Devon Energy

What Devon Energy does

Devon Energy is a U.S. independent oil and natural gas exploration and production company headquartered in Houston, Texas (with a significant legacy presence in Oklahoma City), founded in 1971 and listed on the NYSE under ticker DVN. Following the May 2026 all-stock merger with Coterra Energy, Devon operates as one of the largest U.S. shale producers with combined pro forma production exceeding 1.6 million barrels of oil equivalent per day, anchored by a world-class position in the economic core of the Delaware Basin and a diversified portfolio spanning six major U.S. onshore basins: Delaware (Permian), Anadarko, Eagle Ford, Marcellus, Powder River, and Williston.

Devon's core business is upstream hydrocarbon production using conventional and advanced drilling and completion techniques, including long-lateral drilling and hydraulic fracturing optimized through data-driven well design, cost performance programs, and AI/data analytics applied across operations. The company employs artificial intelligence to optimize drilling, completions, and production performance. Capital allocation is concentrated in the Permian Basin (over 60% of 2026 capex of $4.9 billion) with 31 rigs, 10 completion crews, and 460–480 net wells expected online in 2026.

Devon generates revenue by selling crude oil, natural gas, and natural gas liquids (NGLs) directly to large industrial counterparties — including refiners, utilities, LNG exporters (e.g., Centrica), and manufacturing companies — through long-term bilateral contracts, spot market sales, and NYMEX-linked pricing (WTI, Henry Hub, Mont Belvieu). The company uses commodity derivatives to hedge price exposure. Capital markets engagement is a central GTM lever, with earnings calls, analyst days, and investor conferences used to communicate strategy. The shareholder return framework targets 70% of free cash flow distributed through dividends ($0.320/share quarterly post-merger) and share repurchases ($8 billion authorization, ~15% of market cap), supported by $1.25 billion in planned 2026 debt retirement and a target of $1 billion annual pre-tax synergies from the Coterra merger by year-end 2027.

Name

Devon Energy

Legal name

Devon Energy Corporation

Website

https://devonenergy.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Devon Energy is a U.S. independent oil and gas exploration and production company operating across six major onshore basins; following its May 2026 Coterra Energy merger it produces over 1.38 million BOE/day and sells crude, natural gas, and NGLs to refiners, utilities, and LNG exporters.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

Keywords

• Oil and gas exploration
• Natural gas production
• Shale oil drilling
• Upstream energy operations
• Crude oil extraction

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Oil and Gas Production Sales: Devon Energy generates the overwhelming majority of its revenue from selling crude oil, natural gas, and natural gas liquids (NGLs) produced from its multi-basin U.S. onshore asset base. Revenue is realized through a combination of long-term bilateral contracts, spot market sales, and NYMEX-linked pricing. Post-merger with Coterra Energy (May 2026), combined daily production exceeds 1.6 million barrels of oil equivalent per day. Production mix includes approximately 548,000 barrels of oil per day, 348,000 barrels of NGLs per day, and ~4.3 Bcf of natural gas per day (pro forma 2025). The company uses commodity derivatives to hedge price exposure.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Devon Energy is an independent upstream oil and gas exploration and production company that produces crude oil, natural gas, and natural gas liquids (NGLs) from a multi-basin U.S. onshore asset portfolio spanning the Delaware/Permian, Anadarko, Eagle Ford, Marcellus, Powder River, and Williston basins. Hydrocarbons are sold under bilateral long-term and spot contracts to refiners, utilities, LNG exporters, and industrial buyers, with realized prices benchmarked to WTI, Henry Hub, and OPIS Mont Belvieu indexes and hedged via NYMEX-linked derivatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Crude oil produced from Devon's multi-basin U.S. onshore asset portfolio (Delaware/Permian, Anadarko, Eagle Ford, Marcellus, Powder River, Williston), sold under bilateral long-term and spot contracts to refiners, utilities, and other industrial buyers at NYMEX WTI-indexed prices. Production is hedged using WTI swaps, collars, and basis swaps to manage price exposure.
• Natural Gas Natural gas produced from Devon's multi-basin operations including the Marcellus Shale and other basins, sold to utilities, power generators, LNG exporters, and industrial manufacturers under long-term and spot contracts priced at Henry Hub-indexed benchmarks. Hedged using Henry Hub swaps, collars, and basis swaps.
• Natural Gas Liquids (NGLs) Natural gas liquids (NGLs) recovered from Devon's oil and natural gas production, sold to industrial and petrochemical buyers at OPIS Mont Belvieu-indexed prices under spot and term arrangements.

