EX-99.2

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Devon Energy Fourth-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, Costs Incurred and Reserves Reconciliation		7

Supplemental Information for Capital Expenditures		8

Realized Pricing		9

Asset Margins		10

Core Earnings		11

EBITDAX, Net Debt and Net Debt-to-EBITDAX		12

Free Cash Flow and Reinvestment Rate		13

CONSOLIDATED STATEMENTS OF EARNINGS


(in millions, except per share amounts)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil, gas and NGL sales	$	11,223		$	2,578		$	2,809		$	2,710		$	3,126		$	3,086
Oil, gas and NGL derivatives (1)		402			184			80			236			(98	)		(84	)
Marketing and midstream revenues		5,563			1,359			1,442			1,338			1,424			1,401

Total revenues		17,188			4,121			4,331			4,284			4,452			4,403

Production expenses (2)		3,567			861			895			899			912			881
Exploration expenses		43			5			8			20			10			12
Marketing and midstream expenses		5,635			1,389			1,453			1,357			1,436			1,402
Depreciation, depletion and amortization		3,595			890			879			914			912			971
Asset impairments		254			—			—			—			254			—
Asset dispositions		(343	)		(1	)		(37	)		(307	)		2			(5	)
General and administrative expenses		492			135			114			113			130			155
Financing costs, net (3)		455			107			109			116			123			123
Other, net		24			(12	)		(2	)		11			27			24

Total expenses		13,722			3,374			3,419			3,123			3,806			3,563

Earnings before income taxes		3,466			747			912			1,161			646			840
Income tax expense (4)		785			185			219			244			137			187

Net earnings		2,681			562			693			917			509			653
Net earnings attributable to noncontrolling interests		39			—			6			18			15			14

Net earnings attributable to Devon	$	2,642		$	562		$	687		$	899		$	494		$	639

Net earnings per share:
Basic net earnings per share	$	4.18		$	0.91		$	1.09		$	1.42		$	0.77		$	0.98
Diluted net earnings per share	$	4.17		$	0.90		$	1.09		$	1.41		$	0.77		$	0.98
Weighted average common shares outstanding:
Basic		632			621			628			635			643			650
Diluted		633			622			629			636			645			651

SUPPLEMENTAL INFORMATION FOR CONSOLIDATED STATEMENTS OF EARNINGS


(1) OIL, GAS AND NGL DERIVATIVES
(in millions)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Derivative cash settlements	$	232		$	125		$	50		$	67		$	(10	)	$	58
Derivative valuation changes		170			59			30			169			(88	)		(142	)

Oil, gas and NGL derivatives	$	402		$	184		$	80		$	236		$	(98	)	$	(84	)


(2) PRODUCTION EXPENSES
(in millions)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Lease operating expense	$	1,922		$	479		$	481		$	483		$	479		$	445
Gathering, processing & transportation		831			195			213			219			204			213
Production taxes		748			172			184			180			212			206
Property taxes		66			15			17			17			17			17

Production expenses	$	3,567		$	861		$	895		$	899		$	912		$	881


(3) FINANCING COSTS, NET
(in millions)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Interest based on debt outstanding	$	497		$	119		$	125		$	126		$	127		$	128
Interest income		(56	)		(14	)		(18	)		(14	)		(10	)		(16	)
Other		14			2			2			4			6			11

Financing costs, net	$	455		$	107		$	109		$	116		$	123		$	123


(4) INCOME TAX EXPENSE
(in millions)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Current expense (benefit)	$	301		$	23		$	(44	)	$	226		$	96		$	119
Deferred expense		484			162			263			18			41			68

Income tax expense	$	785		$	185		$	219		$	244		$	137		$	187

CONSOLIDATED BALANCE SHEETS


(in millions)	2025												2024
	Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Current assets:
Cash, cash equivalents and restricted cash	$	1,434		$	1,278		$	1,759		$	1,234		$	846
Accounts receivable		1,792			1,835			1,853			2,036			1,972
Inventory		336			361			327			332			294
Other current assets		444			393			384			303			315

Total current assets		4,006			3,867			4,323			3,905			3,427
Oil and gas property and equipment, based on successful efforts accounting, net		23,731			23,591			23,428			23,429			23,198
Other property and equipment, net		1,688			1,698			1,687			1,653			1,813

Total property and equipment, net		25,419			25,289			25,115			25,082			25,011
Goodwill		753			753			753			753			753
Right-of-use assets		299			247			185			127			303
Investments		727			679			640			713			727
Other long-term assets		395			386			374			348			268

