NYSE Shariah screener · October 2026

Is Devon Energy Corporation (DVN) Halal?

PASS

Devon Energy Corporation · NYSE: DVN · Energy

The short answer

Yes -- Devon Energy Corporation (DVN) passes this Shariah stock screen. Per its own FY2025 10-K (filed February 18, 2026), Devon's principal business is the exploration, development, and production of oil, natural gas, and NGLs, concentrated in onshore areas of the U.S. -- none of the non-compliant business activities (conventional banking/lending/insurance, alcohol, gambling, pork, tobacco, weapons) apply, so the business-activity gate passes. Its financial screens pass too: $8,389M of interest-bearing debt ($998M short-term plus $7,391M long-term) is about 28.69% of its ~$29.24B market cap ($47.16, latest close retrieved October 2, 2026; 619,921,871 shares per the 10-K cover), under the ~33% ceiling; and separately disclosed interest income of $56M is about 0.33% of its $17,188M in FY2025 revenue, under the 5% ceiling. Important caveat: Devon completed an all-stock merger with Coterra Energy in May 2026 (0.70 exchange ratio), so the 10-K share count and debt figures pre-date the combined company -- Finnhub's own stated market cap is $51.24B, implying roughly 1.09B post-merger shares. Third-party screeners disagree: Zoya flags DVN Shariah-compliant, while Musaffa classifies it as not halal (October 2026) and ShariaPortfolio calls it Shariah Compliant -- reported honestly, not invented. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Devon Energy Corporation (NYSE: DVN), based in Oklahoma City, describes its principal business in its FY2025 10-K (filed February 18, 2026) as a leading independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs, concentrated in various onshore areas of the U.S. (Delaware, Eagle Ford, Anadarko, Williston, and Powder River basins). Its oil and gas exploration and production activities are solely focused in the U.S. Business screen (factual, from the filing): none of the non-compliant business activities (conventional banking/lending/insurance, alcohol, gambling, pork, tobacco, weapons) apply to an upstream oil & gas producer, and no haram segments are disclosed -- oil & gas E&P passes the AAOIFI-style business screen. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Devon's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $8,389M -- $998M short-term debt plus $7,391M long-term debt on the consolidated balance sheet (the 10-K's own narrative cites ~$8.4B of debt outstanding). Against a market cap of about $29.24B ($47.16 latest close retrieved October 2, 2026; 619,921,871 shares outstanding per the 10-K cover, as of February 4, 2026), debt divided by market cap is about 28.69%, under the ~33% ceiling. Cash, cash equivalents, and restricted cash of $1,434M are about 4.90% of market cap. Caveat: Devon completed an all-stock merger with Coterra Energy on May 7, 2026 (0.70 exchange ratio), so the 10-K share count and debt figures pre-date the combined company; Finnhub's own stated market cap of $51.24B implies roughly 1.09B post-merger shares. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Devon's FY2025 10-K income statement reports total revenues of $17,188M, and its net financing costs schedule separately discloses interest income of $56M -- about 0.33% of revenue, well under the 5% non-compliant income ceiling. Zoya independently cites the same figures ($17,188M revenue, $56M interest income = 0.33%). Gate 3 passes. Facts only.

