EX-99.2

Exhibit 99.2

Devon Energy Second-Quarter 2025

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, Net Debt and Net Debt-to-EBITDAX		11

Free Cash Flow, Adjusted Free Cash Flow and Reinvestment Rate		12

CONSOLIDATED STATEMENTS OF EARNINGS


(in millions, except per share amounts)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3		Quarter 2
Oil, gas and NGL sales	$	2,710		$	3,126		$	3,086		$	2,665	$	2,796
Oil, gas and NGL derivatives ⁽¹⁾		236			(98	)		(84	)		227		23
Marketing and midstream revenues		1,338			1,424			1,401			1,132		1,098

Total revenues		4,284			4,452			4,403			4,024		3,917

Production expenses ⁽²⁾		899			912			881			763		788
Exploration expenses		20			10			12			4		3
Marketing and midstream expenses		1,357			1,436			1,402			1,149		1,108
Depreciation, depletion and amortization		914			912			971			794		768
Asset impairments		—			254			—			—		—
Asset dispositions		(307	)		2			(5	)		—		15
General and administrative expenses		113			130			155			117		114
Financing costs, net ⁽³⁾		116			123			123			88		76
Other, net		11			27			24			45		5

Total expenses		3,123			3,806			3,563			2,960		2,877

Earnings before income taxes		1,161			646			840			1,064		1,040
Income tax expense ⁽⁴⁾		244			137			187			239		185

Net earnings		917			509			653			825		855
Net earnings attributable to noncontrolling interests		18			15			14			13		11

Net earnings attributable to Devon	$	899		$	494		$	639		$	812	$	844

Net earnings per share:
Basic net earnings per share	$	1.42		$	0.77		$	0.98		$	1.31	$	1.35
Diluted net earnings per share	$	1.41		$	0.77		$	0.98		$	1.30	$	1.34
Weighted average common shares outstanding:
Basic		635			643			650			622		626
Diluted		636			645			651			623		628

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

(1) OIL, GAS AND NGL DERIVATIVES


(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Derivative cash settlements	$	67		$	(10	)	$	58		$	61		$	54
Derivative valuation changes		169			(88	)		(142	)		166			(31	)

Oil, gas and NGL derivatives	$	236		$	(98	)	$	(84	)	$	227		$	23

(2) PRODUCTION EXPENSES
(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Lease operating expense	$	483		$	479		$	445		$	366		$	383
Gathering, processing & transportation		219			204			213			200			197
Production taxes		180			212			206			179			188
Property taxes		17			17			17			18			20

Production expenses	$	899		$	912		$	881		$	763		$	788

(3) FINANCING COSTS, NET
(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Interest based on debt outstanding	$	126		$	127		$	128		$	98		$	88
Interest income		(14	)		(10	)		(16	)		(19	)		(14	)
Other		4			6			11			9			2

Financing costs, net	$	116		$	123		$	123		$	88		$	76

(4) INCOME TAX EXPENSE
(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Current expense	$	226		$	96		$	119		$	75		$	146
Deferred expense		18			41			68			164			39

Income tax expense	$	244		$	137		$	187		$	239		$	185

CONSOLIDATED BALANCE SHEETS


(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Current assets:
Cash, cash equivalents and restricted cash	$	1,759		$	1,234		$	846		$	676		$	1,169
Accounts receivable		1,853			2,036			1,972			1,779			1,589
Inventory		327			332			294			293			258
Other current assets		384			303			315			484			343

Total current assets		4,323			3,905			3,427			3,232			3,359
Oil and gas property and equipment, based on successful efforts accounting, net		23,428			23,429			23,198			23,155			18,216
Other property and equipment, net		1,687			1,653			1,813			1,795			1,569

Total property and equipment, net		25,115			25,082			25,011			24,950			19,785
Goodwill		753			753			753			753			753
Right-of-use assets		185			127			303			317			297
Investments		640			713			727			718			704
Other long-term assets		374			348			268			293			264

Total assets	$	31,390		$	30,928		$	30,489		$	30,263		$	25,162

Current liabilities:
Accounts payable	$	885		$	923		$	806		$	995		$	754
Revenues and royalties payable		1,440			1,588			1,432			1,423			1,363
Short-term debt		485			485			485			—			475
Income taxes payable		190			117			23			4			2
Other current liabilities		537			505			563			484			422

