filings.toolsDevon Energy 10-Q 2025-06-30
Filed 2025-08-06. 8 sections, 161K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2025
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number 001-32318
DEVON ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 73-1567067 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer identification No.) | |
| 333 West Sheridan Avenue**,** Oklahoma City**,** Oklahoma | 73102-5015 | |
| (Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (405) 235-3611
Former name, address and former fiscal year, if changed from last report: Not applicable
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.10 per share | DVN | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | |||
| Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
On July 23, 2025, 634.8 million shares of common stock were outstanding.
DEVON ENERGY CORPORATION
FORM 10-Q
TABLE OF CONTEN****TS
DEFINI****TIONS
Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon,” the “Company” and “Registrant” refer to Devon Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:
“ASU” means Accounting Standards Update.
“Bbl” or “Bbls” means barrel or barrels.
“Boe” means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.
“Btu” means British thermal units, a measure of heating value.
“Catalyst” means Catalyst Midstream Partners, LLC.
“CDM” means Cotton Draw Midstream, L.L.C.
“DD&A” means depreciation, depletion and amortization expenses.
“EPA” means the United States Environmental Protection Agency.
“ESG” means environmental, social and governance.
“FASB” means Financial Accounting Standards Board.
“Fervo” means Fervo Energy Company.
“G&A” means general and administrative expenses.
“GAAP” means U.S. generally accepted accounting principles.
“Grayson Mill” means Grayson Mill Intermediate HoldCo II, LLC and Grayson Mill Intermediate HoldCo III, LLC.
“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.
“LOE” means lease operating expenses.
“Matterhorn” refers to Matterhorn Express Pipeline, LLC and, as applicable, its direct parent, MXP Parent, LLC.
“MBbls” means thousand barrels.
“MBoe” means thousand Boe.
“Mcf” means thousand cubic feet.
“MMBoe” means million Boe.
“MMBtu” means million Btu.
“MMcf” means million cubic feet.
“N/M” means not meaningful.
“NCI” means noncontrolling interests.
“NGL” or “NGLs” means natural gas liquids.
“NOV” means notice of violation.
“NYMEX” means New York Mercantile Exchange.
“OBBB” means One Big Beautiful Bill Act.
“OPEC” means Organization of the Petroleum Exporting Countries.
“SEC” means United States Securities and Exchange Commission.
“Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit, effective as of March 24, 2023.
"SOFR" means secured overnight financing rate.
“TSR” means total shareholder return.
“U.S.” means United States of America.
“VIE” means variable interest entity.
“Water JV” means NDB Midstream L.L.C.
“WTI” means West Texas Intermediate.
“/Bbl” means per barrel.
“/d” means per day.
“/MMBtu” means per MMBtu.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This report includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this report that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to:
the volatility of oil, gas and NGL prices, including from changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries;
uncertainties inherent in estimating oil, gas and NGL reserves;
the extent to which we are successful in acquiring and discovering additional reserves;
the uncertainties, costs and risks involved in our operations;
risks related to our hedging activities;
our limited control over third parties who operate some of our oil and gas properties and investments;
midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure;
competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy;
regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and water disposal;
climate change and risks related to regulatory, social and market efforts to address climate change;
risks relating to our ESG initiatives;
claims, audits and other proceedings impacting our business, including with respect to historic and legacy operations;
governmental interventions in energy markets;
counterparty credit risks;
risks relating to our indebtedness;
cybersecurity risks;
the extent to which insurance covers any losses we may experience;
risks related to shareholder activism;
our ability to successfully complete mergers, acquisitions and divestitures;
our ability to pay dividends and make share repurchases; and
any of the other risks and uncertainties discussed in this report, our 2024 Annual Report on Form 10-K and our other filings with the SEC.
The forward-looking statements included in this filing speak only as of the date of this report, represent management’s current reasonable expectations as of the date of this filing and are subject to the risks and uncertainties identified above as well as those described elsewhere in this report and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in this report and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.
