Devon Energy (DVN) risk factors, FY2024 10-K

Devon Energy's FY2024 10-K, filed Feb 19, 2025, lists 23 risk factors in 2 groups. There is no earlier 10-K to compare against, so the most company-specific risks are listed below.

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Risk factors listed
232 groups
Section length
8k wordsItem 1A

Devon Energy's biggest risks in the FY2024 10-K

  • Devon Energy faces heavy exposure to volatile commodity prices and complex oil and gas reserve estimations.
  • Operations carry substantial drilling uncertainties, regulatory burdens, and climate change compliance costs.
  • Debt levels total $8.9 billion, constraining financial flexibility.

The risks most specific to Devon Energy

  • Risks Related to Our Industry

    Volatile Oil, Gas and NGL Prices Significantly Impact Our Business

    Our financial results depend heavily on volatile market prices for oil, gas, and NGLs.

  • Risks Related to Our Industry

    Estimates of Oil, Gas and NGL Reserves Are Uncertain and May Be Subject to Revision

    Estimates of our oil, gas, and NGL reserves involve complex geological judgments and are subject to future revisions.

  • Risks Related to Our Industry

    Our Operations Are Uncertain and Involve Substantial Costs and Risks

    Our drilling operations face risks of dry holes, unprofitable wells, and substantial operating costs.

  • Risks Related to Our Industry

    We Have Limited Control Over Properties and Investments Operated by Others or through Joint Ventures

    We have limited control over oil and gas properties operated by third parties or joint ventures.

  • Risks Related to Our Industry

    Midstream Capacity Constraints and Interruptions Impact Commodity Sales

    We rely on third-party midstream facilities and pipelines, creating risks of production interruptions or shut-ins.

  • Legal, Regulatory and Environmental Risks

    Climate Change and Related Regulatory, Social and Market Actions May Adversely Affect Our Business

    Climate change regulations and initiatives aimed at reducing greenhouse gas emissions could adversely affect our business.

  • Legal, Regulatory and Environmental Risks

    Our Debt May Limit Our Liquidity and Financial Flexibility, and Any Downgrade of Our Credit Rating Could Adversely Impact Us

    Our total indebtedness of $8.9 billion limits our liquidity, financial flexibility, and ability to obtain additional financing.

All 23 risk factors

Headings as the filing states them, in filing order.

Risks Related to Our Industry

  1. 01Volatile Oil, Gas and NGL Prices Significantly Impact Our Business
  2. 02Estimates of Oil, Gas and NGL Reserves Are Uncertain and May Be Subject to Revision
  3. 03Our Operations Are Uncertain and Involve Substantial Costs and Risks
  4. 04shortages or delays in the availability of services or delivery of material or equipment
  5. 05Our Hedging Activities Limit Participation in Commodity Price Increases and Involve Other Risks
  6. 06We Have Limited Control Over Properties and Investments Operated by Others or through Joint Ventures
  7. 07Midstream Capacity Constraints and Interruptions Impact Commodity Sales
  8. 08Competition for Assets, Materials, People and Capital Can Be Significant

Legal, Regulatory and Environmental Risks

  1. 09We Are Subject to Extensive Governmental Regulation, Which Can Change and Could Adversely Impact Our Business
  2. 10operation of law, we may be required to assume such obligations, which could be material. We have incurred and will continue to incur substantial capital, operating and remediation costs as a result of these and other laws, regulations, permits and orders to which we are subject
  3. 11Climate Change and Related Regulatory, Social and Market Actions May Adversely Affect Our Business
  4. 12Our Environmental Performance Targets and Other ESG Initiatives May Expose Us to Risks
  5. 13Claims, Litigation, Audits and Other Proceedings, Including Relating to Historic and Legacy Operations, May Adversely Impact Us
  6. 14Price Controls, Export Restrictions and Other Governmental Interventions in Energy Markets May Adversely Impact our Business
  7. 15The Credit Risk of Our Counterparties Could Adversely Affect Us
  8. 16Our Debt May Limit Our Liquidity and Financial Flexibility, and Any Downgrade of Our Credit Rating Could Adversely Impact Us
  9. 17limiting our ability to obtain additional financing due to higher costs and more restrictive covenants
  10. 18Cybersecurity Incidents May Adversely Impact Our Operations
  11. 19Insurance Does Not Cover All Risks
  12. 20Our Business Could Be Adversely Impacted by Shareholder Activism, Proxy Contests or Similar Actions
  13. 21Our Acquisition and Divestiture Activities Involve Substantial Risks
  14. 22unknown and unforeseen liabilities or other issues related to any acquisition for which contractual protections prove inadequate, including environmental liabilities and title defects
  15. 23Our Ability to Declare and Pay Dividends and Repurchase Shares Is Subject to Certain Considerations

Other Devon Energy 10-Ks

  • FY2025 10-K risk factors
    24 risks3 new2 dropped3 reworded

    Merger with Coterra creates completion, termination and potential $865 million fee exposure, with an August 1, 2026 deadline.

    Filed Feb 18, 2026

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.