Devon Energy (NYSE: DVN) grows cash flow and output in Q2 2026

Rhea-AI Filing Summary

Devon Energy Corporation reported strong second-quarter 2026 results, its first quarter as a combined company after the May 7 Coterra merger. Net earnings were $1.9 billion, or $2.03 per diluted share, with core earnings of $1.5 billion, or $1.57 per diluted share. Total revenues reached $7.4 billion, and operating cash flow was $3.7 billion, generating $1.7 billion of adjusted free cash flow.

Production averaged 1,359,000 Boe/d, with oil at 503,000 barrels/d, both at the top end of guidance. Capital expenditures were $1,269 million, about 2% below guidance, while Devon acquired 16,300 net acres in a New Mexico federal lease sale for $2.6 billion, adding roughly 400 high-quality locations.

Devon retired $250 million of senior notes and $250 million of term debt during the quarter and later paid down another $750 million, ending with $11.4 billion of debt and $1.0 billion of cash. It returned capital via a $0.32 quarterly dividend (33% higher post-merger) totaling $366 million and repurchased 4.3 million shares for $197 million under a new $8.0 billion buyback authorization. Management targets at least $1.0 billion of annual pre-tax run-rate synergies by year-end 2027 and reaffirmed full-year 2026 guidance.

Filing Explained

As of June 30, Devon reported $10,379 million of net debt and a quantified Q3/full-year operating and capital-spending outlook.

Devon Energy used this Form 8-K, which reports specified material events, to announce second-quarter results for the period ended June 30, 2026 and furnish its earnings release and supplemental financial information. The current state is a completed quarterly report, with the structural update centered on Devon’s post-merger financial position and stated outlook.

The exhibits are furnished rather than filed for Exchange Act purposes, and the company says they are not incorporated by reference into other filings unless a filing specifically does so.

Devon defines net debt as total debt less cash, cash equivalents and restricted cash; at quarter-end, it reported total debt of $11,388 million, cash and restricted cash of $1,009 million, net debt of $10,379 million, and net debt-to-EBITDAX of 1.2.

The supplemental outlook specifies third-quarter production of 1,660,000 to 1,690,000 Boe per day and capital spending of $1,400 million to $1,500 million. Full-year ranges are 1,364,000 to 1,398,000 Boe per day and $4,800 million to $5,000 million, respectively.

The filing states that Devon has no outstanding debt maturities until the second quarter of 2027 and that its commodity-hedge positions are shown as of June 30, 2026, providing the dated items to update in later reports.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenues: $7,417 million Net earnings: $1,911 million Core earnings per share: $1.57 per diluted share +5 more

8 metrics

Total revenues $7,417 million Quarter 2 2026 total revenues from oil, gas, NGL and midstream

Net earnings $1,911 million Quarter 2 2026 net earnings attributable to Devon

Core earnings per share $1.57 per diluted share Quarter ended June 30, 2026 non-GAAP core EPS

Operating cash flow $3,674 million Quarter 2 2026 net cash from operating activities

Adjusted free cash flow $1,655 million Quarter 2 2026 adjusted free cash flow (Non-GAAP)

Total production 1,359,000 Boe per day Average production in Quarter 2 2026 across all assets

Capital expenditures $1,269 million Quarter 2 2026 capital expenditures, 2% below guidance midpoint

Share repurchases 4.3 million shares for $197 million Quarter 2 2026 repurchases under $8.0 billion authorization

Key Terms

adjusted free cash flow, core earnings, EBITDAX, Net Revenue Interest, +2 more

6 terms

adjusted free cash flow financial

"The company funded its capital requirements and had $1.7 billion in adjusted free cash flow for the quarter"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

core earnings financial

"the company’s core earnings were $1.5 billion, or $1.57 per diluted share"

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

EBITDAX financial

"Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods"

EBITDAX is a measure of a company's operating profit that adds back interest, taxes, depreciation, amortization and exploration costs to net income. Think of it as the cash-generating power of a business before financing, tax effects, non-cash accounting charges and the variable cost of searching for new reserves—useful for comparing companies whose exploration spending or accounting treatments differ. Investors use it to assess core operating performance and short-term cash flow potential without those distortions.

Net Revenue Interest financial

"adding approximately 400 top-tier, 87.5% Net Revenue Interest locations, funded with cash on hand"

Net revenue interest is the percentage of production income a property owner actually keeps after other claims such as royalties, taxes or operator fees are paid. Think of it as your slice of the pie after everyone else takes their share; it tells investors how much cash from sales will flow to the owner and directly affects expected revenue, valuation and return on an oil, gas or mineral asset.

three way collars financial

"Three Way Collars Period Volume (Bbls/d) Weighted Average Floor Sold Price"

net debt-to-EBITDAX financial

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

Net debt-to-EBITDAX is a leverage ratio that compares a company’s debt burden (total debt minus cash) to its recurring cash-generation before interest, taxes, depreciation, amortization and certain exploration or one-time items. Think of it as how many years of that adjusted operating cash flow would be needed to pay off the company’s net debt; lower numbers mean less risk and greater ability to handle downturns, which investors use to judge financial strength and repayment capacity.

Earnings Snapshot

Total revenues: $7,417 million · Guidance included

Quarter ended June 30, 2026

Total revenues $7,417 million

Net earnings $1,911 million

Diluted EPS $2.03

Core earnings (Non-GAAP) $1,479 million

Operating cash flow $3,674 million

Adjusted free cash flow $1,655 million

Total production 1,359,000 Boe per day

Guidance

For Q3 2026, Devon expects total production of 1,660,000–1,690,000 Boe/d and oil production of 550,000–560,000 barrels/d, with capital spending of $1,400–$1,500 million. Full-year 2026 production and capital guidance remain unchanged, with total capital of $4,800–$5,000 million.

