Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2025

Devon Energy Corporation

(Exact name of registrant as specified in its charter)

DELAWARE

001-32318

73-1567067

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

333 W. SHERIDAN AVE.,

OKLAHOMA CITY, OKLAHOMA

73102-5015

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (405) 235-3611

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.10 per share

DVN

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On February 18, 2025, Devon Energy Corporation (the “Company”) announced its financial and operational results for the year and quarter ended December 31, 2024. In connection with this announcement, the Company provided an earnings release and certain supplemental financial information (including guidance and hedging information). Copies of these documents are furnished as Exhibits 99.1 and 99.2, respectively, to this report and, along with certain other materials, will be available on the Company’s website at www.devonenergy.com.

The information contained in this report and the exhibits hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.		Description of Exhibits

99.1		Earnings release, dated February 18, 2025.

99.2		Supplemental financial information (including guidance and hedging information).

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


DEVON ENERGY CORPORATION

By:		/s/ Jeffrey L. Ritenour
		Jeffrey L. Ritenour
		Executive Vice President and Chief Financial Officer

Date: February 18, 2025

Exhibit 99.1

Devon Energy Corporation

333 West Sheridan Avenue

Oklahoma City, OK 73102-5015

Devon Energy Reports Fourth-Quarter Results

Declares and Raises Quarterly Fixed Dividend

HIGHLIGHTS

FOURTH-QUARTER 2024

•

Delivered $639 million of net earnings, or $0.98 per share; $756 million of core earnings, or $1.16 per share

•

Achieved record production of 398,000 barrels of oil per day, exceeding guidance by 3 percent

•

Generated $1.7 billion of operating cash flow and $738 million of free cash flow

•

Returned $444 million to shareholders through the fixed dividend and share repurchases

•

Strengthened the balance sheet by increasing cash balance to $846 million

FULL-YEAR 2024

•

Delivered $2.9 billion of net earnings, or $4.56 per share; $3.1 billion of core earnings, or $4.82 per share

•

Record performance of 737,000 barrels of oil equivalent production (Boe) per day

•

Generated $6.6 billion of operating cash flow and $3.0 billion of free cash flow

•

Returned $2.0 billion to shareholders through dividends and share repurchases

•

Exceeded environmental and safety targets, reducing emissions, spills and serious incidents

•

Increased operating scale and economic drilling inventory with the acquisition of Grayson Mill

•

Board approved a 9 percent increase to the quarterly fixed dividend in 2025 to $0.24 per share

2025 OUTLOOK

•

2025 capital program expected to be $3.8 to $4.0 billion, with more than 50 percent allocated to the Delaware Basin

•

2025 production anticipated to be 805,000 to 825,000 Boe per day, including 380,000 to 386,000 barrels of oil per day

•

Reached agreement with BPX to dissolve partnership in the Eagle Ford

•

Extended joint venture with Dow to develop an additional 49 wells in the Anadarko Basin

OKLAHOMA CITY – Feb. 18, 2025 – Devon Energy Corp. (NYSE: DVN) today reports fourth-quarter results, as well as declares and raises the quarterly fixed dividend. Supplemental financial tables and forward-looking guidance are available on the company’s website at www.devonenergy.com.

“I am proud to report that Devon ended 2024 with exceptionally strong results,” said Rick Muncrief, president and CEO. “Our operational performance was outstanding, underpinning robust financial outcomes and generating significant free cash flow. This success is a testament to the dedication and hard work of our entire team.

“During the fourth quarter, our diversified, multi-basin portfolio once again delivered across our assets, with the Rockies and Eagle Ford exceeding estimates due to strong new well productivity and solid base performance. In addition, the company achieved a 154 percent proved reserve replacement ratio in 2024.

“We continue to see tremendous value in our company and leaned-in on our share repurchases this quarter, buying approximately $300 million for a total $1.1 billion repurchased for the year. In addition, the Board approved a 9 percent increase to the fixed dividend beginning with the first quarter of 2025, reflecting confidence in the energy outlook and Devon’s future free cash flows.

“Looking ahead, we’re excited for the next chapter of the company under Clay’s leadership. I have complete confidence in him and the new management team and look forward to the opportunities they create for shareholders, employees, and all stakeholders by remaining true to our values and focused on Devon’s strategic priorities.” Muncrief concluded.

FINANCIAL RESULTS

Devon reported net earnings of $639 million, or $0.98 per diluted share, in the fourth quarter of 2024. Adjusting for items analysts typically exclude from estimates, the company’s core earnings were $756 million, or $1.16 per diluted share.

Operating cash flow was $1.7 billion in the fourth quarter, which fully funded the company’s capital requirements and resulted in $738 million of free cash flow for the quarter.

During the quarter, Devon’s investment-grade financial position strengthened with cash balances increasing by $170 million to a total of $846 million. The company ended the year with outstanding debt of $8.9 billion and a net debt-to-EBITDAX ratio of 1.0 times.

RETURN OF CAPITAL

Devon is committed to rewarding its shareholders by returning capital through the quarterly fixed dividend and share repurchases. During the fourth quarter the company paid $143 million in dividends and repurchased 7.7 million of its shares for $301 million. Since the inception of the share repurchase program, the company has repurchased 69.0 million shares, at a total cost of $3.3 billion.

Consistent with Devon’s strategic priority of delivering value to shareholders through a sustainable, annually growing fixed dividend, the Board of Directors raised the quarterly fixed dividend rate by 9 percent to $0.24 per share for the first quarter of 2025. The dividend is payable on Mar. 31, 2025, to shareholders of record at the close of business on Mar. 14, 2025.

