Devon Energy earnings: guidance and results
Devon Energy's next results are expected on November 5, 2026. Watch whether savings reach operating costs and strengthen cash flow.
What has Devon Energy guided for 2026?
Devon’s weighted forecast reaches $76.42 by October 2029, hinging on integration savings, gas access and durable cash generation per share. August 2026 guidance puts full-year production at 1,364–1,398 thousand BOE per day. It sets total capital at $4,800–$5,000 million. Management expects $600 million of pretax synergies during 2027 and at least $1,000 million annually on a run-rate basis by year-end 2027.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Total oil equivalent (MBoe/d) — full year | Year to Dec 2026 | 1,364 | 1,398 | Aug 4, 2026 |
| Total capital — full year | Year to Dec 2026 | 4,800 | 5,000 | Aug 4, 2026 |
| Annual pre-tax synergies on a run-rate basis | Year-end 2027 | 1,000 | Aug 4, 2026 | |
| Annual pre-tax synergies captured during 2027 | Year to Dec 2027 | 600 | 600 | Aug 4, 2026 |
What this means. The company expects at least one billion dollars in yearly merger-related savings once fully in place, but only about six hundred million dollars of savings during 2027, so the figures are not contradictory.
What do Devon Energy's last eight quarters show?
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,417 | 3,807 | 4,121 | 4,331 | 4,284 | 4,452 | 4,403 | 4,024 |
| Net income | 1,911 | 120 | 562 | 687 | 899 | 494 | 639 | 812 |
| EPS, diluted | 2.03 | 0.19 | 0.90 | 1.09 | 1.41 | 0.77 | 0.98 | 1.30 |
| Cash from operations | 3,674 | 1,655 | 1,534 | 1,690 | 1,545 | 1,942 | 1,664 | 1,663 |
| Capital spending | 1,318 | 839 | 832 | 870 | 956 | 934 | 926 | 877 |
What this means. The June 2026 quarter includes Coterra's results only after May 7, so it covers less than a full quarter and is not directly comparable with earlier quarters.
What should I watch in Devon Energy's next results?
The Q3 results and call on November 5 will provide the first full-quarter test of combined operations. Investors should compare production, capital spending and cash generation with August guidance and listen for the first 2027 outlook. They should also look for evidence that savings are reaching operating costs rather than remaining a target.