As Devon Energy prepares to hold an approaching annual meeting of stockholders where they will vote on the merger with Coterra Energy, the Oklahoma City company also released its earnings report this week covering the fourth quarter and all of 2025.
Devon recorded operations generated $1.5 billion of operating cash flow and $702 million of free cash flow during fourth quarter. It had net earnings of $562 million, or $0.90 per diluted share, in the fourth quarter of 2025. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $510 million, or $0.82 per diluted share.
“Devon’s disciplined execution and operational excellence defined 2025, culminating in outstanding results that exceeded fourth quarter expectations across all major value drivers,” said Clay Gaspar, president and CEO. “The success we achieved this year was underpinned by the momentum generated through our focused business optimization efforts, resulting in significant free cash flow and meaningful cash returns to shareholders.”…