Total assets	$	31,599		$	31,221		$	31,390		$	30,928		$	30,489

Current liabilities:
Accounts payable	$	790		$	934		$	885		$	923		$	806
Revenues and royalties payable		1,491			1,464			1,440			1,588			1,432
Short-term debt		998			998			485			485			485
Other current liabilities		807			646			727			622			586

Total current liabilities		4,086			4,042			3,537			3,618			3,309
Long-term debt		7,391			7,393			8,393			8,395			8,398
Lease liabilities		197			158			113			77			320
Asset retirement obligations		863			850			839			835			770
Other long-term liabilities		907			962			1,008			1,041			840
Deferred income taxes		2,627			2,466			2,208			2,189			2,148
Stockholders’ equity:
Common stock		62			63			64			64			65
Additional paid-in capital		5,388			5,618			5,864			6,096			6,387
Retained earnings		10,200			9,788			9,252			8,506			8,166
Accumulated other comprehensive loss		(122	)		(119	)		(120	)		(121	)		(122	)

Total stockholders’ equity attributable to Devon		15,528			15,350			15,060			14,545			14,496
Noncontrolling interests		—			—			232			228			208

Total equity		15,528			15,350			15,292			14,773			14,704

Total liabilities and equity	$	31,599		$	31,221		$	31,390		$	30,928		$	30,489

CONSOLIDATED STATEMENTS OF CASH FLOWS


(in millions)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Cash flows from operating activities:
Net earnings	$	2,681		$	562		$	693		$	917		$	509		$	653
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization		3,595			890			879			914			912			971
Asset impairments		254			—			—			—			254			—
Leasehold impairments		11			(2	)		1			7			5			3
Accretion of liabilities		16			3			4			3			6			6
Total (gains) losses on commodity derivatives		(402	)		(184	)		(80	)		(236	)		98			84
Cash settlements on commodity derivatives		232			125			50			67			(10	)		58
(Gains) losses on asset dispositions		(343	)		(1	)		(37	)		(307	)		2			(5	)
Deferred income tax expense		484			162			263			18			41			68
Share-based compensation		99			22			24			23			30			24
Other		(67	)		(5	)		(45	)		5			(22	)		4
Changes in assets and liabilities, net		151			(38	)		(62	)		134			117			(202	)

Net cash from operating activities		6,711			1,534			1,690			1,545			1,942			1,664

Cash flows from investing activities:
Capital expenditures		(3,592	)		(832	)		(870	)		(956	)		(934	)		(926	)
Acquisitions of property and equipment		(322	)		(101	)		(197	)		(16	)		(8	)		(116	)
Divestitures of property and equipment and investments		545			2			38			372			133			6
Distributions from investments		38			11			7			11			9			33
Contributions to investments and other		(62	)		(50	)		(2	)		(8	)		(2	)		(40	)

Net cash from investing activities		(3,393	)		(970	)		(1,024	)		(597	)		(802	)		(1,043	)

Cash flows from financing activities:
Repayments of long-term debt		(485	)		—			(485	)		—			—			—
Repurchases of common stock		(1,050	)		(250	)		(250	)		(249	)		(301	)		(301	)
Dividends paid on common stock		(619	)		(149	)		(151	)		(156	)		(163	)		(143	)
Contributions from noncontrolling interests		14			—			—			—			14			8
Distributions to noncontrolling interests		(23	)		—			—			(14	)		(9	)		(15	)
Acquisition of noncontrolling interests		(260	)		—			(260	)		—			—			—
Repayment of finance leases		(282	)		(8	)		—			—			(274	)		—
Shares exchanged for tax withholdings and other		(25	)		—			(1	)		(5	)		(19	)		1

Net cash from financing activities		(2,730	)		(407	)		(1,147	)		(424	)		(752	)		(450	)

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

Net change in cash, cash equivalents and restricted cash		588			156			(481	)		525			388			170
Cash, cash equivalents and restricted cash at beginning of period		846			1,278			1,759			1,234			846			676

Cash, cash equivalents and restricted cash at end of period	$	1,434		$	1,434		$	1,278		$	1,759		$	1,234		$	846

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,384		$	1,384		$	1,229		$	1,713		$	1,198		$	811
Restricted cash		50			50			49			46			36			35

Total cash, cash equivalents and restricted cash	$	1,434		$	1,434		$	1,278		$	1,759		$	1,234		$	846

