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].

Devon Energy logo sign in the foreground with an oil drilling rig and pumpjacks at sunset in the background. Key Points Devon Energy’s all-stock merger with Coterra reflects accelerating consolidation across a maturing U.S. shale industry focused on efficiency over expansion. The combined company gains geographic diversification and scale, but investors are watching closely for dividend sustainability and potential EPS dilution. Analysts have responded positively, with price targets suggesting upside, ...

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 - Coterra Energy Inc. is highlighted as a promising investment opportunity following its merger with Devon Energy, which is valued at $58 billion and positions the combined entity as a major player in the Permian Basin shale production [1][2]. Group 1: Merger Details - Coterra Energy and Devon Energy announced a $58 billion all-stock merger, creating one of the largest shale producers in the Permian Basin [1]. - The merger will result in combined production of 1.6 million barrels of oil per day, with Coterra shareholders receiving 0.70 shares for each share held [1]. Group 2: Financial Projections and Analyst Ratings - Devon's President and CEO stated that the merger is expected to generate annual pre-tax synergies of $1 billion, enhancing free cash flow and shareholder returns [2]. - Following the merger announcement, Susquehanna raised its target price for Coterra Energy to $34, while Roth Capital lowered its target price to $28 [3]. - Approximately 81% of analysts covering Coterra Energy have a "Buy" rating, with a median target price of $33, indicating a potential upside of 17.21% [3].

Core Insights - Kuwait Oil Company is engaging in discussions with U.S. firms, including Devon Energy and EOG, for potential collaboration in developing its shale oil and gas resources [1] Company Developments - The CEO of Kuwait Oil Company confirmed the ongoing talks with U.S. firms, indicating a strategic move towards enhancing its shale oil and gas capabilities [1]

Core Viewpoint - Kahn Swick & Foti, LLC is investigating the proposed sale of Soho House & Co Inc. to affiliates of MCR, focusing on whether the offered price of $9.00 per share adequately reflects the company's value and the process leading to this valuation [1]. Group 1: Proposed Sale Details - Shareholders of Soho House will receive $9.00 in cash for each share they own under the proposed transaction [1]. - The investigation aims to assess the adequacy of both the price and the process that led to this proposed sale [1]. Group 2: Legal Inquiry - Kahn Swick & Foti, LLC, led by former Louisiana Attorney General Charles C. Foti, Jr., is seeking to determine if the proposed sale undervalues the company [1]. - Shareholders who believe the transaction undervalues the company are encouraged to discuss their legal rights with KSF [1].

Core Viewpoint - The proposed sale of Coterra Energy Inc. to Devon Energy Corporation is under investigation to assess the fairness of the transaction for Coterra shareholders [1] Company Summary - Coterra Energy Inc. shareholders will receive 0.70 share of Devon common stock for each share of Coterra owned in the proposed transaction [1]

Group 1 - Oil prices have risen for the second consecutive day due to geopolitical tensions following the U.S. downing of an Iranian drone near an aircraft carrier, with WTI crude approaching $64 per barrel and Brent crude above $67 per barrel [1] - The American Petroleum Institute reported a decrease of 11.1 million barrels in U.S. crude oil inventories last week, which, if confirmed by official data, would mark the largest weekly decline since June [4] - Concerns about potential conflicts in the Middle East, a region that accounts for about one-third of global oil production, have contributed to rising oil prices despite signs of oversupply [4] Group 2 - The energy sector in the U.S. stock market has also seen gains, with the S&P Energy sector rising by 3.24%, and notable increases in companies such as Valero Energy (VLO.US) and Marathon Oil (MPC.US) by 6% [5] - ExxonMobil (XOM.US) and Occidental Petroleum (OXY.US) saw increases of over 3%, while Chevron (CVX.US) and Devon Energy (DVN.US) rose by 2% [5] Group 3 - The geopolitical situation is further complicated by incidents such as the harassment of a U.S.-flagged tanker by Iranian vessels in the Strait of Hormuz, a critical trade route for oil and liquefied natural gas [4] - OPEC+ is expected to see a gradual increase in global oil demand starting from March or April, which may help balance market supply and demand [4]