$DVN · DEVON ENERGY CORP/DE
Devon Energy reported Q3 2026 results reflecting its May 7, 2026 all-stock merger with Coterra (0.70 Devon shares per Coterra share). Revenue rose 58.4% to $6.86B, net earnings attributable to Devon were $1.008B ($0.88 diluted EPS), and nine-month net earnings reached $3.039B. Total assets more than doubled to $70.8B from $31.6B at year-end 2025, with long-term debt up to $9.8B and deferred tax liabilities to $9.6B.
- Q3 revenue $6.86B, up 58.4% year over year.
- Net earnings attributable to Devon $1.008B, or $0.88 diluted EPS.
- Nine-month net earnings $3.039B vs $2.080B a year earlier.
- Total assets $70.8B vs $31.6B at Dec 31, 2025 after the Coterra merger.
- Repurchased 8.9M shares for $415M under the $8.0B buyback program.
Shares traded at $42.67, down 0.48% on the day but up 0.29% from the filing-time price of $42.55, suggesting a muted reaction to the merger-driven results.
First full quarter reflecting the Coterra merger shows Devon's scale roughly doubling, with revenue up 58% and assets above $70B.
The Coterra merger roughly doubled Devon's asset base, positioning it among the largest U.S. independent E&Ps amid ongoing consolidation in the sector.
No material changes to risk factors from the 2025 10-K; forward-looking risks include commodity price volatility, merger integration, and the pending Eagle Ford divestiture.