Form 8-K

8-K — DEVON ENERGY CORP/DE

Accession: 0001193125-26-206689

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001090012

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d947371d8k.htm (Primary)

EX-99.1 (d947371dex991.htm)

EX-99.2 (d947371dex992.htm)

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GRAPHIC (g947371dsp4.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d947371d8k.htm · Sequence: 1

8-K

DEVON ENERGY CORP/DE false 0001090012 0001090012 2026-05-05 2026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

Devon Energy Corporation

(Exact name of registrant as specified in its charter)

Delaware

001-32318

73-1567067

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

333 W. SHERIDAN AVE.,

Oklahoma CITY, Oklahoma

73102-5015

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (405) 235-3611

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

DVN

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On May 5, 2026, Devon Energy Corporation (the “Company”) announced its financial and operational results for the quarterly period ended March 31, 2026. In connection with this announcement, the Company provided an earnings release and certain supplemental financial information (including guidance and hedging information). Copies of these documents are furnished as Exhibits 99.1 and 99.2, respectively, to this report and, along with certain other materials, will be available on the Company’s website at www.devonenergy.com.

The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description of Exhibits

99.1

Earnings release, dated May 5, 2026.

99.2

Supplemental financial information (including guidance and hedging information).

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DEVON ENERGY CORPORATION

By:

/s/ Jeffrey L. Ritenour

Jeffrey L. Ritenour

Executive Vice President and Chief Financial Officer

Date: May 5, 2026

EX-99.1

Filename: d947371dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK 73102-5015

Devon Energy Reports First-Quarter 2026 Results

OKLAHOMA CITY – May 5, 2026 – Devon Energy Corp. (NYSE: DVN) today reports first-quarter 2026 results. Supplemental

financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL &

OPERATIONAL HIGHLIGHTS

•

Production Outperformance: Averaged 387,000 barrels of oil production per day in the first quarter,

reaching the top-end of guidance

•

Disciplined Cost Management: Invested $848 million of capital in the first quarter, 6 percent

below midpoint guidance

•

Business Optimization Success: Projected to reach 100 percent of the $1 billion annual pre-tax free cash flow improvement target well ahead of schedule, providing a strong foundation ahead of merger close

•

Robust Cash Generation: Operations generated $1.7 billion of operating cash flow and

$816 million of free cash flow during the first quarter

•

Accelerated Shareholder Returns: Repurchased $69 million of shares during the first quarter.

Announced plans for a new share repurchase authorization in excess of $5 billion and an increase to the quarterly fixed dividend, both following the closing of the Coterra merger and subject to Board approval

•

Merger Progress: Both Devon and Coterra shareholders approved the transformative merger on May 4,

2026, with the transaction expected to close on or around May 7, 2026

CEO COMMENTARY

“Devon delivered another strong quarter in the first quarter of 2026, beating guidance across major value drivers, including oil production and

capital,” said Clay Gaspar, president and CEO. “Our relentless focus on operational excellence and cost discipline continues to drive significant free cash flow and meaningful returns to shareholders. We are also on track to achieve a

significant milestone with the full delivery of our $1 billion business optimization target well ahead of schedule, further strengthening our future margins and positioning Devon for long-term success as we head into the close of our

transformative merger with Coterra.”

“With the overwhelming support of both companies’ shareholders, we have cleared a major milestone

and are excited to move toward closing this transformative merger with Coterra Energy,” Gaspar added. “As we bring these two organizations together, we are confident in our ability to unlock significant synergies, accelerate free cash

flow growth, and deliver enhanced returns to shareholders of the combined company.”

STRATEGIC MERGER WITH COTERRA ENERGY

On Feb. 2, 2026, Devon announced that it had entered into an agreement to combine in an all-stock merger with Coterra

Energy.

The combination will create one of the largest shale operators in the world with an asset base anchored by a premier position in the economic core

of the Delaware Basin. The go-forward company, to be named Devon Energy, is expected to unlock substantial value for shareholders by leveraging enhanced scale to improve margins, increase free cash flow, and

accelerate cash returns through the capture of $1.0 billion in sustainable annual pre-tax synergies, expected to be fully achieved by year-end 2027.

