DEVON ENERGY CORP/DE, 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Document And Entity Information - shares
shares in Billions
 6 Months Ended
Jun. 30, 2026
Jul. 22, 2026
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Registrant Name DEVON ENERGY CORP/DE  
Entity Central Index Key 0001090012  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 001-32318  
Entity Tax Identification Number 73-1567067  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One Three Memorial City Plaza  
Entity Address, Address Line Two 840 Gessner Road  
Entity Address, Address Line Three Suite 1400  
Entity Address, City or Town Houston  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 77024  
City Area Code 281  
Local Phone Number 589-4600  
Title of 12(b) Security Common Stock, par value $0.10 per share  
Trading Symbol DVN  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   1.1
Former Address [Member]    
Document Information [Line Items]    
Entity Address, Address Line One 333 West Sheridan Avenue  
Entity Address, City or Town Oklahoma City  
Entity Address, State or Province OK  
Entity Address, Postal Zip Code 73102-5015  
v3.26.1
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Oil, gas and NGL sales $ 7,003 $ 4,048 $ 11,511 $ 8,598
Oil, gas and NGL derivatives 414 236 (287) 138
Total revenues 7,417 4,284 11,224 8,736
Production expenses 1,393 899 2,287 1,811
Exploration expenses 16 20 41 30
Depreciation, depletion and amortization 1,416 914 2,320 1,826
Asset impairments 0 0 0 254
Asset dispositions (25) (307) (24) (305)
General and administrative expenses 175 113 300 243
Financing costs, net 125 116 234 239
Restructuring and transaction costs 246 9 265 27
Other, net (187) 2 (170) 11
Total expenses 5,033 3,123 8,674 6,929
Earnings before income taxes 2,384 1,161 2,550 1,807
Income tax expense 473 244 519 381
Net earnings 1,911 917 2,031 1,426
Net earnings attributable to noncontrolling interests 0 18 0 33
Net earnings attributable to Devon $ 1,911 $ 899 $ 2,031 $ 1,393
Net earnings per share:        
Basic net earnings per share $ 2.04 $ 1.42 $ 2.61 $ 2.18
Diluted net earnings per share $ 2.03 $ 1.41 $ 2.6 $ 2.17
Comprehensive earnings:        
Net earnings $ 1,911 $ 917 $ 2,031 $ 1,426
Other comprehensive earnings, net of tax:        
Pension and postretirement plans 1 1 2 2
Other comprehensive earnings (loss), net of tax 1 1 2 2
Comprehensive earnings: 1,912 918 2,033 1,428
Comprehensive earnings attributable to noncontrolling interests 0 18 0 33
Comprehensive earnings attributable to Devon 1,912 900 2,033 1,395
Oil, Gas and NGL Sales [Member]        
Oil, gas and NGL sales 5,106 2,710 8,083 5,836
Marketing and Midstream Revenues [Member]        
Oil, gas and NGL sales 1,897 1,338 3,428 2,762
Marketing and Midstream Expenses [Member]        
Marketing and midstream expenses $ 1,874 $ 1,357 $ 3,421 $ 2,793
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash, cash equivalents and restricted cash $ 1,009 $ 1,434
Accounts receivable 3,162 1,792
Inventory 356 336
Other current assets 522 444
Total current assets 5,049 4,006
Oil and gas property and equipment, based on successful efforts accounting, net 60,899 23,731
Other property and equipment, net 2,199 1,688
Total property and equipment, net 63,098 25,419
Goodwill 753 753
Right-of-use assets 509 299
Investments 992 727
Other long-term assets 492 395
Total assets 70,893 31,599
LIABILITIES AND EQUITY    
Accounts payable 1,626 790
Revenues and royalties payable 2,451 1,491
Short-term debt 1,497 998
Income taxes payable 414 152
Other current liabilities 1,052 655
Total current liabilities 7,040 4,086
Long-term debt 9,891 7,391
Lease liabilities 356 197
Asset retirement obligations 1,169 863
Other long-term liabilities 1,043 907
Deferred income taxes 9,647 2,627
Commitments and contingencies (Note 18)
Stockholders' equity:    
Common stock, $0.10 par value. Authorized 2.0 billion shares; issued 1,150 million and 622 million shares in 2026 and 2025, respectively 115 62
Additional paid-in capital 30,045 5,388
Retained earnings 11,712 10,200
Accumulated other comprehensive loss (120) (122)
Treasury stock, at cost, 0.1 million shares in 2026 (5) 0
Total stockholders' equity 41,747 15,528
Total liabilities and equity $ 70,893 $ 31,599
v3.26.1
Consolidated Balance Sheets (Parenthetical) (Unaudited)
shares in Millions
Jun. 30, 2026
$ / shares
shares
Common stock, par value (in dollars per share) | $ / shares $ 0.1
Common stock, shares authorized (in shares) 2,000.0
Common stock, shares issued (in shares) 1,150.0
Treasury stock shares at cost 0.1
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:        
Net earnings $ 1,911 $ 917 $ 2,031 $ 1,426
Adjustments to reconcile net earnings to net cash from operating activities:        
Depreciation, depletion and amortization 1,416 914 2,320 1,826
Asset impairments 0 0 0 254
Leasehold impairments 9 7 12 12
Accretion of liabilities 7 3 11 9
Total (gains) losses on commodity derivatives (414) (236) 287 (138)
Cash settlements on commodity derivatives (116) 67 (173) 57
Gains on asset dispositions (25) (307) (24) (305)
Deferred income tax expense 95 18 329 59
Share-based compensation 71 23 93 53
Other (204) 5 (182) (17)
Changes in assets and liabilities, net 924 134 625 251
Net cash from operating activities 3,674 1,545 5,329 3,487
Cash flows from investing activities:        
Cash acquired in Merger 581 0 581 0
Capital expenditures (1,318) (956) (2,157) (1,890)
Acquisitions of property and equipment (2,729) (16) (2,919) (24)
Divestitures of property, equipment and investments 88 372 90 505
Distributions from investments 13 11 22 20
Contributions to investments and other (10) (8) (12) (10)
Net cash from investing activities (3,375) (597) (4,395) (1,399)
Cash flows from financing activities:        
Repayments of long-term debt (500) 0 (500) 0
Repurchases of common stock (197) (249) (266) (550)
Dividends paid on common stock (366) (156) (521) (319)
Contributions from noncontrolling interests 0 0 0 14
Distributions to noncontrolling interests 0 (14) 0 (23)
Repayment of finance lease (2) 0 (5) (274)
Shares exchanged for tax withholdings and other (44) (5) (71) (24)
Net cash from financing activities (1,109) (424) (1,363) (1,176)
Effect of exchange rate changes on cash 4 1 4 1
Net change in cash, cash equivalents and restricted cash (806) 525 (425) 913
Cash, cash equivalents and restricted cash at beginning of period 1,815 1,234 1,434 846
Cash, cash equivalents and restricted cash at end of period 1,009 1,759 1,009 1,759
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 950 1,713 950 1,713
Restricted cash 59 46 59 46
Total cash, cash equivalents and restricted cash $ 1,009 $ 1,759 $ 1,009 $ 1,759
v3.26.1
Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Other Comprehensive Earnings (Loss) [Member]
Treasury Stock [Member]
Noncontrolling Interests [Member]
Balance at Dec. 31, 2024 $ 14,704 $ 65 $ 6,387 $ 8,166 $ (122)   $ 208
Balance, Shares at Dec. 31, 2024   651          
Net earnings 1,426     1,393     33
Other comprehensive earnings, net of tax 2       2    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (577)   (4)     $ (573)  
Common stock retired   $ (1) (572)     573  
Common stock retired, shares   (17)          
Common stock dividends (307)     (307)      
Share-based compensation 53   53        
Contributions from noncontrolling interests 14           14
Distributions to noncontrolling interests (23)           (23)
Balance at Jun. 30, 2025 15,292 $ 64 5,864 9,252 (120) 0 232
Balance, Shares at Jun. 30, 2025   636          
Balance at Mar. 31, 2025 14,773 $ 64 6,096 8,506 (121) 0 228
Balance, Shares at Mar. 31, 2025   644          
Net earnings 917     899     18
Other comprehensive earnings, net of tax 1       1    
Common stock repurchased (255)   (1)     (254)  
Common stock retired     (254)     254  
Common stock retired, shares   (8)          
Common stock dividends (153)     (153)      
Share-based compensation 23   23        
Distributions to noncontrolling interests (14)           (14)
Balance at Jun. 30, 2025 15,292 $ 64 5,864 9,252 (120) 0 232
Balance, Shares at Jun. 30, 2025   636          
Balance at Dec. 31, 2025 15,528 $ 62 5,388 10,200 (122) 0 0
Balance, Shares at Dec. 31, 2025   622          
Net earnings 2,031     2,031      
Other comprehensive earnings, net of tax 2       2    
Restricted stock grants, net of cancellations, shares   3          
Common stock repurchased (334)         (334)  
Common stock retired     (329)     329  
Common stock retired, shares   (7)          
Common stock dividends (519)     (519)      
Common stock issued 24,946 $ 53 24,893        
Common stock issued, Shares   532          
Share-based compensation 93   93        
Balance at Jun. 30, 2026 41,747 $ 115 30,045 11,712 (120) (5) 0
Balance, Shares at Jun. 30, 2026   1,150          
Balance at Mar. 31, 2026 15,428 $ 62 5,316 10,171 (121) 0 0
Balance, Shares at Mar. 31, 2026   621          
Net earnings 1,911     1,911      
Other comprehensive earnings, net of tax 1       1    
Restricted stock grants, net of cancellations, shares   2          
Common stock repurchased (240)         (240)  
Common stock retired     (235)     235  
Common stock retired, shares   (5)          
Common stock dividends (370)     (370)      
Common stock issued 24,946 $ 53 24,893        
Common stock issued, Shares   532          
Share-based compensation 71   71        
Balance at Jun. 30, 2026 $ 41,747 $ 115 $ 30,045 $ 11,712 $ (120) $ (5) $ 0
Balance, Shares at Jun. 30, 2026   1,150          
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,911 $ 899 $ 2,031 $ 1,393
v3.26.1
Insider Trading Arrangements
shares in Thousands
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Item 5. Other Information

During the three months ended June 30, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K), except as described below.

On June 12, 2026, Thomas E. Jorden, chair of Devon’s Board of Directors, as trustee of the Thomas E. and Tamara Jacks Jorden Revocable Trust, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The arrangement provides for the potential sale of up to 250,000 shares of Devon common stock, subject to certain conditions, during the period from September 14, 2026 through March 15, 2027.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Modified false
Rule 10b5-1 Arrangement Modified false
Thomas E. Jorden [Member]  
Trading Arrangements, by Individual  
Name Thomas E. Jorden
Title chair of Devon’s Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 12, 2026
Arrangement Duration 182 days
Aggregate Available 250
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies

The accompanying unaudited interim financial statements and notes of Devon have been prepared pursuant to the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures previously included in financial statements prepared in accordance with U.S. GAAP have been omitted. The accompanying unaudited interim financial statements and notes should be read in conjunction with the financial statements and notes included in Devon’s 2025 Annual Report on Form 10-K. The accompanying unaudited interim financial statements in this report reflect all adjustments that are, in the opinion of management, necessary for a fair statement of Devon’s results of operations and cash flows for the three-month and six-month periods ended June 30, 2026 and 2025 and Devon’s financial position as of June 30, 2026. Such adjustments are considered to be of a normal recurring nature unless otherwise noted.

Devon and Coterra completed an all-stock merger of equals on May 7, 2026. On the closing date of the Merger, each share of Coterra common stock was automatically converted into the right to receive 0.70 of a share of Devon common stock. The transaction has been accounted for using the acquisition method of accounting, with Devon as the accounting acquirer. See Note 2 for further discussion.

Variable Interest Entity

CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). Devon held a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest were shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM was considered a VIE to Devon. On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM.

Disaggregation of Revenue

The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Oil

 

$

4,354

 

 

$

2,174

 

 

$

6,777

 

 

$

4,588

 

Gas

 

 

104

 

 

 

178

 

 

 

309

 

 

 

487

 

NGL

 

 

648

 

 

 

358

 

 

 

997

 

 

 

761

 

Oil, gas and NGL sales

 

 

5,106

 

 

 

2,710

 

 

 

8,083

 

 

 

5,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

1,411

 

 

 

859

 

 

 

2,412

 

 

 

1,777

 

Gas

 

 

156

 

 

 

246

 

 

 

410

 

 

 

517

 

NGL

 

 

330

 

 

 

233

 

 

 

606

 

 

 

468

 

Marketing and midstream revenues

 

 

1,897

 

 

 

1,338

 

 

 

3,428

 

 

 

2,762

 

Total revenues from contracts with customers

 

$

7,003

 

 

$

4,048

 

 

$

11,511

 

 

$

8,598

 

Transaction Price Allocated to Remaining Performance Obligations

As of June 30, 2026, Devon had $5.3 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. These obligations were assumed by Devon in connection with the Merger and are expected to be recognized ratably over the next 13 years.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU will result in additional disclosures for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.26.1
Acquisition and Divestitures
 6 Months Ended
Jun. 30, 2026
Business Combination [Abstract]  
Acquisition and Divestitures
2.
Acquisitions and Divestitures

Coterra Merger

On May 7, 2026, Devon completed an all-stock merger of equals with Coterra, an oil and gas exploration and production company with assets in the Permian Basin in Texas and New Mexico, the Marcellus Shale in Pennsylvania and the Anadarko Basin in Oklahoma. On the closing date of the Merger, each share of Coterra common stock was converted into the right to receive 0.70 of a share of Devon common stock. No fractional shares of Devon’s common stock were issued in the Merger, and holders of shares of Coterra common stock instead received cash in lieu of fractional shares of Devon common stock. Based on the closing price of Devon’s common stock on May 6, 2026, the total value of Devon common stock issued to holders of Coterra common stock as part of this transaction was approximately $24.8 billion.

Purchase Price Allocation

This transaction has been accounted for using the acquisition method of accounting, with Devon as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Coterra have been recorded at their respective fair values as of the date of completion of the Merger and added to Devon’s assets and liabilities. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the acquisition. Determining the fair value of the assets and liabilities of Coterra requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Coterra’s oil and gas properties. The inputs and assumptions related to the oil and gas properties are categorized as level 3 in the fair value hierarchy.

