Devon Energy
28 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Suppliers
DeGolyer and MacNaughton
depends on · 91% of our proved reservesDuring 2025, we engaged DeGolyer and MacNaughton to audit 91% of our proved reserves.Business (Item 1)
Midstream pipelines and processing
depends onnamed as a riskWe rely on midstream facilities and systems owned and operated by others to process our gas production and to gather and transport our oil, gas and NGL production to downstream markets.Risk factors (Item 1A)
Partners and platforms
Dow
We have an agreement with Dow to jointly develop a portion of our Anadarko Basin acreage and, as of December 31, 2025, we had a two rig program associated with this joint venture.Business (Item 1)
Also named by QXO
BPX Energy
On April 1, 2025, Devon and BPX Energy dissolved their partnership and divided their acreage in the Eagle Ford Blackhawk field located in Texas' DeWitt County, resulting in increased operational flexibility for both parties.Business (Item 1)
Other companies
Term Loan
$1.0 billionnamed as a riskWe also have a $1.0 billion Term Loan which has a variable interest rate that is adjusted monthly.Market risk (Item 7A)
Commodity derivatives
exposed to its price · approximately $150 millionnamed as a riskAt December 31, 2025, a 10% change in the forward curves associated with our commodity derivative instruments would have changed our net positions by approximately $150 million.Market risk (Item 7A)
Coterra Energy
$865 millionnamed as a riskThe Merger Agreement also contains certain termination rights for both Devon and Coterra, including if the Merger is not consummated by August 1, 2026 (subject to certain extensions due to delay in antitrust approvals), and further provides that, upon termination of the Merger Agreement under certain circumstances, we may be required to pay Coterra a termination fee equal to $865 million.Risk factors (Item 1A)
Grayson Mill
Through the Grayson Mill acquisition, we significantly expanded our operating position within the basin.Business (Item 1)
Places
U.S. federal lands
operates in · Approximately 15% of our total net acresnamed as a riskApproximately 15% of our total net acres are located on federal lands.Business (Item 1)
Delaware Basin
concentrated in · 180 MMBoeThe Delaware Basin is our largest and most active program in the portfolio with operations in southeast New Mexico and across the state line into west Texas.Business (Item 1)
Williston Basin
operates in · 63 MMBoeOur Williston Basin asset is a high-margin oil resource located in the core of the play and generates substantial cash flow.Business (Item 1)
Powder River Basin
operates inOur Powder River asset is focused on emerging oil opportunities in Wyoming's Powder River Basin.Business (Item 1)
Eagle Ford
operates inOur Eagle Ford operations are located in Texas' DeWitt and Karnes counties, situated in the economic core of this south Texas play.Business (Item 1)
Also named by COP
Anadarko Basin
operates inOur Anadarko Basin development, located in western Oklahoma, is one of the largest in the industry, providing substantial long-term inventory optionality.Business (Item 1)
Also named by ARLP
Hazards
Induced seismicity (southeastern New Mexico and western Texas)
operates innamed as a riskEarthquakes in southeastern New Mexico, western Texas and elsewhere have prompted concerns about seismic activity and possible relationships with the oil and gas industry, particularly the disposal of wastewater in salt-water disposal wells.Risk factors (Item 1A)
Also named by BSM, CRGY, DMLP, FANG, LB, PR, VNOM, WES and 1 more
Commodities and inputs
Henry Hub natural gas
exposed to its price · $9.50 per MMBtunamed as a riskFor example, over the last five years, monthly NYMEX WTI oil and NYMEX Henry Hub gas prices ranged from highs of over $120 per Bbl and $9.50 per MMBtu, respectively, to lows of under $50 per Bbl and $1.60 per MMBtu, respectively.Risk factors (Item 1A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, EPD and 13 more
NYMEX WTI crude oil
exposed to its price · highs of over $120 per Bblnamed as a riskFor example, over the last five years, monthly NYMEX WTI oil and NYMEX Henry Hub gas prices ranged from highs of over $120 per Bbl and $9.50 per MMBtu, respectively, to lows of under $50 per Bbl and $1.60 per MMBtu, respectively.Risk factors (Item 1A)
Regulators
Bureau of Land Management (BLM)
subject tonamed as a riskFor example, in March 2024, the BLM adopted a rule that limits flaring and allows the delay or denial of permits upon a finding that an operator’s methane waste minimization plan is insufficient, although this rule is currently subject to litigation and halted in certain states.Business (Item 1)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DMLP, EOG and 7 more
Railroad Commission of Texas
subject tonamed as a riskSeparately, the Railroad Commission of Texas has shown increasing regulatory focus on seismicity and the oil and gas industry in recent years, including by suspending all disposal well permits that inject into deep strata within the Northern Culberson-Reeves area due to increasing seismicity concerns.Risk factors (Item 1A)
Also named by APA, ATO, DMLP, MUR, NRG, OKE, PR, TPL and 2 more
New Mexico
subject tonamed as a riskFor example, New Mexico implemented protocols requiring operators to take various actions with respect to salt-water disposal wells within a specified proximity of certain seismic activity, including a requirement to limit injection rates if the seismic event is of a certain magnitude.Risk factors (Item 1A)
U.S. Department of the Interior
subject tonamed as a riskFor example, the Department of the Interior adopted a final rule in April 2024 revising various terms for future federal leases and wells, including by enhancing bonding requirements and increasing royalty rates, rental rates and minimum bids.Risk factors (Item 1A)
Laws and programs
Corporate Alternative Minimum Tax (CAMT)
subject to · 15%named as a riskFor example, the IRA included a 15% CAMT on certain financial statement income.Risk factors (Item 1A)
Inflation Reduction Act (IRA) methane emissions charge
subject tonamed as a riskRelatedly, the IRA imposed a new charge or fee with respect to excess methane emissions from certain petroleum and natural gas facilities starting in 2024 and annually increasing through 2026.Risk factors (Item 1A)
EPA methane rules OOOOb/OOOOc
subject tonamed as a riskFor example, in December 2023, the EPA finalized more stringent methane rules for new, modified and reconstructed facilities, known as OOOOb, as well as standards for existing sources for the first time ever, known as OOOOc.Risk factors (Item 1A)
Also named by AR
New York Climate Superfund Law
subject tonamed as a riskWe have been identified by New York as a potentially responsible party under the law; however, to date, we have not received any cost recovery demand.Risk factors (Item 1A)
European Union fossil fuel import methane standards
subject tonamed as a riskMore recently, in May 2024, the European Union approved new regulations imposing fossil fuel import standards, which include disclosure, emission mitigation work practices and methane intensity threshold requirements, which could impact our ability to sell production in European markets.Risk factors (Item 1A)