Devon Energy reported net earnings of $1.9 billion, or $2.03 per diluted share, for the second quarter of 2026, its first reporting period to include operations acquired through its merger with Coterra Energy. Core earnings totaled $1.5 billion, or $1.57 per diluted share, while operating cash flow reached $3.7 billion and adjusted free cash flow was $1.7 billion. Production averaged 1.359 million barrels of oil equivalent per day, near the top of guidance, with oil output of 503,000 barrels per day. The company returned approximately $1.06 billion through dividends, share repurchases and debt reduction, and increased its quarterly dividend by 33% to $0.32 per share. Devon also spent $2.6 billion in cash to acquire 16,300 net acres in New Mexico, adding an estimated 400 drilling locations in the Delaware Basin.
Devon Energy CorporationReports strong Q2 earnings, raises dividend, and completes accretive merger and acreage acquisition.
