DEVON ENERGY CORP/DE
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
DVN$43.41+2.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net earnings | $2,681 | $2,942 | $3,782 |
| Adjustments to reconcile net earnings to net cash from operating activities: | |||
| Depreciation, depletion and amortization | 3,595 | 3,255 | 2,554 |
| Asset impairments | 254 | — | — |
| Leasehold impairments | 11 | 5 | 5 |
| Accretion (amortization) of liabilities | 16 | 8 | (16) |
| Total gains on commodity derivatives | (402) | (21) | (118) |
| Cash settlements on commodity derivatives | 232 | 197 | 47 |
| (Gains) losses on asset dispositions | (343) | 11 | (30) |
| Deferred income tax expense | 484 | 311 | 376 |
| Share-based compensation | 99 | 99 | 93 |
| Other | (67) | 10 | (5) |
| Changes in assets and liabilities, net | 151 | (217) | (144) |
| Net cash from operating activities | 6,711 | 6,600 | 6,544 |
| Cash flows from investing activities: | |||
| Capital expenditures | (3,592) | (3,645) | (3,883) |
| Acquisitions of property and equipment | (322) | (3,808) | (64) |
| Divestitures of property, equipment and investments | 545 | 24 | 26 |
| Grayson Mill acquired cash | — | 147 | — |
| Distributions from investments | 38 | 68 | 32 |
| Contributions to investments and other | (62) | (118) | (53) |
| Net cash from investing activities | (3,393) | (7,332) | (3,942) |
| Cash flows from financing activities: | |||
| Borrowings of long-term debt, net of issuance costs | — | 3,219 | — |
| Repayments of long-term debt | (485) | (472) | (242) |
| Repurchases of common stock | (1,050) | (1,057) | (979) |
| Dividends paid on common stock | (619) | (937) | (1,858) |
| Contributions from noncontrolling interests | 14 | 52 | 37 |
| Distributions to noncontrolling interests | (23) | (51) | (45) |
| Acquisition of noncontrolling interests | (260) | — | — |
| Repayment of finance leases | (282) | — | — |
| Shares exchanged for tax withholdings and other | (25) | (48) | (97) |
| Net cash from financing activities | (2,730) | 706 | (3,184) |
| Effect of exchange rate changes on cash | — | (3) | 3 |
| Net change in cash, cash equivalents and restricted cash | 588 | (29) | (579) |
| Cash, cash equivalents and restricted cash at beginning of period | 846 | 875 | 1,454 |
| Cash, cash equivalents and restricted cash at end of period | $1,434 | $846 | $875 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $1,384 | $811 | $853 |
| Restricted cash | 50 | 35 | 22 |
| Total cash, cash equivalents and restricted cash | $1,434 | $846 | $875 |
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