EX-99.2

Exhibit 99.2

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

CONSOLIDATED STATEMENTS OF EARNINGS


(in millions, except per share amounts)	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Oil, gas and NGL sales	$	2,977		$	2,578		$	2,809		$	2,710		$	3,126
Oil, gas and NGL derivatives (1)		(701	)		184			80			236			(98	)
Marketing and midstream revenues		1,531			1,359			1,442			1,338			1,424

Total revenues		3,807			4,121			4,331			4,284			4,452

Production expenses (2)		894			861			895			899			912
Exploration expenses		25			5			8			20			10
Marketing and midstream expenses		1,547			1,389			1,453			1,357			1,436
Depreciation, depletion and amortization		904			890			879			914			912
Asset impairments		—			—			—			—			254
Asset dispositions		1			(1	)		(37	)		(307	)		2
General and administrative expenses		125			135			114			113			130
Financing costs, net (3)		109			107			109			116			123
Restructuring and transaction costs		19			—			9			9			18
Other, net		17			(12	)		(11	)		2			9

Total expenses		3,641			3,374			3,419			3,123			3,806

Earnings before income taxes		166			747			912			1,161			646
Income tax expense (4)		46			185			219			244			137

Net earnings		120			562			693			917			509
Net earnings attributable to noncontrolling interests		—			—			6			18			15

Net earnings attributable to Devon	$	120		$	562		$	687		$	899		$	494

Net earnings per share:
Basic net earnings per share	$	0.19		$	0.91		$	1.09		$	1.42		$	0.77
Diluted net earnings per share	$	0.19		$	0.90		$	1.09		$	1.41		$	0.77
Weighted average common shares outstanding:
Basic		616			621			628			635			643
Diluted		618			622			629			636			645

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS

(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

(in millions)	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Interest based on debt outstanding	$	118		$	119		$	125		$	126		$	127
Interest income		(14	)		(14	)		(18	)		(14	)		(10	)
Other		5			2			2			4			6

Financing costs, net	$	109		$	107		$	109		$	116		$	123


(4) INCOME TAX EXPENSE

(in millions)	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Current expense (benefit)⁽¹⁾	$	(188	)	$	23		$	(44	)	$	226		$	96
Deferred expense		234			162			263			18			41

Income tax expense	$	46		$	185		$	219		$	244		$	137

(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.

CONSOLIDATED BALANCE SHEETS


(in millions)	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Current assets:
Cash, cash equivalents and restricted cash	$	1,815		$	1,434		$	1,278		$	1,759		$	1,234
Accounts receivable		2,250			1,792			1,835			1,853			2,036
Inventory		319			336			361			327			332
Other current assets		378			444			393			384			303

Total current assets		4,762			4,006			3,867			4,323			3,905
Oil and gas property and equipment, based on successful efforts accounting, net		23,912			23,731			23,591			23,428			23,429
Other property and equipment, net		1,686			1,688			1,698			1,687			1,653

Total property and equipment, net		25,598			25,419			25,289			25,115			25,082
Goodwill		753			753			753			753			753
Right-of-use assets		312			299			247			185			127
Investments		715			727			679			640			713
Other long-term assets		403			395			386			374			348

Total assets	$	32,543		$	31,599		$	31,221		$	31,390		$	30,928

Current liabilities:
Accounts payable	$	975		$	790		$	934		$	885		$	923
Revenues and royalties payable		1,678			1,491			1,464			1,440			1,588
Short-term debt		999			998			998			485			485
Other current liabilities		1,082			807			646			727			622

Total current liabilities		4,734			4,086			4,042			3,537			3,618
Long-term debt		7,387			7,391			7,393			8,393			8,395
Lease liabilities		206			197			158			113			77
Asset retirement obligations		986			863			850			839			835
Other long-term liabilities		940			907			962			1,008			1,041
Deferred income taxes		2,862			2,627			2,466			2,208			2,189
Stockholders’ equity:
Common stock		62			62			63			64			64
Additional paid-in capital		5,316			5,388			5,618			5,864			6,096
Retained earnings		10,171			10,200			9,788			9,252			8,506
Accumulated other comprehensive loss		(121	)		(122	)		(119	)		(120	)		(121	)

Total stockholders’ equity attributable to Devon		15,428			15,528			15,350			15,060			14,545
Noncontrolling interests		—			—			—			232			228