Part I. Financial Information
Item 1. Financial Statements
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| Oil, gas and NGL sales | $ | 2,710 | $ | 2,796 | $ | 5,836 | $ | 5,425 | |||||||||
| Oil, gas and NGL derivatives | 236 | 23 | 138 | (122 | ) | ||||||||||||
| Marketing and midstream revenues | 1,338 | 1,098 | 2,762 | 2,210 | |||||||||||||
| Total revenues | 4,284 | 3,917 | 8,736 | 7,513 | |||||||||||||
| Production expenses | 899 | 788 | 1,811 | 1,539 | |||||||||||||
| Exploration expenses | 20 | 3 | 30 | 12 | |||||||||||||
| Marketing and midstream expenses | 1,357 | 1,108 | 2,793 | 2,241 | |||||||||||||
| Depreciation, depletion and amortization | 914 | 768 | 1,826 | 1,490 | |||||||||||||
| Asset impairments | — | — | 254 | — | |||||||||||||
| Asset dispositions | (307 | ) | 15 | (305 | ) | 16 | |||||||||||
| General and administrative expenses | 113 | 114 | 243 | 228 | |||||||||||||
| Financing costs, net | 116 | 76 | 239 | 152 | |||||||||||||
| Other, net | 11 | 5 | 38 | 27 | |||||||||||||
| Total expenses | 3,123 | 2,877 | 6,929 | 5,705 | |||||||||||||
| Earnings before income taxes | 1,161 | 1,040 | 1,807 | 1,808 | |||||||||||||
| Income tax expense | 244 | 185 | 381 | 344 | |||||||||||||
| Net earnings | 917 | 855 | 1,426 | 1,464 | |||||||||||||
| Net earnings attributable to noncontrolling interests | 18 | 11 | 33 | 24 | |||||||||||||
| Net earnings attributable to Devon | $ | 899 | $ | 844 | $ | 1,393 | $ | 1,440 | |||||||||
| Net earnings per share: | |||||||||||||||||
| Basic net earnings per share | $ | 1.42 | $ | 1.35 | $ | 2.18 | $ | 2.29 | |||||||||
| Diluted net earnings per share | $ | 1.41 | $ | 1.34 | $ | 2.17 | $ | 2.29 | |||||||||
| Comprehensive earnings: | |||||||||||||||||
| Net earnings | $ | 917 | $ | 855 | $ | 1,426 | $ | 1,464 | |||||||||
| Other comprehensive earnings, net of tax: | |||||||||||||||||
| Pension and postretirement plans | 1 | 1 | 2 | 2 | |||||||||||||
| Other comprehensive earnings, net of tax | 1 | 1 | 2 | 2 | |||||||||||||
| Comprehensive earnings: | $ | 918 | $ | 856 | $ | 1,428 | $ | 1,466 | |||||||||
| Comprehensive earnings attributable to noncontrolling interests | 18 | 11 | 33 | 24 | |||||||||||||
| Comprehensive earnings attributable to Devon | $ | 900 | $ | 845 | $ | 1,395 | $ | 1,442 |
See accompanying notes to consolidated financial statements.
