Devon Energy CorporationNYSE: DVN

Q1 2026 Earnings Supplemental Tables

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Watch Devon Energy explain itDevon Energy Corporation (DVN) Q2 2026 Earnings Call · Replay · Aug 5
Devon Energy First-Quarter 2026 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 and Supplemental Information for Capital Expenditures...............................................................

7

Realized Pricing ..........................................................................................................................................................................

8

Asset Margins .............................................................................................................................................................................

9

Core Earnings .............................................................................................................................................................................

10

EBITDAX .......................................................................................................................................................................................

11

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

12

(in millions, except per share amounts) 2026 2025

Quarter 1

2,977

(701 )

1,531

3,807

894

25

1,547

904

- 1

125

109

19

17

3,641

166

46

120

-

120

0.19

0.19

616

618

Quarter 4 Quarter 3 Quarter 2 Quarter 1

Oil, gas and NGL sales $

Oil, gas and NGL derivatives (1) Marketing and midstream revenues

Total revenues Production expenses (2) Exploration expenses

Marketing and midstream expenses Depreciation, depletion and amortization Asset impairments

Asset dispositions

General and administrative expenses Financing costs, net (3) Restructuring and transaction costs Other, net

Total expenses

Earnings before income taxes Income tax expense (4)

Net earnings

Net earnings attributable to noncontrolling interests

Net earnings attributable to Devon $

Net earnings per share:

Basic net earnings per share $

Diluted net earnings per share $

Weighted average common shares outstanding: Basic

Diluted

$ 2,578 $ 2,809 $ 2,710 $ 3,126

184 80 236 (98 )

1,359 1,442 1,338 1,424

4,121 4,331 4,284 4,452 861 895 899 912

5 8 20 10

1,389 1,453 1,357 1,436

890 879 914 912

- - - 254

(1 ) (37 ) (307 ) 2

135 114 113 130

107 109 116 123

- 9 9 18

(12 ) (11 ) 2 9

3,374 3,419 3,123 3,806 747 912 1,161 646

185 219 244 137

562 693 917 509

- 6 18 15

$ 562 $ 687 $ 899 $ 494

$ 0.91 $ 1.09 $ 1.42 $ 0.77

$ 0.90 $ 1.09 $ 1.41 $ 0.77

621 628 635 643

622 629 636 645

(1) OIL, GAS AND NGL DERIVATIVES

(in millions) 2026 2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Derivative cash settlements

$ (57 )

$ 125

$ 50

$ 67

$ (10 )

Derivative valuation changes

(644 )

59

30

169

(88 )

Oil, gas and NGL derivatives

$

(701 )

$ 184

$ 80

$ 236

$ (98 )

(2) PRODUCTION EXPENSES

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Lease operating expense

$

486

$

479

$

481

$

483

$

479

Gathering, processing & transportation

191

195

213

219

204

Production taxes

205

172

184

180

212

Property taxes

12

15

17

17

17

Production expenses

$

894

$

861

$

895

$

899

$

912

(3) FINANCING COSTS, NET

Quarter 1

118

(14 )

5

109

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Interest based on debt outstanding

$ 119

$ 125

$ 126

$ 127

Interest income

(14 )

(18 )

(14 )

(10 )

Other

2

2

4

6

Financing costs, net

$ 107

$ 109

$ 116

$ 123

(4) INCOME TAX EXPENSE

(in millions)

2026

2025

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Current expense (benefit)

$ 23

$ (44 )

$ 226

$ 96

Deferred expense

162

263

18

41

Income tax expense (1)

$ 185

$ 219

$ 244

$ 137

(in millions) 2026 2025

$

$

Quarter 1

$ (188 )

234

$ 46

(1) Reflects the impact of new tax guidance released in the first quarter of 2026 which established a new adjustment to the corporate alternative minimum tax associated with the amortization of research costs beginning in 2025 under the One Big Beautiful Bill Act transition rule.