Shareholders of both companies approved the transaction on May 4, 2026, and the merger is expected to close on or around May 7, 2026. Upon

completion of the transaction, Devon shareholders will own approximately 54 percent of the combined company and Coterra shareholders will own approximately 46 percent of the combined company on a fully diluted basis.

FINANCIAL RESULTS

Devon reported net earnings of

$120 million, or $0.19 per diluted share, in the first quarter of 2026. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $641 million, or $1.04 per diluted share.

Devon’s operating cash flow totaled $1.7 billion in the first quarter. The company funded its

capital requirements and had $816 million in free cash flow for the quarter.

At the end of the first quarter, Devon had a cash balance of

$1.8 billion and an undrawn credit facility of $3.0 billion. Outstanding debt totaled $8.4 billion and the company’s net debt-to-EBITDAX ratio was

0.9 times.

RETURN OF CAPITAL

Devon has not yet

declared a quarterly dividend during the second quarter due to the pending merger with Coterra Energy. Following the closing of the merger and subject to Board approval, the company expects to declare a quarterly dividend for the second quarter of

$0.315 per share.

The company returned capital to shareholders through the ongoing execution of its $5.0 billion share repurchase program. During

the first quarter, Devon repurchased shares for $69 million. In connection with the pending merger with Coterra Energy, the company has suspended share repurchasing activity through the expected closing.

Following the closing of the merger with Coterra Energy, the company expects to establish a new share repurchase authorization in excess of $5 billion,

subject to Board approval.

OPERATING RESULTS

Devon’s capital activity in the first quarter averaged 19 operated drilling rigs and 6 completion crews across its asset portfolio. This level of

activity resulted in 110 gross operated wells being placed online, with an average lateral length of 10,500 feet. Capital investment, excluding acquisition capital, was $848 million, or 6 percent below guidance. This positive variance was

primarily attributable to effective cost management and timing of facility spend. The company also completed $151 million in leasehold acquisitions, primarily in the Delaware Basin, across its portfolio.

Production averaged 833,000 Boe per day in the first quarter, in line with guidance. Oil totaled 387,000 barrels per day in the quarter, which was

46 percent of total volume and at the top-end of the company’s guidance.

Underpinning these results is

the continued strong progress in advancing the company’s business optimization plan. With strong momentum established, the company expects to fully achieve its $1 billion annual pre-tax free cash

flow improvement target well ahead of schedule with the upcoming repayment of the $1 billion term loan. These actions will continue to strengthen margins and maximize capital efficiency across Devon’s assets.

Q2 2026 OUTLOOK

On a Devon standalone basis, production

in the second quarter of 2026 is expected to average 851,000 to 868,000 Boe per day (46 percent oil). Capital spending in the second quarter is expected to be approximately $900 million.

Given the expected closing of the merger with Coterra Energy, the company is not providing full-year 2026 guidance at this time. Guidance for the combined

entity will be provided in mid-June 2026.

Additional details of Devon’s forward-looking guidance are

available on the company’s website at www.devonenergy.com.

CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS MATERIALS

Also provided with today’s release is the company’s earnings presentation that is available on the company’s website at

www.devonenergy.com. The company’s first-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on May 6, 2026, and will serve primarily as a forum for analyst and investor questions and answers.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas

producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and

return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

Investor Contact

Media Contact

investor.relations@dvn.com

Michelle Hindmarch

405-228-4450

405-552-7460

NON-GAAP DISCLOSURES

This press release includes non-GAAP (generally accepted accounting principles) financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of results as

reported under GAAP. Reconciliations of these non-GAAP measures and other disclosures are provided within the supplemental financial tables that are available on the company’s website and in the related

Form 10-Q filed with the Securities and Exchange Commission (the “SEC”).

