The risks described below may not be the only risks DEVONS face.

a4907d10-4da1-44cc-8f4b-c5b6a87f77d0

Holders of Devon's securities could lose part or all of their investment in Devon.

361314bc-f677-489f-8bdf-aca4c5460746

Any such downturns, or protracted periods of depressed commodity prices, could have significant adverse consequences.

d80886ca-f275-4cd7-914b-3fff6db24bdc

The process of estimating oil, gas and NGL reserves is complex and requires significant judgment in the evaluation of available geological, engineering and economic data.

d03ba07d-7ddf-4e85-a3b2-1c28c778a075

Production rates from oil and gas properties generally decline as reserves are depleted.

f8a30ffb-43f8-465c-b3f2-3999d999ef27

Less than 20% of DEVON ENERGY CORP/DE's total leasehold resides in the Delaware and Powder River Basins.

8b0d9a02-7ea9-4578-9469-7555d1714422

Federal agencies have asserted regulatory authority over certain aspects of the hydraulic fracturing process.

3b6aa422-82e6-4557-927e-96adb596cf93

Quakes in northern and central Oklahoma, southeastern New Mexico, western Texas and elsewhere have prompted concerns about seismic activity and possible relationships with the oil and gas industry.

1535efac-3b51-4fc3-9659-5e143bebc7fc

Legislative and regulatory initiatives intended to address these concerns may result in additional levels of regulation or other requirements that could lead to operational delays.

e39c203c-caab-4f34-bab1-a4e1ae574d6a

In addition to regulatory risk, other market and social initiatives resulting from the changing perception of climate change present risks for DeVons' business.

57b1194a-603a-48ab-a9ea-f2718a0ef7af

Drilling for oil, gas and NGLs can be unprofitable, not only from dry holes.

c6967011-d6d8-42f5-9cc6-40dad06aca0c

DEVON ENERGY CORP/DE enter into financial derivative instruments to manage exposure to oil, gas and NGL price volatility.

92828782-0926-465e-90a2-982b69d33a40

The company had total indebtedness of $4.3 billion as of December 31, 2020.

0ab1cd7b-ef8a-443a-aa5b-756b2661d6eb

Any downgrades could adversely impact the ability to access financing and trade.

b598fc53-f9c3-4021-a1bb-133ee1d03dd4

Cyber attackers often attempt to gain unauthorized access to digital systems for purposes of misappropriating confidential and proprietary information, intellectual property or financial assets.

dbe83439-4a4d-45ec-9806-9c6e7da15f6a

The company has not suffered material losses related to cyber attacks to date.

a086af31-d3d7-4117-8cc0-e77b4977858d

The ultimate success of the Merger will depend on the ability to combine the legacy Devon and WPX businesses in a manner that realizes anticipated synergies and benefits.

1a284aa4-6ea1-4c22-b81d-6cb706606043

During times of rising commodity prices, drilling and operating costs will also increase.

b2272677-597c-4bf2-89cd-e8ddc73d0112

It is possible that the integration process could result in the loss of key employees, the disruption of customers, and the failure to realize the anticipated benefits from the merger.

42113b03-9fb3-480a-bcf7-e55152611f96

Devons' business, financial condition, results of operations and liquidity could be materially and adversely impacted.

32f505b8-7863-40db-b968-340bb0278e7f

Holders of Deven's securities could lose part or all of their investment in Devon.

97f2eb0a-b3d6-4427-a21c-551cdb7a4582

For more information, visit the company's website at: www.devons.com.

9f0affbf-8e07-4352-827f-71b32ebb80d7

The process of estimating oil, gas and NGL reserves is complex and requires significant judgment in the evaluation of available geological, engineering and economic data for each reservoir.

abf89939-838a-4ed1-bc92-78d9adff345d

Devons' current development activity is focused on unconventional oil and gas assets, which generally have significantly higher decline rates as compared to conventional assets.

86c8c529-4570-4a25-a7db-04402e27612d

In addition, changes in public policy have affected, and in the future could further affect, DEVON ENERGY CORP/DE's operations.

10fa4142-26e1-487c-b916-fcd813475a0a

Changes in the types of earnings that are subject to income tax could have a significant impact on DEVON ENERGY CORP/DE's operations and profitability.

054c75c2-9e8e-4bec-829e-b17ba632ae53

The EPA plans to issue a supplemental proposal in 2022 containing additional requirements not included in the November 2021 proposed rule.

4ce92461-c6b1-47db-9f9c-d7fca7b7d188

Congress also recently considered legislation that included a proposal to apply a fee on certain methane emissions from oil and gas facilities.

b3322147-8351-47e1-b054-4ed9b136495c

Extreme weather events or changes in meteorological and hydrological patterns may adversely impact DEVON ENERGY CORP/DE's operations.

b3287a08-4370-47f6-ba2a-039ae9f1a359

Drilling for oil, gas and NGLs can be unprofitable.

4ac8e18c-bd87-4fed-b6b9-c1dee5e6189c

Substantial costs are required to locate, acquire and develop oil and gas properties.

022ae5c8-ec4f-410d-94a2-38e8470bf419

As of December 31, 2021, DEVON ENERGY CORP/DE had total indebtedness of $6.5 billion.

3ea7ab23-e145-4840-aae1-0bad67540b1a

Cyber attackers often attempt to gain unauthorized access to digital systems.

3d162af2-1f9e-411a-9317-1a12610a6121

The company expects to expand the use of digital technologies in its operations.

2a18ceaa-fac0-4b2f-a5d5-2c308b814114

DEVON ENERGY CORP/DE's business is hazardous and is subject to all of the operating risks normally associated with the exploration, development and production of oil, gas and NGLs.

1334bac3-1786-4da8-a02c-56e0c433355a

The occurrence of a significant event against which the Company is not fully insured could have an adverse effect on its profitability.

8a142756-5d61-4be1-89f4-746ae1841e25

Investors may from time to time attempt to effect changes to DEVON ENERGY CORP/DE's business or governance.

5d7f81ee-e5e9-4c1f-b772-828d0f8e6d1b

Such actions could adversely impact the business by distracting the Board of Directors and employees from core business operations.

fc601d71-48e9-436b-b42f-95b9a6bd2b60

The perceived uncertainty may, in turn, make it more difficult to retain employees.

d2cb4333-377d-434d-bcd4-2039963a0a2b