Devon Energy

As a shale E&P, Devon is a price‑taker on oil, NGLs and natural gas. Realized prices track benchmarks with limited control beyond basis management, marketing, and hedging. 2026 guidance indicates oil realizations at 95 to 99 percent of WTI and gas at 40 to 50 percent of Henry Hub, underscoring narrow latitude.

Hedges smooth near‑term cash flows but do not create structural pricing power. The business optimization plan targets margin and cost gains rather than price.