FORWARD LOOKING

STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements

include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,”

“will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,”

“estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements,

other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are

subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited

to: the volatility of oil, gas and NGL prices, including from changes in trade relations and policies, such as the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries; uncertainties

inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations; risks related to our hedging activities; our

limited control over third parties who operate some of our oil and gas properties and investments; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure;

competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy; regulatory restrictions, compliance costs and other risks relating to

governmental regulation, including with respect to federal lands, environmental matters, water disposal and tax matters; climate change and risks related to regulatory, social and market efforts to address climate change; risks relating to our

sustainability initiatives; claims, audits and other proceedings impacting our business, including with respect to historic and legacy operations; governmental interventions in energy markets; counterparty credit risks; risks relating to our

indebtedness; cybersecurity risks; risks associated with artificial intelligence and other emerging technologies; the extent to which insurance covers any losses we may experience; risks related to shareholder activism; our ability to successfully

complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; risks related to the merger with Coterra, including restrictions on our operations during the pendency of the merger, litigation risk, the risk

that the merger agreement may be terminated and the risk that we may not realize the anticipated benefits of the merger or successfully integrate the two companies; the risk that we are unable to successfully maintain the cost savings or other

improvements contemplated by the business optimization plan; commodity prices, cost structures and the other assumptions underlying our forecasted value uplift from the business optimization plan could differ materially from actual results; and any

of the other risks and uncertainties discussed in Devon’s 2025 Annual Report on Form 10-K (the “2025 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s

current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2025 Form 10-K and in other

documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2025 Form

10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in

their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

EX-99.2

Filename: d947371dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Devon Energy First-Quarter 2026

Supplemental Tables

TABLE OF CONTENTS:

PAGE:

Consolidated Statements of Earnings

Supplemental Information for Consolidated Statements of Earnings

Consolidated Balance Sheets

Consolidated Statements of Cash Flows

Production

Capital Expenditures and Supplemental Information for Capital Expenditures

Realized Pricing

Asset Margins

Core Earnings

EBITDAX

Net Debt, Net

Debt-to-EBITDAX, Free Cash Flow and Reinvestment Rate

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share amounts)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil, gas and NGL sales

2,977

2,578

2,809

2,710

3,126

Oil, gas and NGL derivatives (1)

(701

)

184

236

(98

)

Marketing and midstream revenues

1,531

1,359

1,442

1,338

1,424

Total revenues

3,807

4,121

4,331

4,284

4,452

Production expenses (2)

894

861

895

899

912

Exploration expenses

Marketing and midstream expenses

1,547

1,389

1,453

1,357

1,436

Depreciation, depletion and amortization

904

890

879

914

912

Asset impairments

—

254

Asset dispositions

)

(37

)

(307

)

General and administrative expenses

125

135

114

113

130

Financing costs, net (3)

109

107

109

116

123

Restructuring and transaction costs

—

Other, net

(12

)

(11

)

Total expenses

3,641

3,374

3,419

3,123

3,806

Earnings before income taxes

166

747

912

1,161

646

Income tax expense (4)

185

219

244

137

Net earnings

120

562

693

917

509

Net earnings attributable to noncontrolling interests

—

Net earnings attributable to Devon

120

562

687

899

494

Net earnings per share:

Basic net earnings per share

0.19

0.91

1.09

1.42

0.77

Diluted net earnings per share

0.19

0.90

1.09

1.41

0.77

Weighted average common shares outstanding:

Basic

616

621

628

635

643

Diluted

618

622

629

636

645

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

(1)

OIL, GAS AND NGL DERIVATIVES

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Derivative cash settlements

(57

)

125

(10

)

Derivative valuation changes

(644

)

169

(88

)

Oil, gas and NGL derivatives

(701

)

184

236

(98

)

(2) PRODUCTION EXPENSES

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Lease operating expense

486

479

481

483

479

Gathering, processing & transportation

191

195

213

219

204

Production taxes

205

172

184

180

212

Property taxes

Production expenses

894

861

895

899

912

(3) FINANCING COSTS, NET

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Interest based on debt outstanding

118

119

125

126

127

Interest income

(14

)

(14

)

(18

)

(14

)

(10

)

Other

Financing costs, net

109

107

109

116

123

(4) INCOME TAX EXPENSE

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Current expense (benefit) (1)

(188

)

(44

)

226

Deferred expense

234

162

263

Income tax expense

185

219

244

137

(1)

Reflects the impact of new tax guidance released in the first quarter of 2026 which established a new

adjustment to the corporate alternative minimum tax associated with the amortization of research costs beginning in 2025 under the One Big Beautiful Bill Act transition rule.

