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

  • Appointed Clay Gaspar to be the new Devon CEO effective March 1, 2025, following a two-year planned, internal CEO succession process, led by the board chair, that incorporated leading governance practices. The process provided a three-month transition period for Mr. Gaspar to benefit from mentorship from retiring CEO Rick Muncrief and to build his leadership team.

  • Continued substantive board engagement and oversight of environmental targets and strategy, talent, corporate culture and other 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 quarterly on our cybersecurity program and our ethics program, including the substance of any ethics allegations and actions taken in response.

PUBLIC ADVOCACY

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

STRATEGIC FOCUS ON SAFETY AND EMISSIONS

  • Exceeded our companywide health and safety goals to reduce our SIF (serious incident and fatality) actual rate and improve utilization of SIF learnings compared to 2023. We also exceeded our companywide environmental performance goals to achieve year-over-year reductions in our methane emissions, methane emissions detection and spill rate.

TRANSPARENCY

  • Published our 2024 Political Activity and Lobbying Report and this 2025 Sustainability Report as we further advanced our commitment to transparency and disclosure performance.

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Governance Metrics
2022 2023 2024
Independent Board Members 73% 91% 91%
As of June 2025, nine of our 10 board members (90%) qualify as independent under NYSE standards and SEC regulations.
Contributions - Trades and Political (thousands) $4,347 $4,024 $3,003
For more information, see Devon's Political Activity and Lobbying Report available on our website.
Lobbying - Federal and State (thousands) $751 $802 $813
Devon's lobbying and political activity is disclosed via public agencies, as well as through the company's annual Political Activity and Lobbying Report.