OPERATING RESULTS

Devon’s capital activity in the fourth quarter averaged 24 operated drilling rigs and 6 completion crews across its asset portfolio. This level of activity resulted in 128 gross operated wells being placed online, with an average lateral length of 9,900 feet. Upstream capital spending in the fourth quarter was $872 million, 3 percent below guidance expectations. Midstream, carbon and corporate capital totaled $54 million in the quarter. The company also executed $116 million in multiple leasehold acquisitions across its portfolio, including in the Delaware, Williston and Anadarko Basins.

Devon’s oil production in the fourth quarter reached a record 398,000 barrels per day, exceeding guidance by 3 percent. Total companywide production averaged 848,000 oil-equivalent barrels (Boe) per day in the fourth quarter. This represents a 16 percent increase in production compared to the previous quarter. Production in the quarter benefited from the closing on the company’s Grayson Mill acquisition in late September, which contributed 117,000 Boe per day and 63,000 barrels of oil per day to the quarterly average.

Devon’s remaining production outperformance was primarily driven by its Eagle Ford asset, which reached 92,000 Boe per day. This production result represents a growth rate of 23 percent quarter-over-quarter, driven by 23 gross operated wells being placed online during the quarter. The outperformance was driven by strong well productivity and base production that exceeded expectations.

For the fourth quarter, Devon’s oil, gas and NGL sales totaled $3.1 billion, a 16 percent increase in revenues compared to the prior quarter. The improvement was primarily due to the increased oil production quarter over quarter, as well as from higher natural gas liquids (NGL) and natural gas pricing. The company’s realized price during the period, including commodity hedges, was $40.32 per Boe, down $0.39 per Boe from prior quarter. The decreased price realization largely reflected lower crude benchmark prices, partially offset by higher NGL and natural gas prices.

Production costs, including taxes, averaged $11.30 per Boe in the fourth quarter, a decline of 1 percent from the prior period. The largest component of production costs is lease operating expense and gathering, processing and transportation costs, which totaled $8.44 per Boe in the quarter. Effective cost management efforts and lower well workovers drove per-unit rates 10 percent below guidance expectations for the quarter.

Financing cost, net totaled $123 million in the quarter, a $35 million increase from the prior quarter. The higher expense is primarily related to the debt issued in the prior quarter related to the Grayson Mill acquisition.

Devon exited the year with estimated proved reserves of 2.2 billion Boe. Proved undeveloped reserves accounted for 20 percent of the total. Extensions and discoveries and performance revisions from the company’s drilling program added 415 million Boe of reserves in 2024, equating to a replacement rate of 154 percent of production. The capital costs (excluding property acquisition costs) to deliver these additions totaled $3.5 billion, resulting in a finding and development cost of $8.54 per Boe.

EAGLE FORD POSITION UPDATE

On Jan. 31, 2025, Devon and BPX, its partner in the Blackhawk Field in the Eagle Ford, agreed to dissolve the partnership within the play. The transaction is expected to close on Apr. 1, 2025, at which time Devon will hold approximately 46,000 net acres with greater than a 95 percent working interest and operatorship. The company will gain greater flexibility to allocate capital and anticipates material drilling & completion savings per well, significantly enhancing returns.

DOW JV EXTENSION

On Jan. 22, 2025, Devon entered into an extension agreement with Dow (NYSE: DOW) to jointly develop a portion of Devon’s Anadarko acreage in central Oklahoma. Under this agreement, Devon will monetize half of its working interest in 49 undrilled locations in exchange for approximately a $40 million drilling carry.

The average working interest is estimated at 70 percent across a mix of drilling locations. Activity in 2025 will start with the development of two drilling units in Blaine County, where drilling operations are expected to commence in the second quarter of 2025. Devon will serve as operator and is responsible for capital allocation and project timing subject to the agreement.

2025 OUTLOOK

For the full-year 2025, Devon expects production to be in the range of 805,000 to 825,000 Boe per day, representing a 2 percent increase from the company’s previous outlook. Oil volumes are expected to be in the range of 380,000 to 386,000 barrels per day. The capital requirements to deliver this production are expected to range from $3.8 billion to $4.0 billion, representing a 5 percent, or $200 million, decline from the company’s previous outlook.

In the first quarter of 2025, Devon expects oil production to average 380,000 to 386,000 barrels per day. Capital spending in the first quarter is expected to approximate $1.0 billion.

Additional details of Devon’s forward-looking guidance are available on the company’s website at www.devonenergy.com.

CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS MATERIALS

Also provided with today’s release is the company’s earnings presentation that is available on the company’s website at www.devonenergy.com. The company’s fourth-quarter conference call will be held at 10:00 a.m. Central (11:00 a.m. Eastern) on Wednesday, Feb. 19, 2025, and will serve primarily as a forum for analyst and investor questions and answers.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.


Investor Contact		Media Contact
investor.relations@dvn.com		Michelle Hindmarch
405-228-4450		405-552-7460

NON-GAAP DISCLOSURES

This press release includes non-GAAP (generally accepted accounting principles) financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of results as reported under GAAP. Reconciliations of these non-GAAP measures and other disclosures are provided within the supplemental financial tables that are available on the company’s website and in the related Form 10-K filed with the Securities and Exchange Commission (the “SEC”).