CONSOLIDATED BALANCE SHEETS

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Current assets:

Cash, cash equivalents and restricted cash

1,815

1,434

1,278

1,759

1,234

Accounts receivable

2,250

1,792

1,835

1,853

2,036

Inventory

319

336

361

327

332

Other current assets

378

444

393

384

303

Total current assets

4,762

4,006

3,867

4,323

3,905

Oil and gas property and equipment, based on successful efforts accounting, net

23,912

23,731

23,591

23,428

23,429

Other property and equipment, net

1,686

1,688

1,698

1,687

1,653

Total property and equipment, net

25,598

25,419

25,289

25,115

25,082

Goodwill

753

Right-of-use

assets

312

299

247

185

127

Investments

715

727

679

640

713

Other long-term assets

403

395

386

374

348

Total assets

32,543

31,599

31,221

31,390

30,928

Current liabilities:

Accounts payable

975

790

934

885

923

Revenues and royalties payable

1,678

1,491

1,464

1,440

1,588

Short-term debt

999

998

485

Other current liabilities

1,082

807

646

727

622

Total current liabilities

4,734

4,086

4,042

3,537

3,618

Long-term debt

7,387

7,391

7,393

8,393

8,395

Lease liabilities

206

197

158

113

Asset retirement obligations

986

863

850

839

835

Other long-term liabilities

940

907

962

1,008

1,041

Deferred income taxes

2,862

2,627

2,466

2,208

2,189

Stockholders’ equity:

Common stock

Additional paid-in capital

5,316

5,388

5,618

5,864

6,096

Retained earnings

10,171

10,200

9,788

9,252

8,506

Accumulated other comprehensive loss

(121

)

(122

)

(119

)

(120

)

(121

)

Total stockholders’ equity attributable to Devon

15,428

15,528

15,350

15,060

14,545

Noncontrolling interests

—

232

228

Total equity

15,428

15,528

15,350

15,292

14,773

Total liabilities and equity

32,543

31,599

31,221

31,390

30,928

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Cash flows from operating activities:

Net earnings

120

562

693

917

509

Adjustments to reconcile net earnings to net cash from operating activities:

Depreciation, depletion and amortization

904

890

879

914

912

Asset impairments

—

254

Leasehold impairments

)

Accretion of liabilities

Total (gains) losses on commodity derivatives

701

(184

)

(80

)

(236

)

Cash settlements on commodity derivatives

(57

)

125

(10

)

(Gains) losses on asset dispositions

)

(37

)

(307

)

Deferred income tax expense

234

162

263

Share-based compensation

Other

)

(45

)

(22

)

Changes in assets and liabilities, net

(299

)

(38

)

(62

)

134

117

Net cash from operating activities

1,655

1,534

1,690

1,545

1,942

Cash flows from investing activities:

Capital expenditures

(839

)

(832

)

(870

)

(956

)

(934

)

Acquisitions of property and equipment

(190

)

(101

)

(197

)

(16

)

Divestitures of property and equipment and investments

372

133

Distributions from investments

Contributions to investments and other

)

(50

)

Net cash from investing activities

(1,020

)

(970

)

(1,024

)

(597

)

(802

)

Cash flows from financing activities:

Repayments of long-term debt

—

(485

)

—

Repurchases of common stock

(69

)

(250

)

(250

)

(249

)

(301

)

Dividends paid on common stock

(155

)

(149

)

(151

)

(156

)

(163

)

Contributions from noncontrolling interests

—

Distributions to noncontrolling interests

—

(14

)

Acquisition of noncontrolling interests

—

(260

)

—

Repayment of finance leases

)

—

(274

)

Shares exchanged for tax withholdings and other

(27

)

—

)

(19

)

Net cash from financing activities

(254

)

(407

)

(1,147

)

(424

)

(752

)

Effect of exchange rate changes on cash

—

)

—

Net change in cash, cash equivalents and restricted cash

381

156

(481

)