Quarter 1

1,815

2,250

319

378

4,762

23,912

1,686

25,598

753

312

715

403

32,543

975

1,678

999

1,082

4,734

7,387

206

986

940

2,862

62

5,316

10,171

(121

)

15,428

-

15,428

32,543

(in millions) 2026 2025

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Current assets:

Cash, cash equivalents and restricted cash

$ $ 1,434

$ 1,278

$ 1,759

$ 1,234

Accounts receivable

1,792

1,835

1,853

2,036

Inventory

336

361

327

332

Other current assets

444

393

384

303

Total current assets

4,006

3,867

4,323

3,905

Oil and gas property and equipment, based on successful efforts accounting,

net

23,731

23,591

23,428

23,429

Other property and equipment, net

1,688

1,698

1,687

1,653

Total property and equipment, net

25,419

25,289

25,115

25,082

Goodwill

753

753

753

753

Right-of-use assets

299

247

185

127

Investments

727

679

640

713

Other long-term assets

395

386

374

348

Total assets

$ $ 31,599

$ 31,221

$ 31,390

$ 30,928

Current liabilities:

Accounts payable

$ $ 790

$ 934

$ 885

$ 923

Revenues and royalties payable

1,491

1,464

1,440

1,588

Short-term debt

998

998

485

485

Other current liabilities

807

646

727

622

Total current liabilities

4,086

4,042

3,537

3,618

Long-term debt

7,391

7,393

8,393

8,395

Lease liabilities

197

158

113

77

Asset retirement obligations

863

850

839

835

Other long-term liabilities

907

962

1,008

1,041

Deferred income taxes

2,627

2,466

2,208

2,189

Stockholders' equity:

Common stock

62

63

64

64

Additional paid-in capital

5,388

5,618

5,864

6,096

Retained earnings

10,200

9,788

9,252

8,506

Accumulated other comprehensive loss

(122 )

(119 )

(120 )

(121 )

Total stockholders' equity attributable to Devon

15,528

15,350

15,060

14,545

Noncontrolling interests

-

-

232

228

Total equity

15,528

15,350

15,292

14,773

Total liabilities and equity

$ $ 31,599

$ 31,221

$ 31,390

$ 30,928

Quarter 1

120

904

- 3

4

701

(57 )

1

234

22

22

(299 )

1,655

(839 )

(190 )

2

9

(2 )

(1,020 )

- (69 )

(155 )

-

-

- (3 )

(27 )

(254 )

-

381

1,434

1,815

1,763

52

1,815

(in millions)

2026

2025

Cash flows from operating activities:

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Net earnings

Adjustments to reconcile net earnings to net cash from operating activities: Depreciation, depletion and amortization

$ 562

890

$ 693

879

$ 917

914

$ 509

912

Asset impairments

-

-

-

254

Leasehold impairments

(2 )

1

7

5

Accretion of liabilities

3

4

3

6

Total (gains) losses on commodity derivatives

(184 )

(80 )

(236 )

98

Cash settlements on commodity derivatives

125

50

67

(10 )

(Gains) losses on asset dispositions

(1 )

(37 )

(307 )

2

Deferred income tax expense

162

263

18

41

Share-based compensation

22

24

23

30

Other

(5 )

(45 )

5

(22 )

Changes in assets and liabilities, net

(38 )

(62 )

134

117

Net cash from operating activities

1,534

1,690

1,545

1,942

Cash flows from investing activities:

Capital expenditures

(832 )

(870 )

(956 )

(934 )

Acquisitions of property and equipment

(101 )

(197 )

(16 )

(8 )

Divestitures of property and equipment and investments

2

38

372

133

Distributions from investments

11

7

11

9

Contributions to investments and other

(50 )

(2 )

(8 )

(2 )

Net cash from investing activities

(970 )

(1,024)

(597 )

(802 )

Cash flows from financing activities: Repayments of long-term debt

-

(485 )

-

-

Repurchases of common stock

(250 )

(250 )

(249 )

(301 )

Dividends paid on common stock

(149 )

(151 )

(156 )

(163 )

Contributions from noncontrolling interests

-

-

-

14

Distributions to noncontrolling interests

-

-

(14 )

(9 )

Acquisition of noncontrolling interests

-

(260 )

-

-

Repayment of finance leases

(8 )

-

-

(274 )

Shares exchanged for tax withholdings and other

-

(1 )

(5 )

(19 )

Net cash from financing activities

(407 )

(1,147)

(424 )

(752 )

Effect of exchange rate changes on cash

(1 )

-

1

-

Net change in cash, cash equivalents and restricted cash

156

(481 )

525

388

Cash, cash equivalents and restricted cash at beginning of period

1,278

1,759

1,234

846

Cash, cash equivalents and restricted cash at end of period

$ 1,434

$ 1,278

$ 1,759

$ 1,234

Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents

$ 1,384

$ 1,229

$ 1,713

$ 1,198

Restricted cash

50

49

46

36

Total cash, cash equivalents and restricted cash

$ 1,434

$ 1,278

$ 1,759

$ 1,234

$

$

$

$

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil (MBbls/d)

