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Devon Energy updates 2026 outlook after Coterra merger; strong returns

Jun 9, 2026, 4:58 PM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The combination elevates Devon's scale and enhances capital allocation, with meaningful FCF, debt reduction, and aggressive shareholder returns; near-term guidance and synergies create upside potential, as observed in historical oil E&P mergers that unlocked multiple expansion and improved cash returns.

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Devon Energy released updated guidance after completing its merger with Coterra, guiding 2026 output to about 1.38 mboe/d with oil at 500k bbl/d and capex near $4.9B. The company targets returning up to 70% of free cash flow via a $0.32/quarter dividend and an $8B buyback, while retiring $1.25B of debt and pursuing a Permian-focused portfolio review. Synergies are targeted at $1B run-rate by end-2027.

Combined 2026 production guided at 1.380 mboe/d; oil 500k bbl/d.
Capex about $4.9B in 2026; >60% to Permian; 31 rigs; 460-480 net wells.
Up to 70% of free cash flow returned to shareholders; quarterly dividend $0.32; buyback.
Debt retirement: $1.25B in 2026; synergy run-rate: $1B by 2027.

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