The following table represents the allocation of the total purchase price of Coterra to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

Preliminary Purchase

 

 

Price Allocation

 

 Consideration:

 

 

 Coterra common stock outstanding

 

759.4

 

 Exchange Ratio

 

0.70

 

 Devon common stock issued

 

531.6

 

 Devon closing price on May 6, 2026

$

46.60

 

 Total common equity consideration

$

24,772

 

 Share-based replacement awards

 

174

 

 Total consideration

$

24,946

 

 Assets acquired:

 

 

 Cash, cash equivalents and restricted cash

$

581

 

 Accounts receivable

 

1,110

 

 Inventory

 

31

 

 Other current assets

 

204

 

 Proved oil and gas property and equipment

 

20,356

 

 Unproved and properties under development

 

14,099

 

 Other property and equipment, net

 

505

 

 Right-of-use assets

 

131

 

 Investments

 

100

 

 Other long-term assets

 

133

 

 Total assets acquired

$

37,250

 

 Liabilities assumed:

 

 

 Accounts payable

 

723

 

 Revenues and royalties payable

 

478

 

 Short-term debt

 

249

 

 Income taxes payable

 

27

 

 Other current liabilities

 

425

 

 Long-term debt

 

3,256

 

 Lease liabilities

 

100

 

 Asset retirement obligations

 

164

 

 Other long-term liabilities

 

192

 

 Deferred income taxes

 

6,690

 

 Total liabilities assumed

 

12,304

 

 Net assets acquired

$

24,946

 

Coterra Revenues and Net Earnings

From the closing date of the Merger through June 30, 2026, revenues and net earnings included in Devon’s consolidated statements of comprehensive earnings associated with these assets totaled $1.3 billion and $230 million, respectively.

Pro Forma Financial Information

The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Coterra merger had occurred on January 1, 2025. The information below reflects pro forma adjustments to conform Coterra’s historical financial information to Devon’s financial statement presentation. The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 Total revenues

 

$

8,150

 

 

$

6,240

 

 

$

13,894

 

 

$

12,586

 

 Net earnings

 

$

2,048

 

 

$

1,298

 

 

$

2,464

 

 

$

2,138

 

 Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

     Basic net earnings per share

 

$

1.79

 

 

$

1.11

 

 

$

2.15

 

 

$

1.83

 

     Diluted net earnings per share

 

$

1.78

 

 

$

1.11

 

 

$

2.14

 

 

$

1.82

 

Lease Acquisition

During the second quarter of 2026, Devon acquired approximately 16,300 net undeveloped acres in the core of the Permian Basin in Lea and Eddy Counties, New Mexico through the Bureau of Land Management (“BLM”) oil and gas lease sale for approximately $2.6 billion, which was funded with cash on hand.

Asset Exchange

On April 1, 2025, Devon and BPX Energy dissolved their partnership and divided their acreage in the Eagle Ford Blackhawk field located in Texas’ DeWitt County, resulting in increased operational flexibility for both parties. The assets exchanged were in close proximity and shared similar geological characteristics. The transaction was accounted for as an equal, non-monetary exchange, as it did not result in a significant change to the risks, expected future cash flows or the timing of those cash flows, and therefore was determined to lack commercial substance. As a result, the new acreage and underlying property costs were recorded at the historical cost of the assets exchanged.

Divestiture of Matterhorn Investment

During the second quarter of 2025, Devon sold its investment in Matterhorn for $372 million and recognized a pre-tax gain of $307 million ($239 million, net of tax), which was recorded to asset dispositions on the accompanying consolidated statements of comprehensive earnings.

Contingent Earnout Payments

Devon was entitled to contingent earnout payments associated with the sale of its Barnett Shale assets in 2020 with upside participation beginning at a $2.75 Henry Hub natural gas price or a $50 WTI oil price. The contingent payment period commenced on January 1, 2021, and had a term of four years. Devon received $20 million in contingent earnout payments related to this transaction in the first six months of 2025. As of June 30, 2026, Devon had no other open contingent earnout arrangements.
v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
3.
Derivative Financial Instruments

Objectives and Strategies

Devon enters into derivative financial instruments with respect to a portion of its oil, gas and NGL production to hedge future prices received. Additionally, Devon periodically enters into derivative financial instruments with respect to a portion of its oil, gas and NGL marketing activities. These commodity derivative financial instruments include financial price swaps, basis swaps and costless price collars.

Devon does not intend to hold or issue derivative financial instruments for speculative trading purposes and has elected not to designate any of its derivative instruments for hedge accounting treatment.

Counterparty Credit Risk

By using derivative financial instruments, Devon is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instruments are placed with a number of counterparties whom Devon believes are acceptable credit risks. It is Devon’s policy to enter into derivative contracts only with investment-grade rated counterparties deemed by management to be competent and competitive market makers. Additionally, Devon’s derivative contracts generally contain provisions that provide for collateral payments if Devon’s or its counterparty’s credit rating falls below certain credit rating levels. As of June 30, 2026, Devon neither held cash collateral of its counterparties nor posted cash collateral to its counterparties. Given Devon's current credit ratings and the terms of the underlying contracts, Devon is not required to post collateral to its counterparties with respect to its open derivative positions and would not be required to post any such collateral as a result of any change to the amount of Devon’s net liability for such positions.

Commodity Derivatives

As of June 30, 2026, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q3-Q4 2026

 

 

10,000

 

 

$

66.13

 

 

 

84,500

 

 

$

56.25

 

 

$

73.11

 

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

38,466

 

 

$

59.04

 

 

$

85.41

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q3-Q4 2026

 

 

113,000

 

 

$

49.36

 

 

$

59.36

 

 

$

72.36

 

Q1-Q4 2027

 

 

57,397

 

 

$

47.25

 

 

$

57.25

 

 

$

73.14

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q3-Q4 2026

 

WTI/NYMEX

 

 

83,500

 

 

$

0.95

 

Q3-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q3-Q4 2026

 

WTI/Brent

 

 

8,000

 

 

$

(5.66

)

Q3-Q4 2026

 

NYMEX Roll

 

 

95,000

 

 

$

1.74

 

Q1-Q4 2027

 

WTI/NYMEX

 

 

32,466

 

 

$

1.04

 

Q1-Q4 2027

 

Magellan East Houston

 

 

27,000

 

 

$

1.85

 

Q1-Q4 2027

 

Midland Sweet

 

 

48,000

 

 

$

1.02

 

 

As of June 30, 2026, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps (1)

 

 

Price Collars (2)

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q3-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

1,130,000

 

 

$

3.36

 

 

$

5.47

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

490,000

 

 

$

3.17

 

 

$

5.33

 
(1)
Price swaps settle against the Inside FERC first of month Henry Hub index.
(2)
Related to the 2026 open positions, 230,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.26 and ceiling price of $4.90, and 900,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.39 and ceiling price of $5.61. Related to the 2027 open positions, 110,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.45 and ceiling price of $4.25, and 380,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.08 and ceiling price of $5.65.

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q3-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q3-Q4 2026

 

Transco Leidy

 

 

250,000

 

 

$

(0.78

)

Q3-Q4 2026

 

Transco Zone 6 Non-NY

 

 

250,000

 

 

$

(0.16

)

Q3-Q4 2026

 

WAHA

 

 

350,000

 

 

$

(1.86

)

Q1-Q4 2027

 

Transco Leidy

 

 

47,500

 

 

$

(0.65

)

Q1-Q4 2027

 

Transco Zone 6 Non-NY

 

 

150,000

 

 

$

0.35

 

Q1-Q4 2027

 

WAHA

 

 

135,041

 

 

$

(1.30

)

 

Financial Statement Presentation

All derivative financial instruments are recognized at their current fair value as either assets or liabilities on the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis on the consolidated balance sheets. The table below presents a summary of these positions as of June 30, 2026 and December 31, 2025.

 

June 30, 2026

 

December 31, 2025

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

174

 

$

(31

)

$

143

 

$

199

 

$

(7

)

$

192

 

Other current assets

Long-term derivative asset

 

70

 

 

(5

)

 

65

 

 

2

 

 

—

 

 

2

 

Other long-term assets

Short-term derivative liability

 

(209

)

 

31

 

 

(178

)

 

(8

)

 

7

 

 

(1

)

Other current liabilities

Long-term derivative liability

 

(29

)

 

5

 

 

(24

)

 

—

 

 

—

 

 

—

 

Other long-term liabilities

  Total derivative asset

$

6

 

$

—

 

$

6

 

$

193

 

$

—

 

$

193

 

 

 
v3.26.1
Share-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
4.
Share-Based Compensation

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

G&A

 

$

56

 

 

$

46

 

Restructuring and transaction costs

 

 

37

 

 

 

7

 

Total

 

$

93

 

 

$

53

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

18

 

 

$

8

 

 

Under its approved long-term incentive plans, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plans.

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/25

 

 

4,653

 

 

$

40.79

 

 

 

1,293

 

 

$

58.82

 

Granted (1)

 

 

9,201

 

 

$

45.95

 

 

 

439

 

 

$

61.73

 

Vested

 

 

(3,690

)

 

$

45.75

 

 

 

(200

)

 

$

81.70

 

Forfeited

 

 

(139

)

 

$

42.90

 

 

 

(117

)

 

$

81.70

 

Unvested at 6/30/26

 

 

10,025

 

 

$

43.67

 

 

 

1,415

 

(2)

$

54.59

 
(1)
Pursuant to the terms of the Merger Agreement, certain of Coterra’s outstanding time-based and performance-based equity awards converted into the right to receive Devon restricted stock units based, in part, on the 0.70 exchange ratio. As a result, approximately 7.2 million awards relate to the conversion of Coterra equity awards to Devon restricted stock unit awards.
(2)
A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.

The following table presents the assumptions related to the performance share units granted in 2026, as indicated in the previous summary table.

 

 

2026

 

 Grant-date fair value

 

$

61.73

 

 Risk-free interest rate

 

 

3.52

%

 Volatility factor

 

 

33.80

%

 Contractual term (years)

 

 

2.89

 

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of June 30, 2026.

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

295

 

 

$

35

 

Weighted average period for recognition (years)

 

 

2.5

 

 

 

2.1

 
v3.26.1
Asset Impairments
 6 Months Ended
Jun. 30, 2026
Asset, Impairment Loss [Abstract]  
Asset Impairments Asset ImpairmentsIn the first quarter of 2025, Devon rationalized two headquarters-related real estate assets, triggering assets held for sale and recording asset impairments of $254 million. Both transactions closed in the first quarter of 2025 and generated aggregate sales proceeds of $120 million.
v3.26.1
Restructuring and Transaction Costs
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Transaction Costs Restructuring and Transaction Costs

The following table summarizes Devon’s restructuring and transaction costs.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Restructuring

 

$

198

 

 

$

9

 

 

$

198

 

 

$

27

 

Transaction costs

 

 

48

 

 

 

—

 

 

 

67

 

 

 

—

 

Total

 

$

246

 

 

$

9

 

 

$

265

 

 

$

27

 

In conjunction with the Merger closing, Devon recognized $198 million of restructuring expenses during the first six months of 2026 primarily related to employee severance, termination and relocation benefits and contract terminations. Of these expenses, $37 million resulted from accelerated vesting of share-based grants, which are non-cash charges. Additionally, in conjunction with the Merger closing, Devon recognized $67 million of transaction costs primarily comprised of bank, legal and advisory fees associated with the Merger.

The following table summarizes Devon’s restructuring liabilities.

 

 

Other

 

 

Other

 

 

 

 

 

 

Current

 

 

Long-term

 

 

 

 

 

 

Liabilities

 

 

Liabilities

 

 

Total

 

Balance as of December 31, 2025

 

$

1

 

 

$

—

 

 

$

1

 

Changes related to 2026 merger-related employee costs

 

 

78

 

 

 

48

 

 

 

126

 

Changes related to prior years’ restructurings

 

 

(1

)

 

 

—

 

 

 

(1

)

Balance as of June 30, 2026

 

$

78

 

 

$

48

 

 

$

126

 
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
7.
Income Taxes

The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

2,384

 

 

$

1,161

 

 

$

2,550

 

 

$

1,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

$

378

 

 

$

226

 

 

$

190

 

 

$

322

 

Deferred income tax expense

 

 

95

 

 

 

18

 

 

 

329

 

 

 

59

 

Total income tax expense

 

$

473

 

 

$

244

 

 

$

519

 

 

$

381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

 

 

21

%

 

 

21

%

State income taxes

 

 

(1

%)

 

 

1

%

 

 

(1

%)

 

 

1

%

Other

 

 

—

 

 

 

(1

%)

 

 

—

 

 

 

(1

%)

Effective income tax rate

 

 

20

%

 

 

21

%

 

 

20

%

 

 

21

%

In the second quarter of 2026, state income taxes included a $56 million deferred tax benefit from the release of valuation allowances against legacy Devon state deferred tax assets in connection with the Merger. The release reflected a change in judgment regarding the realizability of legacy Devon state deferred tax assets, driven by increased forecasted future state taxable income of the combined company.

On February 18, 2026, the IRS issued additional interim CAMT guidance through Notice 2026-7 (the “Notice”). In addition to other provisions, the Notice includes a new Adjusted Financial Statement Income (“AFSI”) adjustment beginning in 2025 for amortization of domestic research costs, including accelerated amortization under the OBBB transition rule. Accordingly, Devon’s six months ended June 30, 2026 income tax expense included a current tax benefit of approximately $218 million and a corresponding deferred tax expense associated with the deferral of income taxes resulting from the Notice.
v3.26.1
Net Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Earnings Per Share Net Earnings Per Share

The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net earnings available to common shareholders - basic and diluted

$

1,911

 

 

$

899

 

 

$

2,031

 

 

$

1,393

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

937

 

 

 

635

 

 

 

778

 

 

 

640

 

Dilutive effect of potential common shares issuable

 

3

 

 

 

1

 

 

 

2

 

 

 

1

 

Average common shares outstanding - diluted

 

940

 

 

 

636

 

 

 

780

 

 

 

641

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.04

 

 

$

1.42

 

 

$

2.61

 

 

$

2.18

 

Diluted

$

2.03

 

 

$

1.41

 

 

$

2.60

 

 

$

2.17

 
v3.26.1
Other Comprehensive Earnings (Loss)
 6 Months Ended
Jun. 30, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Earnings (Loss) Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) consist of the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(121

)

 

$

(121

)

 

$

(122

)

 

$

(122

)

Recognition of net actuarial loss and prior service cost in earnings (1)

 

 

1

 

 

 

2

 

 

 

3

 

 

 

3

 

Income tax expense

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(120

)

 

$

(120

)

 

$

(120

)

 

$

(120

)
Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.26.1
Supplemental Information to Statements of Cash Flows
 6 Months Ended
Jun. 30, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Information to Statements of Cash Flows Supplemental Information to Statements of Cash Flows

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

197

 

 

$

183

 

 

$

(265

)

 

$

120

 

Other current assets

 

 

(16

)

 

 

15

 

 

 

(4

)

 

 

(20

)

Other long-term assets

 

 

49

 

 

 

(16

)

 

 

42

 

 

 

(101

)

Accounts payable and revenues and royalties payable

 

 

267

 

 

 

(162

)

 

 

646

 

 

 

86

 

Income taxes payable

 

 

387

 

 

 

72

 

 

 

236

 

 