FORWARD LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the volatility of oil, gas and NGL prices; uncertainties inherent in estimating oil, gas and NGL reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and water disposal; climate change and risks related to regulatory, social and market efforts to address climate change; risks relating to our ESG initiatives; claims, audits and other proceedings impacting our business, including with respect to historic and legacy operations; governmental interventions in energy markets; counterparty credit risks; risks relating to our indebtedness; cybersecurity risks; the extent to which insurance covers any losses we may experience; risks related to shareholder activism; our ability to successfully complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; and any of the other risks and uncertainties discussed in Devon’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2024 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2024 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

Exhibit 99.2

Devon Energy Fourth-Quarter 2024

Supplemental Tables


TABLE OF CONTENTS:	PAGE:

Consolidated Statements of Earnings		2

Supplemental Information for Consolidated Statements of Earnings		3

Consolidated Balance Sheets		4

Consolidated Statements of Cash Flows		5

Production		6

Capital Expenditures, Costs Incurred and Reserves Reconciliation		7

Supplemental Information for Capital Expenditures		8

Realized Pricing		9

Asset Margins		10

Core Earnings		11

EBITDAX		12

Net Debt, Net Debt-to-EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Reinvestment Rate		13

CONSOLIDATED STATEMENTS OF EARNINGS


(in millions, except per share amounts)	2024												2023
	Full Year		Quarter 4			Quarter 3		Quarter 2		Quarter 1			Quarter 4
Oil, gas and NGL sales	$	11,176	$	3,086		$	2,665	$	2,796	$	2,629		$	2,737
Oil, gas and NGL derivatives ⁽¹⁾		21		(84	)		227		23		(145	)		324
Marketing and midstream revenues		4,743		1,401			1,132		1,098		1,112			1,084

Total revenues		15,940		4,403			4,024		3,917		3,596			4,145

Production expenses ⁽²⁾		3,183		881			763		788		751			759
Exploration expenses		28		12			4		3		9			4
Marketing and midstream expenses		4,792		1,402			1,149		1,108		1,133			1,093
Depreciation, depletion and amortization		3,255		971			794		768		722			650
Asset dispositions		11		(5	)		—		15		1			11
General and administrative expenses		500		155			117		114		114			111
Financing costs, net ⁽³⁾		363		123			88		76		76			77
Other, net		96		24			45		5		22			10

Total expenses		12,228		3,563			2,960		2,877		2,828			2,715

Earnings before income taxes		3,712		840			1,064		1,040		768			1,430
Income tax expense ⁽⁴⁾		770		187			239		185		159			269

Net earnings		2,942		653			825		855		609			1,161
Net earnings attributable to noncontrolling interests		51		14			13		11		13			9

Net earnings attributable to Devon	$	2,891	$	639		$	812	$	844	$	596		$	1,152

Net earnings per share:
Basic net earnings per share	$	4.58	$	0.98		$	1.31	$	1.35	$	0.95		$	1.81
Diluted net earnings per share	$	4.56	$	0.98		$	1.30	$	1.34	$	0.94		$	1.81
Weighted average common shares outstanding:
Basic		632		650			622		626		629			635
Diluted		634		651			623		628		632			638

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS


(1) OIL, GAS AND NGL DERIVATIVES
(in millions)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Derivative cash settlements	$	197		$	58		$	61		$	54		$	24		$	8
Derivative valuation changes		(176	)		(142	)		166			(31	)		(169	)		316

Oil, gas and NGL derivatives	$	21		$	(84	)	$	227		$	23		$	(145	)	$	324


(2) PRODUCTION EXPENSES
(in millions)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Lease operating expense	$	1,574		$	445		$	366		$	383		$	380		$	381
Gathering, processing & transportation		790			213			200			197			180			181
Production taxes		748			206			179			188			175			182
Property taxes		71			17			18			20			16			15

Production expenses	$	3,183		$	881		$	763		$	788		$	751		$	759


(3) FINANCING COSTS, NET
(in millions)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Interest based on outstanding debt	$	401		$	128		$	98		$	88		$	87		$	87
Interest income		(62	)		(16	)		(19	)		(14	)		(13	)		(12	)
Other		24			11			9			2			2			2

Financing costs, net	$	363		$	123		$	88		$	76		$	76		$	77


(4) INCOME TAX EXPENSE
(in millions)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Current expense	$	459		$	119		$	75		$	146		$	119		$	105
Deferred expense		311			68			164			39			40			164

Income tax expense	$	770		$	187		$	239		$	185		$	159		$	269

CONSOLIDATED BALANCE SHEETS


(in millions)	2024												2023
	Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Current assets:
Cash, cash equivalents and restricted cash	$	846		$	676		$	1,169		$	1,149		$	875
Accounts receivable		1,972			1,779			1,589			1,670			1,573
Inventory		294			293			258			234			249
Other current assets		315			484			343			345			460

Total current assets		3,427			3,232			3,359			3,398			3,157
Oil and gas property and equipment, based on successful efforts accounting, net		23,198			23,155			18,216			18,033			17,825
Other property and equipment, net		1,813			1,795			1,569			1,551			1,503

Total property and equipment, net		25,011			24,950			19,785			19,584			19,328
Goodwill		753			753			753			753			753
Right-of-use assets		303			317			297			276			267
Investments		727			718			704			713			666
Other long-term assets		268			293			264			254			319

Total assets	$	30,489		$	30,263		$	25,162		$	24,978		$	24,490

Current liabilities:
Accounts payable	$	806		$	995		$	754		$	879		$	760
Revenues and royalties payable		1,432			1,423			1,363			1,268			1,222
Short-term debt		485			—			475			479			483
Other current liabilities		586			488			424			640			484

