Sustainability

The work of our industry is inherently complex and demanding. It requires resilience, technical proficiency, and the courage to adapt as the world changes. Every day, our team meets these challenges head-on—delivering operational excellence, prioritizing safety and tackling the hard problems essential to energizing modern life.

We know the stakes are high. Energy security is national security; reliable, American-made supplies help build strong communities and underpin global stability. At the same time, the path to a sustainable energy future demands balanced, responsible action and a recognition that meeting global demand requires contributions from all energy sources. We recognize the tradeoffs and challenges of integrating new assets. Our team’s expertise ensures we quickly elevate environmental performance to Devon’s standards, demonstrating our commitment to thoughtful, pragmatic decisions for the long term.

Relentless focus on excellence, safety and improvement

Devon’s approach to sustainability is anchored in continuous improvement and a proven record of innovation. We are relentless in our pursuit of capital efficiency—lowering costs, raising margins and creating enduring value for shareholders. Operational excellence is our standard as we optimize production, invest in new technologies and reduce emissions, all powered by the dedication of our employees and partners.

At Devon, safety is more than a priority—it is a core value that shapes every decision and action we take. We recognize that the well-being of our employees, contractors and communities is fundamental to our success and to the trust placed in us by all stakeholders. In 2024, we exceeded our companywide health and safety goals, reducing our serious incident and fatality (SIF) rate and increasing the application of SIF learnings compared to 2023. Our commitment to safe operations is further demonstrated by our 2025 safety goals, which now represent 15% of our overall corporate scorecard.

We are proud of our legacy: Devon was at the forefront of unlocking the U.S. shale revolution, transforming global markets and reshaping what’s possible for energy security and independence. Today, we are pioneering new advances in digital operations, emissions monitoring and resource stewardship—always striving to do better tomorrow than we do today.

Since 2022, Devon has completed three strategic asset acquisitions, further strengthening our diversified, multibasin portfolio across leading U.S. resource plays. As we integrate these new assets, we recognize that progress toward our sustainability goals is a journey that may not always be linear. Our focus remains on elevating the environmental performance of all acquired assets to Devon’s rigorous standards.

By the end of 2024, we achieved significant milestones: a 26% reduction in greenhouse gas (GHG) emissions intensity and a 45% reduction in methane intensity compared to our adjusted 2019 baseline, and a 76% reduction in flaring volume intensity compared to 2019. These results reflect our disciplined approach—setting ambitious targets, investing in innovative solutions and transparently reporting our progress. We continue to expand our use of recycled water, reclaim well sites and leverage new technologies to ensure our operations are safe, sustainable and productive.

Sustainability in action: people, progress, and partnerships

Our balanced approach recognizes that true sustainability means more than environmental progress—it is also about operational reliability, financial discipline, and building enduring partnerships. This includes a deep commitment to making a positive, lasting impact in the communities where we operate. Through targeted investments in STEM education, mental health initiatives, and community grants, we help strengthen local economies and support the well-being of our neighbors. We are especially proud to have opened STEM centers in 22 elementary schools, three middle schools, one sixth grade center, and one after school program—empowering young people with the skills and opportunities they need to thrive.

Our actions create value for all our stakeholders: employees benefit from a culture of safety and continuous improvement, the communities where we operate benefit from our investments and engagement, and shareholders see enduring returns from our disciplined approach.

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Governance, trust, and a sustainable future

At Devon, we honor the principles of integrity, relationships, courage and results in everything we do. We are grateful for the talent and dedication of our employees, the guidance and oversight of our board of directors and the trust of our stakeholders. Our board’s strong leadership and commitment to sound governance – including recent oversight of our CEO succession and sustainability strategy - help ensure that Devon operates with integrity, transparency and a focus on long-term sustainability. Devon is—and always will be—the past, present and future of energy. Together, we are meeting the world’s needs today, while building a more sustainable tomorrow.

Thank you for your continued support.