Devon Energy

Seaport Initiates Devon Energy at Buy With $65 Price Target

Devon Energy (DVN) has an average rating of buy and mean price target of $60.29, according to analysts polled by FactSet.

Correction: Bernstein Retains Devon Energy's $49 Price Target, Outperform Rating

(Corrects to show no price target change in headline.)Devon Energy (DVN) has an average rating of buy and mean price target of $60.04, according to analysts polled by FactSet.

Bernstein Adjusts Price Target on Devon Energy to $59 From $49, Maintains Outperform Rating

Devon Energy (DVN) has an average rating of buy and mean price target of $60.04, according to analysts polled by FactSet.

Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says

The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.

Higher Oil Prices Lift US E&Ps, Fuel M&A Discussions, RBC Says

US oil producers are using higher crude prices to strengthen shareholder returns and debt plans as merger interest grows, RBC Capital Markets said in a Friday note.Oil prices reached a three-week high of $87 per barrel after President Donald Trump announced a "crushing economic operation" against Iran, RBC said.Despite higher prices, public US producers have shown little interest in sharply increasing output because structural demand growth remains limited.Instead, stronger oil prices have prompted producers to focus on debt repayment and shareholder returns, while some companies are also considering opportunistic hedging strategies.Trump also signaled potential support for reviving the Keystone XL pipeline, which could transport 830,000 barrels per day of heavy crude from Canada and the Bakken to Nebraska pipeline facilities before reaching Gulf Coast refineries.RBC said uncertainty remains over how Keystone XL would compete with rising Venezuelan crude volumes at US refineries as US producers prepare to sign supply contracts with Venezuela's state-owned oil company.Over the week, oil-weighted exploration and production companies gained 10%, while gas-weighted exploration and production companies rose 2%; large-cap and small- to mid-cap producers each advanced 7%, RBC saidThe SPDR S&P Oil & Gas Exploration & Production ETF rose 5%, while WTI gained 6% and Henry Hub natural gas increased 1% over the week, according to RBC.Merger discussions remained a key investor theme, with Exxon Mobil (XOM), Chevron (CVX), APA (APA), ConocoPhillips (COP), Diamondback Energy (FANG), Devon Energy (DVN) and EOG Resources (EOG) cited as potential buyers or targets.Antero Resources (AR), EQT (EQT), Ovintiv (OVV), Matador Resources (MTDR), Permian Resources (PR) and Infinity Natural Resources (INR) were also among the names investors identified in merger discussions, RBC said.Generalist investor interest in energy increased as WTI approached $90/bbl, while investors also raised questions about budgets and rising oilfield-services costs at higher crude prices, RBC said.Near-term catalysts include Devon Energy's plans to sell assets, Expand Energy's (EXE) new chief executive, and Tamboran Resources' (TBN) first gas sales.Price: $166.00, Change: $-0.15, Percent Change: -0.09%

Capital One Securities Adjusts Devon Energy Price Target to $62 From $60

Devon Energy (DVN) has an average rating of buy and mean price target of $59.70, according to analysts polled by FactSet.Price: $48.56, Change: $+0.73, Percent Change: +1.52%

Goldman Sachs Adjusts Price Target on Devon Energy to $55 From $53, Keeps Buy Rating

Devon Energy (DVN) has an average rating of buy and mean price target of $59.70, according to analysts polled by FactSet.

WhiteWater-Led Gas Pipeline JV to Proceed After Positive Investment Decision

WhiteWater, Devon Energy (DVN), MPLX (MPLX), Diamondback Energy (FANG) and Western Midstream Partners (WES) have made a final decision to invest in their Solitude Pipeline project consisting of two 48-inch natural gas pipelines from the Permian Basin to Katy, Texas, WhiteWater said on Monday.Western Midstream released a separate statement on Monday about its decision to join the project.The project has now got long-term firm transportation agreements in place with investment-grade shippers, WhiteWater's statement said.The partners expect the project to bring scalable, long-haul natural gas transportation to support growth in the Permian Basin and to meet expanding consumption on the Gulf Coast.The pipeline will be have a flexible, modular design offering a capacity of 2.25 billion cubic feet per day from H2 2029, with that same capacity added again the next year. Further expansion from the resulting 4.5 billion Bcf/d will be possible thereafter according to market conditions.Austin,Texas-based gas asset operator WhiteWater owns 50% of the joint venture, Devon Energy 25%, MPLX 10% and Diamondback Energy, 7.5%.

