Morningstar

Devon Energy Corp

DVN: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Sale of Eagle Ford Assets to Crescent Energy Streamlines Focus

Joshua Aguilar , Casey Wojcik

Oct 9, 2026

Business Strategy and Outlook

In 2018, Devon Energy embarked on a series of shrewd capital allocation moves that included selling its EnLink Midstream interest, divesting its Canadian heavy oil, Barnett Shale, and Eagle Ford interests, and merging with WPX Energy in 2021 and Corterra in 2026. This allowed Devon to recycle cash by shedding interests that were either noncore or higher on the cost curve. Recycled cash allowed Devon to meaningfully pivot toward the Delaware and enjoy newfound exposure in the Bakken and Appalachian basins.

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