Total equity		15,428			15,528			15,350			15,292			14,773

Total liabilities and equity	$	32,543		$	31,599		$	31,221		$	31,390		$	30,928

CONSOLIDATED STATEMENTS OF CASH FLOWS


(in millions)	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Cash flows from operating activities:
Net earnings	$	120		$	562		$	693		$	917		$	509
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization		904			890			879			914			912
Asset impairments		—			—			—			—			254
Leasehold impairments		3			(2	)		1			7			5
Accretion of liabilities		4			3			4			3			6
Total (gains) losses on commodity derivatives		701			(184	)		(80	)		(236	)		98
Cash settlements on commodity derivatives		(57	)		125			50			67			(10	)
(Gains) losses on asset dispositions		1			(1	)		(37	)		(307	)		2
Deferred income tax expense		234			162			263			18			41
Share-based compensation		22			22			24			23			30
Other		22			(5	)		(45	)		5			(22	)
Changes in assets and liabilities, net		(299	)		(38	)		(62	)		134			117

Net cash from operating activities		1,655			1,534			1,690			1,545			1,942

Cash flows from investing activities:
Capital expenditures		(839	)		(832	)		(870	)		(956	)		(934	)
Acquisitions of property and equipment		(190	)		(101	)		(197	)		(16	)		(8	)
Divestitures of property and equipment and investments		2			2			38			372			133
Distributions from investments		9			11			7			11			9
Contributions to investments and other		(2	)		(50	)		(2	)		(8	)		(2	)

Net cash from investing activities		(1,020	)		(970	)		(1,024	)		(597	)		(802	)

Cash flows from financing activities:
Repayments of long-term debt		—			—			(485	)		—			—
Repurchases of common stock		(69	)		(250	)		(250	)		(249	)		(301	)
Dividends paid on common stock		(155	)		(149	)		(151	)		(156	)		(163	)
Contributions from noncontrolling interests		—			—			—			—			14
Distributions to noncontrolling interests		—			—			—			(14	)		(9	)
Acquisition of noncontrolling interests		—			—			(260	)		—			—
Repayment of finance leases		(3	)		(8	)		—			—			(274	)
Shares exchanged for tax withholdings and other		(27	)		—			(1	)		(5	)		(19	)

Net cash from financing activities		(254	)		(407	)		(1,147	)		(424	)		(752	)

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

Net change in cash, cash equivalents and restricted cash		381			156			(481	)		525			388
Cash, cash equivalents and restricted cash at beginning of period		1,434			1,278			1,759			1,234			846

Cash, cash equivalents and restricted cash at end of period	$	1,815		$	1,434		$	1,278		$	1,759		$	1,234

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,763		$	1,384		$	1,229		$	1,713		$	1,198
Restricted cash		52			50			49			46			36

Total cash, cash equivalents and restricted cash	$	1,815		$	1,434		$	1,278		$	1,759		$	1,234

PRODUCTION


	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

CAPITAL EXPENDITURES


(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’

12,500’

Total

10,500’

10,200’

10,300’

10,700’

REALIZED PRICING


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
	2026			2025
	Quarter 1			Quarter 4		Quarter 3			Quarter 2			Quarter 1
Oil (Per Bbl)
Delaware Basin	$	70.89		$	57.94	$	63.89		$	62.60		$	70.28
Rockies		67.14			54.99		61.14			59.05			66.40
Eagle Ford		68.98			58.18		64.87			63.14			69.85
Anadarko Basin		70.24			57.46		63.68			62.09			71.15

Realized price without hedges		69.66			57.19		63.21			61.70			69.13
Cash settlements		(1.72	)		2.47		0.78			1.27			0.02

Realized price, including cash settlements	$	67.94		$	59.66	$	63.99		$	62.97		$	69.15

Natural gas liquids (Per Bbl)
Delaware Basin	$	19.60		$	18.42	$	18.25		$	19.10		$	22.76
Rockies		7.83			9.02		10.26			9.27			14.72
Eagle Ford		24.54			22.28		22.85			23.03			28.65
Anadarko Basin		23.23			21.50		20.94			22.41			26.91

Realized price without hedges		17.80			16.86		17.01			17.71			22.03
Cash settlements		—			0.23		0.17			0.11			(0.10	)

Realized price, including cash settlements	$	17.80		$	17.09	$	17.18		$	17.82		$	21.93

Gas (Per Mcf)
Delaware Basin	$	0.73		$	0.96	$	1.50		$	1.34		$	2.47
Rockies		1.80			0.33		(0.42	)		(0.50	)		1.48
Eagle Ford		4.01			3.14		2.78			3.01			3.36
Anadarko Basin		4.03			3.13		2.57			2.86			3.42

Realized price without hedges		1.66			1.33		1.43			1.41			2.55
Cash settlements		0.02			0.25		0.15			0.15			(0.07	)

