Devon Energy — May 5, 2026 release

KEY FINANCIAL & OPERATIONAL HIGHLIGHTS     •   Production Outperformance: Averaged 387,000 barrels of oil production per day in the first quarter, reaching the top-end of guidance     •   Disciplined Cost Management: Invested $848 million of capital in the first quarter, 6 percent below midpoint guidance     •   Business Optimization Success: Projected to reach 100 percent of the $1 billion annual pre-tax free cash flow improvement target well ahead of schedule, providing a strong foundation ahead of merger close     •   Robust Cash Generation: Operations generated $1.7 billion of operating cash flow and $816 million of free cash flow during the first quarter     •   Accelerated Shareholder Returns: Repurchased $69 million of shares during the first quarter. Announced plans for a new share repurchase authorization in excess of $5 billion and an increase to the quarterly fixed dividend, both following the closing of the Coterra merger and subject to Board approval     •   Merger Progress: Both Devon and Coterra shareholders approved the transformative merger on May 4, 2026, with the transaction expected to close on or around May 7, 2026 CEO COMMENTARY “Devon delivered another strong quarter in the first quarter of 2026, beating guidance across major value drivers, including oil production and capital,” said Clay Gaspar, president and CEO. “Our relentless focus on operational excellence and cost discipline continues to drive significant free cash flow and meaningful returns to shareholders. We are also on track to achieve a significant milestone with the full delivery of our $1 billion business optimization target well ahead of schedule, further strengthening our future margins and positioning Devon for long-term success as we head into the close of our transformative merger with Coterra.” “With the overwhelming support of both companies’ shareholders, we have cleared a major milestone and are excited to move toward closing this transformative merger with Coterra Energy,” Gaspar added. “As we bring t