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FAQ

How much did Devon Energy (DVN) earn in Q2 2026?

Devon Energy reported net earnings of $1.9 billion in Q2 2026, equal to $2.03 per diluted share. Core earnings, excluding certain items, were $1.5 billion, or $1.57 per diluted share, reflecting performance of the combined Devon–Coterra business.

What were Devon Energy (DVN) production levels in Q2 2026?

Second-quarter 2026 production averaged 1,359,000 Boe per day, with oil output of 503,000 barrels per day. Both total production and oil volumes were at the top end of the company’s guidance, driven mainly by strong Delaware Basin performance.

How much free cash flow did Devon Energy (DVN) generate in Q2 2026?

Devon generated $3.7 billion of operating cash flow in Q2 2026 and $1.7 billion of adjusted free cash flow. Adjusted free cash flow excludes $174 million of after-tax restructuring costs and reflects capital spending of $1,269 million for the quarter.

What capital returns did Devon Energy (DVN) provide shareholders in Q2 2026?

Following the Coterra merger, Devon increased its fixed dividend 33% to $0.32 per share, paying $366 million in Q2 2026. It also repurchased 4.3 million shares for $197 million under an $8.0 billion buyback program that runs through mid-2029.

How did Devon Energy (DVN) change its debt position in Q2 2026?

During Q2 2026 Devon retired $250 million of senior notes and $250 million of term debt, then in July repaid another $750 million on the term loan. Quarter-end debt was $11.4 billion, with $1.0 billion of cash and a $3.0 billion undrawn credit facility.

What guidance did Devon Energy (DVN) give for Q3 2026 production and capex?

For Q3 2026, Devon expects total production of 1,660,000–1,690,000 Boe/d and oil volumes of 550,000–560,000 barrels/d. Capital spending is projected between $1,400 million and $1,500 million, with full-year 2026 guidance unchanged.

What synergy targets did Devon Energy (DVN) set after the Coterra merger?

Devon has identified more than 350 integration initiatives and aims to achieve at least $1.0 billion in annual pre-tax run-rate synergies by year-end 2027. Approximately $600 million of these synergies are expected to be realized during 2027 across the combined portfolio.

DEVON ENERGY CORP/DE false 0001090012 0001090012 2026-08-04 2026-08-04

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): August 4, 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.)

THREE MEMORIAL CITY PLAZA

840 GESSNER ROAD, SUITE 1400

HOUSTON, Texas 77024

(Address of principal executive offices)

Registrant’s telephone number, including area code: (281) 589-4600

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 August 4, 2026, Devon Energy Corporation (the “Company”) announced its financial and operational results for the quarterly period ended June 30, 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 August 4, 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/ Gregory F. Conaway
		Gregory F. Conaway
		Vice President and Chief Accounting Officer

Date: August 4, 2026

Exhibit 99.1

						Devon Energy Corporation
						Three Memorial City Plaza 840 Gessner Road, Suite 1400
						Houston, TX 77024

Devon Energy Reports Second-Quarter 2026 Results

HOUSTON, TX – August 4, 2026 – Devon Energy Corporation (NYSE: DVN) today reports second-quarter 2026 results. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

KEY FINANCIAL, OPERATIONAL & STRATEGIC HIGHLIGHTS

• Transformative Merger Complete: Closed the merger with Coterra Energy on May 7, only 94 days after announcement, creating a premier large-cap operator

• Production Outperformance: Averaged 503,000 barrels of oil production per day in the second quarter, reaching the top-end of guidance

• Disciplined Capital Management: Invested $1,269 million of capital in the second quarter, 2 percent below midpoint guidance

• Robust Cash Generation: Operations generated $3.7 billion of operating cash flow (GAAP), adjusted operating cash flow of $2.9 billion and $1.7 billion of adjusted free cash flow during the second quarter, excluding the impact of after-tax restructuring costs

• Accelerated Shareholder Returns: Returned $1,063 million during the quarter through a combination of an increased quarterly dividend of $0.32 per share, renewed share repurchases and retirement of maturing debt

• Core Delaware Expansion: Acquired 16,300 net acres and approximately 400 top-tier locations, with favorable terms (87.5% NRI), in the heart of the Delaware Basin at the New Mexico federal lease sale

• Comprehensive Portfolio Review Underway: Conducting a rigorous, asset-by-asset evaluation focused on multiple factors including capital efficiency, free cash flow contribution and strategic fit, with the sole objective of maximizing shareholder value

• Synergy Capture on Track: On track to deliver at least $1.0 billion of annual pre-tax synergies on a run-rate basis by year-end 2027, with approximately $600 million expected to be captured during 2027

CEO COMMENTARY

“Devon’s first quarter as a combined company demonstrated the full power of this platform, with results that outperformed across every major value driver,” said Clay Gaspar, president and CEO. “We delivered 503,000 barrels of oil per day at the top end of guidance, delivered capital expenditures 2 percent below expectations and generated $1.7 billion of adjusted free cash flow, all while moving at full speed on integration. These results reflect the talent and commitment of our newly combined teams, which have not missed a beat in the field.”

“Since merger close, we have moved with speed and intention,” Gaspar added. “We returned more than $1 billion through our dividend, share repurchases and debt repayment, strengthened an already premier Delaware Basin position with a once-in-a-generation federal lease sale, and advanced synergy capture with more than 350 initiatives underway. Our confidence in delivering at least $1 billion in synergies continues to increase.”