525

388

Cash, cash equivalents and restricted cash at beginning of period

1,434

1,278

1,759

1,234

846

Cash, cash equivalents and restricted cash at end of period

1,815

1,434

1,278

1,759

1,234

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

1,763

1,384

1,229

1,713

1,198

Restricted cash

Total cash, cash equivalents and restricted cash

1,815

1,434

1,278

1,759

1,234

PRODUCTION

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil (MBbls/d)

Delaware Basin

225

234

223

228

216

Rockies

103

102

111

104

112

Eagle Ford

Anadarko Basin

Other

Total

387

390

387

388

Natural gas liquids (MBbls/d)

Delaware Basin

137

146

134

133

118

Rockies

Eagle Ford

Anadarko Basin

Other

—

Total

218

231

228

222

203

Gas (MMcf/d)

Delaware Basin

831

848

834

823

744

Rockies

230

234

245

228

233

Eagle Ford

117

Anadarko Basin

235

246

261

274

252

Other

—

Total

1,373

1,385

1,410

1,388

1,346

Total oil equivalent (MBoe/d)

Delaware Basin

501

521

496

498

458

Rockies

187

192

205

189

195

Eagle Ford

Anadarko Basin

Other

Total

833

851

853

841

815

CAPITAL EXPENDITURES

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

451

454

465

482

502

Rockies

218

231

191

228

216

Eagle Ford

120

137

141

122

156

Anadarko Basin

Other

Total upstream capital

828

856

823

879

923

Midstream and Corporate

Capital expenditures

848

883

859

932

964

Acquisitions

151

141

197

Total capital

999

1,024

1,056

948

972

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

Rockies

Eagle Ford

Anadarko Basin

Total

103

100

115

113

132

GROSS OPERATED WELLS TIED-IN

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

Rockies

Eagle Ford

Anadarko Basin

—

Total

110

102

110

136

NET OPERATED WELLS TIED-IN

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

Rockies

Eagle Ford

Anadarko Basin

—

Total

AVERAGE LATERAL LENGTH

(based on wells tied-in)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

11,000’

11,800’

11,100’

10,500’

10,300’

Rockies

12,500’

11,600’

13,000’

12,300’

12,200’

Eagle Ford

7,000’

5,900’

7,200’

8,200’

7,800’

Anadarko Basin

—

10,100’

10,000’

12,500’

Total

10,500’

10,200’

10,300’

10,700’

REALIZED PRICING

BENCHMARK PRICES

(average prices)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil ($/Bbl) - West Texas Intermediate (Cushing)

72.10

59.09

64.92

63.95

71.50

Natural Gas ($/Mcf) - Henry Hub

5.05

3.55

3.07

3.44

3.65

NGL ($/Bbl) - Mont Belvieu Blended

24.86

23.67

24.25

25.58

29.65

REALIZED

PRICES

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil (Per Bbl)

Delaware Basin

70.89

57.94

63.89

62.60

70.28

Rockies

67.14

54.99

61.14

59.05

66.40

Eagle Ford

68.98

58.18

64.87

63.14

69.85

Anadarko Basin

70.24

57.46

63.68

62.09

71.15

Realized price without hedges

69.66

57.19

63.21

61.70

69.13

Cash settlements

(1.72

)

2.47

0.78

1.27

0.02

Realized price, including cash settlements

67.94

59.66

63.99

62.97

69.15

Natural gas liquids (Per Bbl)

Delaware Basin

19.60

18.42

18.25

19.10

22.76

Rockies

7.83

9.02

10.26

9.27

14.72

Eagle Ford

24.54

22.28

22.85

23.03

28.65

Anadarko Basin

23.23

21.50

20.94

22.41

26.91

Realized price without hedges

17.80

16.86

17.01

17.71

22.03

Cash settlements

—

0.23

0.17

0.11

(0.10

)

Realized price, including cash settlements

17.80

17.09

17.18

17.82

21.93

Gas (Per Mcf)

Delaware Basin

0.73

0.96

1.50

1.34

2.47

Rockies

1.80

0.33

(0.42

)

(0.50

)

