Devon Energy 10-Q 2025-09-30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32318

DEVON ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		73-1567067
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer identification No.)
333 West Sheridan Avenue**,** Oklahoma City**,** Oklahoma		73102-5015
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (405) 235-3611

Former name, address and former fiscal year, if changed from last report: Not applicable

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.10 per share	DVN	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☑	Accelerated filer		☐	Non-accelerated filer		☐
Smaller reporting company		☐	Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

On October 23, 2025, 627.3 million shares of common stock were outstanding.

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DEVON ENERGY CORPORATION

FORM 10-Q

TABLE OF CONTEN****TS

Part I. Financial Information
Item 1.		Financial Statements	6
		Consolidated Statements of Comprehensive Earnings	6
		Consolidated Balance Sheets	7
		Consolidated Statements of Cash Flows	8
		Consolidated Statements of Equity	9
		Notes to Consolidated Financial Statements	10
		Note 1 – Summary of Significant Accounting Policies	10
		Note 2 – Acquisitions and Divestitures	11
		Note 3 – Derivative Financial Instruments	12
		Note 4 – Share-Based Compensation	14
		Note 5 – Asset Impairments	15
		Note 6 – Income Taxes	15
		Note 7 – Net Earnings Per Share	16
		Note 8 – Other Comprehensive Earnings (Loss)	16
		Note 9 – Supplemental Information to Statements of Cash Flows	16
		Note 10 – Accounts Receivable	17
		Note 11 – Property, Plant and Equipment	17
		Note 12 – Investments	17
		Note 13 – Debt and Related Expenses	18
		Note 14 – Leases	19
		Note 15 – Asset Retirement Obligations	20
		Note 16 – Stockholders’ Equity	20
		Note 17 – Commitments and Contingencies	21
		Note 18 – Fair Value Measurements	23
		Note 19 – Reportable Segments	24
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
		Executive Overview	25
		Results of Operations	26
		Capital Resources, Uses and Liquidity	35
		Critical Accounting Estimates	40
		Non-GAAP Measures	41
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.		Controls and Procedures	43
Part II. Other Information
Item 1.		Legal Proceedings	44
Item 1A.		Risk Factors	44
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.		Defaults Upon Senior Securities	44
Item 4.		Mine Safety Disclosures	44
Item 5.		Other Information	44
Item 6.		Exhibits	45
Signatures			45

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DEFINI****TIONS

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Devon,” the “Company” and “Registrant” refer to Devon Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“ASU” means Accounting Standards Update.

“Bbl” or “Bbls” means barrel or barrels.

“Boe” means barrel of oil equivalent. Gas proved reserves and production are converted to Boe, at the pressure and temperature base standard of each respective state in which the gas is produced, at the rate of six Mcf of gas per Bbl of oil, based upon the approximate relative energy content of gas and oil. NGL proved reserves and production are converted to Boe on a one-to-one basis with oil.

“Btu” means British thermal units, a measure of heating value.

“CAMT” means Corporate Alternative Minimum Tax.

“Catalyst” means Catalyst Midstream Partners, LLC.

“CDM” means Cotton Draw Midstream, L.L.C.

“DD&A” means depreciation, depletion and amortization expenses.

“EPA” means the United States Environmental Protection Agency.

“ESG” means environmental, social and governance.

“FASB” means Financial Accounting Standards Board.

“Fervo” means Fervo Energy Company.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“Grayson Mill” means Grayson Mill Intermediate HoldCo II, LLC and Grayson Mill Intermediate HoldCo III, LLC.

“Inside FERC” refers to the publication Inside FERC’s Gas Market Report.

“LOE” means lease operating expenses.

“Matterhorn” refers to Matterhorn Express Pipeline, LLC and, as applicable, its direct parent, MXP Parent, LLC.

“MBbls” means thousand barrels.

“MBoe” means thousand Boe.

“Mcf” means thousand cubic feet.

“MMBoe” means million Boe.

“MMBtu” means million Btu.

“MMcf” means million cubic feet.

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“N/M” means not meaningful.

“NCI” means noncontrolling interests.

“NGL” or “NGLs” means natural gas liquids.

“NOV” means notice of violation.

“NYMEX” means New York Mercantile Exchange.

“OBBB” means One Big Beautiful Bill Act.

“OPEC” means Organization of the Petroleum Exporting Countries.

“SEC” means United States Securities and Exchange Commission.

“Senior Credit Facility” means Devon’s syndicated unsecured revolving line of credit, effective as of March 24, 2023.

“SOFR” means secured overnight financing rate.

“TSR” means total shareholder return.

“U.S.” means United States of America.

“Water JV” means NDB Midstream L.L.C.

