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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Arun Jayaram | JPMorgan | 13 questions · 0% challenging |
| Neil Mehta | Goldman Sachs | 11 questions · 0% challenging |
| Doug Leggate | Wolfe Research | 11 questions · 27% challenging |
| John Freeman | Raymond James | 9 questions · 0% challenging |
| Neal Dingmann | William Blair | 7 questions · 0% challenging |
| Betty Jiang | Barclays | 7 questions · 0% challenging |
| Phillip Jungwirth | BMO Capital Markets | 6 questions · 0% challenging |
| Paul Cheng | Scotiabank | 6 questions · 50% challenging |
| Scott Hanold | RBC Capital Markets | 6 questions · 0% challenging |
| Scott Gruber | Citigroup | 6 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 analyst | 13 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 11 questions · 0% challenging |
| Wolfe Research | 1 analyst | 11 questions · 27% challenging |
| Raymond James | 1 analyst | 9 questions · 0% challenging |
| William Blair | 1 analyst | 7 questions · 0% challenging |
| Barclays | 1 analyst | 7 questions · 0% challenging |
| Pickering Energy Partners | 2 analysts | 7 questions · 0% challenging |
| Citigroup | 1 analyst | 6 questions · 0% challenging |
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Calendar quarter Q2 2025Earnings call Aug 12, 2025
FY2025 Q2 in brief
Devon achieved 40% of its $1 billion optimization target in just 4 months while cutting capital another $100 million and raising oil production guidance, with Q2 free cash flow of $589 million plus a $372 million Matterhorn pipeline sale.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Devon Energy (DVN), FY2025 Q2: 5/10. Scores: Devon Energy’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DVN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.40B | +6.2% | $0.99 | -45.3% | 21.4% | 14.5% | $622M |
| FY2025 Q1 | $4.45B | +23.8% | $0.77 | -18.1% | 23.6% | 11.1% | $1.00B |
| FY2025 Q2Selected | $4.28B | +9.4% | $1.41 | +5.2% | 22.9% | 21.0% | $589M |
| FY2025 Q3 | $4.33B | +7.6% | $1.09 | -16.2% | 22.7% | 15.9% | $820M |
| FY2025 Q4 | $4.12B | -6.4% | $0.90 | -9.1% | 20.4% | 13.6% | $601M |
| FY2026 Q1 | $3.81B | -14.5% | $0.19 | -75.3% | 8.2% | 3.2% | $626M |
| FY2026 Q2 | $7.42B | +73.1% | $2.03 | +44.0% | 34.5% | 25.8% | $-373M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Devon achieved 40% of its $1 billion optimization target in just 4 months while cutting capital another $100 million and raising oil production guidance, with Q2 free cash flow of $589 million plus a $372 million Matterhorn pipeline sale. Drilling costs improved 12% and completion costs improved 15% with the breakeven below $45 WTI. The tax rate was cut to approximately 10%, adding $300 million per year, while new LNG and power gas marketing agreements were secured.
Capital Allocation | Capex Investment | Innovation & R&D | Margin | M&A | Pricing | Revenue Growth | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 8 | 3 | 3 | 2 | 3 | 3 | 3 |
| 2025Q1 | 6 | 8 | 3 | 4 | 4 | 3 | 2 | 1 |
| 2025Q2 | 5 | 6 | 5 | 4 | 2 | 4 | 2 | 1 |
| 2025Q3 | 3 | 4 | 3 | 3 | 5 | 1 | 2 | |
| 2025Q4 | 3 | 2 | 6 | 3 | 1 | 1 | ||
| 2026Q1 | 9 | 3 | 5 | 4 | 5 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capital Allocation | 7 | 6 | 5 | 3 | 3 | 9 |
| Capex Investment | 8 | 8 | 6 | 4 | 2 | 3 |
| Innovation & R&D | 3 | 3 | 5 | 3 | 6 | 5 |
| Margin | 3 | 4 | 4 | 3 | 3 | 4 |
| M&A | 2 | 4 | 2 | 5 | 1 | 5 |
| Pricing | 3 | 3 | 4 | 1 | 3 | |
| Revenue Growth | 3 | 2 | 2 | 2 | 1 | |
| Competitive Dynamics | 3 | 1 | 1 | 4 |
GAAP revenue YoY +5.64% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What DVN and other companies said about each other on FY2025 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“As far as the Anadarko, a lot of what we're doing there is really prosecuting our Dow JV. So as you recall, it's a 49-well commitment we kicked off, I believe, here in the second quarter.”
Devon is executing a 49-well Anadarko Basin development JV with Dow, driving quarter-over-quarter production growth in that gas-weighted asset.
“As we closed the BPX dissolution on the first day of the quarter, BPX took a disproportionate amount of the production on that deal while we took more of the upside.”
Devon dissolved its Eagle Ford JV with BPX (BP's US onshore arm); BPX took more current production while Devon retained upside acreage and ~$2.7M/well savings.
“One was our joint venture with WaterBridge, predominantly on the Texas side of the basin. We've since expanded that partnership a bit on the New Mexico side.”
Devon's produced-water JV with WaterBridge handles Delaware Basin water on the Texas side and has been expanded into New Mexico.
“This morning, Landbridge announced a produced water pore space agreement with you all starting in 2Q '27.”
Devon entered a produced-water pore space (disposal) agreement with Landbridge starting Q2 2027, part of its Delaware Basin water-management strategy.
“The second is a Permian gas sales agreement with Competitive Power Ventures Basin Ranch Energy Center to support its proposed 1,350-megawatt power plant.”
Devon signed a 7-year gas sales agreement to supply Competitive Power Ventures' proposed 1,350-MW Permian power plant starting 2028, adding in-basin gas demand indexed to ERCOT West power prices.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DVN Devon Energy | 5 | +5.6% | |
| APA APA Corporation | 5 | -14.3% | |
| COP ConocoPhillips | 8 | +2.9% | |
| CTRA Coterra | 9 | +34.6% | |
| EOG EOG Resources | 5 | -11.2% | |
| EQT EQT Corporation | 9 | +187.0% | |
| EXE Expand Energy | 6 | +632.8% | |
| FANG Diamondback Energy | 6 | +47.6% | |
| OXY Occidental Petroleum | 5 | -8.1% | |
| TPL Texas Pacific Land Corporation | 7 | +8.8% |