Devon Energy — Aug 4, 2026 release

The company has no outstanding maturities until the second quarter of 2027. RETURN OF CAPITAL Following the close of the merger with Coterra Energy, Devon’s board of directors approved a 33 percent increase to the quarterly fixed dividend rate to $0.32 per share, consistent with the company’s strategic priority of delivering value to shareholders through a sustainable, annually growing fixed dividend. The second-quarter dividend totaled $366 million and was paid on Jun. 30, 2026. For the third quarter, Devon declared a fixed quarterly cash dividend of $0.32 per share, payable on Sep. 30, 2026, to shareholders of record at the close of business on Sep. 15, 2026. The company also returned capital to shareholders through its new $8.0 billion share repurchase program, approved by the board in conjunction with the merger close. Upon close, Devon quickly resumed repurchase activity. During the last seven weeks of the second quarter, the company repurchased 4.3 million shares for $197 million, leaving $7.8 billion of remaining capacity on the authorization, which extends through mid-2029. OPERATING RESULTS Devon’s operational activity in the second quarter averaged 34 operated drilling rigs and 10 completion crews. This level of activity resulted in 120 net operated wells being placed online, with an average lateral length of 10,800 feet. Capital expenditures totaled $1,269 million, or 2 percent below the guidance midpoint. This positive varia