Devon Energy (DVN) official guidance

We remain firmly on track to deliver at least $1 billion of annual synergy targets by year-end 2027.

As I said on the scorecard, our first half gives us increased confidence in the full-year plan, including a tightening of the oil range to 495,000 bpd-505,000 bpd. Total volumes of roughly 1.4 million barrels of oil equivalent per day and total capital of $4.8 billion-$5 billion.

We also expect total volumes of 1.66 million-1.69 million barrels of oil equivalent per day in the third quarter in total capital of $1.4 billion-$1.5 billion, which should be our highest capital quarter of 2026 and simply reflects a full quarter of combined activity and the timing of some capital that shifted from the second quarter.

Total volumes of roughly 1.4 million barrels of oil equivalent per day and total capital of $4.8 billion-$5 billion.

We also expect total volumes of 1.66 million-1.69 million barrels of oil equivalent per day in the third quarter in total capital of $1.4 billion-$1.5 billion, which should be our highest capital quarter of 2026 and simply reflects a full quarter of combined activity and the timing of some capital that shifted from the second quarter.

As a result of normal ebbs and flows in the business cadence, we expect capital spending to move down in the fourth quarter, driven by less activity at a number of our business units, including the Marcellus, the Anadarko, and the Powder.

That efficiency, paired with a disciplined reinvestment rate, means the back half of 2026 should generate substantial free cash flow and support a robust shareholder return program.

As I said on the scorecard, our first half gives us increased confidence in the full-year plan, including a tightening of the oil range to 495,000 bpd-505,000 bpd.

We expect oil volumes of 550,000 bpd-560,000 bpd during the third quarter, setting up nice momentum heading into the fourth quarter, which I expect to be at similar or higher oil production levels as compared to the third quarter.

We expect oil volumes of 550,000 bpd-560,000 bpd during the third quarter, setting up nice momentum heading into the fourth quarter, which I expect to be at similar or higher oil production levels as compared to the third quarter.

Our first 10 trial wells across six different landing zones delivered clear uplift versus offset controls, and we are increasing our test to more than 50 wells this year.

From here, our debt target of approximately $9 billion of total debt by year-end 2027 is achievable, largely with maturities which occur during 2027.

Underpinning these results is the rapid progress of the company’s merger integration efforts. With more than 350 individual initiatives identified, Devon is on track to deliver at least $1.0 billion of annual pre-tax run-rate synergies by year-end 2027, with approximately $600 million expected to be captured during 2027.

Production is expected to step up, our cost structure remains well controlled, and the commodity backdrop is meaningfully stronger than what anyone underwrote coming into this year.

What I just want to give the investors confidence in is when we say a billion dollars by the end of next year, we feel confident, and we will be able to deliver, much like we delivered on our last business optimization goal.

As a result, we've moved our expectation for current taxes into the back half of the year a little bit higher. You know, for the full year for Devon on a standalone basis, we'll still work out to be somewhere around that 10% level.

Subject to formal board approval, our dividend will increase by over 30% on a per-share basis starting in the second quarter.

We'll be, you know, call it 10%-15% exposure to Waha at that point going forward.

Capital spending in the second quarter is expected to be approximately $900 million.

Following the closing of the merger and subject to Board approval, the company expects to declare a quarterly dividend for the second quarter of $0.315 per share.