Total current liabilities		3,537			3,618			3,309			2,906			3,016
Long-term debt		8,393			8,395			8,398			8,884			5,665
Lease liabilities		113			77			320			328			315
Asset retirement obligations		839			835			770			765			691
Other long-term liabilities		1,008			1,041			840			820			829
Deferred income taxes		2,208			2,189			2,148			2,082			1,917
Stockholders’ equity:
Common stock		64			64			65			66			63
Additional paid-in capital		5,864			6,096			6,387			6,662			5,478
Retained earnings		9,252			8,506			8,166			7,670			7,132
Accumulated other comprehensive loss		(120	)		(121	)		(122	)		(121	)		(122	)

Total stockholders’ equity attributable to Devon		15,060			14,545			14,496			14,277			12,551
Noncontrolling interests		232			228			208			201			178

Total equity		15,292			14,773			14,704			14,478			12,729

Total liabilities and equity	$	31,390		$	30,928		$	30,489		$	30,263		$	25,162

CONSOLIDATED STATEMENTS OF CASH FLOWS


(in millions)	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Cash flows from operating activities:
Net earnings	$	917		$	509		$	653		$	825		$	855
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization		914			912			971			794			768
Asset impairments		—			254			—			—			—
Leasehold impairments		7			5			3			1			1
Accretion of liabilities		3			6			6			2			—
Total (gains) losses on commodity derivatives		(236	)		98			84			(227	)		(23	)
Cash settlements on commodity derivatives		67			(10	)		58			61			54
(Gains) losses on asset dispositions		(307	)		2			(5	)		—			15
Deferred income tax expense		18			41			68			164			39
Share-based compensation		23			30			24			24			27
Other		5			(22	)		4			3			—
Changes in assets and liabilities, net		134			117			(202	)		16			(201	)

Net cash from operating activities		1,545			1,942			1,664			1,663			1,535

Cash flows from investing activities:
Capital expenditures		(956	)		(934	)		(926	)		(877	)		(948	)
Acquisitions of property and equipment		(16	)		(8	)		(116	)		(3,602	)		(82	)
Divestitures of property, equipment and investments		372			133			6			—			1
Grayson Mill acquired cash		—			—			—			147			—
Distributions from investments		11			9			33			13			11
Contributions to investments and other		(8	)		(2	)		(40	)		(30	)		(1	)

Net cash from investing activities		(597	)		(802	)		(1,043	)		(4,349	)		(1,019	)

Cash flows from financing activities:
Borrowings of long-term debt, net of issuance costs		—			—			—			3,219			—
Repayments of long-term debt		—			—			—			(472	)		—
Repurchases of common stock		(249	)		(301	)		(301	)		(295	)		(256	)
Dividends paid on common stock		(156	)		(163	)		(143	)		(272	)		(223	)
Contributions from noncontrolling interests		—			14			8			20			12
Distributions to noncontrolling interests		(14	)		(9	)		(15	)		(10	)		(19	)
Repayment of finance lease		—			(274	)		—			—			—
Shares exchanged for tax withholdings and other		(5	)		(19	)		1			2			(9	)

Net cash from financing activities		(424	)		(752	)		(450	)		2,192			(495	)

Effect of exchange rate changes on cash		1			—			(1	)		1			(1	)

Net change in cash, cash equivalents and restricted cash		525			388			170			(493	)		20
Cash, cash equivalents and restricted cash at beginning of period		1,234			846			676			1,169			1,149

Cash, cash equivalents and restricted cash at end of period	$	1,759		$	1,234		$	846		$	676		$	1,169

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,713		$	1,198		$	811		$	645		$	1,140
Restricted cash		46			36			35			31			29

Total cash, cash equivalents and restricted cash	$	1,759		$	1,234		$	846		$	676		$	1,169

PRODUCTION

	$		$		$		$		$
	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Oil (MBbls/d)
Delaware Basin		228		216		221		227		221
Rockies		104		112		110		48		50
Eagle Ford		39		45		49		44		46
Anadarko Basin		13		11		14		13		14
Other		3		4		4		3		4