Total current liabilities		3,309			2,906			3,016			3,266			2,949
Long-term debt		8,398			8,884			5,665			5,668			5,672
Lease liabilities		320			328			315			301			295
Asset retirement obligations		770			765			691			683			643
Other long-term liabilities		840			820			829			841			876
Deferred income taxes		2,148			2,082			1,917			1,878			1,838
Stockholders’ equity:
Common stock		65			66			63			63			64
Additional paid-in capital		6,387			6,662			5,478			5,718			5,939
Retained earnings		8,166			7,670			7,132			6,509			6,195
Accumulated other comprehensive loss		(122	)		(121	)		(122	)		(123	)		(124	)
Treasury stock		—			—			—			—			(13	)

Total stockholders’ equity attributable to Devon		14,496			14,277			12,551			12,167			12,061
Noncontrolling interests		208			201			178			174			156

Total equity		14,704			14,478			12,729			12,341			12,217

Total liabilities and equity	$	30,489		$	30,263		$	25,162		$	24,978		$	24,490

CONSOLIDATED STATEMENTS OF CASH FLOWS


(in millions)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Cash flows from operating activities:
Net earnings	$	2,942		$	653		$	825		$	855		$	609		$	1,161
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization		3,255			971			794			768			722			650
Leasehold impairments		5			3			1			1			—			1
Accretion of liabilities		8			6			2			—			—			1
Total (gains) losses on commodity derivatives		(21	)		84			(227	)		(23	)		145			(324	)
Cash settlements on commodity derivatives		197			58			61			54			24			8
(Gains) losses on asset dispositions		11			(5	)		—			15			1			11
Deferred income tax expense		311			68			164			39			40			164
Share-based compensation		99			24			24			27			24			23
Other		10			4			3			—			3			(3	)
Changes in assets and liabilities, net		(217	)		(202	)		16			(201	)		170			45

Net cash from operating activities		6,600			1,664			1,663			1,535			1,738			1,737

Cash flows from investing activities:
Capital expenditures		(3,645	)		(926	)		(877	)		(948	)		(894	)		(910	)
Acquisitions of property and equipment		(3,808	)		(116	)		(3,602	)		(82	)		(8	)		(10	)
Divestitures of property and equipment		24			6			—			1			17			3
Grayson Mill acquired cash		147			—			147			—			—			—
Distributions from investments		68			33			13			11			11			8
Contributions to investments and other		(118	)		(40	)		(30	)		(1	)		(47	)		(1	)

Net cash from investing activities		(7,332	)		(1,043	)		(4,349	)		(1,019	)		(921	)		(910	)

Cash flows from financing activities:
Borrowings of long-term debt, net of issuance costs		3,219			—			3,219			—			—			—
Repayments of long-term debt		(472	)		—			(472	)		—			—			—
Repurchases of common stock		(1,057	)		(301	)		(295	)		(256	)		(205	)		(234	)
Dividends paid on common stock		(937	)		(143	)		(272	)		(223	)		(299	)		(488	)
Contributions from noncontrolling interests		52			8			20			12			12			19
Distributions to noncontrolling interests		(51	)		(15	)		(10	)		(19	)		(7	)		(12	)
Shares exchanged for tax withholdings and other		(48	)		1			2			(9	)		(42	)		(1	)

Net cash from financing activities		706			(450	)		2,192			(495	)		(541	)		(716	)

Effect of exchange rate changes on cash		(3	)		(1	)		1			(1	)		(2	)		3

Net change in cash, cash equivalents and restricted cash		(29	)		170			(493	)		20			274			114
Cash, cash equivalents and restricted cash at beginning of period		875			676			1,169			1,149			875			761

Cash, cash equivalents and restricted cash at end of period	$	846		$	846		$	676		$	1,169		$	1,149		$	875

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	811		$	811		$	645		$	1,140		$	1,126		$	853
Restricted cash		35			35			31			29			23			22

Total cash, cash equivalents and restricted cash	$	846		$	846		$	676		$	1,169		$	1,149		$	875

PRODUCTION


	2024										2023
	Full Year		Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Oil (MBbls/d)
Delaware Basin		220		221		227		221		208		208
Rockies		65		110		48		50		53		49
Eagle Ford		46		49		44		46		43		43
Anadarko Basin		13		14		13		14		11		13
Other		3		4		3		4		4		4

Total		347		398		335		335		319		317

Natural gas liquids (MBbls/d)
Delaware Basin		123		127		134		121		113		112
Rockies		21		43		15		14		12		13
Eagle Ford		17		21		16		17		14		15
Anadarko Basin		29		30		29		30		26		29
Other		1		—		—		—		—		—

Total		191		221		194		182		165		169

Gas (MMcf/d)
Delaware Basin		732		755		764		712		695		673
Rockies		124		230		96		89		81		81
Eagle Ford		98		130		93		92		79		81
Anadarko Basin		241		255		241		244		223		225
Other		1		1		—		—		1		1

Total		1,196		1,371		1,194		1,137		1,079		1,061

Total oil equivalent (MBoe/d)
Delaware Basin		465		474		488		461		437		433
Rockies		107		191		79		79		79		74
Eagle Ford		79		92		75		79		70		72
Anadarko Basin		82		87		82		84		74		79
Other		4		4		4		4		4		4

Total		737		848		728		707		664		662

CAPITAL EXPENDITURES


(in millions)	2024										2023
	Full Year		Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin	$	2,003	$	448	$	495	$	505	$	555	$	506
Rockies		511		268		89		84		70		110
Eagle Ford		616		107		173		180		156		194
Anadarko Basin		215		44		56		56		59		51
Other		14		5		4		3		2		3

Total upstream capital	$	3,359	$	872	$	817	$	828	$	842	$	864

Carbon capital		94		12		26		24		32		31
Midstream and Corporate		178		42		35		38		63		45

Capital expenditures	$	3,631	$	926	$	878	$	890	$	937	$	940

Acquisitions ⁽¹⁾		243		116		38		81		8		11

Total capital	$	3,874	$	1,042	$	916	$	971	$	945	$	951

(1)	Full Year and Q3 2024 exclude $5,045 million related to the Grayson Mill acquisition.

