Oil Production and Acquisitions - Oil production increased to 389 MBbls/d, a 12% year-over-year growth, with significant contributions from the Delaware Basin and Rockies [164] - The acquisition of Grayson Mill's Williston Basin business for approximately $5.0 billion is expected to enhance oil production and operational scale [161] - The company completed the acquisition of all outstanding noncontrolling interests in CDM for $260 million, fully attributing future net income to the company [209] Financial Performance - Earnings attributable to Devon were $2.6 billion, or $4.17 per diluted share, while core earnings were $2.5 billion, or $3.92 per diluted share [164] - The company achieved $6.7 billion in operating cash flow for 2025, demonstrating resilience despite lower oil prices [169] - Operating cash flow for 2025 was $6,711 million, slightly up from $6,600 million in 2024, funding capital expenditures and shareholder returns [195] - The company reported earnings attributable to Devon (GAAP) of $3.466 billion, with core earnings (Non-GAAP) of $3.252 billion, translating to $4.17 and $3.92 per diluted share respectively [260] Shareholder Returns - The company returned approximately $1.7 billion to shareholders through dividends and share repurchases in 2025 [170] - A cash dividend of $0.24 per share was announced for the first quarter of 2026, totaling approximately $149 million [230] - The company repurchased 30.8 million shares of common stock for $1.1 billion in 2025, maintaining its share repurchase program [206] - The company has authorized a $5.0 billion share repurchase program, with $4.5 billion executed as of February 1, 2026 [231] Capital Expenditures and Budget - Capital expenditures totaled $3,592 million in 2025, representing approximately 54% of operating cash flow [199] - The 2026 capital budget is expected to be approximately 4% lower than 2025, focusing on high-return projects in the Delaware Basin [172] - The company expects to achieve its capital investment priorities while maintaining capital discipline, with a capital expenditure budget for 2026 projected at approximately $3.5 billion to $3.7 billion, about 4% lower than 2025 [218][232] Price and Market Conditions - WTI oil prices averaged $64.87 per Bbl in 2025, reflecting a 14% decline from $75.79 per Bbl in 2024 [171] - Realized prices for oil decreased by 12% to $36.60 per Boe, contributing to an estimated $1.3 billion decrease in earnings [179] - The company utilizes derivative financial instruments to mitigate price risk associated with oil, gas, and NGL production [217] - The company systematically hedges a portion of its production to manage the volatility and unpredictability of oil and gas pricing, which is a major market risk exposure [268] Expenses and Margins - Production expenses increased by 12% in 2025 to $3,567 million, driven by increased activity in the Rockies and new well activity in the Delaware Basin [182] - Field-level cash margin decreased to $7,656 million in 2025 from $7,993 million in 2024, with a per BOE margin of $24.97 compared to $29.63 [184] - Total depreciation, depletion, and amortization (DD&A) increased by 10% to $3,595 million in 2025, primarily due to higher volumes from the Grayson Mill acquisition [185] - General and administrative (G&A) expenses per BOE decreased by 13% to $1.60 in 2025, reflecting operational efficiencies from the Grayson Mill acquisition [187] Tax and Financial Position - The effective income tax rate increased to 23% in 2025 from 21% in 2024, with total income tax expense rising to $785 million [192] - The company’s income tax expense for 2025 was $785 million, reflecting the complexities of federal, state, and foreign tax jurisdictions [252] - The company had total debt of $8.4 billion as of December 31, 2025, with $7.4 billion in fixed-rate debentures averaging 5.7% interest and a $1.0 billion Term Loan at a variable rate of 5.4% [270] - The company has approximately $3.0 billion of available borrowing capacity under its Senior Credit Facility, with a debt-to-capitalization ratio of 24.8% as of December 31, 2025 [222][223] Strategic Initiatives - The business optimization plan is projected to improve annual pre-tax cash flow by $1.0 billion, with approximately $850 million achieved through 2025 [163] - The strategic merger with Coterra is expected to unlock $1.0 billion in sustainable annual synergies and enhance cash returns to shareholders through a planned quarterly dividend of $0.315 per share [235] - The company expects material incremental cash benefits from the OBBB legislation, which reinstates 100% bonus depreciation and allows for the expensing of domestic research costs starting in 2025 [253] Risk Management - Credit risk exposure includes customers purchasing oil, gas, and NGL production, with mechanisms in place to limit this exposure [221] - The company recognized deferred tax assets and liabilities for temporary differences, operating losses, and other tax carryforwards, routinely assessing these assets for potential valuation allowances [252] - The company reported no risk of impairment for its oil and gas assets as of December 31, 2025 [251] - 91% of the company's proved reserves were subjected to third-party audits in 2025, reflecting the importance of accurate reserve estimation [244] - The company had approximately $800 million in undeveloped leasehold costs as of December 31, 2025, with $17 million scheduled to expire in 2026 [243]