Total		387		388		398		335		335

Natural gas liquids (MBbls/d)
Delaware Basin		133		118		127		134		121
Rockies		47		44		43		15		14
Eagle Ford		11		15		21		16		17
Anadarko Basin		31		26		30		29		30
Other		—		—		—		—		—

Total		222		203		221		194		182

Gas (MMcf/d)
Delaware Basin		823		744		755		764		712
Rockies		228		233		230		96		89
Eagle Ford		62		117		130		93		92
Anadarko Basin		274		252		255		241		244
Other		1		—		1		—		—

Total		1,388		1,346		1,371		1,194		1,137

Total oil equivalent (MBoe/d)
Delaware Basin		498		458		474		488		461
Rockies		189		195		191		79		79
Eagle Ford		60		79		92		75		79
Anadarko Basin		90		79		87		82		84
Other		4		4		4		4		4

Total		841		815		848		728		707

CAPITAL EXPENDITURES

	$		$		$		$		$
	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
(in millions)
Delaware Basin	$	472	$	493	$	448	$	495	$	505
Rockies		224		215		268		89		84
Eagle Ford		118		151		107		173		180
Anadarko Basin		44		46		44		56		56
Other		2		3		5		4		3

Total upstream capital	$	860	$	908	$	872	$	817	$	828

Carbon capital		30		22		12		26		24
Midstream and Corporate		42		34		42		35		38

Capital expenditures	$	932	$	964	$	926	$	878	$	890

Acquisitions ⁽¹⁾		16		8		116		38		81

Total capital	$	948	$	972	$	1,042	$	916	$	971

(1)	Q3 2024 excludes $5,045 million related to the Grayson Mill acquisition.

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES

	$		$		$		$		$
GROSS OPERATED SPUDS
	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Delaware Basin		57		73		67		75		73
Rockies		23		24		24		8		12
Eagle Ford		22		30		12		28		28
Anadarko Basin		11		5		2		9		13

Total		113		132		105		120		126


GROSS OPERATED WELLS TIED-IN
	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Delaware Basin		57		79		55		55		62
Rockies		30		16		30		7		3
Eagle Ford		10		35		23		31		23
Anadarko Basin		13		6		20		15		26

Total		110		136		128		108		114


NET OPERATED WELLS TIED-IN
	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Delaware Basin		46		54		50		39		44
Rockies		27		13		27		6		2
Eagle Ford		7		26		13		24		15
Anadarko Basin		5		2		8		6		14

Total		85		95		98		75		75


AVERAGE LATERAL LENGTH
(based on wells tied-in)	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Delaware Basin		10,500’		10,300’		11,500’		10,500’		10,200’
Rockies		12,300’		12,200’		10,150’		14,500’		15,500’
Eagle Ford		8,200’		7,800’		7,700’		7,600’		6,800’
Anadarko Basin		10,000’		12,500’		10,000’		11,000’		8,700’

Total		10,300’		10,700’		9,900’		10,000’		9,300’

REALIZED PRICING

BENCHMARK PRICES


(average prices)	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	63.95	$	71.50	$	70.32	$	75.20	$	80.62
Natural Gas ($/Mcf) - Henry Hub	$	3.44	$	3.65	$	2.79	$	2.15	$	1.89
NGL ($/Bbl) - Mont Belvieu Blended	$	25.58	$	29.65	$	27.80	$	25.20	$	26.33

REALIZED PRICES


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Oil (Per Bbl)
Delaware Basin	$	62.60		$	70.28		$	69.06		$	74.24		$	79.62
Rockies		59.05			66.40			65.67			70.39			75.73
Eagle Ford		63.14			69.85			69.25			74.92			80.45
Anadarko Basin		62.09			71.15			67.46			73.13			78.36

Realized price without hedges		61.70			69.13			68.11			73.74			79.10
Cash settlements		1.27			0.02			1.08			0.52			(0.15	)

Realized price, including cash settlements	$	62.97		$	69.15		$	69.19		$	74.26		$	78.95

Natural gas liquids (Per Bbl)
Delaware Basin	$	19.10		$	22.76		$	21.79		$	19.21		$	19.59
Rockies		9.27			14.72			12.88			8.09			9.44
Eagle Ford		23.03			28.65			26.40			24.18			23.07
Anadarko Basin		22.41			26.91			25.45			22.35			22.16