COSTS INCURRED AND RESERVES RECONCILIATION


COSTS INCURRED	Year Ended December 31,
(in millions)	2024		2023
Property acquisition costs:
Proved properties		3,058	$	2
Unproved properties		1,949		63
Exploration costs		690		534
Development costs		2,856		3,160

Costs incurred		8,553	$	3,759

RESERVES RECONCILIATION


	Oil (MMBbls)			Gas (Bcf)			NGL (MMBbls)			Total (MMBoe)
As of December 31, 2023:
Proved developed		603			2,560			395			1,425
Proved undeveloped		183			622			105			392

Total Proved		786			3,182			500			1,817

Revisions due to prices		(9	)		(187	)		(14	)		(54	)
Revisions other than price		3			245			31			75
Extensions and discoveries		129			646			104			340
Purchase of reserves		120			328			73			247
Production		(127	)		(438	)		(70	)		(270	)

As of December 31, 2024:
Proved developed		706			3,057			500			1,715
Proved undeveloped		196			719			124			440

Total Proved		902			3,776			624			2,155

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS


	2024								2023
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		67		75		73		76		60
Rockies		24		8		12		4		5
Eagle Ford		12		28		28		30		26
Anadarko Basin		2		9		13		4		17

Total		105		120		126		114		108


GROSS OPERATED WELLS TIED-IN
	2024								2023
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		55		55		62		59		62
Rockies		30		7		3		12		10
Eagle Ford		23		31		23		26		24
Anadarko Basin		20		15		26		5		4

Total		128		108		114		102		100


NET OPERATED WELLS TIED-IN
	2024								2023
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		50		39		44		50		47
Rockies		27		6		2		12		7
Eagle Ford		13		24		15		21		20
Anadarko Basin		8		6		14		2		1

Total		98		75		75		85		75


AVERAGE LATERAL LENGTH
(based on wells tied-in)	2024								2023
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		11,500’		10,500’		10,200’		10,300’		10,300’
Rockies		10,150’		14,500’		15,500’		9,600’		10,950’
Eagle Ford		7,700’		7,600’		6,800’		6,700’		7,900’
Anadarko Basin		10,000’		11,000’		8,700’		10,000’		12,500’

Total		9,900’		10,000’		9,300’		9,300’		9,900’

REALIZED PRICING

BENCHMARK PRICES


(average prices)	2024														2023
	Full Year		Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	75.79	$	70.32		$	75.20		$	80.62		$	77.01		$	78.48
Natural Gas ($/Mcf) - Henry Hub	$	2.27	$	2.79		$	2.15		$	1.89		$	2.25		$	2.88
NGL ($/Bbl) - Mont Belvieu Blended	$	26.71	$	27.80		$	25.20		$	26.33		$	27.51		$	25.52

REALIZED PRICES
	2024														2023
	Full Year		Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil (Per Bbl)
Delaware Basin	$	74.75	$	69.06		$	74.24		$	79.62		$	76.23		$	77.75
Rockies		69.61		65.67			70.39			75.73			71.33			74.35
Eagle Ford		75.15		69.25			74.92			80.45			76.51			78.51
Anadarko Basin		73.32		67.46			73.13			78.36			74.91			77.09

Realized price without hedges		73.78		68.11			73.74			79.10			75.40			77.32
Cash settlements		0.35		1.08			0.52			(0.15	)		(0.25	)		(0.34	)

Realized price, including cash settlements	$	74.13	$	69.19		$	74.26		$	78.95		$	75.15		$	76.98

Natural gas liquids (Per Bbl)
Delaware Basin	$	20.27	$	21.79		$	19.21		$	19.59		$	20.55		$	19.93
Rockies		11.15		12.88			8.09			9.44			10.95			8.53
Eagle Ford		24.49		26.40			24.18			23.07			23.67			22.67
Anadarko Basin		23.67		25.45			22.35			22.16			24.77			21.44

Realized price without hedges		20.20		21.07			19.25			19.60			20.81			19.67
Cash settlements		0.02		(0.06	)		0.11			0.11			(0.08	)		—

Realized price, including cash settlements	$	20.22	$	21.01		$	19.36		$	19.71		$	20.73		$	19.67

Gas (Per Mcf)
Delaware Basin	$	0.59	$	1.01		$	0.04		$	0.17		$	1.19		$	1.76
Rockies		0.03		0.59			(0.85	)		(0.46	)		(0.02	)		0.30
Eagle Ford		1.91		2.31			1.80			1.48			1.89			2.44
Anadarko Basin		1.91		2.27			1.74			1.70			1.92			2.38

Realized price without hedges		0.91		1.30			0.45			0.55			1.30			1.83
Cash settlements		0.35		0.16			0.39			0.55			0.32			0.19

Realized price, including cash settlements	$	1.26	$	1.46		$	0.84		$	1.10		$	1.62		$	2.02

Total oil equivalent (Per Boe)
Delaware Basin	$	41.60	$	39.66		$	39.85		$	43.63		$	43.55		$	45.38
Rockies		44.67		41.37			43.11			49.22			49.74			50.41
Eagle Ford		51.01		46.46			50.89			54.03			53.81			54.64
Anadarko Basin		25.58		26.54			24.69			25.53			25.48			26.96

