Devon Energy Corp

DVN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Devon Earnings: Strong Results From Business Optimization Execution as Coterra Merger Approaches

Joshua Aguilar , Christian Fleming

Feb 18, 2026

Devon posted a strong fourth quarter, with total production of 851 mboe/d exceeding our expectations by 1%, while lease operating and gathering, processing, and transportation unit costs of $8.60 moving appreciably below what we earmarked, as did capital expenditures of $870 million.

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Devon Energy Corp

Devon Earnings: Strong Results From Business Optimization Execution as Coterra Merger Approaches

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