Whitewater, Partners Make Final Investment Decision on Permian Basin Gas Pipeline Project

Devon Energy (DVN) MPLX (MPLX), Diamondback Energy (FANG), and Western Midstream (WES), and WhiteWater, through their Solitude Pipeline System joint venture, have reached a positive final investment decision to build two 48-inch natural gas pipelines from the Permian Basin to Katy, Texas, WhiteWater said Monday.The Solitude project has secured long-term transportation agreements with shippers to support the decision, the company said.The pipeline system, expected to begin service in H2 2029, will provide an initial capacity of around 2.25 billion cubic feet per day of natural gas by late 2029, with an additional 2.25 billion in 2030, the company said.

Barclays Adjusts Devon Energy Price Target to $58 From $62, Maintains Overweight Rating

Devon Energy (DVN) has an average rating of buy and mean price target of $59.96, according to analysts polled by FactSet.

Wells Fargo Adjusts Price Target on Devon Energy to $65 From $68, Keeps Overweight Rating

Devon Energy (DVN) has an average rating of buy and mean price target of $60.11, according to analysts polled by FactSet.

US Shale Drillers Adopt Simultaneous Fracking to Cut Well Costs, UBS Says

US shale producers are turning to more advanced hydraulic-fracturing techniques to accelerate completion times and lower well costs, with the efficiency gains expected to extend into 2027, UBS strategists said in a note on Tuesday.UBS analysts said that a broader adoption of simultaneous fracturing, or simulfracs, was a key theme during Q2 earnings season, as producers seek to improve productivity while maintaining capital discipline amid shifting commodity prices.Crescent Energy (CRGY) and SM Energy (SM) in the Uinta Basin reported significant gains after adopting simulfracs.Crescent said it used the technique on all its 2026 Uinta turn-in lines, compared with none in 2025. This has increased completion speeds by about 90% and contributed to a decline of over 15% in well costs on a per-foot basis.SM Energy reported that it more than doubled the efficiency of its Uinta completions quarter-over-quarter in Q2 after switching to simulfracs.The efficiency gains are also being seen among larger producers that have already adopted the technology.Occidental Petroleum (OXY) increased the share of simulfracs in its US onshore completion program to over 45% in 2026, from 10% in 2025.The energy firm cited the approach as one factor behind a 7% year-over-year decline in well costs.Devon Energy (DVN) also plans to expand the use of simulfracs as it applies completion practices developed in its own operations to assets acquired from Coterra Energy (CTRA).Meanwhile, Chord Energy (CHRD) evaluated the use of a trimulfrac in the Williston Basin during the quarter.The energy firm, which began using simulfracs in late 2024, said initial results from the three-well simultaneous completion approach were encouraging, according to UBS.Chord expects trimulfracs could account for between 20% and 50% of its completions in 2027, potentially generating additional cost savings.Meanwhile, the latest UBS data showed the US active rig count averaged 616 on a four-week basis, unchanged from the previous week.The rig activity is up 12% from the end of 2025, driven by a 23% increase in oil-directed rigs. Gas-directed rigs, by contrast, have declined 8% over the same period.The Permian Basin was broadly unchanged week-over-week, with the Delaware adding two rigs, the Midland losing three and other parts of the Permian adding one.Outside the Permian, the Eagle Ford declined by two rigs and the Granite Wash fell by one. The Haynesville lost one gas rig, while Appalachia was unchanged.Energy firms covered by UBS, together with integrated oil and gas producers, operated 256 active rigs last week, up one from the prior week.Antero Resources and California Resources added one rig each, while Devon Energy reduced its count by one, potentially reflecting a rig move.Exxon Mobil (XOM) remained the most active publicly traded operator with 35 rigs, followed by Devon with 33, ConocoPhillips (COP) with 30, and EOG Resources (EOG) and Occidental Petroleum with 23 each.Price: $58.41, Change: $-0.65, Percent Change: -1.10%

Bernstein Adjusts Price Target on Devon Energy to $49 From $59, Keeps Outperform Rating

Devon Energy (DVN) has an average rating of buy and mean price target of $60.07, according to analysts polled by FactSet.

