EX-99.2

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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.