Overview
Devon Energy is an independent U.S. oil-and-gas exploration and production company. Its business centers on producing oil, natural gas and natural gas liquids, alongside marketing and midstream activities. Devon states its purpose as “Energizing modern life.” [1][2]
Following its May 2026 merger with Coterra Energy, Devon’s operating footprint includes the Delaware, Anadarko, Eagle Ford, Marcellus, Powder River and Williston areas.[3] As scale indicators, Devon reported $16.786 billion in FY2025 revenue from customer contracts and 2,200 employees at year-end 2025; these figures are pre-merger and should not be read as combined-company measures.[1][4] [1][2][3][4]
Products & services
Devon Energy sells oil, natural gas and natural gas liquids (NGLs). Its gas-processing arrangements produce residue gas and NGLs; under some contracts, Devon takes these products in kind and markets them. The company also provides gathering, transportation, compression and dehydration services for other producers’ oil and gas.[5][6][7]
In fiscal 2025, oil, gas and NGL sales totaled $11.223 billion: oil was $8.906 billion (79.4%), gas $842 million (7.5%), and NGLs $1.475 billion (13.1%). For the six months ended June 2026, the corresponding total was $8.083 billion: oil $6.777 billion (83.8%), gas $309 million (3.8%), and NGLs $997 million (12.3%). Percentages are calculated from reported sales amounts.[8][9] [5][6][7][8][9]
Geographic presence
Devon Energy’s operations are onshore in the United States and are organized around four core areas: the Delaware Basin in southeast New Mexico and west Texas; the Rockies, including the Williston Basin in North Dakota and the Powder River Basin in Wyoming; the Eagle Ford in south Texas; and the Anadarko Basin in western Oklahoma.[10][11][12][13][14][15]
In the first quarter of 2026, production was distributed across those areas as follows: Delaware Basin 60%, Rockies 23%, Eagle Ford 8%, and Anadarko Basin 9%. These figures describe production, not revenue.[16] The geographic revenue breakdown was not provided in the reviewed disclosures; reported sales figures therefore do not support revenue percentages by country or region.[17][18]
Devon’s official contact page lists Houston as its corporate headquarters and offices in Oklahoma City and Tulsa.[19] [10][16][17][18][11][12][13][14][15][19]
Business segments
Devon Energy reports one financial reporting segment, comprising its U.S. operations; it does not report separate financial segments for individual basins.[20][21]
Operationally, Devon identifies five core areas: the Permian Basin, Rockies, Eagle Ford, Anadarko Basin and Marcellus Shale. In the second quarter of 2026, their approximate shares of combined production were 55%, 15%, 6%, 9% and 15%, respectively. These percentages describe production mix, not each area’s share of revenue or earnings.[22][23] [20][21][22][23]
Company history
Devon Energy was founded in 1971 by brothers John and Larry Nichols, beginning with five employees and no assets. The company became publicly traded in 1988 and joined the S&P 500 in 2000.[24] From 1999 to 2003, Devon expanded through major transactions, including mergers with PennzEnergy and Santa Fe Snyder, and the acquisitions of Anderson Exploration and Mitchell Energy and merger with Ocean Energy.[25][26][27]
In 2009, Devon announced a strategic shift away from international and Gulf of Mexico assets toward North American onshore exploration and production; in 2010 it announced major asset sales, including the sale of deepwater Gulf of Mexico, Brazil and Azerbaijan assets to BP.[28][29] In 2014, it acquired GeoSouthern’s Eagle Ford assets and sold most of its Canadian conventional assets.[30][31] Devon completed a merger of equals with WPX Energy in January 2021, retaining the Devon name, and completed its acquisition of Grayson Mill Energy in September 2024.[32][33] In 2026, Devon completed a merger with Coterra Energy.[3] [24][25][26][27][28][29][30][31][32][33][3]
Sources
- DEVON ENERGY CORP/DE — Full financial report (2025 Y)
- www.devonenergy.com[2]
- www.devonenergy.com[3]
- www.sec.gov[4]
- DEVON ENERGY CORP/DE — Full financial report (2026 Q 2)
- www.devonenergy.com[11]
- www.devonenergy.com[12]
- www.devonenergy.com[13]
- www.devonenergy.com[14]
- www.devonenergy.com[15]
- DEVON ENERGY CORP/DE — Full financial report (2026 Q 1)[16][18]
- www.devonenergy.com[19]
- www.devonenergy.com[24]
- www.sec.gov[25]
- www.sec.gov[26]
- investors.devonenergy.com[27]
- investors.devonenergy.com[28]
- www.devonenergy.com[29]
- www.devonenergy.com[30]
- investors.devonenergy.com[31]
- www.devonenergy.com[32]
- investors.devonenergy.com[33]
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