DVN — Devon Energy Corporation

Energy · Oil & Gas E&P

About Devon Energy Corporation

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. The company operates in Delaware Basin located in southeast New Mexico and west Texas, Eagle Ford located in North America, Anadarko Basin located in western Oklahoma, Williston Basin located in North Dakota, and Powder River Basin located in Wyoming. Devon Energy Corporation was founded in 1971 and is headquartered in Houston, Texas.

The shale & E&P industry

Exploration & production companies are the pure upstream bet: they own acreage, drill wells, and sell oil and gas at whatever the market pays. Shale wells produce most of their oil in the first couple of years, so these companies must keep drilling just to hold output flat — which makes cost per barrel, acreage quality, and the hedging program the whole game. Some names here are mostly natural gas (EQT, Antero) — a different commodity with its own cycle, increasingly tied to LNG exports and power demand. The sector has consolidated hard — Pioneer, Hess and Marathon Oil were all swallowed by majors — and the survivors are larger and more disciplined. Expect these to amplify every move in the underlying commodity, in both directions. Devon is a multi-basin US oil producer that pioneered the fixed-plus-variable dividend the sector later copied.

Key data · delayed ~15 min, as of 1 August 2026

Valuation read

What the price implies: the market is pricing in roughly ~-6%/yr earnings growth (discounted), on a reverse-DCF of forward earnings ($5.24). Run your own assumptions in the fair-value calculator.

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Market data is delayed ~15 minutes and provided for education, not as financial advice. "Hot" means attention, not direction.