Realized price, including cash settlements	$	1.68		$	1.58	$	1.58		$	1.56		$	2.48

Total oil equivalent (Per Boe)
Delaware Basin	$	38.44		$	32.72	$	36.18		$	35.92		$	43.00
Rockies		41.18			32.04		35.33			34.29			43.29
Eagle Ford		53.11			45.82		48.85			48.32			49.75
Anadarko Basin		31.29			25.62		23.97			25.28			29.96

Realized price without hedges		39.70			32.92		35.82			35.43			42.58
Cash settlements		(0.76	)		1.60		0.64			0.87			(0.13	)

Realized price, including cash settlements	$	38.94		$	34.52	$	36.46		$	36.30		$	42.45

ASSET MARGINS


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)
	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Delaware Basin
Realized price	$	38.44		$	32.72		$	36.18		$	35.92		$	43.00
Lease operating expenses		(5.19	)		(5.11	)		(5.38	)		(5.54	)		(5.74	)
Gathering, processing & transportation		(2.57	)		(2.57	)		(2.94	)		(3.17	)		(3.00	)
Production & property taxes		(2.91	)		(2.44	)		(2.52	)		(2.63	)		(3.13	)

Field-level cash margin	$	27.77		$	22.60		$	25.34		$	24.58		$	31.13

Rockies
Realized price	$	41.18		$	32.04		$	35.33		$	34.29		$	43.29
Lease operating expenses		(10.02	)		(9.05	)		(8.27	)		(9.13	)		(9.31	)
Gathering, processing & transportation		(1.04	)		(1.03	)		(0.99	)		(0.86	)		(1.14	)
Production & property taxes		(3.32	)		(2.64	)		(3.04	)		(2.85	)		(3.83	)

Field-level cash margin	$	26.80		$	19.32		$	23.03		$	21.45		$	29.01

Eagle Ford
Realized price	$	53.11		$	45.82		$	48.85		$	48.32		$	49.75
Lease operating expenses		(7.98	)		(7.90	)		(7.83	)		(7.52	)		(6.65	)
Gathering, processing & transportation		(2.14	)		(1.98	)		(2.27	)		(1.94	)		(2.47	)
Production & property taxes		(2.81	)		(2.43	)		(2.89	)		(3.02	)		(2.65	)

Field-level cash margin	$	40.18		$	33.51		$	35.86		$	35.84		$	37.98

Anadarko Basin
Realized price	$	31.29		$	25.62		$	23.97		$	25.28		$	29.96
Lease operating expenses		(3.76	)		(3.19	)		(3.25	)		(2.98	)		(3.20	)
Gathering, processing & transportation		(6.64	)		(6.19	)		(5.98	)		(6.13	)		(6.01	)
Production & property taxes		(1.71	)		(1.22	)		(1.30	)		(1.32	)		(1.62	)

Field-level cash margin	$	19.18		$	15.02		$	13.44		$	14.85		$	19.13

Devon - Total
Realized price	$	39.70		$	32.92		$	35.82		$	35.43		$	42.58
Lease operating expenses		(6.48	)		(6.11	)		(6.14	)		(6.31	)		(6.53	)
Gathering, processing & transportation		(2.54	)		(2.49	)		(2.71	)		(2.86	)		(2.78	)
Production & property taxes		(2.90	)		(2.39	)		(2.56	)		(2.58	)		(3.11	)

Field-level cash margin	$	27.78		$	21.93		$	24.41		$	23.68		$	30.16

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 first-quarter 2026 and fourth-quarter 2025 earnings.


	Quarter Ended March 31, 2026
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
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
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
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

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.


	Q1 ‘26		Q4 ‘25			Q3 ‘25			Q2 ‘25			TTM			Q1 ‘25
Net earnings (GAAP)	$	120	$	562		$	693		$	917		$	2,292		$	509
Financing costs, net		109		107			109			116			441			123
Income tax expense		46		185			219			244			694			137
Exploration expenses		25		5			8			20			58			10
Depreciation, depletion and amortization		904		890			879			914			3,587			912
Asset impairments		—		—			—			—			—			254
Asset dispositions		1		(1	)		(37	)		(307	)		(344	)		2
Share-based compensation		22		22			21			22			87			24
Derivative & financial instrument non-cash val. changes		644		(59	)		(30	)		(169	)		386			88
Restructuring and transaction costs		19		—			9			9			37			18
Accretion on discounted liabilities and other		17		(12	)		(11	)		2			(4	)		9

EBITDAX (Non-GAAP)	$	1,907	$	1,699		$	1,860		$	1,768		$	7,234		$	2,086

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.