 

167

 

Other current liabilities

 

 

90

 

 

 

69

 

 

 

29

 

 

 

(83

)

Other long-term liabilities

 

 

(50

)

 

 

(27

)

 

 

(59

)

 

 

82

 

Total

 

$

924

 

 

$

134

 

 

$

625

 

 

$

251

 

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

103

 

 

$

101

 

 

$

255

 

 

$

261

 

Income taxes paid (refunded)

 

$

(43

)

 

$

152

 

 

$

(39

)

 

$

152

 

As of June 30, 2026, Devon had approximately $610 million of accrued capital expenditures included in total property and equipment, net and accounts payable on the consolidated balance sheets. As of December 31, 2025 (pre-merger), Devon had approximately $360 million of accrued capital expenditures in total property and equipment, net and accounts payable on the consolidated balance sheets. As of May 7, 2026, Devon assumed approximately $320 million of accrued capital expenditures included in accounts payable.
v3.26.1
Accounts Receivable
 6 Months Ended
Jun. 30, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable Accounts Receivable

Components of accounts receivable include the following:

 

 

June 30, 2026

 

 

December 31, 2025

 

Oil, gas and NGL sales

 

$

1,798

 

 

$

865

 

Joint interest billings

 

 

601

 

 

 

245

 

Marketing and midstream revenues

 

 

744

 

 

 

669

 

Other

 

 

30

 

 

 

20

 

Gross accounts receivable

 

 

3,173

 

 

 

1,799

 

Allowance for credit losses

 

 

(11

)

 

 

(7

)

Net accounts receivable

 

$

3,162

 

 

$

1,792

 
v3.26.1
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2026
Extractive Industries [Abstract]  
Property, Plant and Equipment
12.
Property and Equipment

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

 

 

June 30, 2026

 

 

December 31, 2025

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

82,437

 

 

$

58,573

 

Unproved and properties under development

 

 

17,475

 

 

 

1,910

 

Total oil and gas

 

 

99,912

 

 

 

60,483

 

Less accumulated DD&A

 

 

(39,013

)

 

 

(36,752

)

Oil and gas property and equipment, net

 

 

60,899

 

 

 

23,731

 

Other property and equipment

 

 

2,954

 

 

 

2,624

 

Less accumulated DD&A

 

 

(755

)

 

 

(936

)

Other property and equipment, net

 

 

2,199

 

 

 

1,688

 

Property and equipment, net

 

$

63,098

 

 

$

25,419

 
v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments Investments

The following table presents Devon’s investments shown on the consolidated balance sheets.

 

 

% Interest

 

Carrying Amount

 

Investments

 

June 30, 2026

 

June 30, 2026

 

 

December 31, 2025

 

Fervo

 

12%

 

$

359

 

 

$

162

 

WaterBridge

 

13%

 

 

243

 

 

 

268

 

Catalyst

 

50%

 

 

233

 

 

 

247

 

Producers Midstream

 

15%

 

 

94

 

 

 

—

 

Other

 

Various

 

 

63

 

 

 

50

 

      Total

 

 

 

$

992

 

 

$

727

 

During the second quarter of 2026, Fervo completed its initial public offering, which diluted Devon’s equity interest in Fervo from 15% to approximately 12%. Devon accounts for its investment in Fervo under the equity method, and because the offering price per share exceeded Devon’s per share carrying value, Devon’s investment increased by approximately $201 million, which was recorded to other, net in the accompanying consolidated statements of comprehensive earnings.

In conjunction with Merger, Devon acquired an investment in Producers Midstream, a joint venture that provides natural gas gathering and processing services in Lea County, New Mexico, in the Permian Basin. Devon’s investment does not give it the ability to exercise significant influence over Producers Midstream.

v3.26.1
Debt And Related Expenses
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Related Expenses Debt and Related Expenses

See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon.

 

 

June 30, 2026

 

 

December 31, 2025

 

3.90% due May 15, 2027 (1)

 

$

750

 

 

$

—

 

7.50% due September 15, 2027

 

 

73

 

 

 

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.375% due March 15, 2029 (1)

 

 

500

 

 

 

—

 

4.50% due January 15, 2030

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.60% due March 15, 2034 (1)

 

 

500

 

 

 

—

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

1,250

 

5.40% due February 15, 2035 (1)

 

 

750

 

 

 

—

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

1,000

 

5.90% due February 15, 2055 (1)

 

 

750

 

 

 

—

 

Term Loan due September 25, 2026

 

 

750

 

 

 

1,000

 

Net premium on debentures and notes

 

 

22

 

 

 

23

 

Debt issuance costs

 

 

(48

)

 

 

(48

)

Total debt

 

$

11,388

 

 

$

8,389

 

Less amount classified as short-term debt

 

 

1,497

 

 

 

998

 

Total long-term debt

 

$

9,891

 

 

$

7,391

 
(1)
These instruments were assumed by Devon in May 2026 in conjunction with the Merger. Approximately $277 million and $27 million of these instruments remain the unsecured and unsubordinated obligations of Coterra and Coterra Energy Operating Co., respectively, each of which is a subsidiary of Devon.

The following schedule includes the summary of the Coterra debt Devon assumed upon closing of the Merger on May 7, 2026.

 

 

Face Value

 

 

Fair Value

 

3.77% due September 18, 2026

 

$

250

 

 

$

249

 

3.90% due May 15, 2027

 

 

750

 

 

 

747

 

4.375% due March 15, 2029

 

 

500

 

 

 

499

 

5.60% due March 15, 2034

 

 

500

 

 

 

516

 

5.40% due February 15, 2035

 

 

750

 

 

 

762

 

5.90% due February 15, 2055

 

 

750

 

 

 

732

 

 

 

$

3,500

 

 

$

3,505

 

 

Exchange Offers

In connection with the completed Merger, Devon commenced private exchange offers (the “Exchange Offers”) in May 2026 to exchange any and all of certain outstanding notes previously issued by Coterra and Coterra Energy Operating Co. (collectively, the “Existing Coterra Notes”) for newly issued Devon notes (the “New Devon Notes”) with the same stated interest rates, interest payment dates, maturity dates and redemption provisions as the corresponding series of Existing Coterra Notes.

On June 25, 2026, Devon issued $2.95 billion aggregate principal amount of New Devon Notes in exchange for a like amount of Existing Coterra Notes validly tendered. The New Devon Notes are general unsecured obligations of Devon and rank equally with Devon’s other unsecured and unsubordinated indebtedness. Following settlement, approximately $277 million and $27 million aggregate principal amount of Existing Coterra Notes remained outstanding as obligations of Coterra and Coterra Energy Operating Co., respectively. The New Devon Notes were issued as unregistered securities subject to a registration rights agreement.

Credit Lines

Devon has a $3.0 billion revolving Senior Credit Facility. In the first quarter of 2026, Devon amended the credit agreement governing the Senior Credit Facility to, among other things, extend the maturity date from March 24, 2030 to March 24, 2031, with the option to extend the maturity date by three additional one-year periods, subject to lender consent. As of June 30, 2026, Devon had no outstanding borrowings under the Senior Credit Facility and had less than $1.0 million in outstanding letters of credit under this facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon's ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back non-cash financial write-downs such as impairments. As of June 30, 2026, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 18.1%.

Commercial Paper

Devon’s Senior Credit Facility supports its $3.0 billion of short-term credit under its commercial paper program. Commercial paper debt generally has a maturity of between 1 and 90 days, although it can have a maturity of up to 365 days, and bears interest at rates agreed to at the time of the borrowing. As of June 30, 2026, Devon had no outstanding commercial paper borrowings.

Term Loan Credit Agreement

In August 2024, Devon entered into a delayed draw term loan credit agreement (the “Term Loan Credit Agreement”), providing for delayed draw term loans in an aggregate principal amount not to exceed $2.0 billion, including a 364-day tranche of $500 million and a two-year tranche of $1.5 billion. On September 27, 2024, Devon borrowed $1.0 billion on the two-year tranche (the “Term Loan”) to partially fund the closing of the Grayson Mill acquisition. The Term Loan bears interest at a rate based on term SOFR plus a spread adjustment that varies based on Devon’s credit ratings. The interest rate on the Term Loan was 4.96% as of June 30, 2026. The Term Loan Credit Agreement contains substantially the same financial covenant as the Senior Credit Facility. As of June 30, 2026, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 18.1%.

In June 2026, Devon repaid $250 million of the outstanding principal on the Term Loan, reducing the outstanding balance to $750 million.

In July 2026, Devon repaid the remaining $750 million of outstanding principal, retiring the Term Loan in full.

Retirement of Senior Notes

In June 2026, Devon early redeemed the $250 million of 3.77% senior notes due in September 2026 pursuant to the “make-whole” provisions in the governing document.

Net Financing Costs

The following schedule includes the components of net financing costs.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

144

 

 

$

126

 

 

$

262

 

 

$

253

 

Interest income

 

 

(22

)

 

 

(14

)

 

 

(36

)

 

 

(24

)

Other

 

 

3

 

 

 

4

 

 

 

8

 

 

 

10

 

Total net financing costs

 

$

125

 

 

$

116

 

 

$

234

 

 

$

239

 
v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
15.
Leases

Devon’s operating lease right-of-use assets relate to real estate, drilling rigs and other equipment related to the exploration, development and production of oil and gas. Devon’s financing lease right-of-use assets primarily relate to equipment related to the exploration, development and production of oil and gas.

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025.

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

47

 

 

$

462

 

 

$

509

 

 

$

23

 

 

$

276

 

 

$

299

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

10

 

 

$

139

 

 

$

149

 

 

$

7

 

 

$

95

 

 

$

102

 

Long-term lease liabilities

 

 

30

 

 

 

326

 

 

 

356

 

 

 

16

 

 

 

181

 

 

 

197

 

Total lease liabilities (2)

 

$

40

 

 

$

465

 

 

$

505

 

 

$

23

 

 

$

276

 

 

$

299

 
(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Asset Retirement Obligations
 6 Months Ended
Jun. 30, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
16.
Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Asset retirement obligations as of beginning of period

 

$

906

 

 

$

807

 

Assumed Coterra obligations

 

 

177

 

 

 

—

 

Liabilities incurred

 

 

26

 

 

 

21

 

Liabilities settled and divested

 

 

(24

)

 

 

(22

)

Revision and reclassification of estimated obligation

 

 

107

 

 

 

55

 

Accretion expense on discounted obligation

 

 

31

 

 

 

24

 

Asset retirement obligations as of end of period

 

 

1,223

 

 

 

885

 

Less current portion

 

 

54

 

 

 

46

 

Asset retirement obligations, long-term

 

$

1,169

 

 

$

839

 

During the first six months of 2026 and 2025, Devon increased its asset retirement obligations by approximately $107 million and $55 million, respectively, primarily due to changes in current cost estimates for its oil and gas assets.
v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
17.
Stockholders’ Equity

On May 4, 2026, Devon’s shareholders approved an amendment to Devon’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock from 1.0 billion to 2.0 billion. The amendment became effective on May 7, 2026. The par value of Devon’s common stock remains $0.10 per share.

Coterra Merger

On May 7, 2026, Devon completed an all-stock merger of equals with Coterra. On the closing date of the Merger, each share of Coterra common stock was converted into the right to receive 0.70 of a share of Devon common stock. Consequently, Devon issued approximately 532 million shares of Devon common stock to holders of Coterra common stock to effect the Merger on May 7, 2026.

Share Repurchases

On May 7, 2026, Devon’s Board of Directors authorized a new $8.0 billion share repurchase program, which expires on June 30, 2029. The table below provides information regarding purchases of Devon’s common stock in the first six months of 2025 and 2026, respectively (shares in thousands).

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

$

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

2025 Total

 

 

16,371

 

 

 

550

 

 

$

33.62

 

2026:

 

 

 

 

 

 

 

 

 

First quarter (1)

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Second quarter

 

 

4,434

 

 

 

202

 

 

$

45.48

 

2026 Total

 

 

6,284

 

 

$

271

 

 

$

43.10

 
(1)
In connection with the Merger, Devon’s previous $5.0 billion share repurchase plan was terminated on May 7, 2026. Under this program, Devon repurchased 1.9 million shares of common stock for $69 million, or $37.39 per share, during the first quarter of 2026 and 102 million common shares for $4.5 billion, or $43.90 per share, since the program’s inception in November 2021.

Dividends

Devon pays a quarterly fixed dividend. In connection with the Merger, Devon raised its fixed dividend by approximately 33% from $0.24 to $0.32 per share in the second quarter of 2026. The following table summarizes Devon’s dividends for the first six months of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

Second quarter

 

 

366

 

 

$

0.32

 

Total year-to-date

 

$

521

 

 

 

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 

Second quarter

 

 

156

 

 

$

0.24

 

Total year-to-date

 

$

319

 

 

 

 
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies

Devon is party to various legal actions arising in connection with its business. Matters that are probable of unfavorable outcome to Devon and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, Devon’s estimates of the outcomes of such matters and its experience in contesting, litigating and settling similar matters. None of the actions are believed by management to likely involve future amounts that would be material to Devon’s financial position or results of operations after consideration of recorded accruals. Actual amounts could differ materially from management’s estimates.

Royalty Matters

Numerous oil and natural gas producers and related parties, including Devon, have been named in various lawsuits alleging royalty underpayments. Devon is currently named as a defendant in a number of such lawsuits, including some lawsuits in which the plaintiffs seek to certify classes of similarly situated plaintiffs. Among the allegations typically asserted in these suits are claims that Devon used below-market prices, made improper deductions, paid royalty proceeds in an untimely manner without including required interest, used improper measurement techniques and entered into gas purchase and processing arrangements with affiliates that resulted in underpayment of royalties in connection with oil, natural gas and NGLs produced and sold. Devon is also involved in governmental agency proceedings and royalty audits and is subject to related contracts and regulatory controls in the ordinary course of business, some that may lead to additional royalty claims.

Environmental and Climate Change Matters

Devon’s business is subject to numerous federal, state, tribal and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal fines and penalties, as well as remediation costs. Although Devon believes that it is in substantial compliance with applicable environmental laws and regulations and that continued compliance with existing requirements will not have a material adverse impact on its business, there can be no assurance that this will continue in the future.

The Company has previously received separate NOVs from the EPA alleging emissions and permitting violations relating to certain of our historic operations in North Dakota, western Texas and New Mexico, as applicable. The Company has been engaging with the EPA to resolve each of these matters, and Devon is actively negotiating a draft consent decree with the EPA and the U.S. Department of Justice with respect to the North Dakota NOV matter. If finalized, the consent decree may include monetary sanctions and obligations to complete mitigation projects and implement specific injunctive relief. Given that negotiations of the draft consent decree are ongoing and the uncertainty as to the ultimate result of the North Dakota NOV matter, we are currently unable to provide an estimate of potential loss; however, the costs associated with the resolution of the North Dakota NOV matter or any of the other NOV matters could be significant in amount and may include monetary penalties.