“Looking ahead, our priorities are clear: continuing integration and operational excellence, delivering on our synergy commitments, moving decisively through our portfolio review and returning meaningful capital to shareholders,” Gaspar concluded. “With the scale and quality of this portfolio, a fortress balance sheet, and a peer-leading free cash flow outlook, Devon is an energy powerhouse, built to deliver differentiated returns to our owners through all phases of the commodity cycle.”

FINANCIAL RESULTS

Devon reported net earnings of $1.9 billion, or $2.03 per diluted share, in the second quarter of 2026. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $1.5 billion, or $1.57 per diluted share.

1

Devon’s operating cash flow totaled $3.7 billion in the second quarter, reflecting the results of combined operations following the May 7 closing of the Coterra merger. The company funded its capital requirements and had $1.7 billion in adjusted free cash flow for the quarter, excluding the impact of $174 million of after-tax restructuring costs during the quarter.

During the quarter, Devon retired $250 million of senior notes, retired $250 million of its term loan, and funded its $2.6 billion New Mexico federal lease acquisition with cash on hand, in addition to funding its dividend and seven weeks of its base share repurchase program.

At the end of the second quarter, Devon had a cash balance of $1.0 billion and an undrawn credit facility of $3.0 billion. Outstanding debt totaled $11.4 billion. In July, Devon retired the remaining $750 million of its term loan. The company has no outstanding maturities until the second quarter of 2027.

RETURN OF CAPITAL

Following the close of the merger with Coterra Energy, Devon’s board of directors approved a 33 percent increase to the quarterly fixed dividend rate to $0.32 per share, consistent with the company’s strategic priority of delivering value to shareholders through a sustainable, annually growing fixed dividend. The second-quarter dividend totaled $366 million and was paid on Jun. 30, 2026. For the third quarter, Devon declared a fixed quarterly cash dividend of $0.32 per share, payable on Sep. 30, 2026, to shareholders of record at the close of business on Sep. 15, 2026.

The company also returned capital to shareholders through its new $8.0 billion share repurchase program, approved by the board in conjunction with the merger close. Upon close, Devon quickly resumed repurchase activity. During the last seven weeks of the second quarter, the company repurchased 4.3 million shares for $197 million, leaving $7.8 billion of remaining capacity on the authorization, which extends through mid-2029.

OPERATING RESULTS

Devon’s operational activity in the second quarter averaged 34 operated drilling rigs and 10 completion crews. This level of activity resulted in 120 net operated wells being placed online, with an average lateral length of 10,800 feet. Capital expenditures totaled $1,269 million, or 2 percent below the guidance midpoint. This positive variance was primarily attributable to timing and effective cost management.

During the quarter, Devon acquired 16,300 net acres in the heart of the Delaware Basin at the New Mexico federal lease sale for $2.6 billion, adding approximately 400 top-tier, 87.5% Net Revenue Interest locations, funded with cash on hand. Devon plans to begin development of the acquired acreage during 2027.

Production averaged 1,359,000 Boe per day in the second quarter, reaching the top-end of guidance. Oil totaled 503,000 barrels per day in the quarter, which was at the top-end of the company’s guidance. This positive result was driven by better-than-expected well performance, primarily in the Delaware Basin.

For the second quarter, Devon’s oil, gas and NGL sales totaled $5.1 billion. The company’s realized price during the period, including commodity hedges, was $88.09 per barrel of oil, $22.70, per barrel of NGL, and $1.05 per Mcf of natural gas. Oil realizations were exceptionally strong, supported by robust crude benchmark pricing during the quarter, while natural gas realizations were depressed by regional Waha pricing driven by infrastructure constraints in the Delaware Basin.

Production costs, including production and property taxes, averaged $11.27 per Boe in the second quarter. The largest component of production costs is lease operating expense, which totaled $5.06 per Boe in the quarter, below midpoint of annual guidance expectations.

Underpinning these results is the rapid progress of the company’s merger integration efforts. With more than 350 individual initiatives identified, Devon is on track to deliver at least $1.0 billion of annual pre-tax run-rate synergies by year-end 2027, with approximately $600 million expected to be captured during 2027. These actions, driven by shared best practices and technology, are strengthening margins and increasing capital efficiency across the combined portfolio.

2

2026 OUTLOOK

After a strong second-quarter, the company is demonstrating the operational and financial performance which underpin its full-year 2026 guidance, which remains unchanged from June.

In the third quarter of 2026, total production is expected to average between 1,660,000 and 1,690,000 Boe per day and oil production is expected to average between 550,000 and 560,000 barrels per day. Capital spending in the third quarter is expected to be between $1,400 million and $1,500 million.

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, available on the company’s website at www.devonenergy.com. The company’s second-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on August 5, 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.

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 the impact of ongoing or escalating armed conflicts, wars and geopolitical instability and 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, litigation, 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 the risk that we may not realize the anticipated synergies or other benefits of the merger or successfully integrate the two legacy businesses; 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.

3

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.

