Feb. 18 at 7:24 PM
$DVN CEO Gaspar described a “world-class position” in the Delaware Basin as central to the combined company, stating it is expected to generate more than half of total production and cash flow and be supported by “a decade+ of top-tier inventory.”
Devon delivered
$700 million of free cash flow in Q4 and
$3.1 billion for full-year 2025 while returning
$2.2 billion to shareholders and achieving a 193% reserve replacement rate.
Management plans significant shareholder returns post-close — a guided 31% raise in the fixed quarterly dividend to
$0.315 and an anticipated repurchase authorization of more than
$5 billion. Gaspar said the pro forma company’s enhanced free cash flow would support higher dividends and a significant new share repurchase authorization aimed at delivering cash returns consistent with best-in-class peers.Gaspar noted Devon’s continued investment in Fervo Energy, saying Devon participated in Fervo’s Series E round, bringing its ownership to approximately 15%.
