Annual Reports
Devon Energy Corporation's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Devon Energy Corporation — FY2025 Annual Report (Form 10-K) — FY2025
The latest 10-K, filed weeks after the Feb-2026 all-stock merger of equals with Coterra was signed and a full year of the Grayson Mill acquisition landed. · Open the full document →
Items 1 and 2. Business and Properties — p. 10 · Read the full section →
What Devon is — an onshore U.S. E&P run on a five-principle, through-the-cycle strategy — and where its oil and reserves actually sit.
The strategy in management's words: competitive returns and capital-efficient cash flow through every price cycle.
Our business strategy is focused on delivering a consistently competitive shareholder return among our peer group. Because the business of exploring for, developing and producing oil and natural gas is capital intensive, delivering sustainable, capital efficient cash flow growth is a key tenet to our success. While our cash flow is highly dependent on volatile and uncertain commodity prices, we pursue our strategy throughout all commodity price cycles with five fundamental principles.
p. 10 · Read in context →
Item 1A. Risk Factors — p. 27 · Read the full section →
The two risks most specific to Devon: commodity-price swings that whip cash flow, and a pending merger whose synergies may not land.
Merger risk: the Coterra synergies and the promised dividend and buyback increases may not be realized.
The success of the Merger will depend on, among other things, the combined company’s ability to realize anticipated synergies and benefits. If the combined company is not able to successfully achieve these synergies, or the cost to achieve these synergies is greater than expected, then the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. Moreover, if we do not realize such benefits or for any other reason, the board of directors of the combined company may not approve, or delay the approval of, the anticipated increases in our dividends and share repurchase authorization following the Merger, which could negatively impact our stock price.
p. 41 · Read in context →
Item 7. MD&A — Executive Overview — p. 55 · Read the full section →
Management's own framing of the year: the Coterra merger of equals, $1.0B of targeted synergies, and the priorities behind the numbers.
Item 7. MD&A — Results of Operations and Field-Level Cash Margin — p. 59 · Read the full section →
Where the money is made — field-level cash margin per BOE by basin, showing the Delaware and Eagle Ford carrying the portfolio.
Item 7. MD&A — Capital Resources, Uses and Liquidity — p. 67 · Read the full section →
How Devon returns cash: the pace of buybacks under the $5.0B authorization and the fixed-dividend track record.
Item 7. Critical Accounting Estimates — Oil and Gas Assets and Reserves — p. 77 · Read the full section →
The accounting that defines E&P economics: successful-efforts capitalization and the reserve estimates that drive DD&A and impairments.
Item 8, Note 2. Acquisitions and Divestitures — Grayson Mill — p. 109 · Read the full section →
The $5.0B Grayson Mill deal that added the Williston Basin and reshaped 2025 production, scale and per-BOE costs.
Item 8, Note 21. Supplemental Information on Oil and Gas Operations (Unaudited) — p. 154 · Read the full section →
The reserve base itself — the rollforward showing how price revisions, extensions and acquisitions moved proved reserves to 2.4 BBoe.
More annual reports
Devon Energy Corporation — FY2024 Annual Report (Form 10-K) — FY2024 · 175 pages · The pre-merger baseline: first full disclosure of the Grayson Mill acquisition and the four-basin portfolio before Coterra. · Open →
Devon Energy Corporation — FY2023 Annual Report (Form 10-K) — FY2023 · 174 pages · A steady-state year that anchors the pre-acquisition production and reserve base. · Open →
Devon Energy Corporation — FY2022 Annual Report (Form 10-K) — FY2022 · 135 pages · The peak-price year, with the fixed-plus-variable dividend framework at full stretch. · Open →
Devon Energy Corporation — FY2021 Annual Report (Form 10-K) — FY2021 · 128 pages · The first report after the WPX merger of equals — a useful precedent for reading the pending Coterra combination. · Open →