1.48

Eagle Ford

4.01

3.14

2.78

3.01

3.36

Anadarko Basin

4.03

3.13

2.57

2.86

3.42

Realized price without hedges

1.66

1.33

1.43

1.41

2.55

Cash settlements

0.02

0.25

0.15

(0.07

)

Realized price, including cash settlements

1.68

1.58

1.56

2.48

Total oil equivalent (Per Boe)

Delaware Basin

38.44

32.72

36.18

35.92

43.00

Rockies

41.18

32.04

35.33

34.29

43.29

Eagle Ford

53.11

45.82

48.85

48.32

49.75

Anadarko Basin

31.29

25.62

23.97

25.28

29.96

Realized price without hedges

39.70

32.92

35.82

35.43

42.58

Cash settlements

(0.76

)

1.60

0.64

0.87

(0.13

)

Realized price, including cash settlements

38.94

34.52

36.46

36.30

42.45

ASSET MARGINS

BENCHMARK PRICES

(average prices)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil ($/Bbl) - West Texas Intermediate (Cushing)

72.10

59.09

64.92

63.95

71.50

Natural Gas ($/Mcf) - Henry Hub

5.05

3.55

3.07

3.44

3.65

NGL ($/Bbl) - Mont Belvieu Blended

24.86

23.67

24.25

25.58

29.65

PER-UNIT CASH MARGIN BY ASSET (per Boe)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

Realized price

38.44

32.72

36.18

35.92

43.00

Lease operating expenses

(5.19

)

(5.11

)

(5.38

)

(5.54

)

(5.74

)

Gathering, processing & transportation

(2.57

)

(2.57

)

(2.94

)

(3.17

)

(3.00

)

Production & property taxes

(2.91

)

(2.44

)

(2.52

)

(2.63

)

(3.13

)

Field-level cash margin

27.77

22.60

25.34

24.58

31.13

Rockies

Realized price

41.18

32.04

35.33

34.29

43.29

Lease operating expenses

(10.02

)

(9.05

)

(8.27

)

(9.13

)

(9.31

)

Gathering, processing & transportation

(1.04

)

(1.03

)

(0.99

)

(0.86

)

(1.14

)

Production & property taxes

(3.32

)

(2.64

)

(3.04

)

(2.85

)

(3.83

)

Field-level cash margin

26.80

19.32

23.03

21.45

29.01

Eagle Ford

Realized price

53.11

45.82

48.85

48.32

49.75

Lease operating expenses

(7.98

)

(7.90

)

(7.83

)

(7.52

)

(6.65

)

Gathering, processing & transportation

(2.14

)

(1.98

)

(2.27

)

(1.94

)

(2.47

)

Production & property taxes

(2.81

)

(2.43

)

(2.89

)

(3.02

)

(2.65

)

Field-level cash margin

40.18

33.51

35.86

35.84

37.98

Anadarko Basin

Realized price

31.29

25.62

23.97

25.28

29.96

Lease operating expenses

(3.76

)

(3.19

)

(3.25

)

(2.98

)

(3.20

)

Gathering, processing & transportation

(6.64

)

(6.19

)

(5.98

)

(6.13

)

(6.01

)

Production & property taxes

(1.71

)

(1.22

)

(1.30

)

(1.32

)

(1.62

)

Field-level cash margin

19.18

15.02

13.44

14.85

19.13

Devon - Total

Realized price

39.70

32.92

35.82

35.43

42.58

Lease operating expenses

(6.48

)

(6.11

)

(6.14

)

(6.31

)

(6.53

)

Gathering, processing & transportation

(2.54

)

(2.49

)

(2.71

)

(2.86

)

(2.78

)

Production & property taxes

(2.90

)

(2.39

)

(2.56

)

(2.58

)

(3.11

)

Field-level cash margin

27.78

21.93

24.41

23.68

30.16

NON-GAAP MEASURES

(all monetary values in millions, except

per share amounts)

Devon’s earnings materials include non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as

reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in the earnings materials, including reconciliations to their most directly comparable GAAP measure.

The earnings materials may include forward-looking non-GAAP measures. The company is unable to provide reconciliations

of these forward-looking non-GAAP measures, because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, the timing of changes in capital accruals,

unknown future events and estimating certain future GAAP measures. The inability to reliably quantify certain components of the calculation would significantly affect the usefulness and accuracy of a reconciliation.

