Devon Energy

At year‑end 2025 Devon reported net debt of $6.96 billion, cash of $1.38 billion, total debt of $8.39 billion, and a net debt/EBITDAX ratio of 0.9x. Liquidity is robust, with an undrawn $3 billion revolver cited in the Q4 release.

Senior unsecured ratings are investment‑grade (BBB/Baa2/BBB+), supporting low funding risk and flexibility through cycles. Debt maturities are staggered across 2027 to 2054. This conservative leverage profile and ample liquidity warrant a strong score.