Devon Energy — Aug 4, 2026 release

KEY FINANCIAL, OPERATIONAL & STRATEGIC HIGHLIGHTS     •   Transformative Merger Complete: Closed the merger with Coterra Energy on May 7, only 94 days after announcement, creating a premier large-cap operator     •   Production Outperformance: Averaged 503,000 barrels of oil production per day in the second quarter, reaching the top-end of guidance     •   Disciplined Capital Management: Invested $1,269 million of capital in the second quarter, 2 percent below midpoint guidance     •   Robust Cash Generation: Operations generated $3.7 billion of operating cash flow (GAAP), adjusted operating cash flow of $2.9 billion and $1.7 billion of adjusted free cash flow during the second quarter, excluding the impact of after-tax restructuring costs     •   Accelerated Shareholder Returns: Returned $1,063 million during the quarter through a combination of an increased quarterly dividend of $0.32 per share, renewed share repurchases and retirement of maturing debt     •   Core Delaware Expansion: Acquired 16,300 net acres and approximately 400 top-tier locations, with favorable terms (87.5% NRI), in the heart of the Delaware Basin at the New Mexico federal lease sale     •   Comprehensive Portfolio Review Underway: Conducting a rigorous, asset-by-asset evaluation focused on multiple factors including capital efficiency, free cash flow contribution and strategic fit, with the sole objective of maximizing shareholder value     •   Synergy Capture on Track: On track to deliver at least $1.0 billion of annual pre-tax synergies on a run-rate basis by year-end 2027, with approximately $600 million expected to be captured during 2027 CEO COMMENTARY “Devon’s first quarter as a combined company demonstrated the full power of this platform, with results that outperformed across every major value driver,” said Clay Gaspar, president and CEO. “We delivered 503,000 barrels of oil per day at the top end of guidance, delivered capital expenditures 2 percent below expectations and generated $1.7 billion of adjusted free cash flow, all while moving at full