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Devon Energy Corporation DVN

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Devon issued 532 million shares in May to merge with Coterra, nearly doubling the company, and production went from 833 to 1,359 thousand barrels of oil equivalent a day.

Any earnings-per-share comparison that spans that date is meaningless, because the weighted share count jumped 52% in the middle of a quarter.

DVN · price with moving averages

Daily · 6MWeekly · 3Y
$26$34$41$48$56 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Devon pumps oil and gas out of the ground in the United States and sells it at whatever the benchmark price is that day. It owns no refineries and no pipelines of consequence. The only things management controls are how much it produces, what it costs per barrel, and how much capital it spends drilling.

After the merger the acreage spans the Permian in Texas and New Mexico, the Marcellus gas fields in Pennsylvania, the Anadarko in Oklahoma, plus the Eagle Ford and the Rockies.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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