DEVON ENERGY CORP

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. Founded in 1971 and publicly held since 1988, Devon operates exclusively onshore in the United States with a portfolio concentrated across four major producing regions: the Delaware Basin, the Rockies (including the Williston Basin and Powder River Basin), the Eagle Ford, and the Anadarko Basin. The company maintains its corporate presence at www.devonenergy.com.

The Delaware Basin represents Devon's largest and most active program, offering exploration and low-risk development opportunities across multiple geologic formations including the Wolfcamp, Bone Spring, Avalon and Delaware. The Rockies operations focus on oil-weighted basins with deep inventories of high-margin opportunities, particularly in the Bakken and Three Forks formations of the Williston Basin and emerging light-oil opportunities in the Powder River Basin. The Eagle Ford operations in south Texas provide oil-weighted production with access to premium Gulf Coast pricing, while the Anadarko Basin development in western Oklahoma offers substantial long-term inventory optionality.

As of December 31, 2025, Devon operated approximately 7,785 gross wells across its portfolio and held approximately 2.4 million net acres, with roughly 1.6 million acres held by production. The company employed approximately 2,200 employees, all located in the United States. During 2025, Devon completed 336.6 net wells and produced 307 million barrels of oil equivalent, comprising 142 million barrels of oil, 505 billion cubic feet of natural gas, and 81 million barrels of natural gas liquids.

Devon's business strategy emphasizes delivering competitive shareholder returns through capital-efficient cash flow growth, operating excellence, maintaining financial strength and flexibility, and cultivating innovation. The company prioritizes environmental stewardship and sustainability, having established greenhouse gas and methane reduction targets calculated from a 2019 baseline and investing approximately $100 million annually in capital projects targeting emissions reduction. Devon maintains a strong compliance culture centered on ethical conduct and has integrated environmental, social and governance considerations throughout its operations and compensation structures.