Devon Energy Q3 core profit beats on Permian Basin output
DVN•DVN•DVN•DVN•Devon Energy reported Q3 core EPS of $1.42 and adjusted net income of $1.60 billion, beating analyst estimates. It agreed to sell its Eagle Ford assets for $4.2 billion, with closing expected in early 2027.
Devon Energy reported Q3 revenue of $5.9 billion, core EPS of $1.42 versus analysts’ $1.33 estimate, and adjusted net income of $1.60 billion versus an estimate of $1.49 billion. Net income was $1 billion and free cash flow was $1.50 billion.
Strong Permian Basin oil production offset lower Eagle Ford volumes due to the timing of completions. Lower production, gathering and administrative expenses came in below guidance, while additional Permian takeaway capacity helped lift natural gas price realizations above guidance. Devon expects Q4 2026 production of 1.66 million to 1.7 million Boe per day, including 550,000 to 560,000 barrels of oil per day, and capital spending of $1.29 billion to $1.395 billion.
Devon agreed to sell its Eagle Ford assets for $4.2 billion, with closing expected in early 2027.
