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Devon Energy (DVN · NYSE)

Large independent — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Large independentRegion N. AmericaCEO Clay Gaspar (2025)Jurisdiction risk Low (23)

Overview

Multi-basin US oil-weighted portfolio anchored by the core Delaware Basin (>50% of volumes), plus Eagle Ford, the Williston/Bakken (expanded by the ~$5bn Grayson Mill deal, 2024), Anadarko and an emerging Powder River position; ~68% liquids.

Investment-grade balance sheet (~0.9x net debt/EBITDA); capital returns shifted toward a fixed dividend plus buybacks after de-emphasizing the variable dividend; trades at a low EV/EBITDA (~4x) and high FCF yield. Watch items: leadership transition to Clay Gaspar, Grayson Mill integration, oil-price sensitivity.

Valuation snapshot (FY2025)

Market cap
$52.0bn
Enterprise value
$59.2bn
EV / EBITDA
8.2x
P / E
19.4x
FCF yield
5.4%
Dividend yield
2.8%
ROACE
15%
Debt / equity
55%
Net debt / EBITDA
1.0x
EV / reserves
$24.36/boe
EV / flowing
$70k/boe/d
Free cash flow
$2.8bn

Its EV/EBITDA of 8.2x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.4% is lower than the 6.5% median, and at $24.36/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Devon Energy scores 46/100, strongest on growth (61/100). Sub-scores: value 29, quality 54, growth 61, risk 46 (higher = riskier).

Reserves & production

Devon Energy holds approximately 2.43 billion boe of proved (1P) reserves with FY2025 production of about 840 thousand boe/d (69% liquids), a reserve life of roughly 7.9 years. Break-even: ~$40/bbl (WTI breakeven (maintenance capital + fixed dividend)) — Reinvestment ~50-60% of cash flow at mid-cycle; ~$40/bbl WTI sustains flat volumes and the fixed dividend, with buybacks incremental above that.

Net asset value (public-source floor)

Using Devon Energy's SEC-disclosed after-tax standardized measure of proved reserves ($18.8bn) less net debt ($7.2bn) gives an equity-NAV floor of about $11.6bn — the current market capitalisation sits +348% versus that floor. Disclosed pre-tax PV-10: $22.1bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved reserves only; excludes probable/undeveloped inventory upside and any midstream value.

Jurisdiction risk · production-weighted country risk

23 /100
Low jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
United States100%23Stable, deep; federal-lands leasing and permitting policy swings.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Delaware BasinUnited StatesOil shaleCore growth engine (NM + TX); largest share of production and capital
Eagle FordUnited StatesOil shaleMature South Texas oil; steady free cash flow
Williston/BakkenUnited StatesOil shaleExpanded via Grayson Mill (2024); second-largest basin post-deal
Anadarko BasinUnited StatesGas/liquidsLegacy Oklahoma position; gas-weighted with liquids
Powder River BasinUnited StatesOil shaleEmerging oil play under appraisal/development
Rockies / Williston bolt-onUnited StatesOil shaleGrayson Mill infrastructure and acreage synergies

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)575616658659840
Proved reserves (bnboe)1.631.621.822.202.43
Revenue ($bn)12.219.215.315.917.2
EBITDA ($bn)5.510.38.18.07.2
Net income ($bn)2.86.03.82.92.7
Free cash flow ($bn)1.64.92.62.92.8

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Peer companies — Large independent

COP · ConocoPhillipsEOG · EOG ResourcesOXY · Occidental PetroleumWDS · Woodside Energy1605.T · InpexAKRBP · Aker BPPTTEP · PTT E&POVV · OvintivSTO · SantosWCP · Whitecap ResourcesAPA · APA CorporationVAR · Var EnergiPRIO3 · PRIO S.A.SM · SM Energy Company

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare DVN against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com