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Devon Energy DVN Rockies — Proved Undeveloped Reserves Revisions Other Than Price

Other geography segments

Delaware Basin
-45-650%
Williston Basin
-10-400%

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Other financials

Income statement

See full
Revenue$7.4B+73.1%
Net income$1.9B+113%
EPS (diluted)$2.03+44.0%

Balance sheet

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Cash & equivalents$2.3B
Total debt$11.9B+31.2%
Total equity$41.7B+177%
Total assets$70.9B+126%

Cash flow

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Operating cash flow$3.7B+138%
CapEx$1.3B+37.9%
Free cash flow$2.4B+300%

Valuation

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Market cap$48.55B+133%
P/E14.8×+7.5×
P/S2.5×+1.3×

Profitability

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Gross margin63.5%
Operating margin-76.3%
Net margin16.7%+0.1pp
FCF margin23.9%+5.7pp

Returns & leverage

See full
Return on equity11.5%-9.1pp
Debt / equity0.3×-0.3×
Current ratio0.7×-0.5×

Where this comes from

Reported directly by Devon Energy in its filing.

Tagged under the XBRL concept dvn:ProvedUndevelopedReservesRevisionsOtherThanPrice.

The source filing: Devon Energy’s 10-K, filed February 18, 2026.

Filed
Feb 18, 2026, 12:01 PM EST
Fiscal year
FY2025
Accession
0001193125-26-056485

Total proved undeveloped reserves increased 33% from 2024 to 2025 with the year-end 2025 balance representing 24% of total proved reserves. Approximately 57% of the 322 MMBoe in extensions and discoveries were the result of Devon’s drilling and development activities in the Delaware Basin, followed by the Rockies (23%), Eagle Ford (12%), and the Anadarko Basin (8%). Purchases and sales (9 MMBoe) primarily were the result of Devon’s asset exchange discussed in Note 2. Conversions to proved developed reserves of 175 MMBoe were driven by development in the Delaware Basin (74%) and the Rockies (20%). Costs incurred in 2025 to develop and convert Devon's proved undeveloped reserves were approximately $1.1 billion. Proved undeveloped reserves revisions other than price (-13 MMBoe) were due to changes in previously adopted development plans (-45 MMBoe) primarily in the Delaware Basin (-33 MMBoe) and Rockies (-10 MMBoe), combined with upward revisions (32 MMBoe) related to continued evaluation of well performance primarily in the Delaware Basin and Rockies.

Item 8. Financial Statements and Supplementary Data

FAQ

What is Devon Energy's rockies — proved undeveloped reserves revisions other than price?
Devon Energy (DVN) reported rockies — proved undeveloped reserves revisions other than price of -8.3 in Q4 2025.
What does rockies — proved undeveloped reserves revisions other than price mean?
This metric tracks technical revisions to proved undeveloped reserves in the Rockies region, excluding price-related impacts. It captures changes in the viability or estimated volume of future drilling locations due to operational, technical, or regulatory updates. It is a vital indicator of the reliability of the company's future development plans.

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