Devon Energy earnings: third quarter 2026

Devon Energy, the American oil and gas producer now combined with Coterra, more than doubled its sales from a year ago in the third quarter of 2026 because it pumps almost twice as much. It turned that into plenty of cash, paid down debt and bought back more shares. The catch is that profit per share slipped: the merger brought many more shares, and the price it got for each barrel fell from the spring. ¹

Against what analysts expected

On the company's adjusted measure, Devon earned $1.42 per share, about 15% above the $1.24 analysts expected on average, according to Nasdaq's earnings calendar; the forecast is set against that adjusted figure. Reported profit was $0.88 per share, held down mainly by a $729 million paper loss on contracts it uses to protect itself against falling prices. ¹²

The strong points

• Sales of oil, gas and gas liquids more than doubled from a year ago, to $5,939 million. ¹
• After paying for drilling and equipment, Devon had $2,010 million of cash left over, more than in the second quarter. ¹
• It repaid the last of a merger loan, and total debt fell to $10,636 million from $11,388 million three months earlier. ¹

The weak points

• The merger nearly doubled the number of shares, so profit per share on the company's adjusted measure fell to $1.42 from $1.57 in the second quarter, even though total adjusted profit rose. ¹
• What was left from each barrel after field costs fell to $27.94 from $30.03 in the second quarter, mainly because prices were lower. ¹
• Cash from running the business fell to $2,808 million from $3,674 million in the second quarter, though most of the gap was money tied up in unpaid bills rather than lower earnings. ¹

What the company expects

• Devon kept its plan for the whole of 2026 unchanged: output of 1,364,000 to 1,398,000 barrels a day and spending of $4.8 billion to $5.0 billion. ¹
• It raised the savings it expects from the merger, to about $700 million in 2027 from $600 million, while keeping its aim of at least $1 billion a year by the end of 2027. ¹

Our verdict on the quarter

A strong report. Devon kept its forecast for the year, earned more than analysts expected and is growing fast through its merger, so a strong report, with profit per share and the price per barrel the soft spots.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Devon Energy's results release, 5 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 5 November 2026. ↩