CORE EARNINGS

Devon’s reported net earnings

include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings and core earnings per

share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following table summarizes the effects of these items on first-quarter 2026 and fourth-quarter

2025 earnings.

Quarter Ended March 31, 2026

Before-tax

After-tax

After NCI

Per Diluted

Total

Earnings (GAAP)

166

120

0.19

Adjustments:

Asset dispositions

—

Asset and exploration impairments

0.01

Fair value changes in financial instruments

644

499

0.81

Restructuring and transaction costs

0.03

Core earnings (Non-GAAP)

832

641

1.04

Quarter Ended December 31, 2025

Before-tax

After-tax

After NCI

Per Diluted

Total

Earnings (GAAP)

747

562

0.90

Adjustments:

Asset dispositions

)

—

Asset and exploration impairments

—

Change in tax legislation

—

)

(0.01

)

Fair value changes in financial instruments

(59

)

(47

)

(47

)

(0.07

)

Restructuring and transaction costs

—

Core earnings (Non-GAAP)

688

510

0.82

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings

before financing costs, net; income tax expense; exploration expenses; depreciation, depletion and amortization; asset impairments; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; restructuring and transaction costs; accretion on discounted liabilities; and other items not related to normal operations. EBITDAX as defined by

Devon may not be comparable to similarly titled measures used by other companies.

Q1 ‘26

Q4 ‘25

Q3 ‘25

Q2 ‘25

TTM

Q1 ‘25

Net earnings (GAAP)

120

562

693

917

2,292

509

Financing costs, net

109

107

109

116

441

123

Income tax expense

185

219

244

694

137

Exploration expenses

Depreciation, depletion and amortization

904

890

879

914

3,587

912

Asset impairments

—

254

Asset dispositions

)

(37

)

(307

)

(344

)

Share-based compensation

Derivative & financial instrument non-cash val.

changes

644

(59

)

(30

)

(169

)

386

Restructuring and transaction costs

—

Accretion on discounted liabilities and other

(12

)

(11

)

EBITDAX (Non-GAAP)

1,907

1,699

1,860

1,768

7,234

2,086

NET DEBT

Devon defines net debt as debt (includes short-term and long-term debt) less cash, cash equivalents and restricted cash. Devon believes that netting these

sources of cash against debt provides a clearer picture of the future demands on cash from Devon to repay debt.

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Total debt (GAAP)

8,386

8,389

8,391

8,878

8,880

Less:

Cash, cash equivalents and restricted cash

(1,815

)

(1,434

)

(1,278

)

(1,759

)

(1,234

)

Net debt (Non-GAAP)

6,571

6,955

7,113

7,119

7,646

NET DEBT-TO-EBITDAX

Devon defines net debt-to-EBITDAX as net debt divided by an annualized EBITDAX

measure. Devon believes this ratio provides information useful to investors in assessing the company’s credit position and debt leverage.

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Net debt (Non-GAAP)

6,571

6,955

7,113

7,119

7,646

EBITDAX (Non-GAAP) (1)

7,234

7,413

7,845

7,838

8,034

Net

debt-to-EBITDAX (Non-GAAP)

0.9

1.0

(1)

EBITDAX is an annualized measure using a trailing twelve-month calculation.

FREE CASH FLOW

Devon defines free cash flow as total

operating cash flow less capital expenditures. Devon believes free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Total operating cash flow (GAAP)

1,655

1,534

1,690

1,545

1,942

Less capital expenditures (Excluding acquisitions):

(839

)

(832

)

(870

)

(956

)

(934

)

Free cash flow (Non-GAAP)

816

702

820

589

1,008

REINVESTMENT RATE

Devon

defines reinvestment rate as accrued capital expenditures divided by operating cash flow. Devon believes this measure provides useful information to our investors as an indicator of the capital demands of our business relative to the cash flow

generated from normal business operations.