“WaterBridge” means WaterBridge Infrastructure LLC and WBI Operating LLC. Any references to WaterBridge as a public company or its publicly-traded equity are to WaterBridge Infrastructure LLC individually.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/d” means per day.

“/MMBtu” means per MMBtu.

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INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This report includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this report that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to:

the volatility of oil, gas and NGL prices, including from changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries;

uncertainties inherent in estimating oil, gas and NGL reserves;

the extent to which we are successful in acquiring and discovering additional reserves;

the uncertainties, costs and risks involved in our operations;

risks related to our hedging activities;

our limited control over third parties who operate some of our oil and gas properties and investments;

midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure;

competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy;

regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and water disposal;

climate change and risks related to regulatory, social and market efforts to address climate change;

risks relating to our ESG initiatives;

claims, audits and other proceedings impacting our business, including with respect to historic and legacy operations;

governmental interventions in energy markets;

counterparty credit risks;

risks relating to our indebtedness;

cybersecurity risks;

the extent to which insurance covers any losses we may experience;

risks related to shareholder activism;

our ability to successfully complete mergers, acquisitions and divestitures;

our ability to pay dividends and make share repurchases; and

any of the other risks and uncertainties discussed in this report, our 2024 Annual Report on Form 10-K and our other filings with the SEC.

The forward-looking statements included in this filing speak only as of the date of this report, represent management’s current reasonable expectations as of the date of this filing and are subject to the risks and uncertainties identified above as well as those described elsewhere in this report and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in this report and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

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Part I. Financial Information

DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Unaudited)
Oil, gas and NGL sales		$	2,809			$	2,665			$	8,645			$	8,090
Oil, gas and NGL derivatives			80				227				218				105
Marketing and midstream revenues			1,442				1,132				4,204				3,342
Total revenues			4,331				4,024				13,067				11,537
Production expenses			895				763				2,706				2,302
Exploration expenses			8				4				38				16
Marketing and midstream expenses			1,453				1,149				4,246				3,390
Depreciation, depletion and amortization			879				794				2,705				2,284
Asset impairments			—				—				254				—
Asset dispositions			(37	)			—				(342	)			16
General and administrative expenses			114				117				357				345
Financing costs, net			109				88				348				240
Other, net			(2	)			45				36				72
Total expenses			3,419				2,960				10,348				8,665
Earnings before income taxes			912				1,064				2,719				2,872
Income tax expense			219				239				600				583
Net earnings			693				825				2,119				2,289
Net earnings attributable to noncontrolling interests			6				13				39				37
Net earnings attributable to Devon		$	687			$	812			$	2,080			$	2,252
Net earnings per share:
Basic net earnings per share		$	1.09			$	1.31			$	3.27			$	3.60
Diluted net earnings per share		$	1.09			$	1.30			$	3.27			$	3.59
Comprehensive earnings:
Net earnings		$	693			$	825			$	2,119			$	2,289
Other comprehensive earnings, net of tax:
Pension and postretirement plans			1				1				3				3
Other comprehensive earnings, net of tax			1				1				3				3
Comprehensive earnings:		$	694			$	826			$	2,122			$	2,292
Comprehensive earnings attributable to noncontrolling interests			6				13				39				37
Comprehensive earnings attributable to Devon		$	688			$	813			$	2,083			$	2,255

See accompanying notes to consolidated financial statements.

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DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET****S

		September 30, 2025				December 31, 2024
		(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash		$	1,278			$	846
Accounts receivable			1,835				1,972
Inventory			361				294
Other current assets			393				315
Total current assets			3,867				3,427
Oil and gas property and equipment, based on successful efforts accounting, net			23,591				23,198
Other property and equipment, net			1,698				1,813
Total property and equipment, net			25,289				25,011
Goodwill			753				753
Right-of-use assets			247				303
Investments			679				727
Other long-term assets			386				268
Total assets		$	31,221			$	30,489
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	934			$	806
Revenues and royalties payable			1,464				1,432
Short-term debt			998				485
Other current liabilities			646				586
Total current liabilities			4,042				3,309
Long-term debt			7,393				8,398
Lease liabilities			158				320
Asset retirement obligations			850				770
Other long-term liabilities			962				840
Deferred income taxes			2,466				2,148
Stockholders' equity:
Common stock, $0.10 par value. Authorized 1.0 billion shares; issued629 million and 651 million shares in 2025 and 2024, respectively			63				65
Additional paid-in capital			5,618				6,387
Retained earnings			9,788				8,166
Accumulated other comprehensive loss			(119	)			(122	)
Total stockholders’ equity attributable to Devon			15,350				14,496
Noncontrolling interests			—				208
Total equity			15,350				14,704
Total liabilities and equity		$	31,221			$	30,489

See accompanying notes to consolidated financial statements.

