Devon Energy — Aug 5, 2025 release

Our disciplined capital allocation approach supported robust returns to shareholders through dividends and share repurchases, while strengthening our balance sheet and ending the quarter with $1.8 billion in cash.” “Amid market fluctuations, we remained focused on operational excellence, leveraging our premier resource base and strong financial position to deliver outstanding results. Our business optimization plan is progressing rapidly, positioning us to achieve $1 billion in annual pre-tax free cash flow by the end of 2026. For the second consecutive quarter, we reduced 2025 capital by $100 million while raising production forecasts, further strengthening our free cash flow trajectory. Our team’s innovation and commitment ensure we are well-equipped to navigate price volatility, adapt to market trends, and maximize returns for shareholders,” Gaspar added. “In addition, we completed the $372 million sale of the Matterhorn Pipeline and, on August 1, acquired the remaining noncontrolling interest in Cotton Draw Midstream for $260 million. These transactions support our E&P operations by optimizing our midstream portfolio, enhancing long-term value,” concluded Gaspar. FINANCIAL RESULTS Devon reported net earnings of $899 million, or $1.41 per diluted share, in the second quarter of 2025. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $536 million, or $0.84 per diluted share. Operating cash flow totaled $1.5 billion in the second quarter, which funded all the company’s capital requirements and resulted in $589 million of free cash flow for the quarter. In addition to this free cash flow, Devon received $372 million in proceeds from the