Devon Energy — Feb 17, 2026 release

KEY FINANCIAL & OPERATIONAL HIGHLIGHTS     •   Transformational Merger: Announced merger with Coterra Energy, creating a premier, large-cap shale operator     •   Production Outperformance: Averaged 390,000 barrels of oil production per day in the fourth quarter, exceeding the top-end of guidance     •   Disciplined Cost Management: Invested $883 million of capital in the fourth quarter, 4 percent below midpoint guidance, and reduced operating costs 8 percent compared to the first quarter of 2025     •   Business Optimization Success: Achieved 85 percent of the $1 billion business optimization target in 2025 and on track to fully achieve goal by year-end 2026     •   Robust Cash Generation: Operations generated $1.5 billion of operating cash flow and $702 million of free cash flow during fourth quarter     •   Accelerated Shareholder Returns: Expect to increase quarterly dividend rate to $0.315 per share and a new $5 billion-plus share repurchase program following merger close, subject to board approval CEO COMMENTARY “Devon’s disciplined execution and operational excellence defined 2025, culminating in outstanding results that exceeded fourth-quarter expectations across all major value drivers,” said Clay Gaspar, president and CEO. “The success we achieved this year was underpinned by the momentum generated through our focused business optimization efforts, resulting in significant free cash flow and meaningful cash returns to shareholders.” “In addition to our banner year in 2025, we have taken bold, strategic steps to significantly strengthen our portfolio and position ourselves for sustained success through a transformative merger with Coterra Energy,” Gaspar added. “This powerful combination brings together two indust