	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Total debt (GAAP)	$	8,386		$	8,389		$	8,391		$	8,878		$	8,880
Less:
Cash, cash equivalents and restricted cash		(1,815	)		(1,434	)		(1,278	)		(1,759	)		(1,234	)

Net debt (Non-GAAP)	$	6,571		$	6,955		$	7,113		$	7,119		$	7,646

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.


	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

(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.


	2026			2025
	Quarter 1			Quarter 4			Quarter 3			Quarter 2			Quarter 1
Total operating cash flow (GAAP)	$	1,655		$	1,534		$	1,690		$	1,545		$	1,942
Less capital expenditures (Excluding acquisitions):		(839	)		(832	)		(870	)		(956	)		(934	)

Free cash flow (Non-GAAP)	$	816		$	702		$	820		$	589		$	1,008

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.


	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	%

SECOND-QUARTER 2026 GUIDANCE

LOGO

Note: Devon’s second-quarter 2026 guidance reflects standalone Devon operations. Full-year guidance for the combined entity will be provided in mid-June 2026.

PRODUCTION GUIDANCE


	Quarter 2
	Low		High
Oil (MBbls/d)		389		395
Natural gas liquids (MBbls/d)		230		235
Gas (MMcf/d)		1,390		1,430

Total oil equivalent (MBoe/d)		851		868

CAPITAL EXPENDITURES GUIDANCE


	Quarter 2
(in millions)	Low		High
Upstream capital	$	860	$	900
Midstream and other capital		15		25

Total capital	$	875	$	925

PRICE REALIZATIONS GUIDANCE


	Quarter 2
	Low			High
Oil - % of WTI		95	%		99	%
NGL - % of WTI		20	%		24	%
Natural gas - % of Henry Hub		10	%		30	%

OTHER GUIDANCE ITEMS


	Quarter 2
($ millions, except Boe and %)	Low			High
Marketing and midstream operating profit	$	(20	)	$	(10	)
LOE and GP&T per BOE	$	8.30		$	8.70
Production and property taxes as % of upstream sales		7.0	%		7.5	%
Exploration expenses	$	—		$	10
Depreciation, depletion and amortization	$	940		$	990
General and administrative expenses	$	115		$	130
Financing costs, net	$	90		$	100
Other expenses	$	—		$	10

INCOME TAX GUIDANCE


	Quarter 2
(% of pre-tax earnings)	Low			High
Current income tax rate ⁽¹⁾		15	%		17	%
Deferred income tax rate		5	%		7	%

Total income tax rate		~22%

(1)

Devon recognized a one-time current tax benefit of approximately $218 million in Q1 2026 related to new tax guidance under the One Big Beautiful Bill Act. With that benefit pulled into Q1 and higher oil pricing, Q2’s 2026 current tax rate reflects a normalized go-forward run-rate.

2026 & 2027 HEDGING POSITIONS

LOGO

Oil Commodity Hedges


	Three Way Collars
Period	Volume (Bbls/d)	Weighted Average Floor Sold Price ($/Bbl)		Weighted Average Floor Purchased Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2 2026	100,000	$	49.86	$	60.11	$	72.07
Q3-Q4 2026	113,000	$	49.36	$	59.36	$	70.85
Q1-Q4 2027	37,397	$	45.78	$	55.78	$	71.89

Oil Basis Swaps


Period	Index	Volume (Bbls/d)	Weighted Average Differential to WTI ($/Bbl)
Q2-Q4 2026	Midland Sweet	46,000	$	1.10
Q2 2026	WTI/Brent	9,890	$	(5.54	)
Q3-Q4 2026	WTI/Brent	8,000	$	(5.66	)
Q2 2026	NYMEX Roll	76,044	$	0.22
Q3-Q4 2026	NYMEX Roll	91,000	$	1.66
Q1-Q4 2027	Midland Sweet	46,000	$	1.00
Q1-Q4 2027	Magellan East Houston	20,000	$	1.77

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)
Q2 2026-Q4 2026	247,500	$	3.80		230,000	$	3.26	$	4.90
Q1 2027-Q4 2027	—	$	—		90,000	$	3.50	$	4.31

Natural Gas Basis Swaps


Period	Index	Volume (MMBtu/d)	Weighted Average Differential to Henry Hub ($/MMBtu)
Q2–Q4 2026	Houston Ship Channel	50,000	$	(0.29	)
Q2–Q4 2026	WAHA	150,000	$	(1.79	)

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 March 31, 2026.