Devon Energy earned $1.42 a share in the third quarter, $0.08 more than expected, and lifted its synergy target. It now expects a year-end 2026 run rate of about $350m, up from the $200m outlined in August. Average synergies in 2027 are now put at about $700m, up from $600m. Revenue was $6.86B against $7.04B expected.

The company also agreed to sell its Eagle Ford assets for $4.2B in cash, with closing expected in early 2027. Devon expects share repurchases to exceed $1B in the fourth quarter. It plans to accelerate them further in 2027 using the sale proceeds. That turns a signed deal into a stated plan for returning cash to shareholders. The board declared a fourth-quarter dividend of $0.32 a share, payable December 30.

Devon reaffirmed its 2026 production and capital guidance. For the fourth quarter it expects total production of 1.66 million to 1.7 million barrels of oil equivalent per day and oil production of 550,000 to 560,000 barrels per day. Capital spending is guided at $1,290m to $1,395m.

The first 2027 outlook is pro forma for the sale, so it gives a baseline without Eagle Ford. It calls for oil production growth of 1% to 3%, to about 525,000 barrels per day, and total production of about 1.6 million barrels of oil equivalent per day. Total capital is about $5.3B. These are management's own forecasts, and the larger 2027 buyback depends on the sale closing in early 2027.

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