Devon Energy — Nov 5, 2025 release

At the end of the third quarter, Devon had a cash balance of $1.3 billion and an undrawn credit facility of $3 billion. Outstanding debt totaled $8.4 billion and the company’s net debt-to-EBITDAX ratio was 0.9 times.   1 RETURN OF CAPITAL Devon declared its fixed quarterly cash dividend of $0.24 per share, payable on Dec. 30, 2025, to shareholders of record at the close of business on Dec. 15, 2025. The company also returned capital to shareholders through the ongoing execution of its $5.0 billion share repurchase program. During the third quarter, Devon repurchased 7.3 million of its shares for $250 million. Since inception of the program, the company has returned $4.1 billion to shareholders by retiring approximately 13 percent of its outstanding shares. OPERATING RESULTS Devon’s capital activity in the third quarter averaged 17 operated drilling rigs and 5 completion crews across its asset portfolio. This level of activity resulted in 102 gross operated wells being placed online, with an average lateral length of 10,300 feet. Capital investment, excluding acquisition capital, was $859 million, or 5 percent below guidance. This positive variance was primarily attributable to effective cost management and timing of facility spend. Additionally, the company completed two lease acquisitions in the Delaware Basin for $168 million, securing approximately 60 net locations at an average cost of around $3 million per location. Devon also invested $25 million to expand its water infra