Financial Data and Key Metrics Changes - In 2025, the company generated $3.1 billion in free cash flow, enabling $2.2 billion in returns to shareholders through dividends, share buybacks, and debt retirement [12][13] - The quarterly dividend was increased by 9% to $0.24 per share, with plans for a further 31% increase post-merger [12][13] - The company ended the year with $1.4 billion in cash and a net debt to EBITDA ratio of less than one turn, indicating strong financial health [13] Business Line Data and Key Metrics Changes - The company achieved a reserve replacement rate of 193% of production at a finding and development cost of just over $6 per BOE [7] - Production optimization efforts led to oil production exceeding guidance, with a significant contribution from new well performance and base production management [6][8] - Capital spending finished 4% better than guidance, reflecting efficiencies in drilling and completion [6] Market Data and Key Metrics Changes - The merger with Coterra Energy is expected to create substantial value through operational synergies, with a target of $1 billion in annual pre-tax run rate synergies by year-end 2027 [4][5] - The company plans to maintain a balanced commodity mix and geographic diversity to mitigate commodity price volatility [4] Company Strategy and Development Direction - The merger is positioned to enhance free cash flow generation, allowing for accelerated capital returns to shareholders [5] - The company is focused on continuous improvement and operational efficiency, embedding these principles into its culture [10] - Strategic transactions throughout 2025 delivered over $1 billion in value uplift to the enterprise NAV, indicating a proactive approach to portfolio management [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture synergies from the merger and deliver enhanced cash returns to shareholders [12][13] - The company anticipates production averaging around 830,000 BOE per day in Q1 2026, despite weather-related downtime [14][15] - Management emphasized the importance of leveraging financial and operational strength to explore long-term opportunities beyond current operations [33] Other Important Information - The company has invested approximately 15% in Fervo Energy, a geothermal technology firm, indicating a strategic interest in renewable energy [11] - The business optimization program has captured 85% of its $1 billion target within a year, with ongoing efforts to enhance operational efficiency [9] Q&A Session Summary Question: Business optimization progress and key milestones for 2026 - Management reported achieving 85% of the $1 billion target and expressed confidence in reaching the full amount, emphasizing the role of technology in unlocking potential [17][19] Question: Plans for the Delaware position and well targeting - Management highlighted the Delaware Basin's potential and confirmed plans to utilize innovative technology and improve recovery rates [23][24] Question: Exploration strategy and international opportunities - Management acknowledged exploring international opportunities while emphasizing the importance of understanding domestic capabilities first [30][34] Question: Insights on cash operating expenses and optimization efforts - Management noted consistent improvements in workflow optimization and condition-based maintenance contributing to lower operating expenses [39][41] Question: 2026 program and capital allocation - Management indicated that capital allocation would remain similar to previous years, with a focus on maximizing value creation [53][54] Question: Dividend increase rationale - Management explained the substantial dividend increase as a reflection of confidence in the combined company's ability to generate free cash flow [65] Question: Delaware productivity and repeatability of results - Management confirmed that the strong fourth-quarter performance was driven by both new wells and improved base operations, with expectations for continued success [70][72]

Q4 2025 EARNINGS PRESENTATION February 17, 2026 NYSE: DVN DEVONENERGY.COM KEY HIGHLIGHTS Announced transformational merger with Coterra Energy Outperformed Q4 expectations across key value drivers 2. Business optimization accelerates value capture 3. Value beyond business optimization Significant free cash flow fuels shareholder returns 5. (1) Subject to Board approval following the close of Devon and Coterra merger. OUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUE Q4 2025 EARNINGS PRESENTATION • 2 1. 4. Cre ...

Core Viewpoint - Devon Energy Corp reported strong fourth quarter earnings, exceeding analyst expectations, which has positively impacted its stock price and reflects growth potential through consolidation with Coterra [1][2]. Financial Performance - The company reported earnings of 82 cents per share and revenue of $4.12 billion for the fourth quarter, both surpassing analyst forecasts [1]. - The stock price increased by 1.1% to $44.51 following the earnings report, with a 12-month consensus target price of $47.86, indicating a 6.3% premium to current levels [2]. Market Sentiment - Analysts are generally optimistic, with 23 out of 29 firms rating the stock as "buy" or better, suggesting strong market confidence [2]. - The stock reached a 17-month high of $45.32 and has rebounded 76% from its lows in April, indicating a significant recovery [2]. Options Market - Options for Devon Energy appear attractively priced, with a Schaeffer's Volatility Index (SVI) of 37%, suggesting that near-term option traders expect relatively low volatility [3].