PRODUCTION


	2025										2024
	Full Year		Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Oil (MBbls/d)
Delaware Basin		225		234		223		228		216		221
Rockies		107		102		111		104		112		110
Eagle Ford		41		39		41		39		45		49
Anadarko Basin		12		12		12		13		11		14
Other		4		3		3		3		4		4

Total		389		390		390		387		388		398

Natural gas liquids (MBbls/d)
Delaware Basin		133		146		134		133		118		127
Rockies		49		51		53		47		44		43
Eagle Ford		11		10		11		11		15		21
Anadarko Basin		28		24		30		31		26		30
Other		—		—		—		—		—		—

Total		221		231		228		222		203		221

Gas (MMcf/d)
Delaware Basin		812		848		834		823		744		755
Rockies		235		234		245		228		233		230
Eagle Ford		76		56		70		62		117		130
Anadarko Basin		258		246		261		274		252		255
Other		1		1		—		1		—		1

Total		1,382		1,385		1,410		1,388		1,346		1,371

Total oil equivalent (MBoe/d)
Delaware Basin		493		521		496		498		458		474
Rockies		195		192		205		189		195		191
Eagle Ford		65		57		63		60		79		92
Anadarko Basin		83		77		85		90		79		87
Other		4		4		4		4		4		4

Total		840		851		853		841		815		848

CAPITAL EXPENDITURES


(in millions)	2025										2024
	Full Year		Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin	$	1,868	$	446	$	457	$	472	$	493	$	448
Rockies		856		228		189		224		215		268
Eagle Ford		544		137		138		118		151		107
Anadarko Basin		147		32		25		44		46		44
Other		7		1		1		2		3		5

Total upstream capital	$	3,422	$	844	$	810	$	860	$	908	$	872

Carbon capital		101		21		28		30		22		12
Midstream and Corporate		115		18		21		42		34		42

Capital expenditures	$	3,638	$	883	$	859	$	932	$	964	$	926

Acquisitions		362		141		197		16		8		116

Total capital	$	4,000	$	1,024	$	1,056	$	948	$	972	$	1,042

COSTS INCURRED AND RESERVES RECONCILIATION


COSTS INCURRED	Year Ended December 31,
(in millions)	2025		2024
Property acquisition costs:
Proved properties		138	$	3,058
Unproved properties		224		1,949
Exploration costs		581		690
Development costs		3,057		2,856

Costs incurred		4,000	$	8,553

RESERVES RECONCILIATION


	Oil (MMBbls)			Gas (Bcf)			NGL (MMBbls)			Total (MMBoe)
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

Revisions due to prices		(25	)		91			(6	)		(16	)
Revisions other than price		36			353			55			150
Extensions and discoveries		185			778			129			443
Purchase of reserves		23			59			10			43
Production		(142	)		(505	)		(81	)		(307	)
Sale of reserves		(18	)		(70	)		(11	)		(40	)

As of December 31, 2025:
Proved developed		714			3,476			551			1,844
Proved undeveloped		247			1,006			169			584

Total Proved		961			4,482			720			2,428

SUPPLEMENTAL INFORMATION FOR CAPITAL EXPENDITURES


GROSS OPERATED SPUDS
	2025								2024
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		48		60		57		73		67
Rockies		26		21		23		24		24
Eagle Ford		18		24		22		30		12
Anadarko Basin		8		10		11		5		2

Total		100		115		113		132		105


GROSS OPERATED WELLS TIED-IN
	2025								2024
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		45		61		57		79		55
Rockies		17		22		30		16		30
Eagle Ford		23		10		10		35		23
Anadarko Basin		10		9		13		6		20

Total		95		102		110		136		128


NET OPERATED WELLS TIED-IN
	2025								2024
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		35		40		46		54		50
Rockies		14		18		27		13		27
Eagle Ford		19		10		7		26		13
Anadarko Basin		4		5		5		2		8

Total		72		73		85		95		98


AVERAGE LATERAL LENGTH
(based on wells tied-in)	2025								2024
	Quarter 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Delaware Basin		11,800’		11,100’		10,500’		10,300’		11,500’
Rockies		11,600’		13,000’		12,300’		12,200’		10,150’
Eagle Ford		5,900’		7,200’		8,200’		7,800’		7,700’
Anadarko Basin		10,100’		10,000’		10,000’		12,500’		10,000’

Total		10,200’		10,300’		10,300’		10,700’		9,900’

