels of oil equivalent per day (boepd). That included 390,000 bpd of oil, stable against Q3, and 1.39 billion cubic feet a day (Bcfd) of natural gas, down from 1.41 Bcfd in Q3.
Year-over-year, oil output dropped from 398,000 bpd while gas rose from 1.37 Bcfd.
Delaware Basin oil and gas production averaged 234,000 bpd and 848 million cfd respectively in Q4 2025, with smaller contributions from the Anadarko Basin, the Eagle Ford and the Rockies.
Devon’s averaged realized oil price declined sequentially and against Q4 2024 to $59.66 per barrel. Its average realized gas price of $1.58 per thousand cubic feet was flat compared to Q3 2025 but up from Q4 2024.
Revenue from the sale of oil, gas and natural gas liquids totaled $2.58 billion, down from $2.81 billion for Q3 2024 and $3.09 billion for Q4 2024.
Q4 2025 operating activities generated $6.71 billion in net cash, while free cash flow stood at $702 million.
“Devon’s disciplined execution and operational excellence defined 2025, culminating in outstanding results that exceeded fourth quarter expectations across all major value drivers”, said president and chief executive Clay Gaspar.
“In addition to our banner year in 2025, we have taken bold, strategic steps to significantly strengthen our portfolio and position ourselves for sustained success through a transformative merger with Coterra Energy”, Gaspar added. “This powerful combination brings together two industry-leading companies with complementary assets and proven track records of value creation, establishing a premier independent shale operator”.
Devon ended 2025 with $4 billion in current assets including $1.43 billion in cash, cash equivalents and restricted cash. Current liabilities totaled $4.09 billion including $998 million in short-term debt.
To contact the author, email jov.onsat@rigzone.com
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