Devon Energy — May 5, 2026 release

RETURN OF CAPITAL Devon has not yet declared a quarterly dividend during the second quarter due to the pending merger with Coterra Energy. Following the closing of the merger and subject to Board approval, the company expects to declare a quarterly dividend for the second quarter of $0.315 per share. The company returned capital to shareholders through the ongoing execution of its $5.0 billion share repurchase program. During the first quarter, Devon repurchased shares for $69 million. In connection with the pending merger with Coterra Energy, the company has suspended share repurchasing activity through the expected closing. Following the closing of the merger with Coterra Energy, the company expects to establish a new share repurchase authorization in excess of $5 billion, subject to Board approval. OPERATING RESULTS Devon’s capital activity in the first quarter averaged 19 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 10,500 feet. Capital investment, excluding acquisition capital, was $848 million, or 6 percent below guidance. This positive variance was primarily attributable to effective cost management and timing of facility spend. The company also completed $151 million in leasehold acquisitions, primarily in the Delaware Basin, across its portfolio. Production averaged 833,000 Boe per day in the first quarter, in line with