Devon Energy Corporation is an independent energy company primarily engaged in the exploration, development, and production of oil, natural gas, and NGLs. The company's operations are concentrated in various onshore areas in the U.S. Devon's strategy focuses on delivering competitive shareholder returns through sustainable, capital-efficient cash flow growth. The company emphasizes a responsible approach to operations, incorporating ESG values and striving for strong returns while minimizing environmental impact.

Devon aims to maintain a premier, sustainable portfolio of assets, primarily in the Delaware Basin, as well as the Eagle Ford, Anadarko, Williston, and Powder River Basins. The company also focuses on superior execution, optimizing capital programs and production operations to reduce costs and enhance returns. Financial strength and flexibility are also key priorities, with a focus on maintaining a strong balance sheet and adequate liquidity.

• Employees: Approximately 1,900 (as of December 31, 2023)
• Geographic Footprint: Onshore U.S.
• Headquarters: Oklahoma City, Oklahoma
• Founded: 1971
• Number of locations/facilities: Not explicitly stated, but operations are in multiple basins
• Revenue: $15.3 billion (FY2023)
• Market Capitalization: $30.8 billion (as of June 30, 2023, for non-affiliates)
• Key Subsidiaries/Brands: WPX Energy (wholly-owned subsidiary)

• CEO: Richard E. Muncrief
• CFO: Jeffrey L. Ritenour
• Board Chair: Barbara M. Baumann
• Other Key Executives: Jeremy D. Humphers (Senior Vice President and Chief Accounting Officer)

The filing does not provide specific background on key leaders' tenure and experience, but it does note that the Manager of Reserves and Economics has over 15 years of industry experience.

• Annual Revenue: $15.3 billion (FY2023)
• Net Income: $3.7 billion (FY2023)
• Market Cap: $30.8 billion (as of June 30, 2023, for non-affiliates)
• Total Assets: $24.5 billion (as of December 31, 2023)
• Number of Employees: Approximately 1,900 (as of December 31, 2023)
• Key Financial Highlights: Oil production totaled 320 MBbls/d, a 7% year-over-year increase. Approximately 77% of the authorized $3.0 billion share repurchase program was completed. $242 million of senior notes were retired. $3.9 billion of liquidity was maintained. $6.5 billion of operating cash flow was generated. Dividends of approximately $1.9 billion were paid. Core earnings were $3.7 billion, or $5.71 per diluted share.

Devon's primary products are oil, natural gas, and NGLs. The company's operations are focused on the exploration, development, and production of these resources.

• Oil: Devon produces crude oil from its onshore operations in various U.S. basins.
• Natural Gas: The company extracts and sells natural gas from its properties.
• NGLs: Devon also produces and markets natural gas liquids.

Devon's operations are focused on five core areas:

• Delaware Basin: The largest and most active program, with operations in southeast New Mexico and west Texas.
• Eagle Ford: Located in Texas' DeWitt and Karnes counties, known for its oil production and low-cost access to Gulf Coast pricing.
• Anadarko Basin: Located primarily in western Oklahoma, providing long-term inventory optionality.
• Williston Basin: Located on the Fort Berthold Indian Reservation in North Dakota, focused on oil-prone formations.
• Powder River Basin: Focused on emerging oil opportunities in Wyoming.

The Delaware Basin is the top-funded asset, expected to receive approximately 60% of capital allocation in 2024. The filing provides production volumes by segment, but not revenue breakdown.

Devon's strategy is focused on delivering competitive shareholder returns through sustainable, capital-efficient cash flow growth. The company aims to be a responsible operator and maintain a premier, sustainable portfolio of assets. Key strategic priorities include:

• Moderating production growth.
• Emphasizing capital and operational efficiencies.
• Optimizing reinvestment rates to maximize free cash flow.
• Maintaining low leverage.
• Delivering cash returns to shareholders.
• Pursuing ESG excellence.

Devon is also focused on advancing its environmental performance targets, including achieving net-zero GHG emissions for Scopes 1 and 2 by 2050. The company is also committed to water conservation and reuse.

Devon operates in the oil and gas industry, which is highly competitive. The company competes with major integrated and independent oil and gas companies for the acquisition of leases and properties, as well as for equipment, services, and personnel. The industry is subject to volatility in commodity prices, which significantly impacts Devon's financial performance. Key trends include:

• Market Position: Devon is a leading independent energy company with a focus on onshore U.S. operations.
• Key Competitors: Major integrated and independent oil and gas companies.
• Industry Trends: Volatility in oil, gas, and NGL prices; increasing focus on environmental, social and governance (ESG) factors; regulatory changes; and technological advancements.

• Volatile Oil, Gas and NGL Prices: Devon's financial condition is highly dependent on commodity prices, which are subject to volatility due to global supply and demand, geopolitical risks, and other factors.
• Uncertainty in Reserve Estimates: Estimating oil, gas, and NGL reserves is complex and requires significant judgment, and reserves may be subject to revision.
• Operational Risks: Devon's operations are subject to numerous risks, including drilling conditions, equipment failures, adverse weather, and environmental hazards.
• Regulatory and Environmental Risks: The company is subject to extensive governmental regulations, including those related to environmental matters, worker health and safety, and climate change. Changes in regulations could impact operations and profitability.
• Cybersecurity Risks: Devon relies heavily on information systems and digital technologies, making it vulnerable to cyberattacks that could disrupt operations and compromise data.