Beginning in 2013, various parishes in Louisiana filed suit against numerous oil and gas companies, including Devon, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused substantial environmental contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs’ claims against Devon relate primarily to the operations of several of Devon’s corporate predecessors. The plaintiffs seek, among other things, payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. Although Devon cannot predict the ultimate outcome of these matters, Devon denies the allegations in these lawsuits and intends to vigorously defend against these claims.

The State of Delaware has filed legal proceedings against numerous oil and gas companies, including Devon, seeking relief to abate alleged impacts of climate change. These proceedings include far-reaching claims for monetary damages and injunctive relief. Although Devon cannot predict the ultimate outcome of this matter, Devon denies the allegations asserted in this lawsuit and intends to vigorously defend against these claims.

Other Indemnifications and Legacy Matters

Pursuant to various sale agreements relating to divested businesses and assets, Devon has indemnified various purchasers against liabilities that they may incur with respect to the businesses and assets acquired from Devon. Additionally, federal, state and other laws in areas of former operations may require previous operators (including corporate successors of previous operators) to perform or make payments in certain circumstances where the current operator may no longer be able to satisfy the applicable obligation. Such obligations may include plugging and abandoning wells, removing production facilities, undertaking other restorative actions or performing requirements under surface agreements in existence at the time of disposition. For example, a predecessor entity of a Devon subsidiary previously sold certain private, state and federal oil and gas leases covering properties in shallow waters off the

coast of Louisiana in the Gulf of America. These assets are generally referred to as the East Bay Field. The current operator of the East Bay Field filed for protection under Chapter 11 of the U.S. Bankruptcy Code and was unable to satisfy the eventual decommissioning obligations associated with the East Bay Field. Other companies in the chain of title of the East Bay Field have also sought bankruptcy protection and will also likely be unable to satisfy the eventual decommissioning obligations associated with the East Bay Field.

In March 2025, Devon received an order from the Department of the Interior, Bureau of Safety and Environmental Enforcement (“BSEE”) to decommission assets located on certain federal leases in the East Bay Field (the “Federal Assets”). As a result, during the first quarter of 2025, Devon recorded a contingent liability of $125 million within other liabilities in the consolidated balance sheet, reflecting the estimated costs of decommissioning the Federal Assets. The Company expects to be able to access funds available under certain bonds and a cash security account as and when Devon performs and pays these decommissioning obligations. Devon believes the funds will likely cover approximately $100 million of the estimated decommissioning costs for the Federal Assets. Accordingly, during the first quarter of 2025, Devon recorded an approximately $100 million receivable related to these sources of funds within other assets in the consolidated balance sheet. The remaining $25 million difference of the recorded decommissioning obligation and such sources of funds was recognized in the first quarter of 2025 in other, net on the consolidated statement of comprehensive earnings. In April 2026, we entered into a decommissioning agreement with BSEE and the surety for certain of these bonds, pursuant to which Devon commenced decommissioning activities on the Federal Assets and, subsequent to the end of the second quarter of 2026, began receiving reimbursement for the associated costs under applicable bonds.

Devon may be required to perform or fund decommissioning obligations associated with the East Bay Field under state and federal regulations applicable to predecessor operators beyond amounts accrued. Factors impacting this contingency include, among others: (i) the ultimate outcome of the ongoing bankruptcy proceedings, including with respect to state lease assets included in the East Bay Field, (ii) the actual costs to decommission the Federal Assets relative to the estimates, which are subject to numerous assumptions and uncertainties, and (iii) Devon's ability to successfully access additional funds under decommissioning bonds and other sources.

As of June 30, 2026, Devon has accrued approximately $150 million of contingent liabilities related to such decommissioning legacy matters, including liabilities associated with the East Bay Field.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements

The following table provides carrying value and fair value measurement information for certain of Devon’s financial assets and liabilities. The carrying values of cash, accounts receivable, other current receivables, accounts payable, other current payables, accrued expenses and lease liabilities included in the accompanying consolidated balance sheets approximated fair value at June 30, 2026 and December 31, 2025, as applicable. Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

June 30, 2026 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

621

 

 

$

621

 

 

$

621

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

208

 

 

$

208

 

 

$

—

 

 

$

208

 

 

$

—

 

Commodity derivatives

 

$

(202

)

 

$

(202

)

 

$

—

 

 

$

(202

)

 

$

—

 

Debt

 

$

(11,388

)

 

$

(11,340

)

 

$

—

 

 

$

(11,340

)

 

$

—

 

December 31, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

764

 

 

$

764

 

 

$

764

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

194

 

 

$

194

 

 

$

—

 

 

$

194

 

 

$

—

 

Commodity derivatives

 

$

(1

)

 

$

(1

)

 

$

—

 

 

$

(1

)

 

$

—

 

Debt

 

$

(8,389

)

 

$

(8,290

)

 

$

—

 

 

$

(8,290

)

 

$

—

 

The following methods and assumptions were used to estimate the fair values in the table above.

Level 1 Fair Value Measurements

Cash equivalents – Amounts consist primarily of money market investments and the fair value approximates the carrying value.

Level 2 Fair Value Measurements

Commodity derivatives – The fair value of commodity derivatives is estimated using internal discounted cash flow calculations based upon forward curves and data obtained from independent third parties for contracts with similar terms or data obtained from counterparties to the agreements.

Debt – Devon’s debt instruments do not consistently trade actively in an established market. The fair values of our debt are estimated based on rates available for debt with similar terms and maturity when active trading is not available. Our variable rate debt is non-public and consists of our Term Loan. The fair value of our variable rate debt approximates the carrying value as the underlying SOFR resets every month based on the prevailing market rate.

Level 3 Fair Value Measurements

Devon had no fair value measurements using Level 3 inputs at June 30, 2026 or December 31, 2025.
v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Revenue [Abstract]  
Reportable Segments Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is an executive committee, which includes, among others, the Chief Executive Officer, Chief Financial Officer, Chief Corporate Development Officer and the Executive Vice Presidents, Exploration and Production. To assess the performance of its assets, Devon uses net earnings. Devon believes net earnings provides information useful in assessing its operating and financial performance across periods.

The following table reflects Devon’s net earnings, assets and capital expenditures for the time periods presented below.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

7,417

 

 

$

4,284

 

 

$

11,224

 

 

$

8,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

626

 

 

 

483

 

 

 

1,112

 

 

 

962

 

Gathering, processing & transportation

 

 

391

 

 

 

219

 

 

 

582

 

 

 

423

 

Production and property taxes

 

 

376

 

 

 

197

 

 

 

593

 

 

 

426

 

Total significant expenses

 

 

1,393

 

 

 

899

 

 

 

2,287

 

 

 

1,811

 

Marketing and midstream expenses

 

 

1,874

 

 

 

1,357

 

 

 

3,421

 

 

 

2,793

 

DD&A

 

 

1,416

 

 

 

914

 

 

 

2,320

 

 

 

1,826

 

G&A

 

 

175

 

 

 

113

 

 

 

300

 

 

 

243

 

Financing costs, net

 

 

125

 

 

 

116

 

 

 

234

 

 

 

239

 

Income tax expense

 

 

473

 

 

 

244

 

 

 

519

 

 

 

381

 

Other segment items (1)

 

 

50

 

 

 

(276

)

 

 

112

 

 

 

17

 

Total expenses

 

 

5,506

 

 

 

3,367

 

 

 

9,193

 

 

 

7,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,911

 

 

$

917

 

 

$

2,031

 

 

$

1,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

70,893

 

 

$

31,390

 

 

$

70,893

 

 

$

31,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

3,998

 

 

$

948

 

 

$

4,997

 

 

$

1,920

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Variable Interest Entity

Variable Interest Entity

CDM was a joint venture entity formed by Devon and an affiliate of QL Capital Partners, LP (“QLCP”). Devon held a controlling interest in CDM and the portions of CDM’s net earnings and equity not attributable to Devon’s controlling interest were shown separately as noncontrolling interests in the accompanying consolidated statements of comprehensive earnings and consolidated balance sheets. CDM was considered a VIE to Devon. On August 1, 2025, Devon completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million. As a result of this transaction, Devon owns 100% of the equity interests in CDM.
Disaggregation of Revenue

Disaggregation of Revenue

The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Oil

 

$

4,354

 

 

$

2,174

 

 

$

6,777

 

 

$

4,588

 

Gas

 

 

104

 

 

 

178

 

 

 

309

 

 

 

487

 

NGL

 

 

648

 

 

 

358

 

 

 

997

 

 

 

761

 

Oil, gas and NGL sales

 

 

5,106

 

 

 

2,710

 

 

 

8,083

 

 

 

5,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

1,411

 

 

 

859

 

 

 

2,412

 

 

 

1,777

 

Gas

 

 

156

 

 

 

246

 

 

 

410

 

 

 

517

 

NGL

 

 

330

 

 

 

233

 

 

 

606

 

 

 

468

 

Marketing and midstream revenues

 

 

1,897

 

 

 

1,338

 

 

 

3,428

 

 

 

2,762

 

Total revenues from contracts with customers

 

$

7,003

 

 

$

4,048

 

 

$

11,511

 

 

$

8,598

 
Transaction Price Allocated to Remaining Performance Obligations

Transaction Price Allocated to Remaining Performance Obligations

As of June 30, 2026, Devon had $5.3 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. These obligations were assumed by Devon in connection with the Merger and are expected to be recognized ratably over the next 13 years.
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operations as well as disclosures about selling expenses. This ASU will result in additional disclosures for Devon beginning with its 2027 annual reporting and interim periods beginning in 2028. Devon is evaluating the impact this ASU will have on the disclosures that accompany its consolidated financial statements.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Revenue from Contracts with Customers

The following table presents revenue from contracts with customers that are disaggregated based on the type of good or service.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Oil

 

$

4,354

 

 

$

2,174

 

 

$

6,777

 

 

$

4,588

 

Gas

 

 

104

 

 

 

178

 

 

 

309

 

 

 

487

 

NGL

 

 

648

 

 

 

358

 

 

 

997

 

 

 

761

 

Oil, gas and NGL sales

 

 

5,106

 

 

 

2,710

 

 

 

8,083

 

 

 

5,836

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

 

1,411

 

 

 

859

 

 

 

2,412

 

 

 

1,777

 

Gas

 

 

156

 

 

 

246

 

 

 

410

 

 

 

517

 

NGL

 

 

330

 

 

 

233

 

 

 

606

 

 

 

468

 

Marketing and midstream revenues

 

 

1,897

 

 

 

1,338

 

 

 

3,428

 

 

 

2,762

 

Total revenues from contracts with customers

 

$

7,003

 

 

$

4,048

 

 

$

11,511

 

 

$

8,598

 
v3.26.1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2026
Business Acquisition [Line Items]  
Schedule of Preliminary Allocation of the Total Purchase Price

The following table represents the allocation of the total purchase price of Coterra to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

 

Preliminary Purchase

 

 

Price Allocation

 

 Consideration:

 

 

 Coterra common stock outstanding

 

759.4

 

 Exchange Ratio

 

0.70

 

 Devon common stock issued

 

531.6

 

 Devon closing price on May 6, 2026

$

46.60

 

 Total common equity consideration

$

24,772

 

 Share-based replacement awards

 

174

 

 Total consideration

$

24,946

 

 Assets acquired:

 

 

 Cash, cash equivalents and restricted cash

$

581

 

 Accounts receivable

 

1,110

 

 Inventory

 

31

 

 Other current assets

 

204

 

 Proved oil and gas property and equipment

 

20,356

 

 Unproved and properties under development

 

14,099

 

 Other property and equipment, net

 

505

 

 Right-of-use assets

 

131

 

 Investments

 

100

 

 Other long-term assets

 

133

 

 Total assets acquired

$

37,250

 

 Liabilities assumed:

 

 

 Accounts payable

 

723

 

 Revenues and royalties payable

 

478

 

 Short-term debt

 

249

 

 Income taxes payable

 

27

 

 Other current liabilities

 

425

 

 Long-term debt

 

3,256

 

 Lease liabilities

 

100

 

 Asset retirement obligations

 

164

 

 Other long-term liabilities

 

192

 

 Deferred income taxes

 

6,690

 

 Total liabilities assumed

 

12,304

 

 Net assets acquired

$

24,946

 
Schedule of Pro Forma Adjustments to Confirm Acquisition The unaudited pro forma financial information is not necessarily indicative of what would have occurred if the acquisition had been completed as of the beginning of the periods presented, nor is it indicative of future results.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

(Unaudited)

 

 Total revenues

 

$

8,150

 

 

$

6,240

 

 

$

13,894

 

 

$

12,586

 

 Net earnings

 

$

2,048

 

 

$

1,298

 

 

$

2,464

 

 

$

2,138

 

 Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

     Basic net earnings per share

 

$

1.79

 

 

$

1.11

 

 

$

2.15

 

 

$

1.83

 

     Diluted net earnings per share

 

$

1.78

 

 

$

1.11

 

 

$

2.14

 

 

$

1.82

 
v3.26.1
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Derivative Positions

Commodity Derivatives

As of June 30, 2026, Devon had the following open oil derivative positions. The first two tables present Devon’s oil derivatives that settle against the average of the prompt month NYMEX WTI futures price. The third table presents Devon’s oil derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps

 

 

Price Collars

 

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average
Price ($/Bbl)

 

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

 

Q3-Q4 2026

 

 

10,000

 

 

$

66.13

 

 

 

84,500

 

 

$

56.25

 

 

$

73.11

 

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

38,466

 

 

$

59.04

 

 

$

85.41

 

 

 

 

 

Three-Way Price Collars

 

Period

 

Volume
(Bbls/d)

 

 

Weighted
Average Floor Sold
Price ($/Bbl)

 

 

Weighted
Average Floor Purchased
Price ($/Bbl)

 

 

Weighted
Average
Ceiling Price
($/Bbl)

 

Q3-Q4 2026

 

 

113,000

 

 

$

49.36

 

 

$

59.36

 

 

$

72.36

 

Q1-Q4 2027

 

 

57,397

 

 

$

47.25

 

 

$

57.25

 

 

$

73.14

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume
(Bbls/d)

 

 

Weighted Average
Differential to WTI
($/Bbl)

 

Q3-Q4 2026

 

WTI/NYMEX

 

 

83,500

 

 

$

0.95

 

Q3-Q4 2026

 

Midland Sweet

 

 

46,000

 

 

$

1.10

 

Q3-Q4 2026

 

WTI/Brent

 

 

8,000

 

 

$

(5.66

)

Q3-Q4 2026

 

NYMEX Roll

 

 

95,000

 

 

$

1.74

 

Q1-Q4 2027

 

WTI/NYMEX

 

 

32,466

 

 

$

1.04

 

Q1-Q4 2027

 

Magellan East Houston

 

 

27,000

 

 

$

1.85

 

Q1-Q4 2027

 

Midland Sweet

 

 

48,000

 

 

$

1.02

 

 

As of June 30, 2026, Devon had the following open natural gas derivative positions. The first table presents Devon’s natural gas derivatives that settle against the Inside FERC first of the month Henry Hub index and the end of month NYMEX index. The second table presents Devon’s natural gas derivatives that settle against the respective indices noted within the table.

