CEO Letter

ENHANCING TRANSPARENCY

At Devon, we’re driven by our core values and proud to be known for doing business with integrity. In everything we do, we’re accountable to our shareholders, policymakers and regulatory agencies, our neighbors where we live and work, and our employees.

As a leading independent oil and natural gas producer, we deliver an important commodity that’s essential to our modern way of life. Today and for decades to come, hydrocarbons will be the primary source of energy worldwide. Devon is doing the vital work of finding and producing this energy and, in the process, we’re safeguarding our workforce and our neighbors, protecting the environment and generating returns for our shareholders.

We’ve built a strong record of achievement, but are always striving to improve. This includes our performance and transparency related to environmental, social and governance issues. These are long-standing keys to our success at Devon, and now stakeholders are increasingly viewing them together under a single identifier, ESG.

A fresh look

Devon’s leaders have undertaken a thorough examination of ESG performance in the context of the company’s long-term goals and investment value. To be sure we’re identifying and appropriately addressing the issues that could impact our sustainability, we have established an ESG Steering Committee. This committee has been given the authority to ensure that the appropriate level of attention is focused on ESG issues. With the committee’s guidance, we have produced this report highlighting the programs we’re working on today, the practices we’ve been cultivating since Devon was founded in 1971, and the performance we expect to achieve going forward.

We’re presenting more quantitative information than in previous reports, with easier access to ESG content. We’re also expanding our discussion to include topics such as inclusion and diversity, cybersecurity and climate change.

In addition, we describe how our investments in new technologies are leading our industry and building on our proud history of innovation. We explain how our tradition of good citizenship is paying dividends today in education, philanthropy, environmental stewardship, workforce safety and employee wellness, and how it all contributes to our sustainability.

Advancing our strategy

As we navigate a landscape of uncertainty, Devon is focused specifically in areas we can control, such as streamlining our business and improving operational and financial efficiencies. These steps have strengthened our ability to compete, regardless of fluctuations in commodity prices.

We’re simplifying our portfolio and concentrating our capital investments where we have the highest-quality resources. This has enabled us to deliver excellent results while building a reputation for good environmental stewardship and a strong track record of collaboration with our neighbors and other stakeholders.

As we move forward, we’ll continue to look for new opportunities within our business to place greater emphasis on ESG, which should help improve performance. We look forward to achieving the business benefits that result from actively engaging with our stakeholders on matters of importance to them.

On behalf of everyone at Devon Energy, I thank you for taking the time to learn more about our commitment to better ESG transparency and performance. This report was developed with the needs and interests of our stakeholders in mind, and we welcome your feedback to help us keep improving.

Sincerely,

Dave Hager
President & CEO

Core Values:

The Devon Way

Trust is a key ingredient in Devon’s success. It is vital that our stakeholders trust us to deliver results the right way.

Core Values: The Devon Way

Our Results

Performance Highlights