The company raised its full-year production outlook following a $4.9B capital spending plan post-acquisition.
Devon Energy increased its full-year 2026 production forecast to 1.38 million barrels of oil equivalent per day, up from a prior range of 835,000 to 855,000 barrels per day. The revision follows the completion of its Coterra Energy acquisition and a $4.9 billion capital spending plan.
Shares rose 6% in Wednesday trading after the updated outlook was released. The company had not previously provided a post-acquisition production target for 2026, making this the first guidance since closing the deal.
The move reflects confidence in expanded operational capacity and cost efficiencies from the acquisition.