Devon Energy — May 6, 2025 release

The monetization of Devon’s equity ownership will not change the terms or conditions of the company’s secured capacity on the pipeline. 2025 OUTLOOK Based on the strength of first quarter results, Devon is increasing its full-year 2025 oil production forecast by 1 percent to a range of 382,000 to 388,000 barrels per day. The company is also increasing its total production outlook and now expects volumes to be in the range of 810,000 to 828,000 Boe per day. Devon has also revised its full-year capital guidance to a range of $3.7 billion to $3.9 billion, down from the previous estimate of approximately $3.9 billion. This $100 million reduction reflects the early success of the company’s recently launched business optimization plan. In the second quarter of 2025, Devon expects oil production to average 381,000 to 387,000 barrels per day. Capital spending in the second quarter is expected to be approximately $1.0 billion and includes $50 million related to multiple land trades in the Delaware Basin that will increase interest on greater than 30 wells. With the ongoing market and price volatility, Devon will continue to monitor the macro environment and has significant flexibility to adjust its activity and capital programs. Given the company’s investment grade financial position along with low breakeven funding levels, Devon is well positioned to execute on its disciplined plan. Additional details of Devon’s forward-looking guidance are available on the company’s website at www.devonenergy.com