Devon Energy — May 6, 2025 release

During the quarter, Devon’s investment-grade financial position strengthened with cash balances increasing by $388 million to a total of $1.2 billion. The company ended the quarter with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 1.0 times. RETURN OF CAPITAL Devon declared its fixed quarterly cash dividend of $0.24 per share, payable on Jun. 30, 2025, to shareholders of record at the close of business on Jun. 13, 2025.   1 Devon also returned capital to shareholders through the ongoing execution of its $5.0 billion share-repurchase program. During the first quarter, the company repurchased 8.5 million of its shares for $301 million. Since the inception of the share repurchase program, the company has repurchased 77.5 million shares, at a total cost of $3.6 billion. OPERATING RESULTS Devon’s capital activity in the first quarter averaged 23 operated drilling rigs and 6 completion crews across its asset portfolio. This level of activity resulted in 136 gross operated wells being placed online, with an average lateral length of 10,700 feet. Total capital investment was $964 million, or 5 percent below guidance. This positive variance was attributable to effective cost management and lower infrastructure spend primarily in the Delaware Basin. Devon’s oil production in the first quarter reached 388,000 barrels per day, exceeding guidance by 5,000 barrels. This positive result was driven by strong base performance in the Rockies and better-than-expected well performance in the Eagle Ford.