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET****S
| June 30, 2025 | December 31, 2024 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and restricted cash | $ | 1,759 | $ | 846 | ||||
| Accounts receivable | 1,853 | 1,972 | ||||||
| Inventory | 327 | 294 | ||||||
| Other current assets | 384 | 315 | ||||||
| Total current assets | 4,323 | 3,427 | ||||||
| Oil and gas property and equipment, based on successful efforts accounting, net | 23,428 | 23,198 | ||||||
| Other property and equipment, net ($203 million and $178 million related to CDM in 2025 and 2024, respectively) | 1,687 | 1,813 | ||||||
| Total property and equipment, net | 25,115 | 25,011 | ||||||
| Goodwill | 753 | 753 | ||||||
| Right-of-use assets | 185 | 303 | ||||||
| Investments | 640 | 727 | ||||||
| Other long-term assets | 374 | 268 | ||||||
| Total assets | $ | 31,390 | $ | 30,489 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 885 | $ | 806 | ||||
| Revenues and royalties payable | 1,440 | 1,432 | ||||||
| Short-term debt | 485 | 485 | ||||||
| Income taxes payable | 190 | 23 | ||||||
| Other current liabilities | 537 | 563 | ||||||
| Total current liabilities | 3,537 | 3,309 | ||||||
| Long-term debt | 8,393 | 8,398 | ||||||
| Lease liabilities | 113 | 320 | ||||||
| Asset retirement obligations | 839 | 770 | ||||||
| Other long-term liabilities | 1,008 | 840 | ||||||
| Deferred income taxes | 2,208 | 2,148 | ||||||
| Stockholders' equity: | ||||||||
| Common stock, $0.10 par value. Authorized 1.0 billion shares; issued636 million and 651 million shares in 2025 and 2024, respectively | 64 | 65 | ||||||
| Additional paid-in capital | 5,864 | 6,387 | ||||||
| Retained earnings | 9,252 | 8,166 | ||||||
| Accumulated other comprehensive loss | (120 | ) | (122 | ) | ||||
| Total stockholders’ equity attributable to Devon | 15,060 | 14,496 | ||||||
| Noncontrolling interests | 232 | 208 | ||||||
| Total equity | 15,292 | 14,704 | ||||||
| Total liabilities and equity | $ | 31,390 | $ | 30,489 |
See accompanying notes to consolidated financial statements.
DEVON ENERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net earnings | $ | 917 | $ | 855 | $ | 1,426 | $ | 1,464 | ||||||||
| Adjustments to reconcile net earnings to net cash from operating activities: | ||||||||||||||||
| Depreciation, depletion and amortization | 914 | 768 | 1,826 | 1,490 | ||||||||||||
| Asset impairments | — | — | 254 | — | ||||||||||||
| Leasehold impairments | 7 | 1 | 12 | 1 | ||||||||||||
| Accretion of liabilities | 3 | — | 9 | — | ||||||||||||
| Total (gains) losses on commodity derivatives | (236 | ) | (23 | ) | (138 | ) | 122 | |||||||||
| Cash settlements on commodity derivatives | 67 | 54 | 57 | 78 | ||||||||||||
| (Gains) losses on asset dispositions | (307 | ) | 15 | (305 | ) | 16 | ||||||||||
| Deferred income tax expense | 18 | 39 | 59 | 79 | ||||||||||||
| Share-based compensation | 23 | 27 | 53 | 51 |
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Item 2. . Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis addresses material changes in our results of operations for the three-month and six-month periods ended June 30, 2025 compared to previous periods, and in our financial condition and liquidity since December 31, 2024. For information regarding our critical accounting policies and estimates, see our 2024 Annual Report on Form 10-K under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Executive Over****view
We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States. Our operations are currently focused in four core areas: the Delaware Basin, Rockies, Eagle Ford and Anadarko. Our asset base is underpinned by premium acreage in the economic core of the Delaware Basin and our diverse, top-tier resource plays, providing a deep inventory of opportunities for years to come.
On September 27, 2024, we acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The acquisition has allowed us to efficiently expand our oil production and operating scale, creating immediate and long-term, sustainable value to shareholders.
As evidenced by this acquisition, we remain focused on building economic value by executing on our strategic priorities of moderating production growth, emphasizing capital and operational efficiencies, optimizing reinvestment rates to maximize free cash flow, maintaining low leverage, delivering cash returns to our shareholders and pursuing operational excellence. Our recent performance highlights for these priorities include the following items for the second quarter of 2025:
Production totaled 841 MBoe/d, exceeding guidance by 3%.
As of June 30, 2025, completed approximately 78% of our authorized $5.0 billion share repurchase program with approximately 85.4 million of our common shares purchased for approximately $3.9 billion, or $45.62 per share since inception of the plan.
Exited with $4.8 billion of liquidity, including $1.8 billion of cash.
Generated $1.5 billion of operating cash flow and $6.8 billion for the past twelve trailing months.
Received $372 million of cash proceeds from the sale of our investment in Matterhorn.