 

 

Price Swaps (1)

 

 

Price Collars (2)

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average
Ceiling Price ($/MMBtu)

 

Q3-Q4 2026

 

 

247,500

 

 

$

3.80

 

 

 

1,130,000

 

 

$

3.36

 

 

$

5.47

 

Q1-Q4 2027

 

 

—

 

 

$

—

 

 

 

490,000

 

 

$

3.17

 

 

$

5.33

 
(1)
Price swaps settle against the Inside FERC first of month Henry Hub index.
(2)
Related to the 2026 open positions, 230,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.26 and ceiling price of $4.90, and 900,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.39 and ceiling price of $5.61. Related to the 2027 open positions, 110,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.45 and ceiling price of $4.25, and 380,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.08 and ceiling price of $5.65.

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume
(MMBtu/d)

 

 

Weighted Average
Differential to
Henry Hub
($/MMBtu)

 

Q3-Q4 2026

 

Houston Ship Channel

 

 

50,000

 

 

$

(0.29

)

Q3-Q4 2026

 

Transco Leidy

 

 

250,000

 

 

$

(0.78

)

Q3-Q4 2026

 

Transco Zone 6 Non-NY

 

 

250,000

 

 

$

(0.16

)

Q3-Q4 2026

 

WAHA

 

 

350,000

 

 

$

(1.86

)

Q1-Q4 2027

 

Transco Leidy

 

 

47,500

 

 

$

(0.65

)

Q1-Q4 2027

 

Transco Zone 6 Non-NY

 

 

150,000

 

 

$

0.35

 

Q1-Q4 2027

 

WAHA

 

 

135,041

 

 

$

(1.30

)
Schedule of Derivative Financial Instruments Included in the Consolidated Balance Sheets The table below presents a summary of these positions as of June 30, 2026 and December 31, 2025.

 

June 30, 2026

 

December 31, 2025

 

 

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Gross Fair Value

 

Amounts Netted

 

Net Fair Value

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

174

 

$

(31

)

$

143

 

$

199

 

$

(7

)

$

192

 

Other current assets

Long-term derivative asset

 

70

 

 

(5

)

 

65

 

 

2

 

 

—

 

 

2

 

Other long-term assets

Short-term derivative liability

 

(209

)

 

31

 

 

(178

)

 

(8

)

 

7

 

 

(1

)

Other current liabilities

Long-term derivative liability

 

(29

)

 

5

 

 

(24

)

 

—

 

 

—

 

 

—

 

Other long-term liabilities

  Total derivative asset

$

6

 

$

—

 

$

6

 

$

193

 

$

—

 

$

193

 

 

 
v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings

The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

G&A

 

$

56

 

 

$

46

 

Restructuring and transaction costs

 

 

37

 

 

 

7

 

Total

 

$

93

 

 

$

53

 

 

 

 

 

 

 

 

Related income tax benefit

 

$

18

 

 

$

8

 
Summary Of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards And Performance Share Units The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plans.

 

 

Restricted Stock Awards & Units

 

 

Performance Share Units

 

 

 

Awards/Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

 

 

(Thousands, except fair value data)

 

Unvested at 12/31/25

 

 

4,653

 

 

$

40.79

 

 

 

1,293

 

 

$

58.82

 

Granted (1)

 

 

9,201

 

 

$

45.95

 

 

 

439

 

 

$

61.73

 

Vested

 

 

(3,690

)

 

$

45.75

 

 

 

(200

)

 

$

81.70

 

Forfeited

 

 

(139

)

 

$

42.90

 

 

 

(117

)

 

$

81.70

 

Unvested at 6/30/26

 

 

10,025

 

 

$

43.67

 

 

 

1,415

 

(2)

$

54.59

 
(1)
Pursuant to the terms of the Merger Agreement, certain of Coterra’s outstanding time-based and performance-based equity awards converted into the right to receive Devon restricted stock units based, in part, on the 0.70 exchange ratio. As a result, approximately 7.2 million awards relate to the conversion of Coterra equity awards to Devon restricted stock unit awards.
(2)
A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.
Summary Of Performance Share Units Grant-Date Fair Values And Their Related Assumptions

The following table presents the assumptions related to the performance share units granted in 2026, as indicated in the previous summary table.

 

 

2026

 

 Grant-date fair value

 

$

61.73

 

 Risk-free interest rate

 

 

3.52

%

 Volatility factor

 

 

33.80

%

 Contractual term (years)

 

 

2.89

 
Summary of Unrecognized Compensation Cost And Weighted Average Period For Recognition

The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of June 30, 2026.

 

 

Restricted Stock

 

 

Performance

 

 

 

Awards/Units

 

 

Share Units

 

Unrecognized compensation cost

 

$

295

 

 

$

35

 

Weighted average period for recognition (years)

 

 

2.5

 

 

 

2.1

 
v3.26.1
Restructuring and Transaction Costs (Tables)
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Schedule Of Restructuring and Transaction Costs

The following table summarizes Devon’s restructuring and transaction costs.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Restructuring

 

$

198

 

 

$

9

 

 

$

198

 

 

$

27

 

Transaction costs

 

 

48

 

 

 

—

 

 

 

67

 

 

 

—

 

Total

 

$

246

 

 

$

9

 

 

$

265

 

 

$

27

 
Schedule of the Activity and Balances Associated with Restructuring Liabilities

The following table summarizes Devon’s restructuring liabilities.

 

 

Other

 

 

Other

 

 

 

 

 

 

Current

 

 

Long-term

 

 

 

 

 

 

Liabilities

 

 

Liabilities

 

 

Total

 

Balance as of December 31, 2025

 

$

1

 

 

$

—

 

 

$

1

 

Changes related to 2026 merger-related employee costs

 

 

78

 

 

 

48

 

 

 

126

 

Changes related to prior years’ restructurings

 

 

(1

)

 

 

—

 

 

 

(1

)

Balance as of June 30, 2026

 

$

78

 

 

$

48

 

 

$

126

 
v3.26.1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

The following table presents Devon’s total income tax expense and a reconciliation of its effective income tax rate to the U.S. statutory income tax rate.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Earnings before income taxes

 

$

2,384

 

 

$

1,161

 

 

$

2,550

 

 

$

1,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current income tax expense

 

$

378

 

 

$

226

 

 

$

190

 

 

$

322

 

Deferred income tax expense

 

 

95

 

 

 

18

 

 

 

329

 

 

 

59

 

Total income tax expense

 

$

473

 

 

$

244

 

 

$

519

 

 

$

381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. statutory income tax rate

 

 

21

%

 

 

21

%

 

 

21

%

 

 

21

%

State income taxes

 

 

(1

%)

 

 

1

%

 

 

(1

%)

 

 

1

%

Other

 

 

—

 

 

 

(1

%)

 

 

—

 

 

 

(1

%)

Effective income tax rate

 

 

20

%

 

 

21

%

 

 

20

%

 

 

21

%
v3.26.1
Net Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Computations from Continuing Operations

The following table reconciles net earnings available to common shareholders and weighted-average common shares outstanding used in the calculations of basic and diluted net earnings per share.

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net earnings available to common shareholders - basic and diluted

$

1,911

 

 

$

899

 

 

$

2,031

 

 

$

1,393

 

Common shares:

 

 

 

 

 

 

 

 

 

 

 

Average common shares outstanding - basic

 

937

 

 

 

635

 

 

 

778

 

 

 

640

 

Dilutive effect of potential common shares issuable

 

3

 

 

 

1

 

 

 

2

 

 

 

1

 

Average common shares outstanding - diluted

 

940

 

 

 

636

 

 

 

780

 

 

 

641

 

Net earnings per share available to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

2.04

 

 

$

1.42

 

 

$

2.61

 

 

$

2.18

 

Diluted

$

2.03

 

 

$

1.41

 

 

$

2.60

 

 

$

2.17

 
v3.26.1
Other Comprehensive Earnings (Loss) (Tables)
 6 Months Ended
Jun. 30, 2026
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Components Of Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) consist of the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Pension and postretirement benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning accumulated pension and postretirement benefits

 

$

(121

)

 

$

(121

)

 

$

(122

)

 

$

(122

)

Recognition of net actuarial loss and prior service cost in earnings (1)

 

 

1

 

 

 

2

 

 

 

3

 

 

 

3

 

Income tax expense

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

(1

)

Accumulated other comprehensive loss, net of tax

 

$

(120

)

 

$

(120

)

 

$

(120

)

 

$

(120

)
Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.26.1
Supplemental Information to Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Information to Statements of Cash Flows

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

197

 

 

$

183

 

 

$

(265

)

 

$

120

 

Other current assets

 

 

(16

)

 

 

15

 

 

 

(4

)

 

 

(20

)

Other long-term assets

 

 

49

 

 

 

(16

)

 

 

42

 

 

 

(101

)

Accounts payable and revenues and royalties payable

 

 

267

 

 

 

(162

)

 

 

646

 

 

 

86

 

Income taxes payable

 

 

387

 

 

 

72

 

 

 

236

 

 

 

167

 

Other current liabilities

 

 

90

 

 

 

69

 

 

 

29

 

 

 

(83

)

Other long-term liabilities

 

 

(50

)

 

 

(27

)

 

 

(59

)

 

 

82

 

Total

 

$

924

 

 

$

134

 

 

$

625

 

 

$

251

 

Supplementary cash flow data:

 

 

 

 

 

 

 

 

 

 

 

 

Interest paid

 

$

103

 

 

$

101

 

 

$

255

 

 

$

261

 

Income taxes paid (refunded)

 

$

(43

)

 

$

152

 

 

$

(39

)

 

$

152

 
v3.26.1
Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule Of Components Of Accounts Receivable

Components of accounts receivable include the following:

 

 

June 30, 2026

 

 

December 31, 2025

 

Oil, gas and NGL sales

 

$

1,798

 

 

$

865

 

Joint interest billings

 

 

601

 

 

 

245

 

Marketing and midstream revenues

 

 

744

 

 

 

669

 

Other

 

 

30

 

 

 

20

 

Gross accounts receivable

 

 

3,173

 

 

 

1,799

 

Allowance for credit losses

 

 

(11

)

 

 

(7

)

Net accounts receivable

 

$

3,162

 

 

$

1,792

 
v3.26.1
Property, Plant and Equipment (Tables)
 6 Months Ended
Jun. 30, 2026
Extractive Industries [Abstract]  
Table of Property and Equipment, net

The following table presents the aggregate capitalized costs related to Devon’s oil and gas and non-oil and gas activities.

 

 

June 30, 2026

 

 

December 31, 2025

 

Property and equipment:

 

 

 

 

 

 

Proved

 

$

82,437

 

 

$

58,573

 

Unproved and properties under development

 

 

17,475

 

 

 

1,910

 

Total oil and gas

 

 

99,912

 

 

 

60,483

 

Less accumulated DD&A

 

 

(39,013

)

 

 

(36,752

)

Oil and gas property and equipment, net

 

 

60,899

 

 

 

23,731

 

Other property and equipment

 

 

2,954

 

 

 

2,624

 

Less accumulated DD&A

 

 

(755

)

 

 

(936

)

Other property and equipment, net

 

 

2,199

 

 

 

1,688

 

Property and equipment, net

 

$

63,098

 

 

$

25,419

 
v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Components of Investment

The following table presents Devon’s investments shown on the consolidated balance sheets.

 

 

% Interest

 

Carrying Amount

 

Investments

 

June 30, 2026

 

June 30, 2026

 

 

December 31, 2025

 

Fervo

 

12%

 

$

359

 

 

$

162

 

WaterBridge

 

13%

 

 

243

 

 

 

268

 

Catalyst

 

50%

 

 

233

 

 

 

247

 

Producers Midstream

 

15%

 

 

94

 

 

 

—

 

Other

 

Various

 

 

63

 

 

 

50

 

      Total

 

 

 

$

992

 

 

$

727

 
v3.26.1
Debt And Related Expenses (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Schedule Of Debt Instruments and Balances

See below for a summary of debt instruments and balances. The notes, debentures and Term Loan reflected below are senior, unsecured obligations of Devon.

 

 

June 30, 2026

 

 

December 31, 2025

 

3.90% due May 15, 2027 (1)

 

$

750

 

 

$

—

 

7.50% due September 15, 2027

 

 

73

 

 

 

73

 

5.25% due October 15, 2027

 

 

390

 

 

 

390

 

5.875% due June 15, 2028

 

 

325

 

 

 

325

 

4.375% due March 15, 2029 (1)

 

 

500

 

 

 

—

 

4.50% due January 15, 2030

 

 

585

 

 

 

585

 

7.875% due September 30, 2031

 

 

675

 

 

 

675

 

7.95% due April 15, 2032

 

 

366

 

 

 

366

 

5.60% due March 15, 2034 (1)

 

 

500

 

 

 

—

 

5.20% due September 15, 2034

 

 

1,250

 

 

 

1,250

 

5.40% due February 15, 2035 (1)

 

 

750

 

 

 

—

 

5.60% due July 15, 2041

 

 

1,250

 

 

 

1,250

 

4.75% due May 15, 2042

 

 

750

 

 

 

750

 

5.00% due June 15, 2045

 

 

750

 

 

 

750

 

5.75% due September 15, 2054

 

 

1,000

 

 

 

1,000

 

5.90% due February 15, 2055 (1)

 

 

750

 

 

 

—

 

Term Loan due September 25, 2026

 

 

750

 

 

 

1,000

 

Net premium on debentures and notes

 

 

22

 

 

 

23

 

Debt issuance costs

 

 

(48

)

 

 

(48

)

Total debt

 

$

11,388

 

 

$

8,389

 

Less amount classified as short-term debt

 

 

1,497

 

 

 

998

 

Total long-term debt

 

$

9,891

 

 

$

7,391

 
(1)
These instruments were assumed by Devon in May 2026 in conjunction with the Merger. Approximately $277 million and $27 million of these instruments remain the unsecured and unsubordinated obligations of Coterra and Coterra Energy Operating Co., respectively, each of which is a subsidiary of Devon.
Schedule of Debt Maturities

The following schedule includes the summary of the Coterra debt Devon assumed upon closing of the Merger on May 7, 2026.

