Devon Energy Corp (DVN) News & EventsDVNDevon Energy Corp

Major Averages Decline Amid Rising Oil Prices

The major averages closed broadly lower amid a sharp increase in oil prices, elevated Treasury yields and new jitters about AI fueled by a report on OpenAI's revenue growth. Oil spiked after President Donald Trump said he doesn't want to reach an agreement with Iran to end the war, while the U.S. is reportedly preparing strikes in the region ahead of midterm elections in November.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Starbuckshas explored a takeover of Chipotle, FT saysGlobalFoundriesand TSMCreached an agreement to establish a U.S. supply of silicon interposersDevon Energyagreed to sell Eagle Ford assets to Crescent Energyfor $4.2B in cashViatriswill acquire Pacira Biosciencesfor $36.50 per share in cash, or $1.65BA number of big AI-related names, including Microsoft, Oracle, Nvidia, CoreWeave, and Cerebras, moved lower after the Financial Times reported that OpenAI's annualized revenues were closer to $50B at the end of September, well below the $70B figure previously circulated2. WALL STREET CALLS:Palantirupgraded to Buy at Goldman SachsNXP Semiconductorsdowngraded to Neutral at CitiUnityupgraded to Outperform at Raymond JamesCiti downgraded Xeroxto Sell on challenged print marketDeutsche Bank upgraded Chimeto Buy on higher growth profile3. AROUND THE WEB:Disneyspeaking to studios about Imaxcompetitor, Bloomberg saysThe FTC is investigating if Blockviolated consumer protection laws, Bloomberg reportsShell, BP, TotalEnergies, ConocoPhillips, and Chevronhave each recently expressed interest in investing in the Middle East, targeting greater access to the region's oil and gas reserves, FT reportsAmerican Airlineswill begin rolling out SpaceX'sStarlink across its mainline fleet in early 2027, covering more than 1,000 Airbusand Boeingaircraft and expanding on its previously announced plan to equip over 500 Airbus aircraft, Bloomberg saysBroadcomrecently has been working to arrange over $50B in financing for OpenAI's custom AI semiconductor, which the firms are developing together, WSJ says4. MOVERS:Securitizegained after announcing the launch of Securitize StocksAccentureincreased in New York after announcing a major expansion of its collaboration with Dell TechnologiesAngioDynamicsdeclined after reporting Q1 results and providing guidance for FY27Hims & Herswas lower after naming Jon Franklin as Chief Accounting OfficerTilrayfell in New York after reporting Q1 results, with EPS beating consensus5. EARNINGS/GUIDANCE:PepsiCoreported upbeat Q3 results but cut its FY core EPS growth guidanceLevi Straussprovided a "beat and raise" report for Q3Helen of Troyreported Q2 results and raised its outlook for FY27Tomi Environmentalreported preliminary Q3 resultsBeyond Airreported preliminary Q3 results and backed its outlook for FY26INDEXES:The Dow rose 51.77, or 0.10%, to 51,231.64, the Nasdaq lost 345.35, or 1.25%, to 27,193.34, and the S&P 500 declined 36.41, or 0.47%, to 7,765.36.

Major Averages Decline as Oil Prices Surge

The major averages were broadly lower near noon, reversing yesterday's gains amid a sharp increase in oil prices and as elevated Treasury yields revive inflation fears. Oil spiked after President Donald Trump said he doesn't want to reach an agreement with Iran to end the war, while the U.S. is reportedly preparing strikes in the region ahead of midterm elections in November.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:PepsiCoreported upbeat Q3 results but cut its FY core EPS growth guidanceGlobalFoundriesand TSMCreached an agreement to establish a U.S. supply of silicon interposersDevon Energyagreed to sell Eagle Ford assets to Crescent Energyfor $4.2B in cashViatriswill acquire Pacira Biosciencesfor $36.50 per share in cash, or $1.65BStarbuckshas explored a takeover of Chipotle, FT reports2. WALL STREET CALLS:Palantirupgraded to Buy at Goldman SachsNXP Semiconductorsdowngraded to Neutral at CitiUnityupgraded to Outperform at Raymond JamesCiti downgraded Xeroxto Sell on challenged print marketDeutsche Bank upgraded Chimeto Buy on higher growth profile3. AROUND THE WEB:Googlehas been ordered to halt work on two data centers it's developing in Finland until environmental impact assessments have been completed, CNBC saysShell, BP, TotalEnergies, ConocoPhillips, and Chevronhave each recently expressed interest in investing in the Middle East, targeting greater access to the region's oil and gas reserves, FT reportsAmerican Airlineswill begin rolling out SpaceX'sStarlink across its mainline fleet in early 2027, covering more than 1,000 Airbusand Boeingaircraft and expanding on its previously announced plan to equip over 500 Airbus aircraft, Bloomberg saysSK Hynix'sflash memory unit Solidigm has selected Goldman Sachsand Morgan Stanleyto work on its IPO that could raise about $10B, Bloomberg reportsBroadcomrecently has been working to arrange over $50B in financing for OpenAI's custom AI semiconductor, which the firms are developing together, WSJ says4. MOVERS:Securitizegains after announcing the launch of Securitize StocksAccentureincreases in New York after announcing a major expansion of its collaboration with Dell TechnologiesAngioDynamicsdeclines after reporting Q1 results and providing guidance for FY27Hims & Herslower after naming Jon Franklin as Chief Accounting OfficerTilrayfalls in New York after reporting Q1 results, with EPS beating consensus5. EARNINGS/GUIDANCE:Levi Straussprovided a "beat and raise" report for Q3Helen of Troyreported Q2 results and raised its outlook for FY27Tomi Environmentalreported preliminary Q3 resultsHyperfinereported preliminary Q3 results, with CEO Maria Sainz commenting "momentum was strong"Beyond Airreported preliminary Q3 results and backed its outlook for FY26INDEXES:Near midday, the Dow was down 178.08, or 0.35%, to 51,001.79, the Nasdaq was down 173.42, or 0.63%, to 27,365.27, and the S&P 500 was down 28.42, or 0.36%, to 7,773.35.

Devon Energy Sells Eagle Ford Assets to Crescent Energy for $4.2B

Devon Energy (DVN) announced it has entered into a definitive agreement to sell its Eagle Ford assets to Crescent Energy (CRGY) for total consideration of $4.2B in cash, subject to customary closing adjustments. The Eagle Ford assets to be sold consist of approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The assets represent approximately 4% of Devon's total BOE production. The $4.2B purchase price fully reflects the value of Devon's Eagle Ford production and inventory and is accretive on a per share basis to free cash flow and net asset value. After-tax proceeds will be used to accelerate share repurchases and to strengthen the balance sheet through debt reduction. The transaction has an effective date of July 1 and is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions. Devon will provide additional details, including the impact on its outlook, with its third-quarter 2026 results on November 5 and conference call and webcast on November 6.