Oklahoma City-based Devon Energy said this week in its 2025Q4 financial and operational report that production averaged 851,000 boed to exceed top end of guidance. The result was driven by better-than-expected well performance primarily in the Delaware Basin. Oil totaled 390,000 barrels per day in 4Q. Devon exited 2025 with estimated proved reserves of 2.4 billion barrels of oil equivalent.
Devon’s capital activity in 4Q averaged 19 operated drilling rigs and 4 completion crews across its portfolio. This resulted in 95 gross operated wells being placed online with an average lateral length of 10,200 feet. Capital investment, excluding acquisition capital, was $883 million (4 percent below guidance).
Production in 2026Q1 is expected to decline by 1 percent or 10,000 boed (50 percent oil) because of the impact of severe winter weather. Devon forecasts production to average 823,000 to 843,000 boed with capital spending of about $900 million.
Clay Gaspar, president and CEO, said Tuesday, “We have taken bold, strategic steps to significantly strengthen our portfolio and position ourselves for sustained success through a transformational merger with Coterra Energy. This powerful combination brings together two industry-leading companies with complementary assets and proven track records of value creation, establishing a premier independent shale operator.”