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Capital expenditures (Accrued)

999

1,024

1,056

948

972

Operating cash flow

1,655

1,534

1,690

1,545

1,942

Reinvestment rate (Non-GAAP)

SECOND-QUARTER 2026 GUIDANCE

Note: Devon’s second-quarter 2026 guidance reflects standalone Devon operations. Full-year guidance

for the combined entity will be provided in mid-June 2026.

PRODUCTION GUIDANCE

Quarter 2

Low

High

Oil (MBbls/d)

389

395

Natural gas liquids (MBbls/d)

230

235

Gas (MMcf/d)

1,390

1,430

Total oil equivalent (MBoe/d)

851

868

CAPITAL EXPENDITURES GUIDANCE

Quarter 2

(in millions)

Low

High

Upstream capital

860

900

Midstream and other capital

Total capital

875

925

PRICE REALIZATIONS GUIDANCE

Quarter 2

Low

High

Oil - % of WTI

NGL - % of WTI

Natural gas - % of Henry Hub

OTHER GUIDANCE ITEMS

Quarter 2

($ millions, except Boe and %)

Low

High

Marketing and midstream operating profit

(20

)

(10

)

LOE and GP&T per BOE

8.30

8.70

Production and property taxes as % of upstream sales

7.0

7.5

Exploration expenses

—

Depreciation, depletion and amortization

940

990

General and administrative expenses

115

130

Financing costs, net

100

Other expenses

—

INCOME TAX GUIDANCE

Quarter 2

(% of pre-tax earnings)

Low

High

Current income tax rate (1)

Deferred income tax rate

Total income tax rate

~22%

(1)

Devon recognized a one-time current tax benefit of approximately

$218 million in Q1 2026 related to new tax guidance under the One Big Beautiful Bill Act. With that benefit pulled into Q1 and higher oil pricing, Q2’s 2026 current tax rate reflects a normalized

go-forward run-rate.

2026 & 2027 HEDGING POSITIONS

Oil Commodity Hedges

Three Way Collars

Period

Volume (Bbls/d)

Weighted

Average Floor

Sold Price

($/Bbl)

Weighted

Average Floor

Purchased Price

($/Bbl)

Weighted

Average Ceiling

Price ($/Bbl)

Q2 2026

100,000

49.86

60.11

72.07

Q3-Q4 2026

113,000

49.36

59.36

70.85

Q1-Q4 2027

37,397

45.78

55.78

71.89

Oil Basis Swaps

Period

Index

Volume (Bbls/d)

Weighted Average

Differential to WTI

($/Bbl)

Q2-Q4 2026

Midland Sweet

46,000

1.10

Q2 2026

WTI/Brent

9,890

(5.54

)

Q3-Q4 2026

WTI/Brent

8,000

(5.66

)

Q2 2026

NYMEX Roll

76,044

0.22

Q3-Q4 2026

NYMEX Roll

91,000

1.66

Q1-Q4 2027

Midland Sweet

46,000

1.00

Q1-Q4 2027

Magellan East Houston

20,000

1.77

Natural Gas Commodity Hedges - Henry Hub

Price Swaps

Price Collars

Period

Volume (MMBtu/d)

Weighted

Average Price

($/MMBtu)

Volume

(MMBtu/d)

Weighted

Average Floor

Price ($/MMBtu)

Weighted

Average Ceiling

Price

($/MMBtu)

Q2 2026-Q4 2026

247,500

3.80

230,000

3.26

4.90

Q1 2027-Q4 2027

—

90,000

3.50

4.31

Natural Gas Basis Swaps

Period

Index

Volume (MMBtu/d)

Weighted Average

Differential to Henry

Hub ($/MMBtu)

Q2–Q4 2026

Houston Ship Channel

50,000

(0.29

)

Q2–Q4 2026

WAHA

150,000

(1.79

)

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price.

Devon’s natural gas derivatives settle against the Inside FERC first of the month Henry Hub index. Devon’s NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Commodity hedge positions are shown

as of March 31, 2026.

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Document and Entity Information

May 05, 2026

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Entity Registrant Name

DEVON ENERGY CORP/DE

Entity Incorporation State Country Code

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333 W. SHERIDAN AVE.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

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Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

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Data Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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Namespace Prefix:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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