Core Insights - Devon Energy reported quarterly earnings of 82 cents per share, surpassing the analyst estimate of 81 cents [1] - Quarterly revenue reached $4.12 billion, exceeding the analyst consensus estimate of $3.85 billion [1] - Production averaged 851,000 Boe per day in the fourth quarter, exceeding the top-end of guidance [1] Production Costs - Production costs, including taxes, averaged $10.99 per Boe in the fourth quarter, reflecting a 4% reduction from the third quarter [2] Management Commentary - CEO Clay Gaspar highlighted that disciplined execution and operational excellence defined 2025, leading to results that exceeded fourth-quarter expectations across all major value drivers [2] - Gaspar also noted that the success achieved was supported by focused business optimization efforts, resulting in significant free cash flow and meaningful cash returns to shareholders [3] Stock Performance - Devon Energy stock experienced a decline of 1.7%, trading at $43.31 in Tuesday's extended trading [3]

Exhibit 99.2 CONSOLIDATED STATEMENTS OF EARNINGS Devon Energy Fourth-Quarter 2025 Supplemental Tables | TABLE OF CONTENTS: | PAGE: | | --- | --- | | Consolidated Statements of Earnings | 2 | | Supplemental Information for Consolidated Statements of Earnings | 3 | | Consolidated Balance Sheets | 4 | | Consolidated Statements of Cash Flows | 5 | | Production | 6 | | Capital Expenditures, Costs Incurred and Reserves Reconciliation | 7 | | Supplemental Information for Capital Expenditures | 8 | | Realized Prici ...

Core Viewpoint - Devon Energy Corp. reported its financial and operational results for Q4 and full-year 2025, declared a quarterly dividend, and provided an outlook for 2026 [1]. Financial Results - The company will hold a conference call on February 18, 2026, at 10:00 a.m. Central time to discuss the results and answer questions from analysts and investors [2]. Company Overview - Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio, particularly noted for its strong position in the Delaware Basin [3]. - The company's business model focuses on disciplined cash returns, aiming to generate free cash flow and return capital to shareholders while maintaining safe and sustainable operations [3].

Core Insights - Major aerospace and AI companies are significantly increasing their dividends, with all three raising them by at least 10%, and two by over 25% [1][2] Company Performance - GE Aerospace reported a remarkable 31% increase in dividends, raising its quarterly payment to 47 cents per share, resulting in an indicated yield of approximately 0.6% [5] - In 2025, GE Aerospace experienced a revenue growth of 21%, a 32% rise in orders, and ended the year with a backlog of $190 billion, driven by strong demand for commercial jet engines [4] - Monolithic Power Systems (MPWR) saw a total return of 54% in 2025 and a 29% increase in 2026, with significant growth in its dividend and data center forecasts [6] Market Trends - The announcements of dividend increases coincide with improving fundamentals across the aerospace and AI-linked infrastructure sectors, indicating an acceleration in dividend growth [2] - The overall performance of these companies reflects a positive outlook for the aerospace and AI industries, with expectations of continued growth in revenue and cash flow [4][5]

Core Insights - Devon Energy Corporation (DVN) is anticipated to report a decline in both revenue and earnings for the fourth quarter of 2025, with the Zacks Consensus Estimate for earnings set at 86 cents per share, reflecting a 25.9% decrease year-over-year [1][4]. Earnings Performance - Over the past 60 days, the earnings estimates for DVN have decreased by 10.4%, indicating a downward trend in expectations [1][4]. - Devon Energy has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 6.08% [2]. Earnings Prediction Model - The current model does not predict an earnings beat for DVN, as it has an Earnings ESP of -5.48% and a Zacks Rank of 4 (Sell) [3][5]. Production Expectations - DVN expects its fourth-quarter production volume to be between 828-844 thousand barrels of oil equivalents per day (Mboe/d), with a consensus estimate of 841.1 Mboe/d, representing a 0.8% decline year-over-year [4][10]. Financial Management - Devon Energy continues to generate significant free cash flow, which is being utilized to strengthen its balance sheet, pay dividends, and buy back shares, potentially benefiting fourth-quarter earnings [7]. - Cost management initiatives are expected to lower operating costs, positively impacting earnings, while hedging strategies provide stability against market volatility in oil and gas prices [8]. Strategic Acquisitions - Recent strategic acquisitions have expanded Devon's operations and contributed to production volumes, with synergies from these assets likely to positively influence fourth-quarter earnings [9]. Valuation Metrics - Devon's shares are currently trading at a discount, with a trailing 12-month EV/EBITDA ratio of 4.45X compared to the industry average of 10.89X, indicating relative undervaluation [11]. Return on Equity - Devon's return on equity (ROE) stands at 18.14%, outperforming the industry average of 16.18%, suggesting effective utilization of shareholder funds [13].

