DVN · Devon Energy Corp · Debt

Track DVN — free

$42.88 -1.24 (-2.81%) At close · Nov 5 Earnings today Play latest call Q2 2026 earnings call transcript

S&P 500 member Russell 1000 member Rebalance outlook locked

Market Cap

$48.53B

1.10B

Volume · Nov 5 14.07M Avg daily vol (3M) 10.8M

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Read debt and covenant terms in your AI or your code through MCP and the API →

Latest reported total

USD 8,400,000,000

As of Sep 30, 2025

Tracked instruments

Loans, facilities and note series

Annual baseline

—

Latest approved annual total

Reported total debt history

As of	Reported label	Amount	Source
2025-09-30	Total debt	USD 8,400,000,000	10-Q filed 2025-11-06 At September 30, 2025, we had total debt of $8.4 billion. Of this debt, $7.4 billion was comprised of debentures and notes that have fixed interest rates which averaged 5.7%. We also have a $1.0 billion Term Loan which has a variable interest rate that is adjusted monthly. The interest rate on the Term Loan was 5.8% at September 30, 2025.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Finance lease liabilities	2026-06-30	USD 40,000,000	10-Q filed 2026-08-05
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current finance lease liabilities USD 10,000,000 Noncurrent finance lease liabilities USD 30,000,000
Long-term debt, including current maturities	2026-06-30	USD 11,388,000,000	10-Q filed 2026-08-05
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current portion of long-term debt USD 1,497,000,000 Noncurrent debt carrying amount USD 9,891,000,000
Operating lease liabilities	2026-06-30	USD 465,000,000	10-Q filed 2026-08-05
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities USD 139,000,000 Noncurrent operating lease liabilities USD 326,000,000
Short-term borrowings	2026-06-30	USD 1,497,000,000	10-Q filed 2026-08-05

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.

Loans, facilities and notes

5.200% Senior Notes due 2034

Note · Devon Energy Corporation

Reference: 5.200% Senior Notes due 2034

Active

Original principal: USD 1,250,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: —

Last reported interest terms: 5.2% Reported 2024-08-21 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history

Issuance · 8-K · 2024-08-21 — 8-K

Issuance · 2024-08-19 Original principal USD 1,250,000,000 Exact source document Parent 8-K filing · 2024-08-21
On August 19, 2024, Devon Energy Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives for the underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to sell to the Underwriters (i) $1,250,000,000 aggregate principal amount of its 5.200% Senior Notes due 2034 and (ii) $1,000,000,000 aggregate principal amount of its 5.750% Senior Notes due 2054, in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 filed on March 3, 2023 (File No. 333-270269) (as amended or supplemented, the “Registration Statement”). The Underwriting Agreement includes customary representations, warranties, covenants and agreements, including an agreement by the Company to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Offering is expected to close on August 28, 2024, subject to satisfaction of customary closing conditions.

Issuer evidence: On August 19, 2024, Devon Energy Corporation (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives for the underwriters named therein (collectively, the "Underwriters"), pursuant to which the Company agreed to sell to the Underwriters (i) $1,250,000,000 aggregate principal amount of its 5.200% Senior Notes due 2034 and (ii) $1,000,000,000 aggregate principal amount of its 5.750% Senior Notes due 2054, in a registered public offering (the "Offering") pursuant to the Company's shelf registration statement on Form S-3 filed on March 3, 2023 (File No. 333-270269) (as amended or supplemented, the "Registration Statement").

5.750% Senior Notes due 2054

Note · Devon Energy Corporation

Reference: 5.750% Senior Notes due 2054

Active

Original principal: USD 1,000,000,000
Outstanding: —
Commitment: —
Availability: —
Maturity: —

Last reported interest terms: 5.75% Reported 2024-08-21 Later filings may not restate these terms; this does not confirm they still apply.

Verified covenant terms

Section 2.13 · Events of Default any default by the Company in the payment of any principal of any Funded Debt of the Company outstanding in an aggregate principal amount in excess of $100,000,000 at the final Stated Maturity thereof or the occurrence of any other default thereunder, the effect of which default is to cause such Funded Debt to become, or to be declared, due prior to its final Stated Maturity Exceptions: if (A) such default in payment is not cured, by payment or otherwise, within 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a "Notice of Default" under the Senior Indenture (each, a "Notice of Default"), and the receipt by the Company of such Notice of Default or (B) the acceleration is not rescinded or annulled or the default that caused the acceleration is not cured within 60 days after the receipt by the Company of such Notice of Default. SECTION 2.13 EVENTS OF DEFAULT.

Full wording and supporting evidence

Source evidence: In addition to the Events of Default specified in Section 8.01 of the Senior Indenture, the following shall constitute an Event of Default with respect to the Notes: any default by the Company in the payment of any principal of any Funded Debt of the Company outstanding in an aggregate principal amount in excess of $100,000,000 at the final Stated Maturity thereof or the occurrence of any other default thereunder, the effect of which default is to cause such Funded Debt to become, or to be declared, due prior to its final Stated Maturity if (A) such default in payment is not cured, by payment or otherwise, within 60 days after there has been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a "Notice of Default" under the Senior Indenture (each, a "Notice of Default"), and the receipt by the Company of such Notice of Default or (B) the acceleration is not rescinded or annulled or the default that caused the acceleration is not cured within 60 days after the receipt by the Company of such Notice of Default.

Target identity evidence: SUPPLEMENTAL INDENTURE NO. 2, dated as of August 28, 2024 (this “Supplemental Indenture”), between DEVON ENERGY CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as Trustee (herein called the “Trustee”).

Target identity evidence: The Company has heretofore delivered to the Trustee an Indenture, dated as of August 28, 2024 (the “Senior Indenture”), providing for the issuance from time to time of Debt Securities of the Company.

