Devon is a far bigger producer since the Coterra merger closed May 7, but Devon's second quarter results reflect legacy Devon operations for the full quarter. Q2 oil production for the company came in at the higher end of guidance at 503 Mb/d, with total production at 1.36 MMboe/d. Full year 2026 guidance wasn't increased, but tightened to 495-505 Mb/d for crude oil and 1,364-1,398 Mboe/d for total production (see table below). Looking ahead, Devon is pushing capital toward the Delaware, where roughly 400 federal locations won at the New Mexico lease sale are being permitted for their 2027 drilling program.
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Comeback Story? – New Pipelines Boost Permian Natural Gas Economics, But Oil Still Drives Activity
The Permian has up to 11 Bcf/d of new natural-gas takeaway capacity scheduled to enter service through the end of 2029, with still more coming into the early 2030s. The central question is whether natural gas growth from Permian oil development will fill that capacity and, if so, how quickly.
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Fly Like An Eagle – With New Permian Takeaway Capacity Coming Online, Gas Production Could Soar
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- Analyst Insight
Q1 2026 Earnings Calls: Devon Remains Disciplined As Coterra Deal Closes
Devon Energy’s Q1 2026 call put the company’s U.S. drilling plan squarely around execution, lower well costs and a bigger Delaware Basin opportunity following the Coterra merger. The Coterra merger gives Devon a bigger U.S.
