en.Wedoany.com Reported - Devon Energy, after completing its merger with Coterra Energy, forecasts an average production of 1.38 million barrels per day in 2026.

The $58 billion merger, completed in May, makes Devon Energy one of the largest independent oil and natural gas producers in the United States, with operations spanning six regions, primarily focused on the Delaware portion of the Permian Basin in Texas and New Mexico.

The company projects full-year capital expenditures of $4.9 billion, with over 60% allocated to the Permian Basin, concentrating operations around its core assets.

Devon Energy stated it will provide timely updates on its efforts to optimize its asset portfolio around the Permian Basin to enhance shareholder returns.

CEO Clay Gaspar said optimizing the asset portfolio is a priority, and the company is reviewing its financial and strategic criteria.

These shale oil producers aim to return up to 70% of free cash flow to shareholders through a fixed quarterly dividend of $0.32 per share and an $8 billion stock buyback program.

Devon Energy expects to repay $1.25 billion in debt this year.

The company said it is accelerating synergies from the merger, targeting $600 million by 2027 and achieving $1 billion in annual pre-tax synergies by the end of that year.

Last month, Devon Energy acquired 16,300 acres of undeveloped land in the Delaware Basin region of New Mexico for $2.6 billion.

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