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Devon Energy provides Full-Year Forecast After Merger With Coterra Energy

Business & Policy
June 10, 2026

June 9 (Reuters) – Devon Energy (DVN.N) on Tuesday said it expects ‌production to average 1.38 million barrels of oil equivalent per day in 2026, including oil output of 500,000 barrels ⁠per day, following the completion of its merger with Coterra Energy.

The U.S. oil and gas producer forecast full-year 2026 capital spending of about $4.9 billion, with more than 60% of that allocated ‌to ⁠the Permian Basin, as it focuses activity around its core assets.

Devon said it aims to return ⁠up to 70% of free cash flow to shareholders through a combination ⁠of a quarterly fixed dividend of $0.32 per share and its ⁠previously announced $8 billion share repurchase program.

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Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das