Devon Energy — Feb 17, 2026 release

Capital costs incurred (excluding property acquisition costs) to deliver these additions totaled $3.6 billion, resulting in a finding and development cost of $6.14 per Boe. Q1 2026 OUTLOOK Production in the first quarter of 2026 is estimated to be reduced by 1 percent or 10,000 Boe per day (50 percent oil) due to the impact of severe winter weather. Adjusting for this downtime, the company expects production to average 823,000 to 843,000 Boe per day. Capital spending in the first quarter is expected to be approximately $900 million.   2 Looking beyond the first quarter, the company’s full-year 2026 guidance issued today reflects standalone Devon operations. Upon the expected closure of the Devon and Coterra merger in the second quarter of 2026, the company will provide updated full-year guidance for the combined entity. Additional details of Devon’s forward-looking guidance are available on the company’s website at www.devonenergy.com . 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 fourth-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Wednesday, February 18, 2026, 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 port