Devon Energy Q4 net earnings fall to $562 million; production beats guidance
Devon Energy reported fourth-quarter 2025 net earnings of $562 million, or $0.90 per diluted share, down from $693 million in the third quarter and $653 million a year earlier. Production averaged 851,000 Boe per day, above the top end of guidance, and the company is pursuing an all-stock merger with Coterra Energy expected to close in the second quarter of 2026, with a planned 31 percent dividend increase and a new buyback of more than $5 billion after closing.
Key points
- Q4 2025 net earnings were $562 million ($0.90 per diluted share); core earnings were $510 million ($0.82 per diluted share).
- Q4 2025 production averaged 851,000 Boe per day, exceeding the top end of guidance; capital investment was $883 million, 4 percent below guidance.
- Merger with Coterra Energy announced Feb. 2, 2026 is expected to close in Q2 2026; quarterly dividend to rise to $0.315 per share after close.
- Share repurchases were suspended with the merger announcement; Q1 2026 production is estimated to be reduced 1 percent by severe winter weather.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 17, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.