Realized price without hedges		41.44		39.57			39.80			43.44			43.52			44.93
Cash settlements		0.73		0.75			0.91			0.85			0.39			0.14

Realized price, including cash settlements	$	42.17	$	40.32		$	40.71		$	44.29		$	43.91		$	45.07

ASSET MARGINS

BENCHMARK PRICES


(average prices)	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	75.79		$	70.32		$	75.20		$	80.62		$	77.01		$	78.48
Natural Gas ($/Mcf) - Henry Hub	$	2.27		$	2.79		$	2.15		$	1.89		$	2.25		$	2.88
NGL ($/Bbl) - Mont Belvieu Blended	$	26.71		$	27.80		$	25.20		$	26.33		$	27.51		$	25.52

PER-UNIT CASH MARGIN BY ASSET (per Boe)
	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Delaware Basin
Realized price	$	41.60		$	39.66		$	39.85		$	43.63		$	43.55		$	45.38
Lease operating expenses		(5.10	)		(4.93	)		(4.69	)		(5.31	)		(5.54	)		(5.46	)
Gathering, processing & transportation		(2.85	)		(2.92	)		(2.79	)		(2.89	)		(2.79	)		(2.75	)
Production & property taxes		(3.09	)		(2.91	)		(2.99	)		(3.31	)		(3.16	)		(3.24	)

Field-level cash margin	$	30.56		$	28.90		$	29.38		$	32.12		$	32.06		$	33.93

Rockies
Realized price	$	44.67		$	41.37		$	43.11		$	49.22		$	49.74		$	50.41
Lease operating expenses		(9.82	)		(8.63	)		(10.83	)		(10.43	)		(11.06	)		(11.93	)
Gathering, processing & transportation		(1.85	)		(1.22	)		(2.33	)		(2.47	)		(2.26	)		(2.56	)
Production & property taxes		(4.39	)		(3.66	)		(4.56	)		(5.22	)		(5.23	)		(5.28	)

Field-level cash margin	$	28.61		$	27.86		$	25.39		$	31.10		$	31.19		$	30.64

Eagle Ford
Realized price	$	51.01		$	46.46		$	50.89		$	54.03		$	53.81		$	54.64
Lease operating expenses		(6.62	)		(5.59	)		(6.57	)		(7.03	)		(7.59	)		(7.05	)
Gathering, processing & transportation		(2.00	)		(2.21	)		(2.02	)		(2.03	)		(1.67	)		(1.62	)
Production & property taxes		(2.67	)		(2.41	)		(2.79	)		(2.82	)		(2.73	)		(2.95	)

Field-level cash margin	$	39.72		$	36.25		$	39.51		$	42.15		$	41.82		$	43.02

Anadarko Basin
Realized price	$	25.58		$	26.54		$	24.69		$	25.53		$	25.48		$	26.96
Lease operating expenses		(3.02	)		(2.72	)		(2.92	)		(3.16	)		(3.33	)		(3.26	)
Gathering, processing & transportation		(5.86	)		(5.74	)		(5.78	)		(5.70	)		(6.27	)		(5.98	)
Production & property taxes		(1.20	)		(1.20	)		(1.17	)		(1.19	)		(1.24	)		(1.40	)

Field-level cash margin	$	15.50		$	16.88		$	14.82		$	15.48		$	14.64		$	16.32

Devon - Total
Realized price	$	41.44		$	39.57		$	39.80		$	43.44		$	43.52		$	44.93
Lease operating expenses		(5.83	)		(5.70	)		(5.46	)		(5.95	)		(6.29	)		(6.25	)
Gathering, processing & transportation		(2.93	)		(2.74	)		(2.98	)		(3.07	)		(2.98	)		(2.97	)
Production & property taxes		(3.05	)		(2.86	)		(2.95	)		(3.23	)		(3.16	)		(3.24	)

Field-level cash margin	$	29.63		$	28.27		$	28.41		$	31.19		$	31.09		$	32.47

NON-GAAP MEASURES

(all monetary values in millions, except per share amounts)

Devon’s earnings materials include non-GAAP financial measures. These non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP measures in isolation or as a substitute for analysis of our results as reported under GAAP. Below is additional disclosure regarding each of the non-GAAP measures used in the earnings materials, including reconciliations to their most directly comparable GAAP measure.

The earnings materials may include forward-looking non-GAAP measures. The company is unable to provide reconciliations of these forward-looking non-GAAP measures, because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, the timing of changes in capital accruals, unknown future events and estimating certain future GAAP measures. The inability to reliably quantify certain components of the calculation would significantly affect the usefulness and accuracy of a reconciliation.

CORE EARNINGS

Devon’s reported net earnings include items of income and expense that are typically excluded by securities analysts in their published estimates of the company’s financial results. Accordingly, the company also uses the measures of core earnings and core earnings per share attributable to Devon. Devon believes these non-GAAP measures facilitate comparisons of its performance to earnings estimates published by securities analysts. Devon also believes these non-GAAP measures can facilitate comparisons of its performance between periods and to the performance of its peers. The following tables summarize the effects of these items on full-year, fourth-quarter and third-quarter 2024 earnings.


