Integrity, accountability and disclosure

As we focus on being financially, environmentally and socially responsible, Devon is guided by our core values and corporate governance principles. We sustain the trust we’ve built with our stakeholders through ethics, integrity and recognized governance practices such as proactive shareholder engagement and purposeful risk management.

To deliver results, we focus on operational excellence, top-tier environmental, social and governance (ESG) performance, and constructive stakeholder engagement. We integrate our environmental, health and safety (EHS) commitment into our operations and incorporate ESG performance goals into our compensation program.

Devon’s senior leaders evaluate risks and opportunities to continuously improve our ESG performance and transparency. Our ESG and sustainability leaders play an active role by informing management on current and emerging issues that influence business planning, strategy and operations.

TAKING ACTION

CORPORATE GOVERNANCE

  • Continued substantive board engagement and oversight of environmental targets and strategy, diversity, equity and inclusion (DEI), and other ESG matters.

  • Maintained significant tie between executive compensation and environmental and safety performance through quantifiable metrics and significant weighting for those metrics in grading our overall performance for the year. We also provided additional transparency on our corporate goals for executive and companywide performance by prospectively publishing our goals for the year.

ETHICS AND INTEGRITY

  • Reported to the board’s Audit Committee on our ethics program on a quarterly basis, including the substance of any ethics allegations and actions taken in response.

PUBLIC ADVOCACY

  • Engaged constructively with federal and state policy makers, diverse stakeholders and thought leaders to broaden our perspectives on key public policy issues.

STRATEGIC FOCUS ON EMISSIONS

  • Companywide goals for 2023 included a standalone emissions goal, which the company exceeded by delivering improvements in greenhouse gas emissions intensity and methane emissions detected by aerial flyovers.

TRANSPARENCY

  • Published our 2023 Climate Change Assessment Report, which is consistent with the core elements of the Task Force on Climate-related Financial Disclosures (TCFD) framework.

  • Published our 2023 Political Activity and Lobbying Report and this 2024 Sustainability Report as we further advanced our commitment to transparency and disclosure performance.

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Governance Metrics
2021 2022 2023
Independent Board Members 73% 73% 91%
As of June 2024, ten of our 11 board members (91%) qualify as independent under NYSE standards and SEC regulations.
Women Board Members 27% 27% 36%
As of June 2024, four women (36%) serve on our board of directors, including the chair of Devon’s Audit Committee.
Contributions - Trades and Political (thousands) $2,520 $4,347 $4,024
With the increased scale of the company following the Devon-WPX merger, Devon's trade association dues increased.
Lobbying - Federal and State (thousands) $433 $751 $802
Devon's lobbying and political activity is disclosed via public agencies, as well as through the company's Political Activity and Lobbying Report available on our website.