Devon Energy (NYSE: DVN) extends main credit facility maturity to 2031

Rhea-AI Filing Summary

Devon Energy Corporation amended its main credit agreement, giving the company more time and slightly cheaper SOFR-based borrowing costs. The amendment extends the facility’s maturity date from March 24, 2030 to March 24, 2031, lengthening the period during which the credit line remains available.

The company’s right to request three additional one-year maturity extensions is renewed, subject to approval by lenders holding more than 50% of total commitments. The amendment also removes a 10 basis point credit spread adjustment on SOFR-based rates, modestly lowering interest on those borrowings under the facility.

Insights

Credit & capital structure analyst

Devon extends credit facility to 2031 and trims SOFR borrowing costs.

Devon Energy updated its syndicated credit facility with Bank of America as administrative agent. The maturity moves out one year to March 24, 2031, preserving committed bank liquidity for a longer period without needing a full refinancing.

The company also renews its option to seek three additional one-year extensions, subject to majority lender consent, which adds flexibility if bank markets tighten. Eliminating the 0.10% (10 basis point) credit spread adjustment on SOFR-based rates slightly reduces future interest expense on any SOFR borrowings under this agreement.

Overall, the change refines Devon’s funding terms rather than transforming its balance sheet. Future company filings can show how actively this facility is drawn and whether further amendments adjust size, covenants or pricing.

DEVON ENERGY CORP/DE DE OK false 0001090012 0001090012 2026-03-24 2026-03-24

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): March 24, 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 1.01 Entry Into a Material Definitive Agreement.

On March 24, 2026, Devon Energy Corporation, a Delaware corporation (the “Company”), entered into a First Amendment to Amended and Restated Credit Agreement (the “Amendment”), by and among the Company, as borrower, the lenders and the letter of credit issuers party thereto and Bank of America, N.A., as administrative agent, which amends that certain Amended and Restated Credit Agreement, dated as of March 24, 2023 (as amended, restated, amended and restated, supplemented or otherwise and in effect immediately prior to the effectiveness of the Amendment, the “Credit Agreement”). The Amendment, among other things, (i) extends the maturity date of the Credit Agreement from March 24, 2030 to March 24, 2031, (ii) renews the Company’s right to request three one-year maturity extensions (subject to the agreement of lenders having commitments representing more than 50% of the aggregate commitments of all lenders) and (iii) removes the 10 basis point credit spread adjustment to the SOFR-based rates under the Credit Agreement.

The foregoing summary description of the Amendment does not purport to be complete and is qualified in its entirety by reference to a copy of the Amendment filed as Exhibit 10.1 to this report and incorporated herein by reference.

Certain of the agents and lenders under the Credit Agreement (as amended by the Amendment) and their respective affiliates have provided certain commercial banking, financial advisory and investment banking services to the Company and its affiliates in the past and may do so in the future.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
10.1		First Amendment to Amended and Restated Credit Agreement, dated as of March 24, 2026, by and among the Company, as borrower, the lenders and letter of credit issuers party thereto and Bank of America, N.A., as administrative agent.
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: March 24, 2026

FAQ

What did Devon Energy (DVN) change in its credit agreement on March 24, 2026?

Devon Energy entered into a First Amendment to its Amended and Restated Credit Agreement. The amendment extends the facility’s maturity to March 24, 2031, renews options for further extensions, and removes a 10 basis point credit spread adjustment on SOFR-based borrowing rates.

How did the amendment affect Devon Energy’s credit facility maturity?

The amendment pushes the credit facility’s maturity date from March 24, 2030 to March 24, 2031. This one-year extension keeps the bank commitments in place longer, giving Devon Energy more time before it must refinance or replace this source of revolving credit.

What new extension rights does Devon Energy have under the amended credit agreement?

The amendment renews Devon Energy’s right to request three additional one-year maturity extensions. Any extension requires approval from lenders whose commitments exceed 50% of the total, so the company’s flexibility still depends on majority lender support at the time of each request.

How does removing the 10 basis point SOFR credit spread adjustment affect Devon Energy?

Removing the 10 basis point credit spread adjustment lowers the margin applied to SOFR-based loans under the facility. This modestly reduces interest costs whenever Devon borrows at SOFR through this agreement, improving the pricing of that portion of its revolving credit access.

Who is the administrative agent under Devon Energy’s amended credit agreement?

Bank of America, N.A. serves as the administrative agent under the amended credit agreement. It coordinates among the various lenders and letter of credit issuers that are parties to the facility, helping administer borrowings, repayments, and any future maturity extension requests by Devon Energy.

What document contains the full terms of Devon Energy’s credit amendment?

The full terms are contained in the First Amendment to Amended and Restated Credit Agreement, dated March 24, 2026. This amendment is filed as Exhibit 10.1 to the report, and the summary description is expressly qualified in its entirety by that detailed agreement.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 712.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.5 KB