JPMorgan Adjusts Price Target on Devon Energy to $60 From $55

Devon Energy (DVN) has an average rating of buy and mean price target of $60.26, according to analysts polled by FactSet.Price: $42.09, Change: $-1.96, Percent Change: -4.45%

Devon Energy Tops Q2 Estimates, but H2 Outlook May Disappoint, TPH Says

Devon Energy (DVN) topped Q2 oil production and earnings estimates, but its second-half 2026 outlook could disappoint investors, TPH Energy Research said in a Wednesday note.Devon reported production of 1.359 million barrels of oil equivalent per day, topping the Street's 1.344 million boe/d but slightly below TPH's 1.363 million boe/d, according to the note.Oil production reached 503,000 barrels per day, exceeding TPH's 502,100 b/d and the Street's 497,300 b/d, while capital spending totaled $1.269 billion, below both forecasts, TPH said.Adjusted earnings before interest, taxes, depreciation, amortization and exploration expenses reached $3.48 billion, topping TPH's $3.47 billion and the Street's $3.36 billion, according to the note.Adjusted free cash flow totaled $1.66 billion, broadly matching expectations, while clean earnings rose to $1.57 per share from TPH's $1.48 estimate and the Street's $1.40, TPH said.TPH expects a muted market reaction because Devon announced no asset sales, although the firm still expects multiple transactions before the end of 2026.The firm added elevated investor expectations could overshadow the second-half outlook, even as management has taken a conservative approach in recent quarters.TPH expects seasonal factors and project timing to support stronger Q3 activity before operations slow in Q4, partly because of fewer net turned-in-line wells.Devon repurchased $197 million of shares at an average price of $46 per share during the seven weeks after the merger closed and reduced debt by $1.25 billion through early third quarter, according to TPH.For Q3, Devon expects production of 1.660 million boe/d to 1.690 million boe/d, including 550,000 b/d to 560,000 b/d of oil, with capital spending of $1.4 billion to $1.5 billion, the note said.TPH forecasts Q3 production of 1.7 million boe/d, 568,300 b/d of oil and $1.389 billion of capital spending, while the Street estimates 1.666 million boe/d, 560,900 b/d and $1.407 billion, respectively.For the second half of 2026, Devon expects production of 1.630 million boe/d to 1.690 million boe/d, oil output of 550,000 b/d to 560,000 b/d and capital spending of $2.7 billion to $2.8 billion, according to TPH.TPH projects second-half production of 1.718 million boe/d, 572,000 b/d of oil output and $2.72 billion of capital spending, compared with Street estimates of 1.672 million boe/d, 562,200 b/d and $2.79 billion.Devon also guided for 240 to 260 net turned-in-line wells during the second half, below TPH's forecast of 271, according to the research note.Price: $42.44, Change: $-1.61, Percent Change: -3.65%