REALIZED PRICING


BENCHMARK PRICES	2025													2024
(average prices)	Full Year		Quarter 4		Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	64.87	$	59.09	$	64.92		$	63.95		$	71.50		$	70.32
Natural Gas ($/Mcf) - Henry Hub	$	3.43	$	3.55	$	3.07		$	3.44		$	3.65		$	2.79
NGL ($/Bbl) - Mont Belvieu Blended	$	25.79	$	23.67	$	24.25		$	25.58		$	29.65		$	27.80

REALIZED PRICES	2025													2024
	Full Year		Quarter 4		Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil (Per Bbl)
Delaware Basin	$	63.52	$	57.94	$	63.89		$	62.60		$	70.28		$	69.06
Rockies		60.52		54.99		61.14			59.05			66.40			65.67
Eagle Ford		64.20		58.18		64.87			63.14			69.85			69.25
Anadarko Basin		63.47		57.46		63.68			62.09			71.15			67.46

Realized price without hedges		62.77		57.19		63.21			61.70			69.13			68.11
Cash settlements		1.14		2.47		0.78			1.27			0.02			1.08

Realized price, including cash settlements	$	63.91	$	59.66	$	63.99		$	62.97		$	69.15		$	69.19

Natural gas liquids (Per Bbl)
Delaware Basin	$	19.50	$	18.42	$	18.25		$	19.10		$	22.76		$	21.79
Rockies		10.69		9.02		10.26			9.27			14.72			12.88
Eagle Ford		24.65		22.28		22.85			23.03			28.65			26.40
Anadarko Basin		22.84		21.50		20.94			22.41			26.91			25.45

Realized price without hedges		18.28		16.86		17.01			17.71			22.03			21.07
Cash settlements		0.11		0.23		0.17			0.11			(0.10	)		(0.06	)

Realized price, including cash settlements	$	18.39	$	17.09	$	17.18		$	17.82		$	21.93		$	21.01

Gas (Per Mcf)
Delaware Basin	$	1.54	$	0.96	$	1.50		$	1.34		$	2.47		$	1.01
Rockies		0.22		0.33		(0.42	)		(0.50	)		1.48			0.59
Eagle Ford		3.11		3.14		2.78			3.01			3.36			2.31
Anadarko Basin		2.98		3.13		2.57			2.86			3.42			2.27

Realized price without hedges		1.67		1.33		1.43			1.41			2.55			1.30
Cash settlements		0.12		0.25		0.15			0.15			(0.07	)		0.16

Realized price, including cash settlements	$	1.79	$	1.58	$	1.58		$	1.56		$	2.48		$	1.46

Total oil equivalent (Per Boe)
Delaware Basin	$	36.75	$	32.72	$	36.18		$	35.92		$	43.00		$	39.66
Rockies		36.22		32.04		35.33			34.29			43.29			41.37
Eagle Ford		48.32		45.82		48.85			48.32			49.75			46.46
Anadarko Basin		26.12		25.62		23.97			25.28			29.96			26.54

Realized price without hedges		36.60		32.92		35.82			35.43			42.58			39.57
Cash settlements		0.76		1.60		0.64			0.87			(0.13	)		0.75

Realized price, including cash settlements	$	37.36	$	34.52	$	36.46		$	36.30		$	42.45		$	40.32

ASSET MARGINS


BENCHMARK PRICES	2025															2024
(average prices)	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Oil ($/Bbl) - West Texas Intermediate (Cushing)	$	64.87		$	59.09		$	64.92		$	63.95		$	71.50		$	70.32
Natural Gas ($/Mcf) - Henry Hub	$	3.43		$	3.55		$	3.07		$	3.44		$	3.65		$	2.79
NGL ($/Bbl) - Mont Belvieu Blended	$	25.79		$	23.67		$	24.25		$	25.58		$	29.65		$	27.80

PER-UNIT CASH MARGIN BY ASSET (per Boe)	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Delaware Basin
Realized price	$	36.75		$	32.72		$	36.18		$	35.92		$	43.00		$	39.66
Lease operating expenses		(5.43	)		(5.11	)		(5.38	)		(5.54	)		(5.74	)		(4.93	)
Gathering, processing & transportation		(2.91	)		(2.57	)		(2.94	)		(3.17	)		(3.00	)		(2.92	)
Production & property taxes		(2.67	)		(2.44	)		(2.52	)		(2.63	)		(3.13	)		(2.91	)