4

Exhibit 99.2

Devon Energy Second-Quarter 2026

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 and Supplemental Information for Capital Expenditures			7
Realized Pricing			8
Asset Margins			9
Core Earnings			10
EBITDAX			11
Net Debt, Net Debt-to-EBITDAX, Free Cash Flow and Reinvestment Rate			12

1

CONSOLIDATED STATEMENTS OF EARNINGS

(in millions, except per share amounts)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Oil, gas and NGL sales		$	5,106			$	2,977			$	2,578			$	2,809			$	2,710
Oil, gas and NGL derivatives (1)			414				(701	)			184				80				236
Marketing and midstream revenues			1,897				1,531				1,359				1,442				1,338
Total revenues			7,417				3,807				4,121				4,331				4,284
Production expenses (2)			1,393				894				861				895				899
Exploration expenses			16				25				5				8				20
Marketing and midstream expenses			1,874				1,547				1,389				1,453				1,357
Depreciation, depletion and amortization			1,416				904				890				879				914
Asset dispositions			(25	)			1				(1	)			(37	)			(307	)
General and administrative expenses			175				125				135				114				113
Financing costs, net (3)			125				109				107				109				116
Restructuring and transaction costs			246				19				—				9				9
Other, net			(187	)			17				(12	)			(11	)			2
Total expenses			5,033				3,641				3,374				3,419				3,123
Earnings before income taxes			2,384				166				747				912				1,161
Income tax expense (4)			473				46				185				219				244
Net earnings			1,911				120				562				693				917
Net earnings attributable to noncontrolling interests			—				—				—				6				18
Net earnings attributable to Devon		$	1,911			$	120			$	562			$	687			$	899
Net earnings per share:
Basic net earnings per share		$	2.04			$	0.19			$	0.91			$	1.09			$	1.42
Diluted net earnings per share		$	2.03			$	0.19			$	0.90			$	1.09			$	1.41
Weighted average common shares outstanding:
Basic			937				616				621				628				635
Diluted			940				618				622				629				636

2

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

(1) OIL, GAS AND NGL DERIVATIVES

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Derivative cash settlements		$	(116	)		$	(57	)		$	125			$	50			$	67
Derivative valuation changes			530				(644	)			59				30				169
Oil, gas and NGL derivatives		$	414			$	(701	)		$	184			$	80			$	236

(2) PRODUCTION EXPENSES

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Lease operating expense		$	626			$	486			$	479			$	481			$	483
Gathering, processing & transportation			391				191				195				213				219
Production taxes			357				205				172				184				180
Property taxes			19				12				15				17				17
Production expenses		$	1,393			$	894			$	861			$	895			$	899

(3) FINANCING COSTS, NET

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Interest based on debt outstanding		$	144			$	118			$	119			$	125			$	126
Interest income			(22	)			(14	)			(14	)			(18	)			(14	)
Other			3				5				2				2				4
Financing costs, net		$	125			$	109			$	107			$	109			$	116

(4) INCOME TAX EXPENSE

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Current expense (benefit)		$	378			$	(188	)		$	23			$	(44	)		$	226
Deferred expense			95				234				162				263				18
Income tax expense (1)		$	473			$	46			$	185			$	219			$	244

(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.

3

CONSOLIDATED BALANCE SHEETS

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Current assets:
Cash, cash equivalents and restricted cash		$	1,009			$	1,815			$	1,434			$	1,278			$	1,759
Accounts receivable			3,162				2,250				1,792				1,835				1,853
Inventory			356				319				336				361				327
Other current assets			522				378				444				393				384
Total current assets			5,049				4,762				4,006				3,867				4,323
Oil and gas property and equipment, based on successful efforts accounting, net			60,899				23,912				23,731				23,591				23,428
Other property and equipment, net			2,199				1,686				1,688				1,698				1,687
Total property and equipment, net			63,098				25,598				25,419				25,289				25,115
Goodwill			753				753				753				753				753
Right-of-use assets			509				312				299				247				185
Investments			992				715				727				679				640
Other long-term assets			492				403				395				386				374
Total assets		$	70,893			$	32,543			$	31,599			$	31,221			$	31,390
Current liabilities:
Accounts payable		$	1,626			$	975			$	790			$	934			$	885
Revenues and royalties payable			2,451				1,678				1,491				1,464				1,440
Short-term debt			1,497				999				998				998				485
Income taxes payable			414				—				152				126				190
Other current liabilities			1,052				1,082				655				520				537
Total current liabilities			7,040				4,734				4,086				4,042				3,537
Long-term debt			9,891				7,387				7,391				7,393				8,393
Lease liabilities			356				206				197				158				113
Asset retirement obligations			1,169				986				863				850				839
Other long-term liabilities			1,043				940				907				962				1,008
Deferred income taxes			9,647				2,862				2,627				2,466				2,208
Stockholders’ equity:
Common stock			115				62				62				63				64
Additional paid-in capital			30,045				5,316				5,388				5,618				5,864
Retained earnings			11,712				10,171				10,200				9,788				9,252
Accumulated other comprehensive loss			(120	)			(121	)			(122	)			(119	)			(120	)
Treasury stock			(5	)			—				—				—				—
Total stockholders’ equity attributable to Devon			41,747				15,428				15,528				15,350				15,060
Noncontrolling interests			—				—				—				—				232
Total equity			41,747				15,428				15,528				15,350				15,292
Total liabilities and equity		$	70,893			$	32,543			$	31,599			$	31,221			$	31,390

