Devon Energy delivered another solid quarter in Q2 2025, reinforcing its disciplined approach to capital allocation and operational execution across top-tier U.S. shale basins.

Oil & Gas Operator Account Directory US – $10

Includes: Account Name, Wells Drilled, Rig Count, Location, Website….

📊 Q2 2025 Financial & Operational Highlights

Net earnings: $899 million ($1.41 per share)
Core earnings: $536 million ($0.84 per share)
Operating cash flow: $1.5 billion
Free cash flow: $589 million
Production: 841,000 Boe/d (↑3% vs guidance), including 387,000 bbl/d of oil
Capital investment: $932 million (↓7% vs guidance)
Cash balance: $1.8 billion (↑$525 million QoQ)
Net debt-to-EBITDAX: 0.9x
Shareholder returns: $405 million via $0.24/share dividend and share buybacks
Midstream portfolio updates:
- Sold Matterhorn Pipeline equity for $372 million
- Acquired full interest in Cotton Draw Midstream for $260 million

The company continues to execute on its Business Optimization Plan, achieving 40% of its $1 billion annual run-rate improvement target ahead of schedule.

🛠 2025 Drilling Activity: Focused Execution in Core Areas

Devon drilled 271 wells YTD across its U.S. asset base using 23 unique rigs. The majority of this activity was concentrated in the Delaware Basin, with meaningful contributions from the Williston and Eagle Ford.

🔝 Top 5 Counties by Wells Drilled

County	Wells Drilled	Unique Rigs
Eddy, NM	104	13
Lea, NM	60	12
McKenzie, ND	26	3
DeWitt, TX	25	2
Karnes, TX	10	1

This drilling activity aligns with Devon’s strategy to concentrate capital in high-return areas while managing costs and maximizing free cash flow.

Conclusion:
Devon Energy’s Q2 2025 results underscore its strong operational momentum, robust cash flow generation, and focus on capital efficiency. With raised production guidance and reduced capital spending for the second straight quarter, Devon is well-positioned to deliver continued value through the remainder of 2025.