Devon Q4 Earnings & Revenues Beat Estimates, Production Increases

Devon Energy Corp. DVN reported fourth-quarter 2025 earnings per share (EPS) of 82 cents, surpassing the Zacks Consensus Estimate of 81 cents by 1.2%. Fourth-quarter earnings were down 29.3% year over year.

GAAP EPS in the reported quarter was 90 cents compared with 98 cents in the year-ago quarter. The difference between GAAP and operating earnings in the fourth quarter was due to an impact of 7 cents from fair value changes in financial instruments and 1 cent from changes in tax legislation.

Adjusted earnings in 2025 were $3.92 per share compared with $4.82 in 2024.

DVN’s Revenue Details

Total revenues for the quarter were $4.12 billion, which beat the Zacks Consensus Estimate of $4.02 billion by 2.5%. The top line decreased 6.4% from the year-ago quarter’s figure.

Total revenues in 2025 were $17.19 billion compared with $15.94 billion in 2024.

Production at DVN

Net production in the fourth quarter totaled 851,000 barrels of oil equivalent per day (Boe/d), up 0.4% year over year. The actual production volume exceeded the guided range of 828,000-844,000 Boe/d. Improvement in production volumes from the Delaware Basin and Rockies regions boosted the metric.

Natural gas liquids production increased 4.5% year over year to 231,000 barrels per day (Bbl/d). Oil production amounted to 390,000 Bbl/d, down 2% on a year-over-year basis, due to a weaker contribution from the Rockies region, Eagle Ford and Anadarko Basin.

DVN’s Realized Prices

Realized oil prices (including cash settlements) for the quarter were $59.66 per barrel, down 13.8% from $69.19 in the year-ago period. Realized prices for natural gas liquids were $17.09 per barrel, down 18.7% from $21.01 in the prior-year quarter.

Realized gas prices were $1.58 per thousand cubic feet, indicating an increase of 8.2% from $1.46 a year ago.

Total oil equivalent realized prices, including cash settlements, were $34.52 per Boe, down nearly 14.4% year over year.

Highlights of DVN’s Q4 Release

Total production expenses in the fourth quarter were $861 million, down 2.3% year over year.

Devon repurchased shares worth $250 million in the fourth quarter and paid dividends worth $149 million to its shareholders.

Production costs, including taxes, averaged $10.99 per Boe in the fourth quarter, a decline of 4% sequentially.

Financial Highlights of DVN

As of Dec. 31, 2025, the company had cash and cash equivalents (including restricted cash) of $1.43 billion compared with $0.85 billion as of Dec. 31, 2024.

Long-term debt amounted to $7.39 billion as of Dec. 31, 2025, down from $8.4 billion as of Dec. 31, 2024.

Devon’s net cash from operating activities was $6.71 billion in 2025 compared with $6.6 billion in 2024. Capital expenditures in 2025 totaled $3.59 million, down 1.5% from $3.64 billion in 2024.

Devon’s Guidance

First-quarter production is expected in the range of 823,000-843,000 Boe/d and capital spending is estimated in the band of $0.87-$0.93 billion.

Production volume in 2026 is expected in the range of 835,000-855,000 Boe/d and capital spending is estimated in the band of $3.5-$3.7 billion. Production volume includes expected production of 385,000-391,000 barrels of oil per day.

Devon’s Zacks Rank

Devon currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Sector Releases

TotalEnergies SE TTE reported fourth-quarter 2025 operating earnings of $1.73 (€1.48) per share, which missed the Zacks Consensus Estimate of $1.80 by 3.9%. The bottom line dropped 8.9% from the year-ago figure of $1.9 (€1.78). 

Total revenues for the fourth quarter were $45.92 billion, which declined from the year-ago reported figure of $47.1 billion by 2.52%. The figure beat the Zacks Consensus Estimate of $36.69 billion by 25.2%. 

Plains All American Pipeline, L.P. PAA reported fourth-quarter 2025 adjusted earnings of 40 cents per unit, which lagged the Zacks Consensus Estimate of 47 cents by 14.9%. In the year-ago quarter, the firm reported earnings of 42 cents.

Net sales of $10.57 billion missed the Zacks Consensus Estimate of $11.55 billion by 8.5%. The top line also decreased 12.2% from the year-ago quarter’s figure of $12.04 billion. 

CNX Resources Corporation CNX reported fourth-quarter 2025 operating earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 70.0%. The bottom line also increased 19.3% from 57 cents in the year-ago quarter.

The company reported revenues of $419 million, which topped the Zacks Consensus Estimate of $373 million by 12.3%. The top line also rose 8.6% from the prior-year quarter’s $386 million.

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