Key figures used

Business: Devon Energy Corporation (Oklahoma City); FY2025 10-K describes it as a leading independent energy company engaged primarily in the exploration, development, and production of oil, natural gas, and NGLs, concentrated in onshore U.S. areas (Delaware, Eagle Ford, Anadarko, Williston, Powder River basins)
Gate 1: oil & gas exploration and production is not one of the non-compliant business activities -- passes; no haram segments disclosed
Debt: $8,389M interest-bearing debt ($998M short-term + $7,391M long-term) -- debt / market cap = 28.69% of ~$29.24B, under the ~33% ceiling
Cash: $1,434M cash, cash equivalents, and restricted cash (Dec 31, 2025)
Interest income: $56M (FY2025, separately disclosed in net financing costs) vs total revenue $17,188M -- = 0.33% of revenue, under the 5% ceiling
Market cap: $47.16 (latest close, retrieved Oct 2, 2026) x 619,921,871 shares outstanding (FY2025 10-K cover, as of Feb 4, 2026) = ~$29.24B
Merger caveat: all-stock merger with Coterra Energy closed May 7, 2026 (0.70 exchange ratio; Devon holders ~54%) -- the 10-K share count and debt figures pre-date the combined company; Finnhub's stated market cap of $51.24B implies ~1.09B post-merger shares
Zoya: Shariah-compliant / halal to invest in (assessment date blank, Oct 2026); Musaffa: not halal (Oct 2026, AAOIFI); ShariaPortfolio: Shariah Compliant, passes 5/5
Result: PASS -- all three gates pass; debt ratio 28.69%, non-compliant income 0.33%

Frequently asked questions

What does Devon Energy do?

Devon Energy Corporation (NYSE: DVN), based in Oklahoma City, describes itself in its FY2025 10-K as a leading independent energy company engaged primarily in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs), concentrated in various onshore areas of the United States, including the Delaware, Eagle Ford, Anadarko, Williston, and Powder River basins. Its E&P activities are solely focused in the U.S. In May 2026, Devon completed an all-stock merger with Coterra Energy (0.70 exchange ratio), with Devon holders owning about 54% of the combined company.

Why does Devon Energy pass this Shariah stock screen?

Devon passes all three gates on the filing facts. Gate 1: its core business -- upstream oil & gas exploration and production -- is not one of the non-compliant business activities under the AAOIFI-style business screen applied on this site (conventional banking/lending/insurance, alcohol, gambling, pork, tobacco, weapons), and the FY2025 10-K discloses no haram segments. Gate 2: $8,389M of interest-bearing debt ($998M short-term plus $7,391M long-term) is about 28.69% of its ~$29.24B market cap ($47.16, latest close retrieved October 2, 2026; 619,921,871 shares per the 10-K cover), under the ~33% ceiling. Gate 3: separately disclosed interest income of $56M is about 0.33% of $17,188M in FY2025 revenue, under the 5% ceiling. One caveat: the May 2026 Coterra all-stock merger post-dates the FY2025 figures, so the share count and debt pre-date the combined company. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is Devon Energy's interest-bearing debt ratio?

Per Devon's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $8,389M -- $998M of short-term debt plus $7,391M of long-term debt, matching the filing's own narrative of about $8.4B of debt outstanding. Against a market cap of about $29.24B ($47.16 latest close retrieved October 2, 2026; 619,921,871 shares outstanding per the 10-K cover, as of February 4, 2026), debt divided by market cap is about 28.69% -- under the ~33% ceiling. Cash, cash equivalents, and restricted cash of $1,434M are about 4.90% of market cap. Caveat: the May 7, 2026 Coterra all-stock merger post-dates the 10-K, so both the share count and debt figures are pre-merger; Finnhub's stated market cap of $51.24B implies roughly 1.09B post-merger shares.

What is Devon Energy's non-compliant income ratio?

Devon's FY2025 10-K income statement reports total revenues of $17,188M, and the net financing costs schedule separately discloses interest income of $56M -- about 0.33% of revenue, well under the 5% non-compliant income ceiling. Zoya independently cites the same $17,188M revenue and $56M interest income figures (0.33%). Gate 3 passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Devon Energy?

All three cover DVN and do not agree, which is reported honestly. Zoya covers DVN and states it is Shariah-compliant and therefore considered halal to invest in (the page's displayed assessment date was blank when accessed in October 2026), citing FY2025 revenue of $17,188M and interest income of $56M (0.33%). Musaffa covers DVN and classifies it as not halal as of October 2026 under its AAOIFI methodology. ShariaPortfolio covers DVN and states it is Shariah Compliant, passing 5/5 of its screened standards. This page applies the screen directly from Devon's own filings and reports these positions honestly rather than choosing one.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).