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Western Midstream Partners (with Chevron, ConocoPhillips, ExxonMobil)coreStrategic or Co-development Partner · 17 June 2026Western Midstream Partners launched JIP 2, a second produced-water treatment pilot facility in the Permian Basin (Reeves County, Texas) in partnership with Chevron, ConocoPhillips, Devon Energy, and ExxonMobil. The facility processes 2,000 barrels per day of produced water to generate approximately 1,000 barrels per day of reclaimed freshwater — ten times the output of the initial JIP 1 pilot launched in 2023. Data from JIP 2 will guide commercial-scale desalination facility development, addressing produced water disposal challenges and creating alternative water supplies in the Permian Basin.
• Howard Energy PartnerscoreStrategic or Co-development PartnerHoward Energy Partners operates natural gas gathering infrastructure in the Delaware Basin in partnership with Devon Energy. The companies also have a joint venture, the Nueva Era Pipeline, with Grupo Clisa. Howard Energy Partners has been expanding Permian energy infrastructure including pipelines, processing plants, and power generation to address global oil market challenges.
• Permian Strategic Partnership (PSP)coreStrategic or Co-development PartnerThe Permian Strategic Partnership is a coalition of 25 energy companies and two university systems (Texas Tech University System and University of Texas System) working to strengthen infrastructure, education, healthcare, housing, and quality of life in the Permian Basin. Devon Energy committed $20 million total to PSP (including a $10 million pledge renewed in 2023). The PSP has invested over $160 million and influenced $1.5 billion in member company contributions toward regional initiatives since 2018.
• Rose Rock Bridge (Tulsa Innovation Labs accelerator)minorStrategic or Co-development PartnerRose Rock Bridge is a Tulsa-based nonprofit accelerator launched through Tulsa Innovation Labs. It pairs energy technology startups directly with corporate operators including Devon Energy, H&P, ONEOK, and Williams. The program identifies operational challenges in robotics, fluid systems, and production optimization, sources startups to address those needs, and provides a six-week commercialization program with advisory clinics and deployment planning. Four startups each receive $100,000 in non-dilutive funding.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Diamondback Energy: Diamondback Energy is a Permian Basin-focused independent E&P with substantial overlap with Devon's core Delaware Basin operations. Its pure-play Permian focus makes it highly comparable on well economics and inventory depth in the same core acreage.
• Range Resources: Range Resources is an independent natural gas E&P concentrated in the Marcellus and Utica shales, providing direct comparability for Devon's Appalachian operations and natural gas pricing exposure to Henry Hub.
• Antero Resources: Antero Resources is a Marcellus/Utica-focused natural gas and NGL producer, comparable to Devon's Marcellus operations and NGL-focused revenue stream in the Appalachian Basin.
• EOG Resources: EOG Resources is a leading U.S. independent oil and gas E&P company with operations across multiple premier U.S. shale basins, including the Delaware Basin, making it one of the most direct competitors to Devon Energy post-Coterra merger in terms of multi-basin strategy, capital return discipline, and operational scale.
• EQT Corporation: EQT Corporation is the largest U.S. natural gas producer with concentrated Marcellus Shale operations, making it a direct peer for Devon's gas-weighted Marcellus position and natural gas-focused customer relationships with utilities and LNG exporters.
• ConocoPhillips: ConocoPhillips is a major U.S. independent E&P with comparable multi-basin Lower 48 strategy following its acquisition of Marathon Oil and Concho Resources, pursuing similar capital return frameworks and Permian-focused development as Devon Energy.

Broad incumbents

• Chevron: Chevron is a global supermajor with major Permian Basin operations and a Lower 48 strategy that overlaps significantly with Devon's. Following its acquisition of Hess Corporation, Chevron represents a scaled comparable for production, capital returns, and long-term energy transition strategy.
• Pioneer Natural Resources: Pioneer was the largest pure-play Permian independent E&P and Devon's closest direct competitor in the Delaware Basin prior to its acquisition by ExxonMobil in 2024. Its operating profile and basin economics remain a key comparable for assessing Devon's Permian performance.
• Occidental Petroleum: Occidental Petroleum is a diversified U.S. oil and gas producer with significant Permian Basin operations and a comparable multi-basin Lower 48 portfolio. Its scale and capital allocation framework make it a meaningful peer for Devon's broader strategy.

Others

• Coterra Energy: Coterra Energy was Devon's merger partner (completed May 2026) and combines Marcellus gas production with Permian oil operations. Pre-merger Coterra was a direct peer given overlapping multi-basin strategy and comparable capital return profile; post-merger it is now part of Devon.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DevonEnergy
• Facebookfacebook.com/devonenergy
• LinkedInlinkedin.com/company/6848
• Instagraminstagram.com/devonenergy

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A15 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Devon Energy