DEVON ENERGY CORPDE

We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States. Our operations are currently focused in five core areas: the Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin and Powder River Basin. Our asset base is underpinned by premium acreage in the economic core of the Delaware Basin and our diverse, top-tier resource plays provide a deep inventory of opportunities for years to come.

We remain focused on building economic value by executing on our strategic priorities of moderating production growth, emphasizing capital and operational efficiencies, optimizing reinvestment rates to maximize free cash flow, maintaining low leverage, delivering cash returns to our shareholders and pursuing ESG excellence. Our recent performance highlights for these priorities include the following items for the first quarter of 2024:

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Oil production totaled 319 MBbls/d, exceeding our plan by 4%.

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As of March 31, 2024, completed approximately 83% of our authorized $3.0 billion share repurchase program, with approximately 49.5 million of our common shares repurchased for approximately $2.5 billion, or $50.37 per share since inception of the plan.

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Exited with $4.1 billion of liquidity, including $1.1 billion of cash.

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Generated $1.7 billion of operating cash flow and $6.6 billion for the past twelve trailing months.

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Increased our fixed dividend 10% to $0.22 per share.

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Including variable dividends, paid dividends of $299 million and have declared approximately $221 million of dividends to be paid in the second quarter of 2024.

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Earnings attributable to Devon were $596 million, or $0.94 per diluted share.

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Core earnings (Non-GAAP) were $730 million, or $1.16 per diluted share.

We remain committed to capital discipline and delivering the objectives that underpin our current plan. Those objectives prioritize value creation through moderated capital investment and production growth, particularly with a view of the volatility in commodity prices, supply chain constraints and the economic uncertainty arising from inflation and geopolitical events. Our cash-return objectives remain focused on opportunistic share repurchases, funding our fixed and variable dividends, repaying debt at upcoming maturities and building cash balances.