 

 

Face Value

 

 

Fair Value

 

3.77% due September 18, 2026

 

$

250

 

 

$

249

 

3.90% due May 15, 2027

 

 

750

 

 

 

747

 

4.375% due March 15, 2029

 

 

500

 

 

 

499

 

5.60% due March 15, 2034

 

 

500

 

 

 

516

 

5.40% due February 15, 2035

 

 

750

 

 

 

762

 

5.90% due February 15, 2055

 

 

750

 

 

 

732

 

 

 

$

3,500

 

 

$

3,505

 

 
Schedule Of Net Financing Cost Components

The following schedule includes the components of net financing costs.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net financing costs:

 

 

 

 

 

 

 

 

 

 

 

 

Interest based on debt outstanding

 

$

144

 

 

$

126

 

 

$

262

 

 

$

253

 

Interest income

 

 

(22

)

 

 

(14

)

 

 

(36

)

 

 

(24

)

Other

 

 

3

 

 

 

4

 

 

 

8

 

 

 

10

 

Total net financing costs

 

$

125

 

 

$

116

 

 

$

234

 

 

$

239

 
v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Right-of-use Assets and Lease Liabilities

The following table presents Devon’s right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025.

 

 

June 30, 2026

 

 

December 31, 2025

 

 

 

Finance

 

 

Operating

 

 

Total

 

 

Finance

 

 

Operating

 

 

Total

 

Right-of-use assets

 

$

47

 

 

$

462

 

 

$

509

 

 

$

23

 

 

$

276

 

 

$

299

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current lease liabilities (1)

 

$

10

 

 

$

139

 

 

$

149

 

 

$

7

 

 

$

95

 

 

$

102

 

Long-term lease liabilities

 

 

30

 

 

 

326

 

 

 

356

 

 

 

16

 

 

 

181

 

 

 

197

 

Total lease liabilities (2)

 

$

40

 

 

$

465

 

 

$

505

 

 

$

23

 

 

$

276

 

 

$

299

 
(1)
Current lease liabilities are included in other current liabilities on the consolidated balance sheets.
(2)
Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Asset Retirement Obligations (Tables)
 6 Months Ended
Jun. 30, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Summary of Changes in Asset Retirement Obligations

The following table presents the changes in Devon’s asset retirement obligations.

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

Asset retirement obligations as of beginning of period

 

$

906

 

 

$

807

 

Assumed Coterra obligations

 

 

177

 

 

 

—

 

Liabilities incurred

 

 

26

 

 

 

21

 

Liabilities settled and divested

 

 

(24

)

 

 

(22

)

Revision and reclassification of estimated obligation

 

 

107

 

 

 

55

 

Accretion expense on discounted obligation

 

 

31

 

 

 

24

 

Asset retirement obligations as of end of period

 

 

1,223

 

 

 

885

 

Less current portion

 

 

54

 

 

 

46

 

Asset retirement obligations, long-term

 

$

1,169

 

 

$

839

 
v3.26.1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Summary of Purchases of Common Stock The table below provides information regarding purchases of Devon’s common stock in the first six months of 2025 and 2026, respectively (shares in thousands).

 

 

Total Number of
Shares Purchased

 

 

Dollar Value of
Shares Purchased

 

 

Average Price Paid
per Share

 

2025:

 

 

 

 

 

 

 

 

 

First quarter

 

 

8,505

 

 

$

301

 

 

$

35.33

 

Second quarter

 

 

7,866

 

 

 

249

 

 

$

31.78

 

2025 Total

 

 

16,371

 

 

 

550

 

 

$

33.62

 

2026:

 

 

 

 

 

 

 

 

 

First quarter (1)

 

 

1,850

 

 

 

69

 

 

$

37.39

 

Second quarter

 

 

4,434

 

 

 

202

 

 

$

45.48

 

2026 Total

 

 

6,284

 

 

$

271

 

 

$

43.10

 
(1)
In connection with the Merger, Devon’s previous $5.0 billion share repurchase plan was terminated on May 7, 2026. Under this program, Devon repurchased 1.9 million shares of common stock for $69 million, or $37.39 per share, during the first quarter of 2026 and 102 million common shares for $4.5 billion, or $43.90 per share, since the program’s inception in November 2021.
Schedule of Dividends Payable The following table summarizes Devon’s dividends for the first six months of 2026 and 2025, respectively.

 

 

Dividends

 

 

Rate Per Share

 

2026:

 

 

 

 

 

 

First quarter

 

$

155

 

 

$

0.24

 

Second quarter

 

 

366

 

 

$

0.32

 

Total year-to-date

 

$

521

 

 

 

 

2025:

 

 

 

 

 

 

First quarter

 

$

163

 

 

$

0.24

 

Second quarter

 

 

156

 

 

$

0.24

 

Total year-to-date

 

$

319

 

 

 

 
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities Therefore, such financial assets and liabilities are not presented in the following table.

 

 

 

 

 

 

 

 

Fair Value Measurements Using:

 

 

 

Carrying

 

 

Total Fair

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

Amount

 

 

Value

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

June 30, 2026 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

621

 

 

$

621

 

 

$

621

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

208

 

 

$

208

 

 

$

—

 

 

$

208

 

 

$

—

 

Commodity derivatives

 

$

(202

)

 

$

(202

)

 

$

—

 

 

$

(202

)

 

$

—

 

Debt

 

$

(11,388

)

 

$

(11,340

)

 

$

—

 

 

$

(11,340

)

 

$

—

 

December 31, 2025 assets (liabilities):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

764

 

 

$

764

 

 

$

764

 

 

$

—

 

 

$

—

 

Commodity derivatives

 

$

194

 

 

$

194

 

 

$

—

 

 

$

194

 

 

$

—

 

Commodity derivatives

 

$

(1

)

 

$

(1

)

 

$

—

 

 

$

(1

)

 

$

—

 

Debt

 

$

(8,389

)

 

$

(8,290

)

 

$

—

 

 

$

(8,290

)

 

$

—

 
v3.26.1
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin

The following table reflects Devon’s net earnings, assets and capital expenditures for the time periods presented below.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

7,417

 

 

$

4,284

 

 

$

11,224

 

 

$

8,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

626

 

 

 

483

 

 

 

1,112

 

 

 

962

 

Gathering, processing & transportation

 

 

391

 

 

 

219

 

 

 

582

 

 

 

423

 

Production and property taxes

 

 

376

 

 

 

197

 

 

 

593

 

 

 

426

 

Total significant expenses

 

 

1,393

 

 

 

899

 

 

 

2,287

 

 

 

1,811

 

Marketing and midstream expenses

 

 

1,874

 

 

 

1,357

 

 

 

3,421

 

 

 

2,793

 

DD&A

 

 

1,416

 

 

 

914

 

 

 

2,320

 

 

 

1,826

 

G&A

 

 

175

 

 

 

113

 

 

 

300

 

 

 

243

 

Financing costs, net

 

 

125

 

 

 

116

 

 

 

234

 

 

 

239

 

Income tax expense

 

 

473

 

 

 

244

 

 

 

519

 

 

 

381

 

Other segment items (1)

 

 

50

 

 

 

(276

)

 

 

112

 

 

 

17

 

Total expenses

 

 

5,506

 

 

 

3,367

 

 

 

9,193

 

 

 

7,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,911

 

 

$

917

 

 

$

2,031

 

 

$

1,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

70,893

 

 

$

31,390

 

 

$

70,893

 

 

$

31,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

3,998

 

 

$

948

 

 

$

4,997

 

 

