v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Revenue [Abstract]  
Reportable Segments Reportable Segments

Devon is a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Devon’s oil and gas exploration and production activities are solely focused in the U.S. For financial reporting purposes, Devon aggregates its U.S. operating segments into one reporting segment due to the similar nature of these operations.

Devon’s chief operating decision maker is an executive committee, which includes, among others, the Chief Executive Officer, Chief Financial Officer, Chief Corporate Development Officer and the Executive Vice Presidents, Exploration and Production. To assess the performance of its assets, Devon uses net earnings. Devon believes net earnings provides information useful in assessing its operating and financial performance across periods.

The following table reflects Devon’s net earnings, assets and capital expenditures for the time periods presented below.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

7,417

 

 

$

4,284

 

 

$

11,224

 

 

$

8,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOE

 

 

626

 

 

 

483

 

 

 

1,112

 

 

 

962

 

Gathering, processing & transportation

 

 

391

 

 

 

219

 

 

 

582

 

 

 

423

 

Production and property taxes

 

 

376

 

 

 

197

 

 

 

593

 

 

 

426

 

Total significant expenses

 

 

1,393

 

 

 

899

 

 

 

2,287

 

 

 

1,811

 

Marketing and midstream expenses

 

 

1,874

 

 

 

1,357

 

 

 

3,421

 

 

 

2,793

 

DD&A

 

 

1,416

 

 

 

914

 

 

 

2,320

 

 

 

1,826

 

G&A

 

 

175

 

 

 

113

 

 

 

300

 

 

 

243

 

Financing costs, net

 

 

125

 

 

 

116

 

 

 

234

 

 

 

239

 

Income tax expense

 

 

473

 

 

 

244

 

 

 

519

 

 

 

381

 

Other segment items (1)

 

 

50

 

 

 

(276

)

 

 

112

 

 

 

17

 

Total expenses

 

 

5,506

 

 

 

3,367

 

 

 

9,193

 

 

 

7,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,911

 

 

$

917

 

 

$

2,031

 

 

$

1,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

70,893

 

 

$

31,390

 

 

$

70,893

 

 

$

31,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, including acquisitions

 

$

3,998

 

 

$

948

 

 

$

4,997

 

 

$

1,920

 
(1)
Other segment items included in segment net earnings are exploration expenses, asset impairments, asset dispositions, restructuring and transaction costs and other, net.