Devon Energy announced its updated 2026 outlook following its merger with Coterra Energy, projecting average production of 1.38 million barrels of oil equivalent per day, including 500,000 barrels of oil daily. The company plans $4.9 billion in capital spending, primarily in the Permian Basin, with a disciplined rig and well completion program aimed at free cash flow generation. Devon targets returning up to 70% of free cash flow to shareholders via dividends and share repurchases, while maintaining a strong balance sheet and retiring $1.25 billion of debt. The company is also accelerating synergy capture, expecting $600 million in 2027 and $1 billion annual pretax synergies by year-end 2027, with ongoing portfolio optimization to enhance shareholder returns.
Devon Energy received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania, potentially the largest asset-backed securitization in the US oil and gas sector. These assets represent about 20% of Devon's ...
Devon Energy announced an extension of the deadline for its private exchange offers, allowing holders of Coterra Energy notes to exchange them for new Devon notes plus cash. As of June 5, 2026, a significant majority of notes across various series ha...