	Year Ended December 31, 2024
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
Earnings (GAAP)	$	3,712		$	2,942		$	2,891		$	4.56
Adjustments:
Asset dispositions		11			9			9			0.01
Asset and exploration impairments		5			4			4			0.01
Fair value changes in financial instruments		182			143			143			0.23
Restructuring and transaction costs		9			7			7			0.01

Core earnings (Non-GAAP)	$	3,919		$	3,105		$	3,054		$	4.82


	Quarter Ended December 31, 2024
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
Earnings (GAAP)	$	840		$	653		$	639		$	0.98
Adjustments:
Asset dispositions		(5	)		(3	)		(3	)		(0.01	)
Asset and exploration impairments		3			2			2			0.01
Deferred tax asset valuation allowance		—			4			4			0.01
Fair value changes in financial instruments		145			113			113			0.17
Restructuring and transaction costs		1			1			1			—

Core earnings (Non-GAAP)	$	984		$	770		$	756		$	1.16


	Quarter Ended September 30, 2024
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
Earnings (GAAP)	$	1,064		$	825		$	812		$	1.30
Adjustments:
Asset and exploration impairments		1			1			1			—
Deferred tax asset valuation allowance		—			(7	)		(7	)		(0.01	)
Fair value changes in financial instruments		(167	)		(129	)		(129	)		(0.20	)
Restructuring and transaction costs		8			6			6			0.01

Core earnings (Non-GAAP)	$	906		$	696		$	683		$	1.10

EBITDAX

Devon believes EBITDAX provides information useful in assessing operating and financial performance across periods. Devon computes EBITDAX as net earnings before financing costs, net; income tax expense; exploration expenses; depreciation, depletion and amortization; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; accretion on discounted liabilities; and other items not related to normal operations. EBITDAX as defined by Devon may not be comparable to similarly titled measures used by other companies.


	Q4 ’24			Q3 ’24			Q2 ’24		Q1 ’24		TTM		Q4 ’23
Net earnings (GAAP)	$	653		$	825		$	855	$	609	$	2,942	$	1,161
Financing costs, net		123			88			76		76		363		77
Income tax expense		187			239			185		159		770		269
Exploration expenses		12			4			3		9		28		4
Depreciation, depletion and amortization		971			794			768		722		3,255		650
Asset dispositions		(5	)		—			15		1		11		11
Share-based compensation		24			24			26		24		98		22
Derivative & financial instrument non-cash val. changes		142			(166	)		31		169		176		(316	)
Accretion on discounted liabilities and other		24			45			5		22		96		10

EBITDAX (Non-GAAP)	$	2,131		$	1,853		$	1,964	$	1,791	$	7,739	$	1,888

NET DEBT

Devon defines net debt as debt (includes short-term and long-term debt) less cash, cash equivalents and restricted cash. Devon believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash from Devon to repay debt.


	2024												2023
	Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Total debt (GAAP)	$	8,883		$	8,884		$	6,140		$	6,147		$	6,155
Less:
Cash, cash equivalents and restricted cash		(846	)		(676	)		(1,169	)		(1,149	)		(875	)

Net debt (Non-GAAP)	$	8,037		$	8,208		$	4,971		$	4,998		$	5,280

NET DEBT-TO-EBITDAX

Devon defines net debt-to-EBITDAX as net debt divided by an annualized EBITDAX measure. Devon believes this ratio provides information useful to investors in assessing the company’s credit position and debt leverage.


	2024								2023
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Net debt (Non-GAAP)	$	8,037	$	8,208	$	4,971	$	4,998	$	5,280
EBITDAX (Non-GAAP) ⁽¹⁾	$	7,739	$	7,496	$	7,668	$	7,434	$	7,534

Net debt-to-EBITDAX (Non-GAAP)		1.0		1.1		0.6		0.7		0.7

(1)	EBITDAX is an annualized measure using a trailing twelve-month calculation.

FREE CASH FLOW

Devon defines free cash flow as total operating cash flow less capital expenditures. Devon believes free cash flow provides a useful measure of available cash generated by operating activities for other investing and financing activities.


	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Total operating cash flow (GAAP)	$	6,600		$	1,664		$	1,663		$	1,535		$	1,738		$	1,737
Less capital expenditures:		(3,645	)		(926	)		(877	)		(948	)		(894	)		(910	)

Free cash flow (Non-GAAP)	$	2,955		$	738		$	786		$	587		$	844		$	827

ADJUSTED FREE CASH FLOW

Devon is committed to returning cash flow to shareholders through dividends and share repurchases. Adjusted free cash flow is calculated as total operating cash flow before balance sheet changes less accrued capital expenditures.


	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Total operating cash flow (GAAP)	$	6,600		$	1,664		$	1,663		$	1,535		$	1,738		$	1,737
Changes in assets and liabilities		217			202			(16	)		201			(170	)		(45	)

Cash flow before balance sheet changes (Non-GAAP)		6,817			1,866			1,647			1,736			1,568			1,692
Capital expenditures (Accrued) ⁽¹⁾		(3,874	)		(1,042	)		(916	)		(971	)		(945	)		(951	)

Adjusted free cash flow (Non-GAAP)	$	2,943		$	824		$	731		$	765		$	623		$	741

(1)	Full Year and Q3 2024 exclude $5,045 million related to the Grayson Mill acquisition.

REINVESTMENT RATE

Devon defines reinvestment rate as accrued capital expenditures divided by operating cash flow. Devon believes this measure provides useful information to our investors as an indicator of the capital demands of our business relative to the cash flow generated from normal business operations.


	2024															2023
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Capital expenditures (Accrued) ⁽¹⁾	$	3,874		$	1,042		$	916		$	971		$	945		$	951
Operating cash flow	$	6,600		$	1,664		$	1,663		$	1,535		$	1,738		$	1,737

Reinvestment rate (Non-GAAP)		59	%		63	%		55	%		63	%		54	%		55	%

(1)	Full Year and Q3 2024 exclude $5,045 million related to the Grayson Mill acquisition.


FIRST-QUARTER AND FULL-YEAR 2025 GUIDANCE


PRODUCTION GUIDANCE
	Quarter 1						Full Year
	Low			High			Low			High
Oil (MBbls/d)		380			386			380			386
Natural gas liquids (MBbls/d)		205			211			205			211
Gas (MMcf/d)		1,320			1,365			1,320			1,365

Total oil equivalent (MBoe/d)		805			825			805			825


CAPITAL EXPENDITURES GUIDANCE
	Quarter 1						Full Year
(in millions)	Low			High			Low			High
Upstream capital	$	925		$	975		$	3,575		$	3,725
Carbon capital		20			25			100			125
Midstream and other capital		35			45			125			150

Total capital	$	980		$	1,045		$	3,800		$	4,000


PRICE REALIZATIONS GUIDANCE
	Quarter 1						Full Year
	Low			High			Low			High
Oil - % of WTI		95	%		99	%		95	%		99	%
NGL - % of WTI		28	%		32	%		28	%		32	%
Natural gas - % of Henry Hub		55	%		65	%		50	%		60	%

OTHER GUIDANCE ITEMS
	Quarter 1						Full Year
($ millions, except Boe and %)	Low			High			Low			High
Marketing and midstream operating profit	$	(20	)	$	(10	)	$	(60	)	$	(40	)
LOE and GP&T per BOE	$	8.90		$	9.30		$	8.80		$	9.20
Production and property taxes as % of upstream sales		7.0	%		8.0	%		7.0	%		8.0	%
Exploration expenses	$	—		$	5		$	30		$	50
Depreciation, depletion and amortization	$	890		$	930		$	3,600		$	3,700
General and administrative expenses	$	135		$	145		$	450		$	490
Financing costs, net	$	120		$	130		$	450		$	490
Other expenses	$	—		$	10		$	15		$	30

INCOME TAX GUIDANCE
	Quarter 1						Full Year
(% of pre-tax earnings)	Low			High			Low			High
Current income tax rate		14	%		16	%		14	%		16	%
Deferred income tax rate		4	%		6	%		4	%		6	%

Total income tax rate		~20%						~20%


2025 & 2026 HEDGING POSITIONS

Oil Commodity Hedges


	Price Swaps				Price Collars
Period	Volume (Bbls/d)		Weighted Average Price ($/Bbl)		Volume (Bbls/d)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q1 2025		17,000	$	71.95		80,000	$	66.90	$	74.88
Q2 2025		15,000	$	72.18		80,000	$	66.90	$	74.88
Q3-Q4 2025		9,000	$	71.52		86,000	$	66.65	$	74.86


	Three Way Collars
Period	Volume (Bbls/d)		Weighted Average Floor Sold Price ($/Bbl)		Weighted Average Floor Purchased Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q1-Q4 2025		8,000	$	51.25	$	65.00	$	77.11

Oil Basis Swaps


Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2025	Midland Sweet		63,000	$	1.00
Q1-Q4 2026	Midland Sweet		20,000	$	1.20

Natural Gas Commodity Hedges - Henry Hub


	Price Swaps				Price Collars
Period	Volume (MMBtu/d)		Weighted Average Price ($/MMBtu)		Volume (MMBtu/d)		Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q1 2025		365,000	$	3.29		115,000	$	3.00	$	3.67
Q2 2025		322,000	$	3.26		155,000	$	3.00	$	3.69
Q3 2025		282,000	$	3.29		155,000	$	3.00	$	3.69
Q4 2025		225,000	$	3.39		155,000	$	3.00	$	3.69
Q1-Q4 2026		215,000	$	3.71		120,000	$	3.19	$	4.43

Natural Gas Basis Swaps


Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q1–Q4 2025	Houston Ship Channel		230,000	$	(0.35	)
Q1–Q4 2025	WAHA		110,000	$	(1.11	)
Q1–Q4 2026	Houston Ship Channel		50,000	$	(0.29	)
Q1–Q4 2026	WAHA		20,000	$	(1.30	)


2025 & 2026 HEDGING POSITIONS (continued)

NGL Commodity Hedges


		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q1-Q4 2025	Natural Gasoline		3,000	$	63.35
Q1-Q4 2025	Normal Butane		323	$	39.90
Q1-Q4 2025	Propane		3,000	$	32.29

Devon’s oil derivatives settle against the average of the prompt month NYMEX West Texas Intermediate futures price. Devon’s natural gas derivatives settle against the Inside FERC first of the month Henry Hub index. Devon’s NGL derivatives settle against the average of the prompt month OPIS Mont Belvieu, Texas index. Commodity hedge positions are shown as of December 31, 2024.

Document and Entity Information	Feb. 18, 2025
Cover [Abstract]
Entity Registrant Name	DEVON ENERGY CORP/DE
Entity Incorporation State Country Code	DE
Entity Address, State or Province	OK
Amendment Flag	false
Entity Central Index Key	0001090012
Document Type	8-K
Document Period End Date	Feb. 18, 2025
Entity File Number	001-32318
Entity Tax Identification Number	73-1567067
Entity Address, Address Line One	333 W. SHERIDAN AVE.
Entity Address, City or Town	OKLAHOMA CITY
Entity Address, Postal Zip Code	73102-5015
City Area Code	(405)
Local Phone Number	235-3611
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.10 per share
Trading Symbol	DVN
Security Exchange Name	NYSE
Entity Emerging Growth Company	false