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DEVON ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(Unaudited)
Cash flows from operating activities:
Net earnings		$	693			$	825			$	2,119			$	2,289
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation, depletion and amortization			879				794				2,705				2,284
Asset impairments			—				—				254				—
Leasehold impairments			1				1				13				2
Accretion of liabilities			4				2				13				2
Total gains on commodity derivatives			(80	)			(227	)			(218	)			(105	)
Cash settlements on commodity derivatives			50				61				107				139
(Gains) losses on asset dispositions			(37	)			—				(342	)			16
Deferred income tax expense			263				164				322				243
Share-based compensation			24				24				77				75
Other			(45	)			3				(62	)			6
Changes in assets and liabilities, net			(62	)			16				189				(15	)
Net cash from operating activities			1,690

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The following discussion and analysis addresses material changes in our results of operations for the three-month and nine-month periods ended September 30, 2025 compared to previous periods, and in our financial condition and liquidity since December 31, 2024. For information regarding our critical accounting policies and estimates, see our 2024 Annual Report on Form 10-K under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Executive Over****view

We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States. Our operations are currently focused in four core areas: the Delaware Basin, Rockies, Eagle Ford and Anadarko Basin. Our asset base is underpinned by premium acreage in the economic core of the Delaware Basin and our diverse, top-tier resource plays, providing a deep inventory of opportunities for years to come.

On September 27, 2024, we acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The acquisition has allowed us to efficiently expand our oil production and operating scale, creating immediate and long-term, sustainable value to shareholders.

As a company, we remain focused on building economic value by executing on our strategic priorities of moderating production growth, emphasizing capital and operational efficiencies, optimizing reinvestment rates to maximize free cash flow, maintaining low leverage, delivering cash returns to our shareholders and pursuing operational excellence. Our recent performance highlights for these priorities include the following items for the third quarter of 2025:

Production totaled 853 MBoe/d, exceeding guidance by 2%.

As of September 30, 2025, completed approximately 83% of our authorized $5.0 billion share repurchase program with approximately 92.7 million of our common shares purchased for approximately $4.1 billion, or $44.70 per share since inception of the plan.

Exited with $4.3 billion of liquidity, including $1.3 billion of cash.

Generated $1.7 billion of operating cash flow and $6.8 billion for the past twelve trailing months.

Paid dividends of $151 million and have declared approximately $150 million of dividends to be paid in the fourth quarter of 2025.

Early redeemed the $485 million of 5.85% senior notes due December 15, 2025.

Closed acquisition of outstanding noncontrolling interests in Cotton Draw Midstream for $260 million.

Earnings attributable to Devon were $687 million, or $1.09 per diluted share.

Core earnings (Non-GAAP) were $656 million, or $1.04 per diluted share.

Our net earnings and operating cash flow are highly dependent upon oil, gas and NGL prices, which can be volatile due to several varying factors. During the first nine months of 2025, commodity prices have experienced heightened volatility and declines, driven primarily by economic uncertainty in global trade arising from geopolitical events and shifting trade policies, such as the imposition of tariffs by the U.S. and planned oil output increases by OPEC+. Despite the potential negative impacts of higher inflation rates and supply chain disruptions created by these developments, we remain committed to capital discipline and delivering the objectives that underpin our current plan. Our disciplined, returns-driven strategy is designed to adapt to market fluctuations by reducing activity when necessary to maximize free cash flow generation. We will continue to prioritize value creation through moderated capital investment and production growth, particularly with a view of the volatility in commodity prices, supply chain constraints and the economic uncertainty arising from inflation and geopolitical events. Our cash-return objectives remain focused on opportunistic share repurchases, funding our dividends, repaying debt at upcoming maturities and building cash balances.

To emphasize our commitment to maximizing free cash flow and creating value for shareholders, we have implemented a business optimization plan which is anticipated to improve our annual pre-tax cash flow by $1.0 billion. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. These savings are on track to be achieved by the end of 2026 with approximately $600 million expected to be completed by the end of 2025.

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Res****ults of Operations

The following graphs, discussion and analysis are intended to provide an understanding of our results of operations and current financial condition. To facilitate the review, these numbers are being presented before consideration of noncontrolling interests.

Q3 2025 vs. Q2 2025

Our third quarter 2025 and second quarter 2025 net earnings were $693 million and $917 million, respectively. The graph below shows the change in net earnings from the second quarter of 2025 to the third quarter of 2025. The material changes are further discussed by category on the following pages.

