Devon Energy — Nov 5, 2024 release

Overall, Devon’s financial position remained strong with investment-grade credit ratings and cash balances of $676 million. At September 30, 2024, the company’s outstanding debt totaled $8.9 billion with a net debt-to-EBITDAX ratio of 1.1 times.   1 RETURN OF CAPITAL Devon declared its fixed quarterly cash dividend of $0.22 per share, payable on Dec. 30, 2024, to shareholders of record at the close of business on Dec. 13, 2024. With the recent pull back in commodity prices and equities, as well as the additional leverage taken on by the company, Devon has elected not to declare a variable dividend in the current quarter. Capital allocation will focus on strengthening the balance sheet and returning capital to shareholders through the fixed dividend and share buybacks. In the third quarter, the company repurchased $295 million of common stock. Since program inception in late 2021, Devon has repurchased $3.0 billion of common stock. OPERATING RESULTS Devon’s capital activity in the third quarter averaged 20 operated drilling rigs and 5 completion crews across its asset portfolio. This level of activity resulted in 108 gross operated wells being placed online, with an average lateral length of 10,000 feet. Upstream capital spending in the third quarter was $817 million. Midstream, carbon and corporate capital totaled $61 million in the quarter. Devon’s oil production in the third quarter reached 335,000 barrels per day, exceeding guidance by 4 percent. Total companywide production averaged 728,000 oil-equival