Paid dividends of $156 million and have declared approximately $151 million of dividends to be paid in the third quarter of 2025.
Earnings attributable to Devon were $899 million, or $1.41 per diluted share.
Core earnings (Non-GAAP) were $536 million, or $0.84 per diluted share.
Our net earnings and operating cash flow are highly dependent upon oil, gas and NGL prices which can be volatile due to several varying factors. During the first six months of 2025, commodity prices have experienced heightened volatility and declines, driven primarily by economic uncertainty in global trade arising from geopolitical events and shifting trade policies, such as the imposition of tariffs by the U.S. and planned oil output increases by OPEC+. Despite the potential negative impacts of higher inflation rates and supply chain disruptions created by these developments, we remain committed to capital discipline and delivering the objectives that underpin our current plan. Our disciplined, returns-driven strategy is designed to adapt to market fluctuations by reducing activity when necessary to maximize free cash flow generation. We will continue to prioritize value creation through moderated capital investment and production growth, particularly with a view of the volatility in commodity prices, supply chain constraints and the economic uncertainty arising from inflation and geopolitical events. Our cash-return objectives remain focused on opportunistic share repurchases, funding our dividends, repaying debt at upcoming maturities and building cash balances.
To emphasize our commitment to maximizing free cash flow and creating value for shareholders, we announced a business optimization plan which is anticipated to improve our annual pre-tax cash flow by $1.0 billion. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. These savings are on track to be achieved by the end of 2026 with approximately $400 million expected to be completed by the end of 2025.
Res****ults of Operations
The following graphs, discussion and analysis are intended to provide an understanding of our results of operations and current financial condition. To facilitate the review, these numbers are being presented before consideration of noncontrolling interests.
Q2 2025 vs. Q1 2025
Our second quarter 2025 and first quarter 2025 net earnings were $917 million and $509 million, respectively. The graph below shows the change in net earnings from the first quarter of 2025 to the second quarter of 2025. The material changes are further discussed by category on the following pages.
Production Volumes
| Q2 2025 | % of Total | Q1 2025 | Change | |||||||||||||
| Oil (MBbls/d) | ||||||||||||||||
| Delaware Basin | 228 | 59 | % | 216 | 5 | % | ||||||||||
| Rockies | 104 | 27 | % | 112 | -7 | % | ||||||||||
| Eagle Ford | 39 | 10 | % | 45 | -12 | % | ||||||||||
| Anadarko Basin | 13 | 3 | % | 11 | 9 | % | ||||||||||
| Other | 3 | 1 | % | 4 | N/M | |||||||||||
| Total | 387 | 100 | % | 388 | 0 | % |
| Q2 2025 | % of Total | Q1 2025 | Change | |||||||||||||
| Gas (MMcf/d) | ||||||||||||||||
| Delaware Basin | 823 | 59 | % | 744 | 11 | % | ||||||||||
| Rockies | 228 | 16 | % | 233 | -2 | % | ||||||||||
| Eagle Ford | 62 | 5 | % | 117 | -47 | % | ||||||||||
| Anadarko Basin | 274 | 20 | % | 252 | 9 | % | ||||||||||
| Other | 1 | 0 | % | — | N/M | |||||||||||
| Total | 1,388 | 100 | % | 1,346 | 3 | % |
| Q2 2025 | % of Total | Q1 2025 | Change | |||||||||||||
| NGLs (MBbls/d) | ||||||||||||||||
| Delaware Basin | 133 | 60 | % | 118 | 13 | % | ||||||||||
| Rockies | 47 | 21 | % | 44 | 6 | % | ||||||||||
| Eagle Ford | 11 | 5 | % | 15 | -29 | % | ||||||||||
| Anadarko Basin | 31 | 14 | % | 26 | 21 | % | ||||||||||
| Other | — | 0 | % | — | N/M | |||||||||||
| Total | 222 | 100 | % | 203 | 9 | % |
| Q2 2025 | % of Total | **Q1 2025 |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Commodity Price Risk
As of June 30, 2025, we have commodity derivatives that pertain to a portion of our estimated production for the last six months of 2025, as well as for 2026 and 2027. The key terms to our open oil, gas and NGL derivative financial instruments are presented in Note 3 in “Part I. Financial Information – Item 1. Financial Statements” in this report.
