Devon Energy Expands in Williston Basin with $5 Billion Acquisition

Devon Energy Corp. (NYSE: DVN) has successfully completed its acquisition of Grayson Mill Energy, a strategic move valued at $5 billion, enhancing its presence in the Williston Basin. This acquisition significantly boosts Devon's production capabilities, adding 307,000 net acres, 500 undrilled locations, and 300 refrac candidates to its portfolio. The deal aligns with Devon's strategy to expand its operational scale and increase production efficiency.

Rick Muncrief, Devon's president and CEO, expressed enthusiasm about the acquisition, highlighting the seamless integration of Grayson Mill Energy's assets into Devon's operations. "This strategic transaction is an excellent fit for Devon, enabling us to efficiently expand our operating scale and production," Muncrief stated.

Devon Energy plans to update its 2024 production and capital outlook in its upcoming third-quarter earnings report on November 5, 2024.

About Devon Energy

Devon Energy is a leading U.S. oil and gas producer, known for its premier multi-basin portfolio, particularly in the Delaware Basin. The company focuses on generating strong returns, free cash flow, and returning capital to shareholders through safe and sustainable operations. For more information, visit Devon Energy's website.

Investor Contacts

• Rosy Zuklic: 405-552-7802
• Chris Carr: 405-228-2496

Media Contact

• Michelle Hindmarch: 405-552-7460

Forward-Looking Statements

This release contains forward-looking statements subject to risks and uncertainties, including asset performance and future production. These statements are not guarantees of future performance, and actual results may differ. For more details, refer to Devon's 2023 Annual Report and SEC filings.

Cautionary Note on Reserves and Resource Estimates

The SEC restricts disclosures to proved, probable, and possible reserves. Reserve estimates here may not align with SEC guidelines. For detailed disclosures, see Devon's 2023 Annual Report and other SEC filings.