Delaware Basin

225

234

223

228

216

Rockies

103

102

111

104

112

Eagle Ford

43

39

41

39

45

Anadarko Basin

12

12

12

13

11

Other

4

3

3

3

4

Total

387

390

390

387

388

Natural gas liquids (MBbls/d)

Delaware Basin

137

146

134

133

118

Rockies

46

51

53

47

44

Eagle Ford

11

10

11

11

15

Anadarko Basin

24

24

30

31

26

Other

-

-

-

-

-

Total

218

231

228

222

203

Gas (MMcf/d)

Delaware Basin

831

848

834

823

744

Rockies

230

234

245

228

233

Eagle Ford

76

56

70

62

117

Anadarko Basin

235

246

261

274

252

Other

1

1

-

1

-

Total

1,373

1,385

1,410

1,388

1,346

Total oil equivalent (MBoe/d)

Delaware Basin

501

521

496

498

458

Rockies

187

192

205

189

195

Eagle Ford

66

57

63

60

79

Anadarko Basin

75

77

85

90

79

Other

4

4

4

4

4

Total

833

851

853

841

815

(in millions)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

$

451

$

454

$

465

$

482

$

502

Rockies

218

231

191

228

216

Eagle Ford

120

137

141

122

156

Anadarko Basin

38

32

25

45

47

Other

1

2

1

2

2

Total upstream capital

$

828

$

856

$

823

$

879

$

923

Midstream and Corporate

20

27

36

53

41

Capital expenditures

$

848

$

883

$

859

$

932

$

964

Acquisitions

151

141

197

16

8

Total capital

$

999

$

1,024

$

1,056

$

948

$

972

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

GROSS OPERATED SPUDS

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

57

48

60

57

73

Rockies

27

26

21

23

24

Eagle Ford

12

18

24

22

30

Anadarko Basin

7

8

10

11

5

Total

103

100

115

113

132

GROSS OPERATED WELLS TIED-IN

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

53

45

61

57

79

Rockies

33

17

22

30

16

Eagle Ford

24

23

10

10

35

Anadarko Basin

-

10

9

13

6

Total

110

95

102

110

136

NET OPERATED WELLS TIED-IN

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

49

35

40

46

54

Rockies

27

14

18

27

13

Eagle Ford

23

19

10

7

26

Anadarko Basin

-

4

5

5

2

Total

99

72

73

85

95

AVERAGE LATERAL LENGTH

(based on wells tied-in)

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

11,000'

11,800'

11,100'

10,500'

10,300'

Rockies

12,500'

11,600'

13,000'

12,300'

12,200'

Eagle Ford

7,000'

5,900'

7,200'

8,200'

7,800'

Anadarko Basin

-

10,100'

10,000'

10,000'

12,500'

Total

10,500'

10,200'

10,300'

10,300'

10,700'

BENCHMARK PRICES

(average prices) 2026 2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil ($/Bbl) - West Texas Intermediate (Cushing)

$ 72.10

$ 59.09

$ 64.92

$ 63.95

$ 71.50

Natural Gas ($/Mcf) - Henry Hub

$ 5.05

$ 3.55

$ 3.07

$ 3.44

$ 3.65

NGL ($/Bbl) - Mont Belvieu Blended

$ 24.86

$ 23.67

$ 24.25

$ 25.58

$ 29.65

REALIZED PRICES

Quarter 1

70.89

67.14

68.98

70.24

69.66

(1.72 )

67.94

19.60

7.83

24.54

23.23

17.80

-

17.80

0.73

1.80

4.01

4.03

1.66

0.02

1.68

38.44

41.18

53.11

31.29

39.70

(0.76 )

38.94

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil (Per Bbl)

Delaware Basin

$ 57.94

$ 63.89

$ 62.60

$ 70.28

Rockies

54.99

61.14

59.05

66.40

Eagle Ford

58.18

64.87

63.14

69.85

Anadarko Basin

57.46

63.68

62.09

71.15

Realized price without hedges

57.19

63.21

61.70

69.13

Cash settlements

2.47

0.78

1.27

0.02

Realized price, including cash settlements

$ 59.66

$ 63.99

$ 62.97

$ 69.15

Natural gas liquids (Per Bbl)

