What move does the options market price into Devon Energy's report?

Implied ±3.0%, either direction.

How often does Devon Energy move more than the options market prices?

3 of the last 8 reports moved at least as far as the implied move.

DVNNYSECrude Petroleum & Natural Gas

Devon Energy Corp (DVN) earnings date, market-implied expected move, and options open interest by expiry

44.10

−3.52 · −7.39%

post 44.12 +0.04%

Closed19:49 ET

Open47.36Volume18.9MMkt cap$48.5BP/E14.80Div yield2.54%

Day44.07 – 47.661%52-wk31.26 – 52.2861%

DVN

Devon Energy Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±3.0%implied · report alone

8Q avg ±3.1%·×0.96·fair

42.7845.46

straddle ±3.7%

spot 44.12exp Nov 6ATM strike 44ATM straddle 1.93IV 74%

Nov 4 closereport share · term structure

Expected move

Inputs

Next report

Nov 5

after close · in 1 day

confirmedQ3 FY26

Calendar

Next report

Last report

−4.45%

vs ±4.0% implied · ×1.11

shaded = implied · ▲▼ = realized

Aug 4 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+91.53%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

1,469 managers

Top fund weight

2.86%

DVN weight · XLE

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Devon Energy (DVN) reports on Nov 5 after close (confirmed date).

Implied vs realized

8 reports

3 of 8≥ implied

avg implied: ±3.9%
avg realized: ±3.1%

Nov 5 '24Nov 5 '24confirmed±4.2%▲+1.73%×0.42

Feb 18 '25Feb 18 '25confirmed±4.3%▲+7.71%×1.77

May 6 '25May 6 '25confirmed±4.5%▼−0.98%×0.22

Aug 5 '25Aug 5 '25confirmed±3.9%▲+0.43%×0.11

Q3 FY25Nov 5 '25confirmed±3.5%▲+0.28%×0.08

Feb 17 '26Feb 17 '26confirmed±3.2%▲+0.91%×0.28

Q1 FY26May 5 '26confirmed±3.8%▼−8.61%×2.26

Q2 FY26Aug 4 '26confirmed±4.0%▼−4.45%×1.11

quarterimplied−10%0+10%realized×

Q2 FY26±4.0%▼−4.45%×1.11

Q1 FY26±3.8%▼−8.61%×2.26

Feb '26±3.2%▲+0.91%×0.28

Q3 FY25±3.5%▲+0.28%×0.08

Aug '25±3.9%▲+0.43%×0.11

May '25±4.5%▼−0.98%×0.22

2 older reports

Feb '25±4.3%▲+7.71%×1.77

Nov '24±4.2%▲+1.73%×0.42

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Nov 4 close

0.55OI · 10 expiries · Nov 4 closeP/C open interest · Nov 6 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

7,261+10%Nov 62d13,322+1%

3,738+2%Nov 139d0.784,807+12%0.78

23,149−3%Nov 2016d0.22104,1920%0.22

1,541+17%Nov 2723d0.612,546−2%0.61

902+2810%Dec 430d18.0450+138%18.04

5 later expiries

49+81%Dec 1137d0.23210+200%0.23

15,3660%Dec 1844d0.2367,481+2%0.23

48,7120%Jan 1572d0.5195,3870%0.51

5,586+2%Mar 19135d0.797,111+3%0.79

6,477+3%Apr 16163d1.215,340+4%1.21

ExpiryPutsCallsP/C

Nov 62d7,261+10%13,322+1%0.55

Nov 139d3,738+2%4,807+12%0.78

Nov 2016d23,149−3%104,1920%0.22

Nov 2723d1,541+17%2,546−2%0.61

Dec 430d902+2810%50+138%18.04

5 later expiries

Dec 1137d49+81%210+200%0.23

Dec 1844d15,3660%67,481+2%0.23

Jan 1572d48,7120%95,3870%0.51

Mar 19135d5,586+2%7,111+3%0.79

Apr 16163d6,477+3%5,340+4%1.21

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±3.7%

Funds 4

XLE±0.1%

SCHD±0.1%

RSP±0.0%

VTV±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

25.77%as filednet margin · revenue +94.83% QoQ · +73.13% YoY

Revenue

$7.4B+94.83% QoQ

Gross profit

$4.2B+203.81% QoQ

55.95% margin

Operating income

$2.3B+695.21% QoQ

31.31% margin

Pre-tax income

$2.4B+1336.14% QoQ

Net income

$1.9B+1492.50% QoQ

25.77% margin

Cost of revenue

$3.3B+33.84% QoQ

Operating expenses

$1.8B+70.20% QoQ

Depreciation $1.4B

SG&A $175M

Exploration $16M

Other operating $221M

Tax

$473M+928.26% QoQ

Other income

$62M+149.21% QoQ

Revenue$7.4B+94.83%

Gross profit

$4.2B+203.81%

55.95% margin

Operating income

$2.3B+695.21%

31.31% margin

Pre-tax income

$2.4B+1336.14%

Net income

$1.9B+1492.50%

25.77% margin

Cost of revenue

$3.3B+33.84%

Operating expenses

$1.8B+70.20%

Depreciation $1.4B

SG&A $175M

Exploration $16M

Other income$62M+149.21%

Tax$473M+928.26%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 4 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 19:45 ET

Intraday

Event sensitivity

PPI ×1.27· ±2.0% vs ±1.5% · 11 releases

eventrelease day|move|up · n×base

PPIproducer prices±2.0%6 of 11×1.27

CPIconsumer prices±1.9%6 of 11×1.22

FOMCrate decision±1.8%13 of 24×1.16

NFPjobs report±1.5%4 of 10×0.98

PCEpersonal income & outlays±1.1%6 of 20×0.71

GDPgross domestic product±0.8%8 of 20×0.55

CPROFcorporate profits±0.7%5 of 12×0.48

Bar = avg |move| to ±2% · tick = ±1.5% avg day · ×base = |move| ÷ ±1.5% · min 6 releases

Earnings history

EPS 2.03 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 4 '26 · confirmed	2.03	—
Q1 FY26	May 5 '26 · confirmed	0.19	—
Q3 FY25	Nov 5 '25 · confirmed	1.09	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod