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LETTER TO SHAREHOLDERS

  • Devon completed the combination with Coterra six months prior to November 2026 & integrated the two organizations into one of the industry's largest & most profitable E&P companies.
  • The company executed a major divestiture of its Eagle Ford assets to generate immediate shareholder value & lengthen inventory life.
  • Devon significantly expanded its Permian Basin footprint by acquiring core acreage in a federal lease sale & entering a strategic pipeline agreement with Solitude.
  • Devon operates as a premier unconventional energy company utilizing technology such as proprietary AI subsurface models & extended well geometries to enhance capital efficiency.
  • The company's multi-basin portfolio includes the Permian, Anadarko, Marcellus, & Rockies, delivering top-quartile capital efficiency & durable free cash flow.
  • Devon plans to direct approximately 75 percent of its 2027 capital to the Permian Basin, up from 63 percent in 2026.
  • The firm expects buybacks to exceed $1 billion in the fourth quarter of 2026 & rise further in 2027, fueled by roughly $3.5 billion in after-tax proceeds from the Eagle Ford sale.
  • Devon intends to pay down an additional $1.5 billion of long-term debt in 2027 to reach a $9 billion gross debt target.
  • Strategic pillars include improving the core business through innovation, pursuing organic growth opportunities, & actively managing the portfolio to high-grade assets.
  • The company maintains a culture built on the core values of Integrity, Relationships, Courage, & Results.
Company
Devon Energy Corporation
Keywords
NYSE:DVN, Devon Energy Corporation