Devon Energy Q2 2025: Steady Performance Amid Gas Price Headwinds

Devon Energy (NYSE: DVN) delivered a steady second quarter of 2025, balancing multi-basin strength with ongoing headwinds from weak natural gas prices. The company drilled 309 wells year-to-date, led by New Mexico activity, while maintaining production of 841,000 BOE/D with nearly half from oil. Strong operating cash flow of $1.5 billion supported $589 million in free cash flow, keeping Devon’s balance sheet resilient as it navigates gas oversupply and positions for long-term LNG-driven demand growth.

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Devon Energy Eagle Ford February 2025 investor presentation

Devon Energy holds 90,000 net acres in the Eagle Ford and produced 75 MBOED in Q4 2024, making up 11% of its total production. The company is taking full operatorship of the Blackhawk Field in April 2025 to improve returns and lower well costs, especially in DeWitt County. For 2025, Devon plans to reduce its rig count from 4 to 2 and spend $0.5 billion on capital in the region.

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