Devon Energy — Aug 5, 2025 release

This $100 million reduction largely reflects the success of the company’s business optimization plan that has resulted in capital reductions for two consecutive quarters. Additionally, the company is lowering its 2025 current tax expense outlook to 10 percent of pre-tax earnings compared to previous expectations of 15 percent. The reduction is related to change in federal legislation. In the third quarter of 2025, Devon expects oil production to average 384,000 to 390,000 barrels per day. Capital spending in the third quarter is expected to be approximately $900 million. 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 second-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Wednesday, August 6, 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 diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to