Production Volumes

		Q3 2025				% of Total				Q2 2025				Change
Oil (MBbls/d)
Delaware Basin			223				57	%			228				-2	%
Rockies			111				28	%			104				6	%
Eagle Ford			41				11	%			39				4	%
Anadarko Basin			12				3	%			13				-7	%
Other			3				1	%			3			N/M
Total			390				100	%			387				1	%

		Q3 2025				% of Total				Q2 2025				Change
Gas (MMcf/d)
Delaware Basin			834				59	%			823				1	%
Rockies			245				17	%			228				7	%
Eagle Ford			70				5	%			62				13	%
Anadarko Basin			261				19	%			274				-5	%
Other			—				0	%			1			N/M
Total			1,410				100	%			1,388				2	%

		Q3 2025				% of Total				Q2 2025				Change
NGLs (MBbls/d)
Delaware Basin			134				59	%			133				0	%
Rockies			53				23	%			47				13	%
Eagle Ford			11				5	%			11				1	%
Anadarko Basin			30				13	%			31				-4	%
Other			—				0	%			—			N/M
Total			228				100	%			222				2	%

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Commodity Price Risk

As of September 30, 2025, we have commodity derivatives that pertain to a portion of our estimated production for the last three months of 2025, as well as for 2026 and 2027. The key terms to our open oil, gas and NGL derivative financial instruments are presented in Note 3 in “Part I. Financial Information – Item 1. Financial Statements” in this report.

The fair values of our commodity derivatives are largely determined by the forward curves of the relevant price indices. At September 30, 2025, a 10% change in the forward curves associated with our commodity derivative instruments would have changed our net positions by approximately $200 million.

Interest Rate Risk

At September 30, 2025, we had total debt of $8.4 billion. Of this debt, $7.4 billion was comprised of debentures and notes that have fixed interest rates which averaged 5.7%. We also have a $1.0 billion Term Loan which has a variable interest rate that is adjusted monthly. The interest rate on the Term Loan was 5.8% at September 30, 2025.

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Disclosure Controls and Procedures

We have established disclosure controls and procedures to ensure that material information relating to Devon, including its consolidated subsidiaries, is made known to the officers who certify Devon’s financial reports and to other members of senior management and the Board of Directors.

Based on their evaluation, our principal executive and principal financial officers have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective as of September 30, 2025 to ensure that the information required to be disclosed by Devon in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. Other Information

Item 1. Legal Proceedings

We are involved in various legal proceedings incidental to our business. However, to our knowledge as of the date of this report and subject to the environmental matters noted below and in Part I, Item 3. Legal Proceedings of our 2024 Annual Report on Form 10-K, including the updates disclosed in our Second Quarter 2025 Quarterly Report on Form 10-Q, there were no material pending legal proceedings to which we are a party or to which any of our property is subject. For more information on our legal contingencies, see Note 17 in “Part I. Financial Information – Item 1. Financial Statements” of this report.

On August 28, 2025, we received a NOV from the EPA relating to alleged air permit violations by Devon Energy Production Company, L.P. and WPX Energy Permian, LLC, each of which is a wholly-owned subsidiary of the Company, during 2024 in New Mexico and western Texas. We have been engaging with the EPA to resolve this matter, which remains ongoing, and management cannot predict its ultimate outcome; however, resolution of this matter may result in a fine or penalty in excess of $300,000.

Please see our 2024 Annual Report on Form 10-K and other SEC filings for additional information.

There have been no material changes to the information included in Item 1A. “Risk Factors” in our 2024 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equi****ty Securities and Use of Proceeds

The following table provides information regarding purchases of our common stock that were made by us during the third quarter of 2025 (shares in thousands).

Period		Total Number of Shares Purchased (1)				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)				Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
July 1 - July 31			2,082			$	33.27				2,073			$	1,038
August 1 - August 31			3,084			$	33.84				3,052			$	935
September 1 - September 30			2,204			$	35.11				2,199			$	857
Total			7,370			$	34.06				7,324

(1)

In addition to shares purchased under the share repurchase program described below, these amounts include 46 thousand shares received by us from employees for the payment of personal income tax withholdings on vesting transactions.

(2)

On November 2, 2021, we announced a $1.0 billion share repurchase program that would expire on December 31, 2022. Through subsequent approvals, including most recently in July 2024, Devon's Board of Directors expanded the share repurchase program authorization to $5.0 billion, with a June 30, 2026 expiration date. In the third quarter of 2025, we repurchased 7.3 million common shares for $250 million, or $34.06 per share, under this share repurchase program. For additional information, see Note 16 in “Part I. Financial Information – Item 1. Financial Statements” in this report.

Item 3. Defaults Upo****n Senior Securities

Not applicable.

Item 4. Mine Saf****ety Disclosures

Not applicable.

During the three months ended September 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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Exhibit Number		Description
31.1	Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of principal executive officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNAT****URES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				DEVON ENERGY CORPORATION
Date: November 6, 2025				/s/ John B. Sherrer
				John B. Sherrer
				Vice President, Accounting and Controller