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.
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).
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.
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: $22.1bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved reserves only; excludes probable/undeveloped inventory upside and any midstream value.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Delaware Basin | United States | Oil shale | Core growth engine (NM + TX); largest share of production and capital |
| Eagle Ford | United States | Oil shale | Mature South Texas oil; steady free cash flow |
| Williston/Bakken | United States | Oil shale | Expanded via Grayson Mill (2024); second-largest basin post-deal |
| Anadarko Basin | United States | Gas/liquids | Legacy Oklahoma position; gas-weighted with liquids |
| Powder River Basin | United States | Oil shale | Emerging oil play under appraisal/development |
| Rockies / Williston bolt-on | United States | Oil shale | Grayson Mill infrastructure and acreage synergies |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 575 | 616 | 658 | 659 | 840 |
| Proved reserves (bnboe) | 1.63 | 1.62 | 1.82 | 2.20 | 2.43 |
| Revenue ($bn) | 12.2 | 19.2 | 15.3 | 15.9 | 17.2 |
| EBITDA ($bn) | 5.5 | 10.3 | 8.1 | 8.0 | 7.2 |
| Net income ($bn) | 2.8 | 6.0 | 3.8 | 2.9 | 2.7 |
| Free cash flow ($bn) | 1.6 | 4.9 | 2.6 | 2.9 | 2.8 |
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✓ FY2025 figures verified against primary sources: