LETTER TO SHAREHOLDERS
Key Highlights
- ➤Eagle Ford divestiture generates roughly $3.5 billion after-tax proceeds
- ➤Q4 buybacks expected to exceed $1 billion
- ➤2027 capital allocation directs roughly 75% to Permian, up from 63%
- ➤2027 debt repayment plan totals $1.5 billion toward $9 billion gross-debt target
- ➤Relatively flat capital expected to deliver low-single-digit oil growth and rising free cash flow
Expert Statements
Clay Gaspar, President and Chief Executive Officer of Devon Energy
“We are extremely proud of what the team has accomplished but never satisfied.”
Since closing the Coterra combination six months ago, we have conducted a rigorous portfolio review, executed a major divestiture in the Eagle Ford, made a significant acquisition of core Permian acreage, entered into a strategic Permian pipeline agreement, advanced our acreage ground game, and continued to deliver on our 2026 plan. We accomplished all of this while integrating two organizations to create one of the largest and most profitable E&P companies in the industry. We have been active, intentional, and will continue to build for our future while remaining focused on enhancing shareholder value. We owe a big thank you to everyone in the Devon family and industry partners for their continued hard work.
This letter discusses the results of our efforts, defines who Devon is, discusses how we manage our portfolio, and shows how our actions translate into shareholder returns and per-share growth.
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