$

1,920

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.
v3.26.1
Summary of Significant Accounting Policies (Narrative) (Details)
$ in Millions
Aug. 01, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 07, 2026
Summary Of Significant Accounting Policies [Line Items]      
Common stock conversion ratio     0.7
Unsatisfied performance obligations related to natural gas sales   $ 5,300  
CDM [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Acquisition of all the Outstanding Noncontrolling Interests in CDM $ 260    
CDM [Member] | Ownership in Cotton Draw Midstream [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Business Aquisition Ownership Percentage 100.00%    
v3.26.1
Summary of Significant Accounting Policies (Schedule of Revenue from Contracts with Customers) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 7,003 $ 4,048 $ 11,511 $ 8,598
Oil, Gas and NGL Sales [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 5,106 2,710 8,083 5,836
Oil, Gas and NGL Sales [Member] | Crude Oil, Condensate, and Natural Gas Liquids (NGL) [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 4,354 2,174 6,777 4,588
Oil, Gas and NGL Sales [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 104 178 309 487
Oil, Gas and NGL Sales [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 648 358 997 761
Marketing and Midstream Revenues [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 1,897 1,338 3,428 2,762
Marketing and Midstream Revenues [Member] | Crude Oil, Condensate, and Natural Gas Liquids (NGL) [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 1,411 859 2,412 1,777
Marketing and Midstream Revenues [Member] | Gas [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers 156 246 410 517
Marketing and Midstream Revenues [Member] | NGL [Member]        
Disaggregation Of Revenue [Line Items]        
Total revenues from contracts with customers $ 330 $ 233 $ 606 $ 468
v3.26.1
Acquisition and Divestitures (Narrative) (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
a
$ / shares
$ / MMBTU
$ / bbl
shares
Jun. 30, 2025
USD ($)
May 07, 2026
$ / shares
May 06, 2026
USD ($)
May 04, 2026
$ / shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Common stock right to receive | $ / shares   $ 0.1       $ 0.1 $ 0.1
Devon common stock issued   $ 115         $ 62
Investments   $ 992         $ 727
Common stock, shares issued (in shares) | shares   1,150         622
Common Stock [Member]              
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Common stock right to receive | $ / shares       $ 0.7      
Devon common stock issued         $ 24,800    
Barnett Shale [Member]              
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Contingent earnout payments     $ 20        
Henry Hub gas price for contingent earnout payment upside | $ / MMBTU   2.75          
WTI oil price for contingent earnout payment upside | $ / bbl   50          
Contingent earnout payment period   The contingent payment period commenced on January 1, 2021, and had a term of four years.          
Matterhorn [Member]              
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Investments $ 372   $ 372        
Gain on sale of investment 307            
Gain (Loss) on Investments $ 239            
Bureau of Land Management [Member]              
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Oil and Gas, Undeveloped Acreage, Net | a   16,300          
Aggregate Purchase Price for Acquired Acreage   $ 2,600          
Coterra [Member]              
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations And Disposition [Line Items]              
Business Combination Revenue of Acquiree Since Acquisition Date   1,300          
Business Combination Earning of Acquiree Since Acquisition Date   $ 230          
v3.26.1
Acquisitions and Divestitures - Schedule of Preliminary Allocation of the Total Purchase Price (Details)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
shares
Consideration:    
Devon common stock issued | shares 1,150.0 622.0
Coterra    
Consideration:    
Coterra common stock outstanding | shares 759.4  
Exchange Ratio 0.7  
Devon common stock issued | shares 531.6  
Devon closing price on May 6, 2026 | $ / shares $ 46.6  
Total common equity consideration $ 24,772  
Share-based replacement rewards 174  
Total consideration 24,946  
Assets acquired:    
Cash, cash equivalents and restricted cash 581  
Accounts receivable 1,110  
Inventory 31  
Other current assets 204  
Proved oil and gas property and equipment 20,356  
Unproved and properties under development 14,099  
Other property and equipment, net 505  
Right-of-use assets 131  
Investments 100  
Other long-term assets 133  
Total assets acquired 37,250  
Liabilities assumed:    
Accounts payable 723  
Revenue and royalties payable 478  
Short-term debt 249  
Income taxes payable 27  
Other current liabilities 425  
Long-term debt 3,256  
Lease liabilities 100  
Asset retirement obligations 164  
Other long-term liabilities 192  
Deferred income taxes 6,690  
Total liabilities assumed 12,304  
Net assets acquired $ 24,946  
v3.26.1
Acquisitions and Divestitures - Schedule of Pro Forma Adjustments to Confirm Acquisition (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Business Combination [Line Items]        
Total revenues $ 7,417 $ 4,284 $ 11,224 $ 8,736
Net earnings $ 1,911 $ 917 $ 2,031 $ 1,426
Net earnings per share:        
Basic net earnings per share $ 2.04 $ 1.42 $ 2.61 $ 2.18
Diluted net earnings per share $ 2.03 $ 1.41 $ 2.6 $ 2.17
Pro Forma Financial Information [Member]        
Business Combination [Line Items]        
Total revenues $ 8,150 $ 6,240 $ 13,894 $ 12,586
Net earnings $ 2,048 $ 1,298 $ 2,464 $ 2,138
Net earnings per share:        
Basic net earnings per share $ 1.79 $ 1.11 $ 2.15 $ 1.83
Diluted net earnings per share $ 1.78 $ 1.11 $ 2.14 $ 1.82
v3.26.1
Derivative Financial Instruments (Narrative) (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Cash collateral posted $ 0
v3.26.1
Derivative Financial Instruments (Schedule Of Open Oil Derivative Positions) (Details)
 6 Months Ended
Jun. 30, 2026
$ / bbl
$ / Customer
bbl
Derivatives, Fair Value [Line Items]  
Weighted Average Floor Price | $ / Customer 3.45
WTI/NYMEX Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 83,500
Weighted Average Differential to WTI 0.95
Midland Sweet Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 46,000
Weighted Average Differential to WTI 1.1
WTI/Brent Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 8,000
Weighted Average Differential to WTI (5.66)
NYMEX Roll Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 95,000
Weighted Average Differential to WTI 1.74
WTI/NYMEX Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 32,466
Weighted Average Differential to WTI 1.04
Magellan East Houston Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 27,000
Weighted Average Differential to WTI 1.85
Midland Sweet Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 48,000
Weighted Average Differential to WTI 1.02
NYMEX West Texas Intermediate Price Swaps Oil Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 10,000
Weighted Average Price Swap 66.13
NYMEX West Texas Intermediate Price Collars Oil Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 84,500
Weighted Average Floor Price 56.25
Weighted Average Ceiling Price 73.11
NYMEX West Texas Intermediate Price Swaps Oil Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 0
Weighted Average Price Swap 0
NYMEX West Texas Intermediate Price Collars Oil Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 38,466
Weighted Average Floor Price 59.04
Weighted Average Ceiling Price 85.41
NYMEX West Texas Intermediate Three Way Price Collars Oil Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 113,000
Weighted Average Floor Sold Price 49.36
Weighted Average Floor Purchased Price 59.36
Weighted Average Ceiling Price 72.36
NYMEX West Texas Intermediate Three Way Price Collars Oil Q1 Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (Bbls/d) | bbl 57,397
Weighted Average Floor Sold Price | $ / Customer 47.25
Weighted Average Floor Purchased Price 57.25
Weighted Average Ceiling Price 73.14
v3.26.1
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Details)
 6 Months Ended
Jun. 30, 2026
MMBTU
$ / MMBTU
$ / Customer
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 110,000
Weighted Average Floor Price | $ / Customer 3.45
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 230,000
Weighted Average Floor Price | $ / Customer 3.26
FERC Henry Hub Price Swaps Natural Gas Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 247,500 [1]
Weighted Average Price Swap | $ / MMBTU 3.8 [1]
Ferchenry Hub Price Collars Natural Gas Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 1,130,000 [2]
Weighted Average Floor Price | $ / Customer 3.36 [2]
Weighted Average Ceiling Price | $ / Customer 5.47 [2]
Ferchenry Hub Price Swaps Natural Gas Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 0 [1]
Weighted Average Price Swap | $ / MMBTU 0 [1]
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 490,000 [2]
Weighted Average Floor Price | $ / Customer 3.17 [2]
Weighted Average Ceiling Price | $ / Customer 5.33 [2]
Houston Ship Channel Natural Gas Basis Swap Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 50,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.29)
Transco Leidy Natural Gas Basis Swap Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 250,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.78)
Transco Zone 6 Non-NY Natural Gas Basis Swap Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 250,000
Weighted Average Differential To Henry Hub | $ / MMBTU (0.16)
Waha Natural Gas Basis Swaps Q3-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 350,000
Weighted Average Differential To Henry Hub | $ / MMBTU (1.86)
Transco Leidy Natural Gas Basis Swap Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 47,500
Weighted Average Differential To Henry Hub | $ / MMBTU (0.65)
Transco Zone 6 Non-NY Natural Gas Basis Swap Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 150,000
Weighted Average Differential To Henry Hub | $ / MMBTU 0.35
WAHA Natural Gas Basis Swap Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume Per Day (MMBtu/d) 135,041
Weighted Average Differential To Henry Hub | $ / MMBTU (1.3)
[1] Price swaps settle against the Inside FERC first of month Henry Hub index.
[2] Related to the 2026 open positions, 230,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.26 and ceiling price of $4.90, and 900,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.39 and ceiling price of $5.61. Related to the 2027 open positions, 110,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.45 and ceiling price of $4.25, and 380,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.08 and ceiling price of $5.65.
v3.26.1
Derivative Financial Instruments (Schedule Of Open Natural Gas Derivative Positions) (Parenthetical) (Details)
MMBTU in Thousands
 6 Months Ended
Jun. 30, 2026
MMBTU
$ / Customer
Derivatives, Fair Value [Line Items]  
Volume per day (MMBtu/d) | MMBTU 110
Weighted Average Floor Price 3.45
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume per day (MMBtu/d) | MMBTU 230
Weighted Average Floor Price 3.26
Ceiling price 4.9
Ferchenry Hub Price Collars Natural Gas Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume per day (MMBtu/d) | MMBTU 490 [1]
Weighted Average Floor Price 3.17 [1]
Ceiling price 4.25
NYMEX Q1-Q4 2026 [Member]  
Derivatives, Fair Value [Line Items]  
Volume per day (MMBtu/d) | MMBTU 900
Weighted Average Floor Price 3.39
Ceiling price 5.61
NYMEX Q1-Q4 2027 [Member]  
Derivatives, Fair Value [Line Items]  
Volume per day (MMBtu/d) | MMBTU 380
Weighted Average Floor Price 3.08
Ceiling price 5.65
[1] Related to the 2026 open positions, 230,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.26 and ceiling price of $4.90, and 900,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.39 and ceiling price of $5.61. Related to the 2027 open positions, 110,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at a weighted average floor price of $3.45 and ceiling price of $4.25, and 380,000 MMBtu/d settle against the end of month NYMEX index at a weighted average floor price of $3.08 and ceiling price of $5.65.
v3.26.1
Derivative Financial Instruments (Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Derivatives Fair Value [Line Items]    
Gross Fair Value $ 6 $ 193
Amounts Netted 0 0
Net Fair Value 6 193
Short-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 174 199
Amounts Netted (31) (7)
Net Fair Value 143 192
Long-term Derivative Asset [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value 70 2
Amounts Netted (5) 0
Net Fair Value 65 2
Short-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (209) (8)
Amounts Netted 31 7
Net Fair Value (178) (1)
Long-term Derivative Liability [Member]    
Derivatives Fair Value [Line Items]    
Gross Fair Value (29) 0
Amounts Netted 5 0
Net Fair Value $ (24) $ 0
v3.26.1
Share-Based Compensation (Schedule Of Share-Based Compensation Expense Included In The Consolidated Statements Of Comprehensive Earnings) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
G&A $ 175 $ 113 $ 300 $ 243
Restructuring and transaction costs $ 246 $ 9 265 27
Share-based compensation expense     93 53
Related income tax benefit     18 8
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
G&A     56 46
Location, Statement of Income, Balance [Axis]: us-gaap:RestructuringCosts        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Restructuring and transaction costs     $ 37 $ 7
v3.26.1
Share-Based Compensation - Summary of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards and Performance Share Units (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Restricted Stock Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2025 | shares 4,653
Granted, awards and units | shares 9,201 [1]
Vested, awards and units | shares (3,690)
Forfeited, awards and units | shares (139)
Unvested at 6/30/26 | shares 10,025
Unvested weighted average grant-date fair value at December 31, 2025 | $ / shares $ 40.79
Granted, weighted average grant-date fair value | $ / shares 45.95 [1]
Vested, weighted average grant-date fair value | $ / shares 45.75
Forfeited, weighted average grant-date fair value | $ / shares 42.9
Unvested weighted average grant-date fair value at 6/30/26 | $ / shares $ 43.67
Performance Share Units [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Unvested at December 31, 2025 | shares 1,293
Granted, awards and units | shares 439 [1]
Vested, awards and units | shares (200)
Forfeited, awards and units | shares (117)
Unvested at 6/30/26 | shares 1,415 [2]
Unvested weighted average grant-date fair value at December 31, 2025 | $ / shares $ 58.82
Granted, weighted average grant-date fair value | $ / shares 61.73 [1]
Vested, weighted average grant-date fair value | $ / shares 81.7
Forfeited, weighted average grant-date fair value | $ / shares 81.7
Unvested weighted average grant-date fair value at 6/30/26 | $ / shares $ 54.59
[1] Pursuant to the terms of the Merger Agreement, certain of Coterra’s outstanding time-based and performance-based equity awards converted into the right to receive Devon restricted stock units based, in part, on the 0.70 exchange ratio. As a result, approximately 7.2 million awards relate to the conversion of Coterra equity awards to Devon restricted stock unit awards.
[2] A maximum of 2.8 million common shares could be awarded based upon Devon’s final TSR ranking.
v3.26.1
Share-Based Compensation - Summary of Unvested Restricted Stock Awards, Performance-Based Restricted Stock Awards and Performance Share Units (Parenthetical) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
conversion of Coterra equity awards | $ $ 7.2
Performance Share Units [Member] | Maximum [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Maximum common shares that could be awarded based upon total shareholder return | shares 2.8
v3.26.1
Share-Based Compensation - Summary of Performance Share Units Grant-Date Fair Values And Their Related Assumptions (Details) - Including Performance Factor Shares Granted [Member]
 6 Months Ended
Jun. 30, 2026
$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Grant-date fair value $ 61.73
Risk-free interest rate 3.52%
Volatility factor 33.80%
Contractual term (years) 2 years 10 months 20 days
v3.26.1
Share-Based Compensation - Summary of Unrecognized Compensation Cost and Weighted Average Period For Recognition (Details)
 6 Months Ended
Jun. 30, 2026
USD ($)
Restricted Stock Awards [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 295
Weighted average period for recognition (years) 2 years 6 months
Performance Share Units [Member]  
Unrecognized Compensation And Weighted Average Recognition [Line Items]  
Unrecognized compensation cost $ 35
Weighted average period for recognition (years) 2 years 1 month 6 days
v3.26.1
Asset Impairments (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Asset Impairments [Line Items]          
Asset impairments $ 0 $ 0   $ 0 $ 254
Devon [Member]          
Asset Impairments [Line Items]          
Asset impairments     $ 254    
Sale proceeds     $ 120    
v3.26.1
Restructuring and Transaction Costs (Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Restructuring Cost And Reserve [Line Items]  
Restructuring and transaction costs $ 198
Noncash-Accelerated vesting 37
Transaction costs $ 67
v3.26.1
Restructuring and Transaction Costs - Summary of Restructuring And Transaction Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Restructuring Cost And Reserve [Line Items]        
Restructuring costs $ 246 $ 9 $ 265 $ 27
Other Restructuring [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring costs 198 9 198 27
Transaction Costs [Member]        
Restructuring Cost And Reserve [Line Items]        
Restructuring costs $ 48 $ 0 $ 67 $ 0
v3.26.1
Restructuring and Transaction Costs - Summary of The Activity And Balances Associated With Restructuring Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Restructuring Cost And Reserve [Line Items]  
Beginning balance $ 1
Ending balance 126
Workforce Reductions [Member]  
Restructuring Cost And Reserve [Line Items]  
Changes related to 2026 merger-related employee costs 126
Prior years' restructurings [Member]  
Restructuring Cost And Reserve [Line Items]  
Restructuring reserve activity (1)
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesCurrent  
Restructuring Cost And Reserve [Line Items]  
Beginning balance 1
Ending balance 78
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesCurrent | Workforce Reductions [Member]  
Restructuring Cost And Reserve [Line Items]  
Changes related to 2026 merger-related employee costs 78
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesCurrent | Prior years' restructurings [Member]  
Restructuring Cost And Reserve [Line Items]  
Restructuring reserve activity (1)
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesNoncurrent  
Restructuring Cost And Reserve [Line Items]  
Beginning balance 0
Ending balance 48
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Workforce Reductions [Member]  
Restructuring Cost And Reserve [Line Items]  
Changes related to 2026 merger-related employee costs 48
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Prior years' restructurings [Member]  
Restructuring Cost And Reserve [Line Items]  
Restructuring reserve activity $ 0
v3.26.1
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Earnings before income taxes $ 2,384 $ 1,161 $ 2,550 $ 1,807
Current income tax expense (benefit) 378 226 190 322
Deferred income tax expense 95 18 329 59
Total income tax expense $ 473 $ 244 $ 519 $ 381
U.S. statutory income tax rate 21.00% 21.00% 21.00% 21.00%
State income taxes (1.00%) 1.00% (1.00%) 1.00%
Other 0.00% (1.00%) 0.00% (1.00%)
Effective income tax rate 20.00% 21.00% 20.00% 21.00%
v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax [Line Items]        
Deferred income tax benefit $ (95) $ (18) $ (329) $ (59)
Other income tax expense benefit     $ 218  
Merger [Member]        
Income Tax [Line Items]        
Deferred income tax benefit $ (56)      
v3.26.1
