Devon Energy Announces 2025 Results and Strategic Merger with Coterra Energy

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The company declared a quarterly fixed dividend and plans to increase it following the merger with Coterra Energy, which is expected to close in Q2 2026. Devon also achieved significant production outperformance, disciplined cost management, and business optimization, generating $1.5 billion in operating cash flow and $702 million in free cash flow in Q4. The merger with Coterra is expected to create a premier, large-cap shale operator, with Devon shareholders owning approximately 54% of the combined company.

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About Devon Energy Corporation

Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.