Devon Energy — May 5, 2026 release

With strong momentum established, the company expects to fully achieve its $1 billion annual pre-tax free cash flow improvement target well ahead of schedule with the upcoming repayment of the $1 billion term loan. These actions will continue to strengthen margins and maximize capital efficiency across Devon’s assets. Q2 2026 OUTLOOK On a Devon standalone basis, production in the second quarter of 2026 is expected to average 851,000 to 868,000 Boe per day (46 percent oil). Capital spending in the second quarter is expected to be approximately $900 million. Given the expected closing of the merger with Coterra Energy, the company is not providing full-year 2026 guidance at this time. Guidance for the combined entity will be provided in mid-June 2026. 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 first-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on May 6, 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 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 shareholders, while focusing on safe and sustainable operations. For m