The fair values of our commodity derivatives are largely determined by the forward curves of the relevant price indices. At June 30, 2025, a 10% change in the forward curves associated with our commodity derivative instruments would have changed our net positions by approximately $270 million.
Interest Rate Risk
At June 30, 2025, we had total debt of $8.9 billion. Of this debt, $7.9 billion was comprised of debentures and notes that have fixed interest rates which averaged 5.7%. We also have a $1.0 billion Term Loan which has a variable interest rate that is adjusted monthly. The interest rate on the Term Loan was 5.8% at June 30, 2025.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
We have established disclosure controls and procedures to ensure that material information relating to Devon, including its consolidated subsidiaries, is made known to the officers who certify Devon’s financial reports and to other members of senior management and the Board of Directors.
Based on their evaluation, our principal executive and principal financial officers have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective as of June 30, 2025 to ensure that the information required to be disclosed by Devon in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. Other Information
Item 1. Legal Proceedings
We are involved in various legal proceedings incidental to our business. However, to our knowledge as of the date of this report and subject to the environmental matters noted in Part I, Item 3. Legal Proceedings of our 2024 Annual Report on Form 10-K, including the updates below, there were no material pending legal proceedings to which we are a party or to which any of our property is subject. For more information on our legal contingencies, see Note 17 in “Part I. Financial Information – Item 1. Financial Statements” of this report.
As previously disclosed, we received separate notices of violation from the New Mexico Environment Department (“NMED”) relating to certain alleged violations of New Mexico environmental laws by WPX Energy Permian, LLC, a wholly-owned subsidiary of Devon (“WPX Permian”), and CDM, a joint venture of the Company, respectively. WPX Permian and CDM subsequently entered into separate settlement agreements with the NMED to resolve these respective matters, both of which resulted in a fine or penalty below $300,000.
Please see our 2024 Annual Report on Form 10-K and other SEC filings for additional information.
Item 1A. Risk Factors
There have been no material changes to the information included in Item 1A. “Risk Factors” in our 2024 Annual Report on Form 10-K.
Item 2. Unregistered Sales of Equi****ty Securities and Use of Proceeds
The following table provides information regarding purchases of our common stock that were made by us during the second quarter of 2025 (shares in thousands).
| Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||
| April 1 - April 30 | 2,719 | $ | 30.14 | 2,584 | $ | 1,278 | ||||||||||
| May 1 - May 31 | 2,398 | $ | 32.02 | 2,396 | $ | 1,201 | ||||||||||
| June 1 - June 30 | 2,891 | $ | 32.93 | 2,886 | $ | 1,107 | ||||||||||
| Total | 8,008 | $ | 31.71 | 7,866 |
(1)
In addition to shares purchased under the share repurchase program described below, these amounts include 142 thousand shares received by us from employees for the payment of personal income tax withholdings on vesting transactions.
(2)
On November 2, 2021, we announced a $1.0 billion share repurchase program that would expire on December 31, 2022. Through subsequent approvals, including most recently in July 2024, Devon's Board of Directors expanded the share repurchase program authorization to $5.0 billion, with a June 30, 2026 expiration date. In the second quarter of 2025, we repurchased 7.9 million common shares for $249 million, or $31.78 per share, under this share repurchase program. For additional information, see Note 16 in “Part I. Financial Information – Item 1. Financial Statements” in this report.
Item 3. Defaults Upo****n Senior Securities
Not applicable.
Item 4. Mine Saf****ety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended June 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
Item 6. Exhibits
SIGNAT****URES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| DEVON ENERGY CORPORATION | ||||
| Date: August 6, 2025 | /s/ John B. Sherrer | |||
| John B. Sherrer | ||||
| Vice President, Accounting and Controller |