4

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Cash flows from operating activities:
Net earnings		$	1,911			$	120			$	562			$	693			$	917
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization			1,416				904				890				879				914
Leasehold impairments			9				3				(2	)			1				7
Accretion of liabilities			7				4				3				4				3
Total (gains) losses on commodity derivatives			(414	)			701				(184	)			(80	)			(236	)
Cash settlements on commodity derivatives			(116	)			(57	)			125				50				67
(Gains) losses on asset dispositions			(25	)			1				(1	)			(37	)			(307	)
Deferred income tax expense			95				234				162				263				18
Share-based compensation			71				22				22				24				23
Other			(204	)			22				(5	)			(45	)			5
Changes in assets and liabilities, net			924				(299	)			(38	)			(62	)			134
Net cash from operating activities			3,674				1,655				1,534				1,690				1,545
Cash flows from investing activities:
Cash acquired in Merger			581				—				—				—				—
Capital expenditures			(1,318	)			(839	)			(832	)			(870	)			(956	)
Acquisitions of property and equipment			(2,729	)			(190	)			(101	)			(197	)			(16	)
Divestitures of property and equipment and investments			88				2				2				38				372
Distributions from investments			13				9				11				7				11
Contributions to investments and other			(10	)			(2	)			(50	)			(2	)			(8	)
Net cash from investing activities			(3,375	)			(1,020	)			(970	)			(1,024	)			(597	)
Cash flows from financing activities:
Repayments of long-term debt			(500	)			—				—				(485	)			—
Repurchases of common stock			(197	)			(69	)			(250	)			(250	)			(249	)
Dividends paid on common stock			(366	)			(155	)			(149	)			(151	)			(156	)
Distributions to noncontrolling interests			—				—				—				—				(14	)
Acquisition of noncontrolling interests			—				—				—				(260	)			—
Repayment of finance leases			(2	)			(3	)			(8	)			—				—
Shares exchanged for tax withholdings and other			(44	)			(27	)			—				(1	)			(5	)
Net cash from financing activities			(1,109	)			(254	)			(407	)			(1,147	)			(424	)
Effect of exchange rate changes on cash			4				—				(1	)			—				1
Net change in cash, cash equivalents and restricted cash			(806	)			381				156				(481	)			525
Cash, cash equivalents and restricted cash at beginning of period			1,815				1,434				1,278				1,759				1,234
Cash, cash equivalents and restricted cash at end of period		$	1,009			$	1,815			$	1,434			$	1,278			$	1,759
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	950			$	1,763			$	1,384			$	1,229			$	1,713
Restricted cash			59				52				50				49				46
Total cash, cash equivalents and restricted cash		$	1,009			$	1,815			$	1,434			$	1,278			$	1,759

5

PRODUCTION

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Oil (MBbls/d)
Permian			329				225				234				223				228
Rockies			105				103				102				111				104
Eagle Ford			48				43				39				41				39
Anadarko			17				12				12				12				13
Marcellus			—				—				—				—				—
Other			4				4				3				3				3
Total			503				387				390				390				387
Natural gas liquids (MBbls/d)
Permian			206				137				146				134				133
Rockies			47				46				51				53				47
Eagle Ford			15				11				10				11				11
Anadarko			45				24				24				30				31
Marcellus			—				—				—				—				—
Other			1				—				—				—				—
Total			314				218				231				228				222
Gas (MMcf/d)
Permian			1,274				831				848				834				823
Rockies			237				230				234				245				228
Eagle Ford			85				76				56				70				62
Anadarko			396				235				246				261				274
Marcellus			1,258				—				—				—				—
Other			2				1				1				—				1
Total			3,252				1,373				1,385				1,410				1,388
Total oil equivalent (MBoe/d)
Permian			748				501				521				496				498
Rockies			192				187				192				205				189
Eagle Ford			77				66				57				63				60
Anadarko			128				75				77				85				90
Marcellus			210				—				—				—				—
Other			4				4				4				4				4
Total			1,359				833				851				853				841

6

CAPITAL EXPENDITURES

(in millions)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Permian		$	731			$	451			$	454			$	465			$	482
Rockies			196				218				231				191				228
Eagle Ford			97				120				137				141				122
Anadarko			129				38				32				25				45
Marcellus			70				—				—				—				—
Other			3				1				2				1				2
Total upstream capital		$	1,226			$	828			$	856			$	823			$	879
Midstream and Corporate			43				20				27				36				53
Capital expenditures		$	1,269			$	848			$	883			$	859			$	932
Acquisitions			2,729				151				141				197				16
Total capital		$	3,998			$	999			$	1,024			$	1,056			$	948

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Permian			103				57				48				60				57
Rockies			26				27				26				21				23
Eagle Ford			7				12				18				24				22
Anadarko			11				7				8				10				11
Marcellus			3				—				—				—				—
Total			150				103				100				115				113

GROSS OPERATED WELLS TIED-IN

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Permian			88				53				45				61				57
Rockies			31				33				17				22				30
Eagle Ford			14				24				23				10				10
Anadarko			13				—				10				9				13
Marcellus			11				—				—				—				—
Total			157				110				95				102				110

NET OPERATED WELLS TIED-IN

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Permian			67				49				35				40				46
Rockies			21				27				14				18				27
Eagle Ford			14				23				19				10				7
Anadarko			7				—				4				5				5
Marcellus			11				—				—				—				—
Total			120				99				72				73				85

AVERAGE LATERAL LENGTH

(based on wells tied-in)

2026

2025

Quarter 2

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Permian

10,600’

11,000’

11,800’

11,100’

10,500’

Rockies

11,500’

12,500’

11,600’

13,000’

12,300’

Eagle Ford

8,900’

7,000’

5,900’

7,200’

8,200’

Anadarko

10,000’

—

10,100’

10,000’

10,000’

Marcellus

14,000’

—

—

—

—

Total

10,800’

10,500’

10,200’

10,300’

10,300’