US Oil, Gas M&A Slumps in Q2 as Volatility Freezes Deals, Enverus Says

US upstream oil and gas mergers and acquisitions slowed in Q2, plunging 76% from the previous quarter to $9.1 billion amid commodity price volatility, though robust competition for premier acreage points to a rebound in H2 2026, Enverus strategists said on Wednesday.Enverus analysts said that Q2 deal value marked the third-lowest quarterly total since 2020 and a 33% decline from the same period a year ago. The prior quarter's figures had been inflated by Devon Energy's (DVN) mega-merger with Coterra Energy (CTRA), the analysts said.However, despite the headline drop, over 40% of the quarter's total deal value came from the Bureau of Land Management's record-setting New Mexico lease sale, which generated more than $4 billion and shattered the previous auction record of $972 million set in 2018."The quarter looks weak on the headline number, but that understates the strength of the underlying bid for inventory," said Andrew Dittmar, principal analyst at Enverus Intelligence Research.Dittmar said that crude volatility tied to the Iran conflict and a softening gas outlook likely widened the bid-ask spread and complicated valuations.Enverus said that it views the slowdown as a temporary negotiation obstacle rather than a fundamental demand issue, noting that public companies remain willing to pay rising prices for tier-one Permian acreage.Public operators dominated the landscape during the quarter, leading bidding at the BLM lease sale, where Devon Energy and Matador Resources (MTDR) secured high-priced Permian positions.Furthermore, Diversified Energy (DEC) partnered with Carlyle to acquire the majority of Camino Natural Resources in the Anadarko Basin, while Talos Energy (TALO) continued its consolidation of mature Gulf of Mexico assets.Private equity and asset-backed securitization buyers also maintained a strong presence, accounting for nearly 30% of asset-level deal flow for the second consecutive quarter.Over the past year, ABS-fueled buyers such as Flywheel Energy and Jonah Energy have absorbed roughly $10 billion in assets. Jonah deployed fresh capital into the Mid-Continent region during the quarter with a $1 billion purchase from Scout Energy Partners.The influx of ABS capital has transformed the Anadarko Basin into a leading M&A hub, with more than $5 billion transacting year-to-date.Enverus projects this funding model to expand geographically into mature, oil-weighted profiles such as the DJ and Williston basins.Meanwhile, the data analytics firm said scarcity of quality oil-weighted drilling locations continued to drive aggressive competition.Following the BLM auction, EnCap Investments' Paloma Permian fetched a strong premium in its July sale to Matador for $1.3 billion. Outside the Permian, Eagle Ford inventory captured strong buyer interest, highlighted by WildFire Energy's sale to Magnolia Oil & Gas for just over $4 billion.The high-valuation environment crossed borders during the quarter. Shell's (SHEL) $16.4 billion acquisition of ARC Resources in April drove total Canadian announced deal value above US levels, a rare occurrence, as international firms bet on Canada's deep resource base and improving infrastructure.Gas-directed M&A faced headwinds in Q2 as near-term market fundamentals weakened and acquisition targets in gas plays like the Haynesville grew scarce.However, Enverus said that longer-term demand expectations tied to liquefied natural gas exports remain solid, pointing to an eventual return of international capital to US gas production.Price: $42.64, Change: $-1.42, Percent Change: -3.21%

Devon Energy Q2 Adjusted Earnings Rise

Devon Energy (DVN) reported late Tuesday Q2 adjusted earnings of $1.57 per diluted share, up from $0.84 a year earlier.Analysts polled by FactSet expected $1.40.

Earnings Flash (DVN) Devon Energy Posts Q2 Adjusted EPS $1.57, vs. FactSet Est of $1.40

US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says

US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.Price: $60.46, Change: $-0.03, Percent Change: -0.05%

Oil Producers Hoard Cash as $495 Billion Windfall Fails to Ignite Spending, Wood Mackenzie Says

The global oil and gas industry is on track to generate $495 billion in windfall cash flows this year, based on the assumption that Brent prices average $90 a barrel. Yet, their investment budgets remain flat, say analysts at Wood Mackenzie.The 49 international and national oil companies covered in the firm's analysis will earn a total of about $272 billion of the total windfall. That is in turn equal to about 70% of their combined annual investment budgets.Nonetheless, companies have largely kept their capital spending plans unchanged while allowing cash to accumulate on their balance sheets. Wood Mackenzie also expects share buybacks across the peer group to decline about 5% year-over-year based on announced plans ahead of second-quarter results.According to Tom Ellacott, Senior Vice President of Corporate Research at Wood Mackenzie, companies have largely adopted a "wait-and-see approach" amid continued geopolitical uncertainty, with capital discipline proving "more durable than either the bears or bulls expected."As a result, analysts have warned of significant long-term production challenges, noting that 155 upstream companies could face, on average, a 30% decline in production between 2030 and 2040, while more than 70 companies stand to see output dip by 50% over the same period.The report, however, noted resilience in M&A activities, with transactions reaching their highest levels in two years during the first-half of 2026.This included Shell's (SHEL) proposed $16 billion acquisition of ARC, Devon Energy's (DVN) $25 billion merger with Coterra (CTRA), and Mitsubishi's $7.5 billion purchase of Aethon.