Devon Energy Corporation's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
The first company overview after the Coterra merger closed (May 7, 2026) — current strategy, outlook, returns and synergy progress in one place. · Open the full document →
p. 2 — CEO Clay Gaspar's framing of the current plan: a portfolio review to concentrate on the Permian, plus AI and higher shareholder returns. · Open the full presentation →p. 3 — The post-merger operating scale at a glance: ~490-510 MBOD oil, 1.36-1.41 MMBOED total, $4.9B capital, >90% oil-weighted. · Open the full presentation →p. 4 — Capital allocation: dividend up 33%, upsized buyback, up-to-70% cash-return target, and where DVN's dividend yield sits versus peers. · Open the full presentation →p. 5 — The $1.0B pre-tax synergy build to year-end 2027, with technology and shared best practices as the multiplier. · Open the full presentation →p. 7 — Why management calls it a premier Permian-focused E&P: capital efficiency, reinvestment rate and production versus peers. · Open the full presentation →p. 9 — The full 2026 guidance table — per-basin capital, unit costs (LOE, GP&T per BOE) and price realizations. How the economics break down. · Open the full presentation →
The deal that reshaped Devon — the fullest explanation of the combined company's scale, asset base, inventory depth, synergies and capital plan. · Open the full document →
p. 2 — The merger thesis in one page: a ~$58B enterprise-value large-cap, Delaware-anchored, with production mix and basin map. · Open the full presentation →p. 3 — Pro forma scale versus L48 peers, and how >1.6 MMBOED splits across Delaware, Marcellus, Rockies and Anadarko/Eagle Ford. · Open the full presentation →p. 4 — Combined Delaware acreage map and metrics: ~746k net acres and 863 MBOED, the core of the company. · Open the full presentation →p. 5 — Largest Delaware inventory among peers, sorted by break-even oil price — a wide base of sub-$40/bbl locations. · Open the full presentation →p. 6 — The rest of the portfolio by basin — Anadarko, Eagle Ford, Marcellus and Rockies — and what each contributes. · Open the full presentation →p. 7 — Well productivity and capital efficiency benchmarked against peers: ~23% higher productivity, ~20% greater efficiency. · Open the full presentation →p. 8 — The $1.0B synergy target broken into capital, operating-margin and corporate-cost buckets. · Open the full presentation →p. 9 — The combined AI/technology platform across subsurface, drilling, production and enterprise decision-making. · Open the full presentation →p. 10 — The valuation case: 2027e cash flow and free-cash-flow yield versus peers, with room for multiple expansion. · Open the full presentation →p. 11 — Pro forma capital allocation: <50% reinvestment rate, 0.9x leverage, the dividend and a >$5B buyback authorization. · Open the full presentation →
The fullest standalone-Devon overview before the merger — basin-by-basin asset detail and unit economics that still form the core of the combined company. · Open the full document →
p. 3 — Strategic priorities and core values — how management frames operational excellence, asset quality, financial strength and returns. · Open the full presentation →p. 4 — The multi-basin footprint: commodity mix (46% oil) and an operating-area map spanning the Delaware, Rockies, Anadarko and Eagle Ford. · Open the full presentation →p. 5 — Devon's scale ranked against the top U.S. onshore pure-play producers. · Open the full presentation →p. 7 — Delaware Basin overview — the franchise asset at ~400k net acres and 59% of production, mapped by development area. · Open the full presentation →p. 8 — Delaware key statistics: rig count, wells online, capital and the 46/27/27 oil-gas-NGL product mix. · Open the full presentation →p. 9 — Rockies overview — the Williston and Powder River positions that make up ~23% of production. · Open the full presentation →p. 10 — Rockies key statistics: activity, volumes and an oil-heavy (55%) product mix. · Open the full presentation →p. 11 — Eagle Ford overview — a smaller (~7%) but oil-rich position with Gulf Coast pricing access. · Open the full presentation →p. 12 — Eagle Ford key statistics, including the 65% oil product mix. · Open the full presentation →p. 13 — Anadarko Basin overview — a gas- and NGL-weighted position with a Dow drilling carry. · Open the full presentation →p. 14 — Anadarko key statistics: note the very different 51% gas / 35% NGL mix versus the oilier basins. · Open the full presentation →p. 16 — The $1B business-optimization program and scorecard — where the efficiency gains come from and how far along they are. · Open the full presentation →p. 17 — The initiative-level detail behind that program: capital, production, commercial and corporate levers with milestones. · Open the full presentation →p. 19 — Balance-sheet snapshot: liquidity, cash, 0.9x leverage, investment-grade ratings and the hedge position. · Open the full presentation →p. 20 — Free cash flow sensitivity to WTI — a sub-$45 breakeven and $2.5-3.7B of FCF across $55-75 oil. · Open the full presentation →p. 21 — Return-of-capital framework: up-to-70% cash return split between dividend, buyback and the balance sheet. · Open the full presentation →p. 29 — Delaware inventory depth benchmarked against other operators — the runway behind the sustainability claim. · Open the full presentation →p. 30 — Environmental targets and progress: emissions-intensity reductions, methane and flaring goals, net-zero by 2050. · Open the full presentation →
Q1 2026 Earnings Presentation — Q1 2026 · 13 pages · The latest quarterly results and the shareholder vote approving the Coterra merger, with updated synergy and free-cash-flow outlook. · Open →
Q4 2025 Earnings Presentation — Q4 FY2025 · 14 pages · Full-year 2025 results in the same release that unveiled the transformative Coterra merger. · Open →
Q2 2025 Earnings Presentation — Q2 2025 · 16 pages · A clean standalone-Devon quarter before the deal — operational highlights and cash-flow detail. · Open →
Investor Presentation — November 2024 · 28 pages · The older overview with separate Williston and Powder River pages, before those were combined into the Rockies. · Open →
