Devon Energy’s first-quarter 2025 results reflect a disciplined, high-performance approach to drilling and capital deployment. With strong operational momentum, the company delivered above-guidance production and implemented early phases of its business optimization strategy—cutting capital while maintaining output.
In a strategic move to reinforce financial resilience and enhance shareholder returns, Devon Energy has unveiled a comprehensive business optimization plan targeting $1 billion in annual pre-tax free cash flow improvements by the end of 2026.
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.
The record counts of wells drilled per quarter show consistent growth from Q1 2024 to Q1 2025 with a notable increase of approximately 32.69% year-over-year.
Devon Energy (NYSE: DVN) closed 2024 on a high note, delivering record oil production, strong free cash flow, and disciplined capital allocation. A key theme in their Q4 2024 earnings report was efficiency improvements, particularly in the Delaware Basin and natural gas portfolio optimization.
In their Q3 2024 earnings report, Devon Energy delivered strong insights on production performance, drilling advancements, and operational efficiencies. The company’s disciplined approach, particularly in the Delaware and Eagle Ford basins, showcases its drive for efficient and high-return production. Here’s a breakdown of Devon’s latest achievements and forward-looking expectations for 2024 and beyond.
Devon Energy has unveiled a highly successful redevelopment strategy in the Eagle Ford, marking a significant step forward in maximizing resource recovery from previously developed areas.
Devon Energy Corporation (NYSE: DVN) has reported outstanding financial and operational results for the second quarter of 2024. Highlights include record oil production, a significant strategic acquisition, and an increase in shareholder returns.
Devon Energy has acquired Grayson Mill Energy from EnCap Investments for $5 billion in cash and stock, becoming the fourth-largest producer in the Williston Basin. This acquisition marks Devon’s first significant move in the current consolidation cycle, emphasizing a conservative M&A strategy that values existing production over undeveloped inventory.
Devon Energy (NYSE: DVN) announced today it has entered into a definitive purchase agreement to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at $5 billion, consisting of $3.25 billion of cash and $1.75 billion of stock to the sellers. The transaction is subject to customary terms and conditions, including various purchase price adjustments, and is expected to close by the end of the third quarter of 2024, with an effective date of June 1, 2024.
