Devon Energy stock accelerates buybacks after strong cash flow

Published on 11/10/2026 at 16:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Devon Energy stock gains ground as management prepares to accelerate fourth-quarter buybacks. The Permian remains central to its 2027 capital plan.

Devon advances its capital plan

Devon expects fourth-quarter share repurchases to exceed 1 billion US dollars.
Management plans to direct 75 percent of its preliminary 2027 capital budget to the Permian Basin.
The Eagle Ford sale remains central to debt reduction and future buybacks.

Devon Energy, US25179M1036, Illustration mit AI erstellt.

Devon Energy reported stronger cash generation after its first full quarter with Coterra, while management lifted the pace of planned shareholder returns. The company expects fourth-quarter share repurchases to exceed 1 billion US dollars, according to its earnings update and the Reuters report on the November 5 results.

Devon Energy stock traded at 38.78 euros on Lang & Schwarz at 16:30:45 CET on Tuesday, November 10, 2026.

That was 3.39 percent above the 37.51-euro quote in the relevant report published earlier on November 10 at 14:07:58 CET. The move since that report is separate from the daily Xetra comparison.

Cash generation supports buybacks

Devon said third-quarter discretionary cash flow reached 3.5 billion US dollars, more than 20 percent above the prior period. After 1.5 billion US dollars of capital investment, adjusted free cash flow reached 2 billion US dollars at a 43 percent reinvestment rate.

The company repurchased nearly 9 million shares for 414 million US dollars, paid a quarterly dividend of 0.32 US dollars per share totaling 366 million US dollars and retired the remaining 750 million US dollars of its term loan. Cumulative debt reduction since the Coterra merger reached 1.25 billion US dollars.

Permian leads the 2027 outlook

Management plans to direct roughly 75 percent of its preliminary 2027 capital program to the Permian Basin. Assuming the Eagle Ford sale closes early in 2027, Devon expects oil production of approximately 525,000 barrels per day and total production of approximately 1.6 million barrels of oil equivalent per day.

Planned 2027 capital spending is approximately 5.3 billion US dollars. Devon also plans to retire another 1.5 billion US dollars of long-term debt and targets gross debt of approximately 9 billion US dollars.

The Eagle Ford divestiture remains an important capital-allocation lever. Devon expects approximately 3.5 billion US dollars of net proceeds after taxes and adjustments, with the funds intended to support additional buybacks and debt reduction.

US energy shares trade within the broader US equity market represented by the S&P 500.

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