Target identity evidence: SECTION 2.1 TITLE OF THE DEBT SECURITIES; DENOMINATIONS. There is hereby created under the Senior Indenture a series of Debt Securities designated 5.750% Senior Notes due 2054 (the “Notes”).

Target identity evidence: $1,000,000,000 5.750% Senior Notes due 2054

Target identity evidence: CUSIP NO. 25179M BH5
Section 2.6(a) · Special Mandatory Redemption then the Company shall redeem the Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the principal amount of the Notes then Outstanding to be redeemed, plus accrued and unpaid interest Springing Trigger: If, for any reason, (x) the Grayson Mill Acquisition is not completed by the parties to the Purchase Agreement on or before the Special Mandatory Redemption Deadline, or (y) the Purchase Agreement is terminated prior to the Special Mandatory Redemption Deadline Defined terms:
- Grayson Mill Acquisition: the acquisition by the Purchaser of all the issued and outstanding securities of the Subject Companies from Sellers pursuant to the Purchase Agreement.
  Source evidence: "Grayson Mill Acquisition" means the acquisition by the Purchaser of all the issued and outstanding securities of the Subject Companies from Sellers pursuant to the Purchase Agreement.
- Special Mandatory Redemption Date: the fifteenth Business Day following the earlier to occur of (i) the Special Mandatory Redemption Deadline and (ii) the date, if any, that the Purchase Agreement is terminated.
  Source evidence: "Special Mandatory Redemption Date" means the fifteenth Business Day following the earlier to occur of (i) the Special Mandatory Redemption Deadline and (ii) the date, if any, that the Purchase Agreement is terminated.
- Special Mandatory Redemption Deadline: the later of (i) the date that is five (5) Business Days after April 8, 2025 and (ii) the date that is five (5) Business Days after such date to which the Company may agree to extend the outside date under the Purchase Agreement, any such extension to be set forth in an Officer’s Certificate delivered to the Trustee prior to the close of business on the date that is five (5) Business Days after April 8, 2025 or such other extended outside date as shall then be applicable, if and only if the Grayson Mill Acquisition has not been completed on or before such date.
  Source evidence: "Special Mandatory Redemption Deadline" means the later of (i) the date that is five (5) Business Days after April 8, 2025 and (ii) the date that is five (5) Business Days after such date to which the Company may agree to extend the outside date under the Purchase Agreement, any such extension to be set forth in an Officer’s Certificate delivered to the Trustee prior to the close of business on the date that is five (5) Business Days after April 8, 2025 or such other extended outside date as shall then be applicable, if and only if the Grayson Mill Acquisition has not been completed on or before such date.
SECTION 2.6 SPECIAL MANDATORY REDEMPTION

Full wording and supporting evidence

Source evidence: If, for any reason, (x) the Grayson Mill Acquisition is not completed by the parties to the Purchase Agreement on or before the Special Mandatory Redemption Deadline, or (y) the Purchase Agreement is terminated prior to the Special Mandatory Redemption Deadline, then the Company shall redeem the Notes on the Special Mandatory Redemption Date at a special mandatory redemption price equal to 101% of the principal amount of the Notes then Outstanding to be redeemed, plus accrued and unpaid interest from and including the date of initial issuance, or the most recent date to which interest has been paid, whichever is later, to but not including the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).

Target identity evidence: SUPPLEMENTAL INDENTURE NO. 2, dated as of August 28, 2024 (this “Supplemental Indenture”), between DEVON ENERGY CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as Trustee (herein called the “Trustee”).

Target identity evidence: The Company has heretofore delivered to the Trustee an Indenture, dated as of August 28, 2024 (the “Senior Indenture”), providing for the issuance from time to time of Debt Securities of the Company.

Target identity evidence: SECTION 2.1 TITLE OF THE DEBT SECURITIES; DENOMINATIONS. There is hereby created under the Senior Indenture a series of Debt Securities designated 5.750% Senior Notes due 2054 (the “Notes”).

Target identity evidence: $1,000,000,000 5.750% Senior Notes due 2054

Target identity evidence: CUSIP NO. 25179M BH5

Documents and filing history

GoverningAgreement · EX-4.3 · 2024-08-28 — EX-4.3
Issuance · 8-K · 2024-08-21 — 8-K

Issuance · 2024-08-19 Original principal USD 1,000,000,000 Exact source document Parent 8-K filing · 2024-08-21
On August 19, 2024, Devon Energy Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives for the underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to sell to the Underwriters (i) $1,250,000,000 aggregate principal amount of its 5.200% Senior Notes due 2034 and (ii) $1,000,000,000 aggregate principal amount of its 5.750% Senior Notes due 2054, in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 filed on March 3, 2023 (File No. 333-270269) (as amended or supplemented, the “Registration Statement”). The Underwriting Agreement includes customary representations, warranties, covenants and agreements, including an agreement by the Company to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Offering is expected to close on August 28, 2024, subject to satisfaction of customary closing conditions.

Issuer evidence: On August 19, 2024, Devon Energy Corporation (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Citigroup Global Markets Inc., BofA Securities, Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives for the underwriters named therein (collectively, the "Underwriters"), pursuant to which the Company agreed to sell to the Underwriters (i) $1,250,000,000 aggregate principal amount of its 5.200% Senior Notes due 2034 and (ii) $1,000,000,000 aggregate principal amount of its 5.750% Senior Notes due 2054, in a registered public offering (the "Offering") pursuant to the Company's shelf registration statement on Form S-3 filed on March 3, 2023 (File No. 333-270269) (as amended or supplemented, the "Registration Statement").

Key facts CIK 1090012 CUSIP 25179M103 13F (30d) 736 filings 692 filers Visit website Investor relations