7

REALIZED PRICING

BENCHMARK PRICES

(average prices)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	92.47			$	72.10			$	59.09			$	64.92			$	63.95
Natural Gas ($/Mcf) - Henry Hub		$	2.90			$	5.05			$	3.55			$	3.07			$	3.44
NGL ($/Bbl) - Mont Belvieu Blended		$	29.23			$	24.86			$	23.67			$	24.25			$	25.58

REALIZED PRICES

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Oil (Per Bbl)
Permian		$	96.08			$	70.89			$	57.94			$	63.89			$	62.60
Rockies			92.01				67.14				54.99				61.14				59.05
Eagle Ford			95.89				68.98				58.18				64.87				63.14
Anadarko			94.92				70.24				57.46				63.68				62.09
Marcellus			—				—				—				—				—
Realized price without hedges			95.10				69.66				57.19				63.21				61.70
Cash settlements			(7.01	)			(1.72	)			2.47				0.78				1.27
Realized price, including cash settlements		$	88.09			$	67.94			$	59.66			$	63.99			$	62.97
Natural gas liquids (Per Bbl)
Permian		$	23.29			$	19.60			$	18.42			$	18.25			$	19.10
Rockies			15.11				7.83				9.02				10.26				9.27
Eagle Ford			27.44				24.54				22.28				22.85				23.03
Anadarko			26.17				23.23				21.50				20.94				22.41
Marcellus			—				—				—				—				—
Realized price without hedges			22.70				17.80				16.86				17.01				17.71
Cash settlements			—				—				0.23				0.17				0.11
Realized price, including cash settlements		$	22.70			$	17.80			$	17.09			$	17.18			$	17.82
Gas (Per Mcf)
Permian		$	(2.03	)		$	0.73			$	0.96			$	1.50			$	1.34
Rockies			(0.64	)			1.80				0.33				(0.42	)			(0.50	)
Eagle Ford			2.36				4.01				3.14				2.78				3.01
Anadarko			2.40				4.03				3.13				2.57				2.86
Marcellus			2.17				—				—				—				—
Realized price without hedges			0.35				1.66				1.33				1.43				1.41
Cash settlements			0.70				0.02				0.25				0.15				0.15
Realized price, including cash settlements		$	1.05			$	1.68			$	1.58			$	1.58			$	1.56
Total oil equivalent (Per Boe)
Permian		$	45.28			$	38.44			$	32.72			$	36.18			$	35.92
Rockies			53.31				41.18				32.04				35.33				34.29
Eagle Ford			67.86				53.11				45.82				48.85				48.32
Anadarko			29.02				31.29				25.62				23.97				25.28
Marcellus			13.02				—				—				—				—
Realized price without hedges			41.30				39.70				32.92				35.82				35.43
Cash settlements			(0.94	)			(0.76	)			1.60				0.64				0.87
Realized price, including cash settlements		$	40.36			$	38.94			$	34.52			$	36.46			$	36.30

8

ASSET MARGINS

BENCHMARK PRICES

(average prices)		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Oil ($/Bbl) - West Texas Intermediate (Cushing)		$	92.47			$	72.10			$	59.09			$	64.92			$	63.95
Natural Gas ($/Mcf) - Henry Hub		$	2.90			$	5.05			$	3.55			$	3.07			$	3.44
NGL ($/Bbl) - Mont Belvieu Blended		$	29.23			$	24.86			$	23.67			$	24.25			$	25.58

PER-UNIT CASH MARGIN BY ASSET (per Boe)

		2026								2025
		Quarter 2				Quarter 1				Quarter 4				Quarter 3				Quarter 2
Permian
Realized price		$	45.28			$	38.44			$	32.72			$	36.18			$	35.92
Lease operating expenses			(5.39	)			(5.19	)			(5.11	)			(5.38	)			(5.54	)
Gathering, processing & transportation			(2.81	)			(2.57	)			(2.57	)			(2.94	)			(3.17	)
Production & property taxes			(3.69	)			(2.91	)			(2.44	)			(2.52	)			(2.63	)
Field-level cash margin		$	33.39			$	27.77			$	22.60			$	25.34			$	24.58
Rockies
Realized price		$	53.31			$	41.18			$	32.04			$	35.33			$	34.29
Lease operating expenses			(8.87	)			(10.02	)			(9.05	)			(8.27	)			(9.13	)
Gathering, processing & transportation			(1.03	)			(1.04	)			(1.03	)			(0.99	)			(0.86	)
Production & property taxes			(4.43	)			(3.32	)			(2.64	)			(3.04	)			(2.85	)
Field-level cash margin		$	38.98			$	26.80			$	19.32			$	23.03			$	21.45
Eagle Ford
Realized price		$	67.86			$	53.11			$	45.82			$	48.85			$	48.32
Lease operating expenses			(6.72	)			(7.98	)			(7.90	)			(7.83	)			(7.52	)
Gathering, processing & transportation			(2.34	)			(2.14	)			(1.98	)			(2.27	)			(1.94	)
Production & property taxes			(3.41	)			(2.81	)			(2.43	)			(2.89	)			(3.02	)
Field-level cash margin		$	55.39			$	40.18			$	33.51			$	35.86			$	35.84
Anadarko
Realized price		$	29.02			$	31.29			$	25.62			$	23.97			$	25.28
Lease operating expenses			(3.18	)			(3.76	)			(3.19	)			(3.25	)			(2.98	)
Gathering, processing & transportation			(5.45	)			(6.64	)			(6.19	)			(5.98	)			(6.13	)
Production & property taxes			(1.55	)			(1.71	)			(1.22	)			(1.30	)			(1.32	)
Field-level cash margin		$	18.84			$	19.18			$	15.02			$	13.44			$	14.85
Marcellus
Realized price		$	13.02				—				—				—				—
Lease operating expenses			(0.59	)			—				—				—				—
Gathering, processing & transportation			(5.36	)			—				—				—				—
Production & property taxes			(0.18	)			—				—				—				—
Field-level cash margin		$	6.89				—				—				—				—
Devon - Total
Realized price		$	41.30			$	39.70			$	32.92			$	35.82			$	35.43
Lease operating expenses			(5.06	)			(6.48	)			(6.11	)			(6.14	)			(6.31	)
Gathering, processing & transportation			(3.16	)			(2.54	)			(2.49	)			(2.71	)			(2.86	)
Production & property taxes			(3.05	)			(2.90	)			(2.39	)			(2.56	)			(2.58	)
Field-level cash margin		$	30.03			$	27.78			$	21.93			$	24.41			$	23.68

