Devon Energy Lifts Outlook, Eyes Free Cash Flow Gains

Devon Energy reported second-quarter 2025 revenue of $4.28 billion and adjusted earnings of $0.84 per share, with net income rising to $899 million despite a more than 20% drop in Brent crude prices and average realized prices falling to $36.30 per barrel of oil equivalent. Production increased to 841,000 barrels of oil equivalent per day, surpassing guidance and last year’s output, largely due to drilling growth in the Delaware Basin. The company raised its full-year production forecast and announced new long-term natural gas supply agreements. Devon plans to boost free cash flow by $1 billion by 2026 and cut capital expenditures by $100 million, reflecting ongoing operational efficiencies. The company’s stock has underperformed the S&P 500 so far this year, but recent strategic moves and operational improvements have drawn positive analyst commentary. Devon continues to operate across major U.S. shale basins.