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June 9 (Reuters) – Devon Energy (DVN.N) on Tuesday said it expects production to average 1.38 million barrels of oil equivalent per day in 2026, including oil output of 500,000 barrels per day, following the completion of its merger with Coterra Energy.
The U.S. oil and gas producer forecast full-year 2026 capital spending of about $4.9 billion, with more than 60% of that allocated to the Permian Basin, as it focuses activity around its core assets.
Devon said it aims to return up to 70% of free cash flow to shareholders through a combination of a quarterly fixed dividend of $0.32 per share and its previously announced $8 billion share repurchase program.
Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das
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