Field-level cash margin	$	25.74		$	22.60		$	25.34		$	24.58		$	31.13		$	28.90

Rockies
Realized price	$	36.22		$	32.04		$	35.33		$	34.29		$	43.29		$	41.37
Lease operating expenses		(8.93	)		(9.05	)		(8.27	)		(9.13	)		(9.31	)		(8.63	)
Gathering, processing & transportation		(1.01	)		(1.03	)		(0.99	)		(0.86	)		(1.14	)		(1.22	)
Production & property taxes		(3.08	)		(2.64	)		(3.04	)		(2.85	)		(3.83	)		(3.66	)

Field-level cash margin	$	23.20		$	19.32		$	23.03		$	21.45		$	29.01		$	27.86

Eagle Ford
Realized price	$	48.32		$	45.82		$	48.85		$	48.32		$	49.75		$	46.46
Lease operating expenses		(7.42	)		(7.90	)		(7.83	)		(7.52	)		(6.65	)		(5.59	)
Gathering, processing & transportation		(2.19	)		(1.98	)		(2.27	)		(1.94	)		(2.47	)		(2.21	)
Production & property taxes		(2.75	)		(2.43	)		(2.89	)		(3.02	)		(2.65	)		(2.41	)

Field-level cash margin	$	35.96		$	33.51		$	35.86		$	35.84		$	37.98		$	36.25

Anadarko Basin
Realized price	$	26.12		$	25.62		$	23.97		$	25.28		$	29.96		$	26.54
Lease operating expenses		(3.15	)		(3.19	)		(3.25	)		(2.98	)		(3.20	)		(2.72	)
Gathering, processing & transportation		(6.08	)		(6.19	)		(5.98	)		(6.13	)		(6.01	)		(5.74	)
Production & property taxes		(1.35	)		(1.22	)		(1.30	)		(1.32	)		(1.62	)		(1.20	)

Field-level cash margin	$	15.54		$	15.02		$	13.44		$	14.85		$	19.13		$	16.88

Devon - Total
Realized price	$	36.60		$	32.92		$	35.82		$	35.43		$	42.58		$	39.57
Lease operating expenses		(6.27	)		(6.11	)		(6.14	)		(6.31	)		(6.53	)		(5.70	)
Gathering, processing & transportation		(2.71	)		(2.49	)		(2.71	)		(2.86	)		(2.78	)		(2.74	)
Production & property taxes		(2.65	)		(2.39	)		(2.56	)		(2.58	)		(3.11	)		(2.86	)

Field-level cash margin	$	24.97		$	21.93		$	24.41		$	23.68		$	30.16		$	28.27

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 full-year and fourth-quarter 2025 earnings.


	Year Ended December 31, 2025
	Before-tax			After-tax			After NCI			Per Diluted Share
Total
Earnings (GAAP)	$	3,466		$	2,681		$	2,642		$	4.17
Adjustments:
Asset dispositions		(343	)		(266	)		(266	)		(0.42	)
Asset and exploration impairments		265			206			206			0.33
Change in tax legislation		—			5			5			0.01
Fair value changes in financial instruments		(172	)		(134	)		(134	)		(0.21	)
Restructuring and transaction costs		36			28			28			0.04

Core earnings (Non-GAAP)	$	3,252		$	2,520		$	2,481		$	3.92


	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; accretion on discounted liabilities; and other items not related to core operations. EBITDAX as defined by Devon may not be comparable to similarly titled measures used by other companies.


	Q4 ‘25			Q3 ‘25			Q2 ‘25			Q1 ‘25		TTM			Q4 ‘24
Net earnings (GAAP)	$	562		$	693		$	917		$	509	$	2,681		$	653
Financing costs, net		107			109			116			123		455			123
Income tax expense		185			219			244			137		785			187
Exploration expenses		5			8			20			10		43			12
Depreciation, depletion and amortization		890			879			914			912		3,595			971
Asset impairments		—			—			—			254		254			—
Asset dispositions		(1	)		(37	)		(307	)		2		(343	)		(5	)
Share-based compensation		22			21			22			24		89			24
Derivative & financial instrument non-cash val. changes		(59	)		(30	)		(169	)		88		(170	)		142
Accretion on discounted liabilities and other		(12	)		(2	)		11			27		24			24

EBITDAX (Non-GAAP)	$	1,699		$	1,860		$	1,768		$	2,086	$	7,413		$	2,131

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 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Total debt (GAAP)	$	8,389		$	8,391		$	8,878		$	8,880		$	8,883
Less:
Cash, cash equivalents and restricted cash		(1,434	)		(1,278	)		(1,759	)		(1,234	)		(846	)

Net debt (Non-GAAP)	$	6,955		$	7,113		$	7,119		$	7,646		$	8,037

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 4		Quarter 3		Quarter 2		Quarter 1		Quarter 4
Net debt (Non-GAAP)	$	6,955	$	7,113	$	7,119	$	7,646	$	8,037
EBITDAX (Non-GAAP) ⁽¹⁾	$	7,413	$	7,845	$	7,838	$	8,034	$	7,739

Net debt-to-EBITDAX (Non-GAAP)		0.9		0.9		0.9		1.0		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.