Management attributed the Q4 production beat to strong new well performance and a 2% outperformance in base production management, which added approximately 5,000 barrels of oil per day. Capital efficiency improved by 15% compared to preliminary 2025 outlooks, driven by a 4% reduction in capital spending through advanced drilling and completion cycle times. The business optimization program has captured 85% of its $1 billion target within one year, shifting from a temporary initiative to a core cultur ...

Core Viewpoint - Devon Energy reported a decline in revenue and earnings for the quarter ended December 2025, with revenue at $4.12 billion, down 6.4% year-over-year, and EPS at $0.82 compared to $1.16 in the previous year [1] Financial Performance - Revenue of $4.12 billion exceeded the Zacks Consensus Estimate of $4.02 billion by +2.51% - EPS of $0.82 was slightly above the consensus estimate of $0.81, resulting in an EPS surprise of +0.82% [1] - The stock has returned +23.4% over the past month, outperforming the Zacks S&P 500 composite, which saw a -1.4% change [3] Production Metrics - Total oil equivalent production was 851 million barrels per day, surpassing the average estimate of 841.1 million barrels per day [4] - Average daily oil production was 390 million barrels, exceeding the estimate of 386.42 million barrels [4] - Average daily gas production was 1385 million cubic feet, above the estimate of 1371.43 million cubic feet [4] - Average daily NGL production was 231 million barrels, compared to the estimate of 226.08 million barrels [4] Pricing Metrics - Realized price for oil was $59.66 per barrel, lower than the average estimate of $61.91 [4] - Realized price for gas was $1.58 per mcf, below the average estimate of $1.89 [4] Revenue Breakdown - Marketing and midstream revenues were $1.36 billion, slightly below the estimate of $1.41 billion, reflecting a -3% change year-over-year [4] - Oil, gas, and NGL sales totaled $2.58 billion, significantly lower than the $2.93 billion estimate, representing a -16.5% year-over-year change [4] - Oil, gas, and NGL derivatives generated $184 million, compared to the average estimate of -$27.62 million, indicating a -319.1% change year-over-year [4]

分组1 - Devon Energy reported quarterly earnings of $0.82 per share, exceeding the Zacks Consensus Estimate of $0.81 per share, but down from $1.16 per share a year ago, representing an earnings surprise of +0.82% [1] - The company posted revenues of $4.12 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.51%, although this is a decrease from year-ago revenues of $4.4 billion [2] - Devon Energy has outperformed the S&P 500, with shares increasing about 21.9% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.83 on revenues of $3.93 billion, and for the current fiscal year, it is $3.36 on revenues of $15.57 billion [7] - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 9% of over 250 Zacks industries, indicating potential challenges for the sector [8] - Devon Energy's estimate revisions trend was unfavorable ahead of the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Core Insights - The oil and natural gas company reported a net income of $562 million, or 90 cents per share, which is a decrease from $639 million, or 98 cents per share, reported a year earlier [1] Financial Performance - Net income for the current period stands at $562 million, reflecting a decline of approximately 12.1% compared to the previous year's net income of $639 million [1] - Earnings per share decreased from 98 cents to 90 cents, indicating a reduction of about 8.2% year-over-year [1]

Core Insights - Devon Energy reported quarterly earnings of 82 cents per share, surpassing the analyst estimate of 81 cents [1] - Quarterly revenue reached $4.12 billion, exceeding the analyst consensus estimate of $3.85 billion [1] - Production averaged 851,000 Boe per day in the fourth quarter, exceeding the top-end of guidance [1] Production Costs - Production costs, including taxes, averaged $10.99 per Boe in the fourth quarter, reflecting a 4% reduction from the third quarter [2] Management Commentary - CEO Clay Gaspar highlighted that disciplined execution and operational excellence defined 2025, leading to results that exceeded fourth-quarter expectations across all major value drivers [2] - Gaspar also noted that the success achieved was supported by focused business optimization efforts, resulting in significant free cash flow and meaningful cash returns to shareholders [3] Stock Performance - Devon Energy stock experienced a decline of 1.7%, trading at $43.31 in Tuesday's extended trading [3]

Exhibit 99.2 CONSOLIDATED STATEMENTS OF EARNINGS Devon Energy Fourth-Quarter 2025 Supplemental Tables | TABLE OF CONTENTS: | PAGE: | | --- | --- | | Consolidated Statements of Earnings | 2 | | Supplemental Information for Consolidated Statements of Earnings | 3 | | Consolidated Balance Sheets | 4 | | Consolidated Statements of Cash Flows | 5 | | Production | 6 | | Capital Expenditures, Costs Incurred and Reserves Reconciliation | 7 | | Supplemental Information for Capital Expenditures | 8 | | Realized Prici ...