Realized price without hedges		17.71			22.03			21.07			19.25			19.60
Cash settlements		0.11			(0.10	)		(0.06	)		0.11			0.11

Realized price, including cash settlements	$	17.82		$	21.93		$	21.01		$	19.36		$	19.71

Gas (Per Mcf)
Delaware Basin	$	1.34		$	2.47		$	1.01		$	0.04		$	0.17
Rockies		(0.50	)		1.48			0.59			(0.85	)		(0.46	)
Eagle Ford		3.01			3.36			2.31			1.80			1.48
Anadarko Basin		2.86			3.42			2.27			1.74			1.70

Realized price without hedges		1.41			2.55			1.30			0.45			0.55
Cash settlements		0.15			(0.07	)		0.16			0.39			0.55

Realized price, including cash settlements	$	1.56		$	2.48		$	1.46		$	0.84		$	1.10

Total oil equivalent (Per Boe)
Delaware Basin	$	35.92		$	43.00		$	39.66		$	39.85		$	43.63
Rockies		34.29			43.29			41.37			43.11			49.22
Eagle Ford		48.32			49.75			46.46			50.89			54.03
Anadarko Basin		25.28			29.96			26.54			24.69			25.53

Realized price without hedges		35.43			42.58			39.57			39.80			43.44
Cash settlements		0.87			(0.13	)		0.75			0.91			0.85

Realized price, including cash settlements	$	36.30		$	42.45		$	40.32		$	40.71		$	44.29

ASSET MARGINS

BENCHMARK PRICES


(average prices)	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	63.95	$	71.50	$	70.32	$	75.20	$	80.62
Natural Gas ($/Mcf) - Henry Hub	$	3.44	$	3.65	$	2.79	$	2.15	$	1.89
NGL ($/Bbl) - Mont Belvieu Blended	$	25.58	$	29.65	$	27.80	$	25.20	$	26.33

PER-UNIT CASH MARGIN BY ASSET (per Boe)


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Delaware Basin
Realized price	$	35.92		$	43.00		$	39.66		$	39.85		$	43.63
Lease operating expenses		(5.54	)		(5.74	)		(4.93	)		(4.69	)		(5.31	)
Gathering, processing & transportation		(3.17	)		(3.00	)		(2.92	)		(2.79	)		(2.89	)
Production & property taxes		(2.63	)		(3.13	)		(2.91	)		(2.99	)		(3.31	)

Field-level cash margin	$	24.58		$	31.13		$	28.90		$	29.38		$	32.12

Rockies
Realized price	$	34.29		$	43.29		$	41.37		$	43.11		$	49.22
Lease operating expenses		(9.13	)		(9.31	)		(8.63	)		(10.83	)		(10.43	)
Gathering, processing & transportation		(0.86	)		(1.14	)		(1.22	)		(2.33	)		(2.47	)
Production & property taxes		(2.85	)		(3.83	)		(3.66	)		(4.56	)		(5.22	)

Field-level cash margin	$	21.45		$	29.01		$	27.86		$	25.39		$	31.10

Eagle Ford
Realized price	$	48.32		$	49.75		$	46.46		$	50.89		$	54.03
Lease operating expenses		(7.52	)		(6.65	)		(5.59	)		(6.57	)		(7.03	)
Gathering, processing & transportation		(1.94	)		(2.47	)		(2.21	)		(2.02	)		(2.03	)
Production & property taxes		(3.02	)		(2.65	)		(2.41	)		(2.79	)		(2.82	)

Field-level cash margin	$	35.84		$	37.98		$	36.25		$	39.51		$	42.15

Anadarko Basin
Realized price	$	25.28		$	29.96		$	26.54		$	24.69		$	25.53
Lease operating expenses		(2.98	)		(3.20	)		(2.72	)		(2.92	)		(3.16	)
Gathering, processing & transportation		(6.13	)		(6.01	)		(5.74	)		(5.78	)		(5.70	)
Production & property taxes		(1.32	)		(1.62	)		(1.20	)		(1.17	)		(1.19	)

Field-level cash margin	$	14.85		$	19.13		$	16.88		$	14.82		$	15.48

Devon - Total
Realized price	$	35.43		$	42.58		$	39.57		$	39.80		$	43.44
Lease operating expenses		(6.31	)		(6.53	)		(5.70	)		(5.46	)		(5.95	)
Gathering, processing & transportation		(2.86	)		(2.78	)		(2.74	)		(2.98	)		(3.07	)
Production & property taxes		(2.58	)		(3.11	)		(2.86	)		(2.95	)		(3.23	)

Field-level cash margin	$	23.68		$	30.16		$	28.27		$	28.41		$	31.19

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 table summarizes the effects of these items on second-quarter 2025 and first-quarter 2025 earnings.


