Devon Energy — Aug 4, 2026 release

The company also returned capital to shareholders through its new $8.0 billion share repurchase program, approved by the board in conjunction with the merger close. Upon close, Devon quickly resumed repurchase activity. During the last seven weeks of the second quarter, the company repurchased 4.3 million shares for $197 million, leaving $7.8 billion of remaining capacity on the authorization, which extends through mid-2029. OPERATING RESULTS Devon’s operational activity in the second quarter averaged 34 operated drilling rigs and 10 completion crews. This level of activity resulted in 120 net operated wells being placed online, with an average lateral length of 10,800 feet. Capital expenditures totaled $1,269 million, or 2 percent below the guidance midpoint. This positive variance was primarily attributable to timing and effective cost management. During the quarter, Devon acquired 16,300 net acres in the heart of the Delaware Basin at the New Mexico federal lease sale for $2.6 billion, adding approximately 400 top-tier, 87.5% Net Revenue Interest locations, funded with cash on hand. Devon plans to begin development of the acquired acreage during 2027. Production averaged 1,359,000 Boe per day in the second quarter, reaching the top-end of guidance. Oil totaled 503,000 barrels per day in the quarter, which was at the top-end of the company’s guidance. This positive result was driven by better-than-expected well performance, primarily in the Delaware Basin. For the second quarter, Devon’s oil, gas and NGL sales totale