Company report

Devon Energy corporate report

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about Subscriptions

Already have subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

For further information about this report submit the form below.

Report summary

Devon’s seven-month flurry of M&A repositioned its portfolio to be better suited for growth in a low-price environment. We now estimate that Devon holds the second-largest base of undeveloped North American liquids reserves that generates >10% returns under US$70/bbl WTI. Our deal valuations suggest Devon had to pay a modest premium to acquire the high-upside tight-oil assets, while selling its non-core assets at a small discount. Devon will rely on its proven track record as a strong tight-oil operator to improve results and create incremental value. Gearingis far above historical norms; the company needs to prove it can de-lever orgaincally. We believe Devon is well positioned to generate free cash flow.

What's included

This report contains

  • Document

    Devon Energy corporate report

    PDF 536.82 KB

  • Document

    Devon Energy corporate report

    ZIP 1.68 MB

  • Document

    Devon Energy corporate report.xls

    XLS 3.88 MB

Table of contents

Tables and charts

This report includes 27 images and tables including:


  • Enterprise value vs. WM NPV10
  • Asset-level NPV10
  • Share-price evolution
  • Evolution of market premium / discount
  • Net-debt evolution
  • Benchmark: gearing evolution
  • Benchmark: WM commercial reserves of North American onshore liquids by breakeven
  • Key tight-oil asset breakevens and reserves
  • Key uncon-gas asset breakevens and reserves
  • Cana/STACK/SCOOP operational evolution
  • Bone Spring operational evolution
  • Cash flow breakevens evolution
  • Net debt outlook
  • Devon: reported and forecasted production
  • Benchmark: liq. production CAGR 2017 - 2022
  • Reported organic reserve replacement
  • Benchmark: WM commercial reserves life
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)


  • SWOT analysis
  • Key assets
  • Deal metrics: net change from “portfolio sharpening” M&A activity
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

Questions about this report?

  • Europe:
    +44 131 243 4699
  • Americas:
    +1 713 470 1900
  • Asia Pacific:
    +61 2 8224 8898