	2025															2024
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Total operating cash flow (GAAP)	$	6,711		$	1,534		$	1,690		$	1,545		$	1,942		$	1,664
Less capital expenditures (Excluding acquisitions):		(3,592	)		(832	)		(870	)		(956	)		(934	)		(926	)

Free cash flow (Non-GAAP)	$	3,119		$	702		$	820		$	589		$	1,008		$	738

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
	Full Year			Quarter 4			Quarter 3			Quarter 2			Quarter 1			Quarter 4
Capital expenditures (Accrued)	$	4,000		$	1,024		$	1,056		$	948		$	972		$	1,042
Operating cash flow	$	6,711		$	1,534		$	1,690		$	1,545		$	1,942		$	1,664

Reinvestment rate (Non-GAAP)		60	%		67	%		63	%		61	%		50	%		63	%


FIRST-QUARTER AND FULL-YEAR 2026 GUIDANCE

Note: Devon’s full-year 2026 guidance reflects standalone Devon operations. Upon the expected closure of the Devon and Coterra merger in the second quarter of 2026, the company will provide updated full-year guidance for the combined entity at close.


PRODUCTION GUIDANCE
	Quarter 1 ⁽¹⁾				Full Year
	Low		High		Low		High
Oil (MBbls/d)		381		387		385		391
Natural gas liquids (MBbls/d)		217		223		223		229
Gas (MMcf/d)		1,350		1,400		1,360		1,410

Total oil equivalent (MBoe/d)		823		843		835		855

(1)	Production in the first quarter of 2026 is estimated to be reduced by 1 percent or 10,000 Boe per day (50% oil) due to the impact of severe winter weather.


CAPITAL EXPENDITURES GUIDANCE
	Quarter 1						Full Year
(in millions)	Low			High			Low			High
Upstream capital	$	850		$	900		$	3,425		$	3,575
Midstream and other capital		20			30			75			125

Total capital	$	870		$	930		$	3,500		$	3,700


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		40	%		50	%		40	%		50	%

OTHER GUIDANCE ITEMS
	Quarter 1						Full Year
($ millions, except Boe and %)	Low			High			Low			High
Marketing and midstream operating profit	$	(50	)	$	(40	)	$	(100	)	$	(80	)
LOE and GP&T per BOE	$	8.80		$	9.10		$	8.50		$	8.70
Production and property taxes as % of upstream sales		7.0	%		7.5	%		7.0	%		7.5	%
Exploration expenses	$	15		$	25		$	30		$	40
Depreciation, depletion and amortization	$	900		$	940		$	3,725		$	3,825
General and administrative expenses	$	115		$	125		$	460		$	500
Financing costs, net	$	100		$	110		$	400		$	420
Other expenses	$	—		$	10		$	15		$	25

INCOME TAX GUIDANCE
	Quarter 1						Full Year
(% of pre-tax earnings)	Low			High			Low			High
Current income tax rate		0	%		2	%		0	%		2	%
Deferred income tax rate		20	%		22	%		20	%		22	%

Total income tax rate		~22%						~22%


2026 & 2027 HEDGING POSITIONS


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)
Q1-Q2 2026		100,000	$	49.86	$	60.11	$	72.07
Q3-Q4 2026		107,000	$	49.61	$	59.61	$	71.06
Q1-Q4 2027		6,942	$	47.64	$	57.64	$	65.84


Oil Basis Swaps
Period	Index	Volume (Bbls/d)		Weighted Average Differential to WTI ($/Bbl)
Q1-Q4 2026	Midland Sweet		46,000	$	1.10
Q1-Q2 2026	NYMEX Roll		48,000	$	0.10
Q1-Q4 2027	Midland Sweet		16,000	$	1.04


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 2026-Q4 2026		247,500	$	3.80		220,000	$	3.24	$	4.92


Natural Gas Basis Swaps
Period	Index	Volume (MMBtu/d)		Weighted Average Differential to Henry Hub ($/MMBtu)
Q1–Q4 2026	Houston Ship Channel		50,000	$	(0.29	)
Q1–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 December 31, 2025.