Devon Energy Announces Leadership Transition

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Muncrief will retire from his positions as President and Chief Executive Officer and as a member of the Board of Directors, effective March 1, 2025. Clay M. Gaspar, currently the Company's Executive Vice President and Chief Operating Officer, has been appointed as his successor. The Compensation Committee approved a compensation package for Mr. Gaspar, including a base salary of $1,000,000, a target annual performance cash bonus of 130% of base salary, and a target grant value for annual long-term equity incentives of $8,000,000.

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About Devon Energy Corporation

Devon Energy Corporation is a prominent player in the energy sector, specializing in the exploration, development, and production of oil and natural gas. With its corporate headquarters located in Oklahoma City, Oklahoma, Devon Energy operates principally across the United States. Its portfolio encompasses some of the most resource-rich areas, such as the Delaware Basin within the greater Permian Basin, Eagle Ford, Anadarko Basin, Powder River Basin, and the Williston Basin. The company's primary function is to harness and maximize value from its substantial onshore oil and gas reserves, making substantial contributions to the energy supply chain. Devon Energy is noted for its strategic focus on efficient and sustainable practices in hydrocarbon extraction and production. It plays a critical role in the U.S. energy landscape, providing resources essential for various sectors including transportation, manufacturing, and residential energy needs. Through innovative drilling and operating techniques, Devon Energy pursues operational excellence while remaining committed to reducing its environmental footprint and enhancing the safety of its operations.