9

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 second-quarter 2026 and first-quarter 2026 earnings.

		Quarter Ended June 30, 2026
		Before-tax				After-tax				After NCI				Per Diluted Share
Total
Earnings (GAAP)		$	2,384			$	1,911			$	1,911			$	2.03
Adjustments:
Asset dispositions			(25	)			(20	)			(20	)			(0.02	)
Asset and exploration impairments			8				6				6				0.01
Deferred tax asset valuation allowance			—				(56	)			(56	)			(0.06	)
Fair value changes in financial instruments			(528	)			(408	)			(408	)			(0.43	)
Restructuring and transaction costs			246				201				201				0.21
Gain on equity investment			(201	)			(155	)			(155	)			(0.17	)
Core earnings (Non-GAAP)		$	1,884			$	1,479			$	1,479			$	1.57

		Quarter Ended March 31, 2026
		Before-tax				After-tax				After NCI				Per Diluted Share
Total
Earnings (GAAP)		$	166			$	120			$	120			$	0.19
Adjustments:
Asset dispositions			1				1				1				—
Asset and exploration impairments			2				2				2				0.01
Fair value changes in financial instruments			644				499				499				0.81
Restructuring and transaction costs			19				19				19				0.03
Core earnings (Non-GAAP)		$	832			$	641			$	641			$	1.04

10

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 disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; restructuring and transaction costs; gain on equity investments; 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.

		Q2 ‘26				Q1 ‘26				Q4 ‘25				Q3 ‘25				Q2 Annualized				Q2 ‘25
Net earnings (GAAP)		$	1,911			$	120			$	562			$	693			$	7,644			$	917
Financing costs, net			125				109				107				109				500				116
Income tax expense			473				46				185				219				1,892				244
Exploration expenses			16				25				5				8				64				20
Depreciation, depletion and amortization			1,416				904				890				879				5,664				914
Asset dispositions			(25	)			1				(1	)			(37	)			(100	)			(307	)
Share-based compensation			33				22				22				21				132				22
Derivative & financial instrument non-cash val. changes			(530	)			644				(59	)			(30	)			(2,120	)			(169	)
Restructuring and transaction costs			246				19				—				9				984				9
Gain on equity investment			(201	)			—				—				—				(804	)			—
Accretion on discounted liabilities and other			14				17				(12	)			(11	)			56				2
EBITDAX (Non-GAAP)		$	3,478			$	1,907			$	1,699			$	1,860			$	13,912			$	1,768

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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 2				Quarter 1				Quarter 4				Quarter 3
Total debt (GAAP)		$	11,388			$	8,386			$	8,389			$	8,391
Less:
Cash, cash equivalents and restricted cash			(1,009	)			(1,815	)			(1,434	)			(1,278	)
Net debt (Non-GAAP)		$	10,379			$	6,571			$	6,955			$	7,113

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 2				Quarter 1				Quarter 4				Quarter 3
Net debt (Non-GAAP)		$	10,379			$	6,571			$	6,955			$	7,113
EBITDAX (Non-GAAP) (1)		$	8,944			$	7,234			$	7,413			$	7,845
Net debt-to-EBITDAX (Non-GAAP)			1.2				0.9				0.9				0.9

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

ADJUSTED FREE CASH FLOW

Devon defines adjusted free cash flow as total operating cash flow before balance sheet changes adjusted for after-tax restructuring costs and accrued capital expenditures. Devon believes adjusted free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.

		2026								2025				2024
		Quarter 2				Quarter 1				Full Year				Full Year
Total operating cash flow (GAAP)		$	3,674			$	1,655			$	6,711			$	6,600
Changes in assets and liabilities, net			(924	)			299				(151	)			217
Cash from operations before balance sheet changes (Non-GAAP)			2,750				1,954				6,560				6,817
Cash restructuring and transaction costs, net of tax (Non-GAAP) (1)			174				19				26				9
Adjusted operating cash flow (Non-GAAP)			2,924				1,973				6,586				6,826
Capital expenditures (Accrued) (2)			(1,269	)			(848	)			(3,638	)			(3,631	)
Adjusted free cash flow (Non-GAAP)		$	1,655			$	1,125			$	2,948			$	3,195

(1) Cash restructuring and transaction costs is net of the associated current tax benefit, after taking into account permanently non-deductible transaction costs.

(2) Excludes acquisition capital. Q2 2026, Q1 2026, full-year 2025 and full-year 2024 exclude acquisition costs of $2,729 million, $151 million, $362 million and $243 million, respectively.

REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures (excluding acquisitions) divided by adjusted operating cash flow. Adjusted operating cash flow is our total operating cash flow before balance sheet changes adjusted for after-tax restructuring costs; the reconciliation calculation of adjusted operating cash flow is provided above under “Adjusted Free Cash Flow.” Devon believes reinvestment rate 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				2024
		Quarter 2				Quarter 1				Full Year				Full Year
Capital expenditures (Accrued) (1)		$	1,269			$	848			$	3,638			$	3,631
Adjusted operating cash flow (Non-GAAP)		$	2,924			$	1,973			$	6,586			$	6,826
Reinvestment rate (Non-GAAP)			43	%			43	%			55	%			53	%

(1) Excludes acquisition capital. Q2 2026, Q1 2026, full-year 2025 and full-year 2024 exclude acquisition costs of $2,729 million, $151 million, $362 million and $243 million, respectively.

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THIRD-QUARTER AND FULL-YEAR 2026 GUIDANCE

Note: Devon’s full-year 2026 guidance reflects standalone Devon operations plus Coterra beginning on May 7, 2026.

PRODUCTION GUIDANCE

		Quarter 3								Full Year
		Low				High				Low				High
Oil (MBbls/d)			550				560				495				505
Natural gas liquids (MBbls/d)			375				385				319				326
Gas (MMcf/d)			4,450				4,500				3,300				3,400
Total oil equivalent (MBoe/d)			1,660				1,690				1,364				1,398

CAPITAL EXPENDITURES GUIDANCE

		Quarter 3								Full Year
(in millions)		Low				High				Low				High
Permian											$2,900
Rockies											$875
Eagle Ford											$475
Anadarko											$275
Marcellus											$225
Upstream capital		$	1,375			$	1,450			$	4,675			$	4,825
Midstream and other capital			25				50				125				175
Total capital		$	1,400			$	1,500			$	4,800			$	5,000

PRICE REALIZATIONS GUIDANCE

		Quarter 3								Full Year
		Low				High				Low				High
Oil - % of WTI			98	%			102	%			98	%			100	%
NGL - % of WTI			25	%			30	%			24	%			26	%
Natural gas - % of Henry Hub			50	%			60	%			40	%			50	%

OTHER GUIDANCE ITEMS

		Quarter 3								Full Year
($ millions, except Boe and %)		Low				High				Low				High
LOE per BOE		$	4.60			$	4.90			$	5.00			$	5.20
GP&T per BOE		$	3.40			$	3.50			$	3.00			$	3.20
Production and property taxes as % of upstream sales			6.5	%			7.5	%			6.5	%			7.5	%
Exploration expenses		$	5			$	15			$	70			$	90
Depreciation, depletion and amortization per BOE		$	10.75			$	11.25			$	11.00			$	11.50
General and administrative expenses per BOE		$	1.25			$	1.35			$	1.35			$	1.45
Financing costs, net		$	145			$	155			$	495			$	515

INCOME TAX GUIDANCE

		Quarter 3								Full Year
(% of pre-tax earnings)		Low				High				Low				High
Current income tax rate			15	%			17	%			11	%			13	%
Effective income tax rate			21	%			23	%			20	%			22	%

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2026 & 2027 HEDGING POSITIONS

Oil Commodity Hedges

		Price Swaps						Price Collars
Period		Volume (Bbls/d)		Weighted Average Price ($/Bbl)				Volume (Bbls/d)				Weighted Average Floor Price ($/Bbl)				Weighted Average Ceiling Price ($/Bbl)
Q3-Q4 2026		10,000		$	66.13				84,500			$	56.25			$	73.11
Q1-Q4 2027		—		$	—				38,466			$	59.04			$	85.41

		Three Way Collars
Period		Volume (Bbls/d)		Weighted Average Floor Sold Price ($/Bbl)				Weighted Average Floor Purchased Price ($/Bbl)				Weighted Average Ceiling Price ($/Bbl)
Q3-Q4 2026		113,000		$	49.36			$	59.36			$	72.36
Q1-Q4 2027		57,397		$	47.25			$	57.25			$	73.14

Oil Basis Swaps

Period		Index		Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q3-Q4 2026		WTI/NYMEX		83,500		$	0.95
Q3-Q4 2026		Midland Sweet		46,000		$	1.10
Q3-Q4 2026		WTI/Brent		8,000		$	(5.66	)
Q3-Q4 2026		NYMEX Roll		95,000		$	1.74
Q1-Q4 2027		WTI/NYMEX		32,466		$	1.04
Q1-Q4 2027		Magellan East Houston		27,000		$	1.85
Q1-Q4 2027		Midland Sweet		48,000		$	1.02

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)
Q3-Q4 2026		247,500		$	3.80			1,130,000		$	3.36			$	5.47
Q1-Q4 2027		—		$	—			490,000		$	3.17			$	5.33

Natural Gas Basis Swaps

Period		Index		Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3-Q4 2026		Houston Ship Channel		50,000		$	(0.29	)
Q3-Q4 2026		Transco Leidy		250,000		$	(0.78	)
Q3-Q4 2026		Transco Zone 6 Non-NY		250,000		$	(0.16	)
Q3-Q4 2026		WAHA		350,000		$	(1.86	)
Q1-Q4 2027		Transco Leidy		47,500		$	(0.65	)
Q1-Q4 2027		Transco Zone 6 Non-NY		150,000		$	0.35
Q1-Q4 2027		WAHA		135,041		$	(1.30	)

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 and the end of month NYMEX 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 June 30, 2026.

2

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 27.9 KB
• EX-99.2 EX-99.2 595.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 18.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.4 KB