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Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. The company operates in Delaware Basin located in southeast New Mexico and west Texas, Eagle Ford located in North America, Anadarko Basin located in western Oklahoma, Williston Basin located in North Dakota, and Powder River Basin located in Wyoming. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $17.2B | $7.6B | $2.6B | $2.8B | 17.0% | 7.8% | -8.6% |
| 2024 | $15.9B | $7.4B | $2.9B | $-853M | 19.9% | 4.5% | -22.8% |
| 2023 | $15.3B | $7.5B | $3.7B | $2.6B | 31.1% | -20.4% | -37.7% |
| 2022 | $19.2B | $10.4B | $6.0B | $3.4B | 53.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 19,169 | 15,258 | 15,940 | 17,188 |
| Cost Of Revenue | - | 10,800 | 9,891 | 11,230 | 12,797 |
| Gross Profit | - | 8,369 | 5,367 | 4,710 | 4,391 |
| Operating Expense | - | 449 | 428 | 528 | 535 |
| Operating Income | - | 7,920 | 4,939 | 4,182 | 3,856 |
| EBITDA | - | 10,368 | 7,546 | 7,368 | 7,558 |
| EBIT | - | 8,145 | 4,992 | 4,113 | 3,963 |
| Pretax Income | - | 7,775 | 4,623 | 3,712 | 3,466 |
| Tax Provision | - | 1,738 | 841 | 770 | 785 |
| Net Income | - | 6,015 | 3,747 | 2,891 | 2,642 |
| Net Income Common Stockholders | - | 6,015 | 3,747 | 2,891 | 2,642 |
| Total Expenses | - | 11,249 | 10,319 | 11,758 | 13,332 |
| Interest Expense | - | 370 | 369 | 401 | 497 |
| Interest Income | - | 38 | 55 | 62 | 56 |
| Selling General And Administration | - | 395 | 408 | 500 | 492 |
| Normalized EBITDA | - | 10,324 | 7,516 | 7,379 | 7,469 |
| Normalized Income | - | 5,980.68 | 3,722.40 | 2,899.69 | 2,573.47 |
| Market Cap | 29,791.85 | 29,791.85 | 29,791.85 | 29,791.85 | 29,791.85 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Devon Energy Corporationthis co. | DVN | $30.3B | 11.28↓ discount | 1.92 | 17.0% | 4.89 |
| Diamondback Energy, Inc. | FANG | $56.6B | 32.93 | 1.48 | 4.5% | 9.69 |
| ONEOK, Inc. | OKE | $54.7B | 16.25 | 2.45 | 15.1% | 11.28 |
| Targa Resources Corp. | TRGP | $53.7B | 26.90 | 16.86 | 62.7% | 14.23 |
| EQT Corporation | EQT | $36.1B |
| - |
| - |
| - |
| - |
| - |
| - |
| 18.07 |
| 1.55 |
| 8.6% |
| 7.41 |
| Halliburton Company | HAL | $34.5B | 26.27 | 3.22 | 12.3% | 12.16 |
| Texas Pacific Land Corporation | TPL | $30.3B | 62.86 | 20.74 | 33.0% | 44.73 |
| Coterra Energy Inc. | CTRA | $25.6B | 14.83 | 1.72 | 11.6% | 6.05 |
| Expand Energy Corporation | EXE | $22.9B | 12.75 | 1.25 | 9.8% | 5.03 |
| Peer Median | - | 22.17 | 2.08 | 11.9% | 10.49 | |