Core Viewpoint - Devon Energy Corp. announced an all-stock merger with Coterra Energy Inc., creating a $58 billion energy company, raising investor questions about stock and dividend implications [1] Group 1: Dividend Implications - After the merger, the combined company plans to pay a quarterly dividend of $0.315 per share, a 31% increase from Devon's previous $0.24 per share [2] - The dividend is not legally guaranteed until declared by the board each quarter, and the merger requires shareholder approval from both companies [3] Group 2: Ownership and Control - Devon shareholders will own 54% of the merged entity, while Coterra shareholders will own 46%, allowing Devon to retain control [3] Group 3: Merger Structure and Rationale - The all-stock structure prevents an increase in debt, which is crucial given the volatility in oil and gas prices [4] - The choice of an all-stock deal is driven by debt management and market conditions, signaling confidence in the long-term value of the combined entity [5] Group 4: Strategic Focus Post-Merger - The merger aims for scale, diversification, and resilience rather than explosive production growth, focusing on operational efficiency [6] - Geographic diversification will reduce reliance on any single basin or commodity cycle [8] Group 5: Market Reactions - Wall Street reactions are mixed, with some analysts expressing long-term optimism and others remaining cautious, awaiting clearer guidance [9] Group 6: Investment Considerations - The merger may appeal to long-term income-focused investors, while short-term traders may prefer to wait for more clarity on dividends and quarterly results [11][16] Group 7: Future Milestones - Key milestones to watch include upcoming earnings reports, regulatory approvals, and shareholder votes expected in the second quarter of 2026 [12]

Core Viewpoint - Riley Exploration Permian, Inc. has appointed Bobby Saadati as an independent member of its board of directors, effective February 4, 2026, which is expected to enhance the company's strategic direction and shareholder value [1][4]. Company Overview - Riley Exploration Permian, Inc. is a growth-oriented upstream oil and gas company operating in Texas and New Mexico, with infrastructure projects that complement its operations [4]. New Board Member Profile - Bobby Saadati is a senior executive in the oil and gas industry with extensive experience in energy investing, operations, mergers and acquisitions, and corporate strategy [2]. - Saadati has served as CEO of IKAV Energy USA since May 2020 and has held leadership roles at Aera Energy, California Resources Corporation, Devon Energy, Jefferies, and BP [3]. - He holds a B.A. in political science from the University of California, San Diego, a J.D. from Trinity Law School, and an M.B.A. from the University of Chicago [3]. Leadership Statement - Riley Permian's Chairman and CEO, Bobby Riley, expressed confidence that Saadati's diverse track record and operational leadership will add value to the board and enhance long-term shareholder value [4].

Core Viewpoint - Devon Energy Corporation is positioned for growth through its strategic merger with Coterra Energy, aiming for significant cost savings and enhanced cash flow [2][6]. Group 1: Merger and Acquisition - Devon Energy is set to acquire Coterra Energy in an all-stock transaction, creating a combined entity valued at $58 billion focused on the Delaware Basin [2][3]. - The merger is part of a broader trend in U.S. shale consolidation, targeting $1 billion in annual pretax savings by 2027 [2][6]. - Devon will relocate its headquarters to Houston while maintaining a presence in Oklahoma City, with Coterra shareholders receiving 0.70 shares of Devon common stock for each Coterra share [3]. Group 2: Financial Performance and Analyst Recommendations - Devon Energy's stock is currently trading at approximately $40.58, reflecting a 1.09% increase, with a market capitalization of $25.46 billion [5]. - The average brokerage recommendation for Devon is 1.63, indicating a favorable outlook, with 67.7% of analysts giving a Strong Buy recommendation [4][6]. - Scotiabank analyst Paul Cheng has set a price target of $45 for Devon, suggesting a potential upside of 10.67% from its current trading price [1][6].

Core Viewpoint - Devon Energy Corporation is actively engaged in the exploration and production of oil and natural gas, with a significant focus on the Delaware Basin and a strategic merger with Coterra Energy to enhance its market position and operational efficiency [1][3][4]. Group 1: Company Overview - Devon Energy is a major player in the energy sector, primarily involved in oil and natural gas exploration and production [1]. - The company competes with other significant energy firms such as ConocoPhillips and Chevron within the U.S. shale industry [1]. Group 2: Recent Developments - On February 3, 2026, Scotiabank updated its rating for Devon Energy to "Sector Perform" and raised the price target to $45 from $41, with the stock price at $40.62 at that time [2][6]. - The merger with Coterra Energy, valued at $58 billion, is a pivotal move in U.S. shale consolidation, creating a combined entity focused on the Delaware Basin with 750,000 net acres [2][3]. Group 3: Financial Expectations - The merger is expected to generate $1 billion in annual pretax savings by 2027, enhancing cash flow concentration in the Delaware Basin while maintaining multi-basin options [3][4]. - Devon Energy's current stock price is $40.55, reflecting a 1.00% increase, with a market capitalization of approximately $25.43 billion [5][6].

Group 1 - The law firm Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Coterra Energy to Devon Energy, where Coterra shareholders will receive 0.70 shares of Devon common stock for each share of Coterra common stock, implying a sale price of approximately $28.10 per share based on Devon's closing price on February 2, 2026 [1][3] - The implied sale price of $28.10 is significantly below the price targets set by multiple Wall Street analysts, indicating potential undervaluation of Coterra [2][4] - Several Coterra shareholders have expressed disappointment regarding the sale price, with some arguing that the deal undervalues Coterra's gas assets and balance sheet, and suggesting a higher exchange ratio of 0.75 shares of Devon [4] Group 2 - Wohl & Fruchter LLP is examining whether the Coterra Board of Directors acted in the best interests of shareholders in approving the merger, focusing on the fairness of the exchange ratio and the completeness of information disclosed regarding the transaction [4]