Devon Energy (DVN)

The Permian Basin is the core of Devon’s production base and accounts for the majority of its output. This basin is one of the most productive oil regions in the United States and is central to the company’s liquids-focused strategy. Devon also maintains meaningful positions in the Anadarko Basin, Eagle Ford, and Bakken, giving it exposure to multiple unconventional resource plays and helping diversify operational risk. Following its merger with Coterra, the company also has a position in the Appalachian Basin, adding greater exposure to natural gas-driven assets.

Devon’s production mix is weighted toward oil and natural gas liquids, which typically provide higher margins than dry gas, while still retaining meaningful natural gas volumes. At the end of 2025, the company reports net proved reserves of 2.4 billion barrels of oil equivalent, compared with 2.2 billion a year earlier. Average net production in 2025 is roughly 840,000 barrels of oil equivalent per day, with about 73% from oil and natural gas liquids and 27% from natural gas.

The company’s performance is heavily influenced by commodity prices, drilling efficiency, service costs, and well productivity. Devon is known for pairing shale development with shareholder-return priorities, making cash flow generation and capital discipline central to its investment profile.