Delaware Basin

$ 18.42

$ 18.25

$ 19.10

$ 22.76

Rockies

9.02

10.26

9.27

14.72

Eagle Ford

22.28

22.85

23.03

28.65

Anadarko Basin

21.50

20.94

22.41

26.91

Realized price without hedges

16.86

17.01

17.71

22.03

Cash settlements

0.23

0.17

0.11

(0.10 )

Realized price, including cash settlements

$ 17.09

$ 17.18

$ 17.82

$ 21.93

Gas (Per Mcf)

Delaware Basin

$ 0.96

$ 1.50

$ 1.34

$ 2.47

Rockies

0.33

(0.42)

(0.50 )

1.48

Eagle Ford

3.14

2.78

3.01

3.36

Anadarko Basin

3.13

2.57

2.86

3.42

Realized price without hedges

1.33

1.43

1.41

2.55

Cash settlements

0.25

0.15

0.15

(0.07 )

Realized price, including cash settlements

$ 1.58

$ 1.58

$ 1.56

$ 2.48

Total oil equivalent (Per Boe)

Delaware Basin

$ 32.72

$ 36.18

$ 35.92

$ 43.00

Rockies

32.04

35.33

34.29

43.29

Eagle Ford

45.82

48.85

48.32

49.75

Anadarko Basin

25.62

23.97

25.28

29.96

Realized price without hedges

32.92

35.82

35.43

42.58

Cash settlements

1.60

0.64

0.87

(0.13 )

Realized price, including cash settlements

$ 34.52

$ 36.46

$ 36.30

$ 42.45

2026 2025

$

$

$

$

$

$

$

$

BENCHMARK PRICES

(average prices) 2026 2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Oil ($/Bbl) - West Texas Intermediate (Cushing)

$ 72.10

$ 59.09

$ 64.92

$ 63.95

$ 71.50

Natural Gas ($/Mcf) - Henry Hub

$ 5.05

$ 3.55

$ 3.07

$ 3.44

$ 3.65

NGL ($/Bbl) - Mont Belvieu Blended

$ 24.86

$ 23.67

$ 24.25

$ 25.58

$ 29.65

PER-UNIT CASH MARGIN BY ASSET (per Boe)

Quarter 1

38.44

(5.19 )

(2.57 )

(2.91 )

27.77

41.18

(10.02 )

(1.04 )

(3.32 )

26.80

53.11

(7.98 )

(2.14 )

(2.81 )

40.18

31.29

(3.76 )

(6.64 )

(1.71 )

19.18

39.70

(6.48 )

(2.54 )

(2.90 )

27.78

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Delaware Basin

Realized price

$ 32.72

$ 36.18

$ 35.92

$ 43.00

Lease operating expenses

(5.11 )

(5.38)

(5.54 )

(5.74 )

Gathering, processing & transportation

(2.57 )

(2.94)

(3.17 )

(3.00 )

Production & property taxes

(2.44 )

(2.52)

(2.63 )

(3.13 )

Field-level cash margin

$ 22.60

$ 25.34

$ 24.58

$ 31.13

Rockies

Realized price

$ 32.04

$ 35.33

$ 34.29

$ 43.29

Lease operating expenses

(9.05 )

(8.27)

(9.13 )

(9.31 )

Gathering, processing & transportation

(1.03 )

(0.99)

(0.86 )

(1.14 )

Production & property taxes

(2.64 )

(3.04)

(2.85 )

(3.83 )

Field-level cash margin

$ 19.32

$ 23.03

$ 21.45

$ 29.01

Eagle Ford

Realized price

$ 45.82

$ 48.85

$ 48.32

$ 49.75

Lease operating expenses

(7.90 )

(7.83)

(7.52 )

(6.65 )

Gathering, processing & transportation

(1.98 )

(2.27)

(1.94 )

(2.47 )

Production & property taxes

(2.43 )

(2.89)

(3.02 )

(2.65 )

Field-level cash margin

$ 33.51

$ 35.86

$ 35.84

$ 37.98

Anadarko Basin

Realized price

$ 25.62

$ 23.97

$ 25.28

$ 29.96

Lease operating expenses

(3.19 )

(3.25)

(2.98 )

(3.20 )

Gathering, processing & transportation

(6.19 )

(5.98)

(6.13 )

(6.01 )

Production & property taxes

(1.22 )

(1.30)

(1.32 )

(1.62 )

Field-level cash margin

$ 15.02

$ 13.44

$ 14.85

$ 19.13

Devon - Total

Realized price

$ 32.92

$ 35.82

$ 35.43

$ 42.58

Lease operating expenses

(6.11 )

(6.14)

(6.31 )

(6.53 )

Gathering, processing & transportation

(2.49 )

(2.71)

(2.86 )

(2.78 )

Production & property taxes

(2.39 )

(2.56)

(2.58 )

(3.11 )

Field-level cash margin

$ 21.93

$ 24.41

$ 23.68

$ 30.16

2026 2025

$

$

$

$

$

$

$

$

$

$

(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 table summarizes the effects of these items on first-quarter 2026 and fourth-quarter 2025 earnings.

