Devon Energy stock: Buybacks accelerate after portfolio review

Published on 11/13/2026 at 16:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Devon Energy stock is entering a faster shareholder-return phase after its Coterra integration. Management is concentrating 2027 capital on the Permian.

Devon sharpens capital returns

Management expects fourth-quarter buybacks to exceed 1 billion US dollars and rise further in 2027.
Devon plans to direct roughly 75 percent of 2027 capital spending to the Permian Basin.
The Eagle Ford sale is intended to support shareholder returns and debt reduction.

Devon Energy, US25179M1036, Illustration mit AI erstellt.

Devon Energy said on Thursday, November 5, that it will accelerate share repurchases, concentrate investment in the Permian Basin and reduce long-term debt after a portfolio review following its Coterra combination. The plans were set out in a Devon Energy shareholder letter published on that date.

Permian takes the lead

Devon plans to direct roughly 75 percent of its 2027 capital spending to the Permian Basin, compared with approximately 63 percent in 2026. The company said its post-merger portfolio also includes additional Permian acreage and infrastructure investments, while its Anadarko, Marcellus and Rockies positions remain complementary assets.

Buybacks and debt reduction

Management expects fourth-quarter share repurchases to exceed 1 billion US dollars and to increase further in 2027. The program is expected to draw partly on roughly 3.5 billion US dollars of after-tax proceeds from the planned Eagle Ford divestiture.

Devon agreed to sell its Eagle Ford assets for 4.2 billion US dollars in cash, subject to customary closing adjustments. The transaction is expected to close in early 2027. Management said the sale should lengthen inventory life, lower breakeven costs and reduce the portfolio's base decline.

The company also plans to repay another 1.5 billion US dollars of long-term debt in 2027 and aims to reach 9 billion US dollars of gross debt. For investors, the plan increases the importance of commodity prices, merger execution and the timing of the Eagle Ford closing.