	Quarter Ended June 30, 2025
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
Earnings (GAAP)	$	1,161		$	917		$	899		$	1.41
Adjustments:
Asset dispositions ⁽¹⁾		(307	)		(239	)		(239	)		(0.38	)
Asset and exploration impairments		4			2			2			0.01
Fair value changes in financial instruments		(172	)		(133	)		(133	)		(0.21	)
Restructuring and transaction costs		9			7			7			0.01

Core earnings (Non-GAAP)	$	695		$	554		$	536		$	0.84

(1)	The divestiture of our equity interest in Matterhorn drove our Q2 current tax higher, with approximately $100 million of current tax.


	Quarter Ended March 31, 2025
	Before-tax		After-tax		After NCI		Per Diluted Share
Total
Earnings (GAAP)	$	646	$	509	$	494	$	0.77
Adjustments:
Asset dispositions		2		1		1		—
Asset and exploration impairments		259		202		202		0.31
Fair value changes in financial instruments		88		68		68		0.11
Restructuring and transaction costs		18		14		14		0.02

Core earnings (Non-GAAP)	$	1,013	$	794	$	779	$	1.21

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 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.


	Q2 ‘25			Q1 ‘25		Q4 ‘24			Q3 ‘24			TTM			Q2 ‘24
Net earnings (GAAP)	$	917		$	509	$	653		$	825		$	2,904		$	855
Financing costs, net		116			123		123			88			450			76
Income tax expense		244			137		187			239			807			185
Exploration expenses		20			10		12			4			46			3
Depreciation, depletion and amortization		914			912		971			794			3,591			768
Asset impairments		—			254		—			—			254			—
Asset dispositions		(307	)		2		(5	)		—			(310	)		15
Share-based compensation		22			24		24			24			94			26
Derivative & financial instrument non-cash val. changes		(169	)		88		142			(166	)		(105	)		31
Accretion on discounted liabilities and other		11			27		24			45			107			5

EBITDAX (Non-GAAP)	$	1,768		$	2,086	$	2,131		$	1,853		$	7,838		$	1,964

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.


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Total debt (GAAP)	$	8,878		$	8,880		$	8,883		$	8,884		$	6,140
Less:
Cash, cash equivalents and restricted cash		(1,759	)		(1,234	)		(846	)		(676	)		(1,169	)

Net debt (Non-GAAP)	$	7,119		$	7,646		$	8,037		$	8,208		$	4,971

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.


	2025				2024
	Quarter 2		Quarter 1		Quarter 4		Quarter 3		Quarter 2
Net debt (Non-GAAP)	$	7,119	$	7,646	$	8,037	$	8,208	$	4,971
EBITDAX (Non-GAAP) ⁽¹⁾	$	7,838	$	8,034	$	7,739	$	7,496	$	7,668

Net debt-to-EBITDAX (Non-GAAP)		0.9		1.0		1.0		1.1		0.6

(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.


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Total operating cash flow (GAAP)	$	1,545		$	1,942		$	1,664		$	1,663		$	1,535
Less capital expenditures:		(956	)		(934	)		(926	)		(877	)		(948	)

Free cash flow (Non-GAAP)	$	589		$	1,008		$	738		$	786		$	587

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.


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Total operating cash flow (GAAP)	$	1,545		$	1,942		$	1,664		$	1,663		$	1,535
Changes in assets and liabilities		(134	)		(117	)		202			(16	)		201
Cash flow before balance sheet changes (Non-GAAP)		1,411			1,825			1,866			1,647			1,736
Capital expenditures (Accrued) ⁽¹⁾		(948	)		(972	)		(1,042	)		(916	)		(971	)

Adjusted free cash flow (Non-GAAP)	$	463		$	853		$	824		$	731		$	765

(1)	Q3 2024 excludes $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.