Quarter Ended March 31, 2026

Per Diluted

Total

Before-tax

After-tax

After NCI

Share

Earnings (GAAP)

$ 166

$ 120

$ 120

$ 0.19

Adjustments:

Asset dispositions

1

1

1

-

Asset and exploration impairments

2

2

2

0.01

Fair value changes in financial instruments

644

499

499

0.81

Restructuring and transaction costs

19

19

19

0.03

Core earnings (Non-GAAP)

$ 832

$ 641

$ 641

$ 1.04

Quarter Ended December 31, 2025

Per Diluted

Total

Before-tax

After-tax

After NCI

Share

Earnings (GAAP)

$ 747

$ 562

$ 562

$ 0.90

Adjustments:

Asset dispositions

(1 )

-

-

-

Asset and exploration impairments

1

1

1

-

Change in tax legislation

-

(6 )

(6 )

(0.01 )

Fair value changes in financial instruments

(59 )

(47 )

(47 )

(0.07 )

Restructuring and transaction costs

-

-

-

-

Core earnings (Non-GAAP)

$ 688

$ 510

$ 510

$ 0.82

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 impairments; asset disposition gains and losses; non-cash share-based compensation; non-cash valuation changes for derivatives and financial instruments; restructuring and transaction costs; 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.

Net earnings (GAAP) Financing costs, net Income tax expense Exploration expenses

Depreciation, depletion and amortization Asset impairments

Asset dispositions

Share-based compensation

Derivative & financial instrument non-cash val. changes Restructuring and transaction costs

Accretion on discounted liabilities and other

EBITDAX (Non-GAAP)

Q4 '25 Q3 '25 Q2 '25

Q1 '26

$ 120

109

46

25

904

- 1

22

644

19

17

$ 1,907

$ 562 $ 693 $ 917

107 109 116

185 219 244

5 8 20

890 879 914

- - -

(1 ) (37 ) (307 )

22 21 22

(59 ) (30 ) (169 )

- 9 9

(12 ) (11 ) 2

$ 1,699 $ 1,860 $ 1,768

Q1 '25

TTM

$ 2,292

441

694

58

3,587

- (344 )

87

386

37

(4 )

$ 7,234

$ 509

123

137

10

912

254

2

24

88

18

9

$ 2,086

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.

Quarter 1

$ 8,386

(1,815 )

$ 6,571

2026 2025

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Total debt (GAAP)

$ 8,389

$ 8,391

$ 8,878

$ 8,880

Less:

Cash, cash equivalents and restricted cash

(1,434 )

(1,278)

(1,759 )

(1,234 )

Net debt (Non-GAAP)

$ 6,955

$ 7,113

$ 7,119

$ 7,646

NET DEBT-TO-EBITDAX

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Net debt (Non-GAAP)

6,571

$

6,955

$

7,113

$

7,119

$

7,646

EBITDAX (Non-GAAP) (1)

7,234

$

7,413

$

7,845

$

7,838

$

8,034

Net debt-to-EBITDAX (Non-GAAP)

0.9

0.9

0.9

0.9

1.0

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.

$

$

(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.

Quarter 1

1,655

(839 )

816

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Total operating cash flow (GAAP)

$ 1,534

$ 1,690

$ 1,545

$ 1,942

Less capital expenditures (Excluding acquisitions):

(832 )

(870 )

(956 )

(934 )

Free cash flow (Non-GAAP)

$ 702

$ 820

$ 589

$ 1,008

REINVESTMENT RATE

2026 2025

$

$

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.

2026

2025

Quarter 1

Quarter 4

Quarter 3

Quarter 2

Quarter 1

Capital expenditures (Accrued)

$

999

$

1,024

$

1,056

$

948

$

972

Operating cash flow

$

1,655

$

1,534

$

1,690

$

1,545

$

1,942

Reinvestment rate (Non-GAAP)

60

%

67

%

63

%

61

%

50

%