Devon Energy — May 6, 2025 release

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 .   2 CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS MATERIALS Also provided with today’s release is the company’s earnings presentation that is available on the company’s website at www.devonenergy.com . The company’s first-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Wednesday, May 7, 2025, 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 di