	2025						2024
	Quarter 2			Quarter 1			Quarter 4			Quarter 3			Quarter 2
Capital expenditures (Accrued) ⁽¹⁾	$	948		$	972		$	1,042		$	916		$	971
Operating cash flow	$	1,545		$	1,942		$	1,664		$	1,663		$	1,535

Reinvestment rate (Non-GAAP)		61	%		50	%		63	%		55	%		63	%

(1)	Q3 2024 excludes $5,045 million related to the Grayson Mill acquisition.


THIRD-QUARTER AND FULL-YEAR 2025 GUIDANCE

PRODUCTION GUIDANCE


	Quarter 3				Full Year
	Low		High		Low		High
Oil (MBbls/d)		384		390		384		390
Natural gas liquids (MBbls/d)		218		224		214		220
Gas (MMcf/d)		1,360		1,400		1,360		1,390

Total oil equivalent (MBoe/d)		829		847		825		842

CAPITAL EXPENDITURES GUIDANCE


	Quarter 3				Full Year
(in millions)	Low		High		Low		High
Upstream capital	$	820	$	860	$	3,400	$	3,525
Carbon capital		35		45		100		125
Midstream and other capital		15		25		100		150

Total capital	$	870	$	930	$	3,600	$	3,800

PRICE REALIZATIONS GUIDANCE


	Quarter 3						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		45	%		55	%		50	%		55	%

OTHER GUIDANCE ITEMS


	Quarter 3						Full Year
($ millions, except Boe and %)	Low			High			Low			High
Marketing and midstream operating profit	$	(25	)	$	(15	)	$	(80	)	$	(60	)
LOE and GP&T per BOE	$	8.90		$	9.30		$	8.80		$	9.20
Production and property taxes as % of upstream sales		7.0	%		7.8	%		7.0	%		7.8	%
Exploration expenses	$	5		$	15		$	35		$	55
Depreciation, depletion and amortization	$	875		$	925		$	3,575		$	3,675
General and administrative expenses	$	110		$	120		$	450		$	490
Financing costs, net	$	105		$	115		$	440		$	460
Other expenses	$	—		$	10		$	15		$	30

INCOME TAX GUIDANCE


	Quarter 3						Full Year
(% of pre-tax earnings)	Low			High			Low			High
Current income tax rate		(1	)%		1	%		9	%		11	%
Deferred income tax rate		22	%		24	%		11	%		13	%

Total income tax rate		~23%						~22%


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)
Q3-Q4 2025		9,000	$	71.52		105,000	$	66.35	$	75.36


	Three Way Collars
Period	Volume (Bbls/d)		Weighted Average Floor Sold Price ($/Bbl)		Weighted Average Floor Purchased Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q3-Q4 2025		13,000	$	50.77	$	65.00	$	77.37
Q1-Q4 2026		76,984	$	50.23	$	60.39	$	72.82

Oil Basis Swaps


Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q3-Q4 2025	Midland Sweet		63,000	$	1.00
Q3 2025	NYMEX Roll		9,967	$	1.03
Q4 2025	NYMEX Roll		13,000	$	1.05
Q1-Q4 2026	Midland Sweet		46,000	$	1.10

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)
Q3 2025		302,000	$	3.40		170,000	$	3.00	$	3.80
Q4 2025		245,000	$	3.51		170,000	$	3.00	$	3.80
Q1-Q4 2026		247,500	$	3.80		160,000	$	3.14	$	4.88

Natural Gas Basis Swaps


Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q3–Q4 2025	Houston Ship Channel		230,000	$	(0.35	)
Q3–Q4 2025	WAHA		200,000	$	(1.53	)
Q1–Q4 2026	Houston Ship Channel		50,000	$	(0.29	)
Q1–Q4 2026	WAHA		70,000	$	(1.76	)


2025 & 2026 HEDGING POSITIONS (continued)

NGL Commodity Hedges


		Price Swaps
Period	Product	Volume (Bbls/d)		Weighted Average Price ($/Bbl)
Q3-Q4 2025	Natural Gasoline		3,000	$	63.35
Q3-Q4 2025	Normal Butane		323	$	39.90
Q3-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 June 30, 2025.