Net Earnings Per Share (Net Earnings (Loss) Per Share Computations from Continuing Operations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]        
Net earnings available to common shareholders - basic $ 1,911 $ 899 $ 2,031 $ 1,393
Net earnings available to common shareholders - diluted $ 1,911 $ 899 $ 2,031 $ 1,393
Common shares:        
Average common shares outstanding - basic 937 635 778 640
Dilutive effect of potential common shares issuable 3 1 2 1
Average common shares outstanding - diluted 940 636 780 641
Net earnings per share available to common shareholders:        
Basic $ 2.04 $ 1.42 $ 2.61 $ 2.18
Diluted $ 2.03 $ 1.41 $ 2.6 $ 2.17
v3.26.1
Other Comprehensive Earnings (Loss) (Components Of Other Comprehensive Earnings (Loss)) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Pension and postretirement benefit plans:        
Beginning accumulated pension and postretirement benefits $ (121) $ (121) $ (122) $ (122)
Recognition of net actuarial loss and prior service cost in earnings [1] 1 2 3 3
Income tax expense 0 (1) (1) (1)
Ending accumulated pension and postretirement benefits $ (120) $ (120) $ (120) $ (120)
[1] Recognition of net actuarial loss and prior service cost are included in the computation of net periodic benefit cost, which is a component of other, net in the accompanying consolidated statements of comprehensive earnings.
v3.26.1
Supplemental Information to Statements of Cash Flows (Schedule Of Supplemental Information To Statements Of Cash Flows) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Changes in assets and liabilities, net:        
Accounts receivable $ 197 $ 183 $ (265) $ 120
Other current assets (16) 15 (4) (20)
Other long-term assets 49 (16) 42 (101)
Accounts payable and revenues and royalties payable 267 (162) 646 86
Income taxes payable 387 72 236 167
Other current liabilities 90 69 29 (83)
Other long-term liabilities (50) (27) (59) 82
Total 924 134 625 251
Supplementary cash flow data:        
Interest paid 103 101 255 261
Income taxes paid (refunded) $ (43) $ 152 $ (39) $ 152
v3.26.1
Supplemental Information to Statements of Cash Flows (Additional Information) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
May 07, 2026
Dec. 31, 2025
Supplemental Cash Flow Elements [Abstract]      
Accrued capital expenditures $ 610 $ 320 $ 360
v3.26.1
Accounts Receivable (Schedule Of Components Of Accounts Receivable) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Joint interest billings $ 601 $ 245
Other 30 20
Gross accounts receivable 3,173 1,799
Allowance for credit losses (11) (7)
Net accounts receivable 3,162 1,792
Oil Gas And N G L Sales [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable 1,798 865
Marketing And Midstream Revenues [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Gross accounts receivable $ 744 $ 669
v3.26.1
Property, Plant and Equipment (Summary of Property and Equipment, net) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Property and equipment:    
Proved $ 82,437 $ 58,573
Unproved and properties under development 17,475 1,910
Total oil and gas 99,912 60,483
Less accumulated DD&A (39,013) (36,752)
Oil and gas property and equipment, net 60,899 23,731
Other property and equipment 2,954 2,624
Less accumulated DD&A (755) (936)
Other property and equipment, net 2,199 1,688
Total property and equipment, net $ 63,098 $ 25,419
v3.26.1
Investments - Summary of Components of Investment (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]      
Investments $ 992   $ 727
Fervo [Member]      
Schedule of Investments [Line Items]      
% Interest 12.00% 15.00%  
Investments $ 359   162
WaterBridge [Member]      
Schedule of Investments [Line Items]      
% Interest 13.00%    
Investments $ 243   268
Catalyst [Member]      
Schedule of Investments [Line Items]      
% Interest 50.00%    
Investments $ 233   247
Producers Midstream [Member]      
Schedule of Investments [Line Items]      
% Interest 15.00%    
Investments $ 94   0
Other [Member]      
Schedule of Investments [Line Items]      
Investments $ 63   $ 50
v3.26.1
Investments - (Additional Information) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]      
Investments $ 992   $ 727
Fervo [Member]      
Schedule of Investments [Line Items]      
% Interest 12.00% 15.00%  
Investments $ 359   $ 162
Gain (Loss) on Investments $ 201    
v3.26.1
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Net premium on debentures and notes $ 22 $ 23
Debt issuance costs (48) (48)
Total debt 11,388 8,389
Less amount classified as short-term debt 1,497 998
Long-term debt 9,891 7,391
3.90% due May 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 750 $ 0
Debt interest rate, stated percentage 3.90% 3.90%
Debt, maturity date May 15, 2027  
7.50% due September 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 73 $ 73
Debt interest rate, stated percentage 7.50% 7.50%
Debt, maturity date Sep. 15, 2027  
5.25% due October 15, 2027 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 390 $ 390
Debt interest rate, stated percentage 5.25% 5.25%
Debt, maturity date Oct. 15, 2027  
5.875% due June 15, 2028 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 325 $ 325
Debt interest rate, stated percentage 5.875% 5.875%
Debt, maturity date Jun. 15, 2028  
4.375% due March 15, 2029 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 500 $ 0
Debt interest rate, stated percentage 4.375% 4.375%
Debt, maturity date Mar. 15, 2029  
4.50% due January 15, 2030 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 585 $ 585
Debt interest rate, stated percentage 4.50% 4.50%
Debt, maturity date Jan. 15, 2030  
7.875% due September 30, 2031 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 675 $ 675
Debt interest rate, stated percentage 7.875% 7.875%
Debt, maturity date Sep. 30, 2031  
7.95% due April 15, 2032 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 366 $ 366
Debt interest rate, stated percentage 7.95% 7.95%
Debt, maturity date Apr. 15, 2032  
5.60% due March 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 500 $ 0
Debt interest rate, stated percentage 5.60% 5.60%
Debt, maturity date Mar. 15, 2034  
5.20% due September 15, 2034 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Debt interest rate, stated percentage 5.20% 5.20%
Debt, maturity date Sep. 15, 2034  
5.40% due February 15, 2035 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 750 $ 0
Debt interest rate, stated percentage 5.40% 5.40%
Debt, maturity date Feb. 15, 2035  
5.60% due July 15, 2041 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,250 $ 1,250
Debt interest rate, stated percentage 5.60% 5.60%
Debt, maturity date Jul. 15, 2041  
4.75% due May 15, 2042 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage 4.75% 4.75%
Debt, maturity date May 15, 2042  
5.00% due June 15, 2045 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 750
Debt interest rate, stated percentage 5.00% 5.00%
Debt, maturity date Jun. 15, 2045  
5.75% due September 15, 2054 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,000 $ 1,000
Debt interest rate, stated percentage 5.75% 5.75%
Debt, maturity date Sep. 15, 2054  
5.90% due February 15, 2055 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross [1] $ 750 $ 0
Debt interest rate, stated percentage 5.90% 5.90%
Debt, maturity date Feb. 15, 2055  
Term Loan due September 25, 2026 [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 750 $ 1,000
Debt, maturity date Sep. 25, 2026  
[1] These instruments were assumed by Devon in May 2026 in conjunction with the Merger. Approximately $277 million and $27 million of these instruments remain the unsecured and unsubordinated obligations of Coterra and Coterra Energy Operating Co., respectively, each of which is a subsidiary of Devon.
v3.26.1
Debt And Related Expenses (Schedule Of Debt Instruments and Balances) (Parenthetical) (Details)
$ in Millions
May 31, 2026
USD ($)
Coterra [Member]  
Debt Instrument [Line Items]  
Long-term debt, gross $ 277
Coterra Energy Operating Co. [Member]  
Debt Instrument [Line Items]  
Long-term debt, gross $ 27
v3.26.1
Debt And Related Expenses (Schedule Of Debt Maturities) (Details) - Coterra [Member]
$ in Millions
May 07, 2026
USD ($)
Debt Instrument [Line Items]  
Face Value $ 3,505
Fair value 3,500
3.77% due 2026 [Member]  
Debt Instrument [Line Items]  
Face Value 249
Fair value $ 250
Maturity Date Sep. 18, 2026
Debt interest rate, stated percentage 3.77%
3.90% due 2027 [Member]  
Debt Instrument [Line Items]  
Face Value $ 747
Fair value $ 750
Maturity Date May 15, 2027
Debt interest rate, stated percentage 3.90%
4.375% due 2029 [Member]  
Debt Instrument [Line Items]  
Face Value $ 499
Fair value $ 500
Maturity Date Mar. 15, 2029
Debt interest rate, stated percentage 4.375%
5.60% due 2034 [Member]  
Debt Instrument [Line Items]  
Face Value $ 516
Fair value $ 500
Maturity Date Mar. 15, 2034
Debt interest rate, stated percentage 5.60%
5.40% due 2035 [Member]  
Debt Instrument [Line Items]  
Face Value $ 762
Fair value $ 750
Maturity Date Feb. 15, 2035
Debt interest rate, stated percentage 5.40%
5.90% due 2055 [Member]  
Debt Instrument [Line Items]  
Face Value $ 732
Fair value $ 750
Maturity Date Feb. 15, 2055
Debt interest rate, stated percentage 5.90%
v3.26.1
Debt And Related Expenses (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 25, 2026
USD ($)
Aug. 31, 2024
USD ($)
Jul. 31, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Sep. 27, 2024
USD ($)
Debt Instrument [Line Items]                
Outstanding Long Term Debt Amount           $ 750.0    
Repayments of long-term debt       $ 500.0 $ 0.0 500.0 $ 0.0  
Commercial Paper       0.0   $ 0.0    
Maturity date extension           In the first quarter of 2026, Devon amended the credit agreement governing the Senior Credit Facility to, among other things, extend the maturity date from March 24, 2030 to March 24, 2031, with the option to extend the maturity date by three additional one-year periods, subject to lender consent    
Debt Instrument Repaid Principal           $ 250.0    
Coterra                
Debt Instrument [Line Items]                
Debt Instrument Principal Amount $ 277.0              
Coterra Energy Operating Co. [Member]                
Debt Instrument [Line Items]                
Debt Instrument Principal Amount 27.0              
Commercial Paper [Member]                
Debt Instrument [Line Items]                
Credit facility, borrowing capacity       $ 3,000.0   $ 3,000.0    
Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount   $ 2,000.0            
Outstanding credit facility borrowings               $ 1,000.0
Debt-to-capitalization ratio       0.181   0.181    
Interest rate on the term loan       4.96%   4.96%    
Line of Credit [Member]                
Debt Instrument [Line Items]                
Credit facility, borrowing capacity       $ 3,000.0   $ 3,000.0    
Outstanding credit facility borrowings       $ 0.0   $ 0.0    
Debt-to-capitalization ratio       0.181   0.181    
Outstanding letters of credit       $ 1.0   $ 1.0    
Line of Credit [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Debt-to-capitalization ratio       0.65   0.65    
Tranche One [Member] | Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount   500.0            
Tranche Two [Member] | Term Loan Credit Agreement [Member]                
Debt Instrument [Line Items]                
Aggregate Principal Amount   $ 1,500.0            
Devon [Member]                
Debt Instrument [Line Items]                
Debt Instrument Issued Principal $ 2,950.0              
Senior Notes [Member] | Devon [Member]                
Debt Instrument [Line Items]                
Repayments of Related Party Debt           $ 250.0    
Debt interest rate, stated percentage       3.77%   3.77%    
Subsequent Event [Member]                
Debt Instrument [Line Items]                
Debt Instrument Repaid Principal     $ 750.0          
v3.26.1
Debt And Related Expenses (Schedule of Net Financing Cost Components) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Disclosure [Abstract]        
Interest based on debt outstanding $ 144 $ 126 $ 262 $ 253
Interest income (22) (14) (36) (24)
Other 3 4 8 10
Total net financing costs $ 125 $ 116 $ 234 $ 239
v3.26.1
Leases (Schedule of Right-of-use Assets and Lease Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Leases [Abstract]    
Right-of-use assets, finance lease $ 47 $ 23
Finance lease liabilities:    
Current lease liabilities, finance lease [1] 10 7
Long-term lease liabilities, finance lease 30 16
Total lease liabilities, finance lease [2] 40 23
Right-of-use assets, operating lease 462 276
Operating lease liabilities:    
Current lease liabilities, operating lease [1] 139 95
Long-term lease liabilities, operating lease 326 181
Total lease liabilities, operating lease [2] 465 276
Right-of-use assets 509 299
Lease liabilities:    
Current lease liabilities [1] 149 102
Long-term lease liabilities 356 197
Total lease liabilities [2] $ 505 $ 299
[1] Current lease liabilities are included in other current liabilities on the consolidated balance sheets
[2] Devon has entered into certain leases of equipment related to the exploration, development and production of oil and gas that had terms not yet commenced as of June 30, 2026 and are therefore excluded from the amounts shown above.
v3.26.1
Asset Retirement Obligations (Summary of Changes in Asset Retirement Obligations) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]      
Asset retirement obligations as of beginning of period $ 906 $ 807  
Assumed Coterra obligations 177 0  
Liabilities incurred 26 21  
Liabilities settled and divested (24) (22)  
Revision and reclassification of estimated obligation 107 55  
Accretion expense on discounted obligation 31 24  
Asset retirement obligations as of end of period 1,223 885  
Less current portion 54 46  
Asset retirement obligations, long-term $ 1,169 $ 839 $ 863
v3.26.1
Asset Retirement Obligations (Narrative) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Asset Retirement Obligation Disclosure [Abstract]    
Asset retirement obligation, assumed $ 107 $ 55
v3.26.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
May 07, 2026
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
May 04, 2026
Dec. 31, 2025
Stockholders Equity [Line Items]                
Common stock value for business acquisition   $ 24,946       $ 24,946    
Repurchase of common stock $ 5,000              
Rate Per Share   $ 0.32 $ 0.24 $ 0.24 $ 0.24      
Dividend fixed percentage           33.00%    
Additional paid-in capital   $ 30,045       $ 30,045   $ 5,388
Common stock, shares authorized   2,000.0       2,000.0   2,000.0
Common stock, par value (in dollars per share)   $ 0.1       $ 0.1 $ 0.1 $ 0.1
Common stock converted right to receive $ 0.7              
Maximum [Member]                
Stockholders Equity [Line Items]                
Rate Per Share           0.32    
Common stock, shares authorized             2,000.0  
Minimum [Member]                
Stockholders Equity [Line Items]                
Rate Per Share           $ 0.24    
Common stock, shares authorized             1,000.0  
Devon [Member]                
Stockholders Equity [Line Items]                
Common shares issued for business acquisition 532.0              
Common Stock [Member]                
Stockholders Equity [Line Items]                
Common shares issued for business acquisition   532.0       532.0    
Common stock value for business acquisition   $ 53       $ 53    
Common stock, par value (in dollars per share) $ 0.7              
Share Repurchase Program [Member]                
Stockholders Equity [Line Items]                
Repurchase of common stock $ 8,000 $ 4,500 $ 69     $ 4,500    
Stock Repurchased During Period, Shares     1.9     102.0    
Stock repurchased per shares     $ 37.39     $ 43.9    
v3.26.1
Stockholders' Equity (Summary of Purchases of Common Stock) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Dec. 31, 2025
Stockholders Equity [Line Items]            
Total Number of Shares Purchased [1]   1,850        
Dollar Value of Shares Purchased [1]   $ 69        
Average Price Paid per Share [1]   $ 37.39        
8.0 Billion Dollar Share Repurchase Program Closed [Member]            
Stockholders Equity [Line Items]            
Total Number of Shares Purchased 4,434   7,866 8,505 6,284 16,371
Dollar Value of Shares Purchased $ 202   $ 249 $ 301 $ 271 $ 550
Average Price Paid per Share $ 45.48   $ 31.78 $ 35.33 $ 43.1 $ 33.62
[1] In connection with the Merger, Devon’s previous $5.0 billion share repurchase plan was terminated on May 7, 2026. Under this program, Devon repurchased 1.9 million shares of common stock for $69 million, or $37.39 per share, during the first quarter of 2026 and 102 million common shares for $4.5 billion, or $43.90 per share, since the program’s inception in November 2021.
v3.26.1
Stockholders' Equity (Summary Of Dividends Paid On Common Stock) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Dec. 31, 2025
Stockholders Equity [Line Items]            
Dividends         $ 521 $ 319
Rate Per Share $ 0.32 $ 0.24 $ 0.24 $ 0.24    
Fixed Dividend Date March 31, 2026            
Stockholders Equity [Line Items]            
Dividends   $ 155        
Fixed Dividend Date March 31, 2025            
Stockholders Equity [Line Items]            
Dividends       $ 163    
Fixed Dividend Date June 30, 2026            
Stockholders Equity [Line Items]            
Dividends $ 366          
Fixed Date June 30, 2025 [Member]            
Stockholders Equity [Line Items]            
Dividends     $ 156      
v3.26.1
Stockholders' Equity - (Summary Of Purchases of Common Stock) (Parenthetical) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Jun. 30, 2026
May 07, 2026
Share Repurchase Program [Line Items]      
Repurchase of common stock     $ 5,000
Share Repurchase Program [Member]      
Share Repurchase Program [Line Items]      
Repurchase of common stock $ 69 $ 4,500 $ 8,000
Stock repurchased per shares $ 37.39 $ 43.9  
Stock Repurchased During Period, Shares 1.9 102.0  
v3.26.1
Commitments and Contingencies (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]    
Contingent liability $ 125  
Estimated decommissioning costs 100  
Other Long-Term Investments 100  
Difference of decommissioning obligation and available bond $ 25  
Accrued approximation   $ 150
v3.26.1
Fair Value Measurements (Schedule Of Carrying Value And Fair Value Measurement Information For Financial Assets And Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Carrying Amount [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 621 $ 764
Debt (11,388) (8,389)
Carrying Amount [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 208 194
Derivatives, liabilities (202) (1)
Total Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 621 764
Debt (11,340) (8,290)
Total Fair Value [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 208 194
Derivatives, liabilities (202) (1)
Level 1 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 621 764
Level 2 Inputs [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt (11,340) (8,290)
Level 2 Inputs [Member] | Commodity Derivatives [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives, assets 208 194
Derivatives, liabilities $ (202) $ (1)
v3.26.1
Reportable Segments - Schedule of Reconciliations of Net Earnings to EBITDAX and Field-Level Cash Margin (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]          
Total revenues $ 7,417 $ 4,284 $ 11,224 $ 8,736  
LOE 626 483 1,112 962  
Gathering, processing & transportation 391 219 582 423  
Production and property taxes 376 197 593 426  
Total significant expenses 1,393 899 2,287 1,811  
DD&A 1,416 914 2,320 1,826  
G&A 175 113 300 243  
Financing costs, net 125 116 234 239  
Income tax expense 473 244 519 381  
Other segment items [1] 50 (276) 112 17  
Total expenses 5,506 3,367 9,193 7,310  
Net earnings 1,911 917 2,031 1,426  
Total assets 70,893 31,390 70,893 31,390 $ 31,599
Capital expenditures, including acquisitions 3,998 948 4,997 1,920  
Marketing and Midstream Expenses [Member]          
Segment Reporting [Line Items]          
Marketing and midstream expenses $ 1,874 $ 1,357 $ 3,421 $ 2,793  
[1] Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.