Devon Energy (DVN) investor relations material

Merger rationale and integration

• The merger combined two strong companies with overlapping core assets, especially in the Delaware Basin, creating a dominant operational position and significant synergy potential.

• Integration has focused on cultural alignment, clear near-term goals, and establishing a long-term vision, with rapid progress made in the first 47 days post-close.

• Confidence is high in achieving $1 billion in incremental value from synergies, leveraging prior business optimization experience.

• The integration process is moving aggressively, with a focus on value creation and accountability.

Capital allocation and financial strategy

• Capital is being allocated to the highest-performing assets, with a focus on the Delaware Basin for superior productivity and efficiency.

• The base dividend was increased by 30%, and the share repurchase program was expanded to $8 billion, with systematic and opportunistic buybacks.

• Debt reduction is a priority, targeting $9 billion in debt and maintaining leverage below one times in a mid-cycle environment.

Technology and operational improvements

• AI and data-driven optimization are being widely adopted, with over 850 wells now autonomously optimized in real time, driving down costs and improving performance.

• The company has developed proprietary AI tools and is integrating technology across all operations for material value creation.