Devon Energy — Aug 5, 2025 release

During the quarter, Devon’s investment-grade financial position strengthened with cash balances increasing by $525 million to a total of $1.8 billion. The company ended the quarter with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 0.9 times.   1 RETURN OF CAPITAL Devon declared its fixed quarterly cash dividend of $0.24 per share, payable on Sep. 30, 2025, to shareholders of record at the close of business on Sep. 15, 2025. The company also returned capital to shareholders through the ongoing execution of its $5.0 billion share-repurchase program. During the second quarter, Devon repurchased 7.9 million of its shares for $249 million. Since the inception of the share repurchase program, the company has repurchased 85.4 million shares, at a total cost of $3.9 billion. OPERATING RESULTS Devon’s capital activity in the second quarter averaged 21 operated drilling rigs and 6 completion crews across its asset portfolio. This level of activity resulted in 110 gross operated wells being placed online, with an average lateral length of 10,300 feet. Total capital investment was $932 million, or 7 percent below guidance. This positive variance was primarily attributable to lower completion cost primarily in the Delaware, as wells as lower infrastructure and facilities spend, efficiency gains, and effective supply chain management across the asset portfolio. Production averaged 841,000 Boe per day in the second quarter, exceeding the top-end of guidance. This result represents a 3 percent increase quarter over quar