DVNDevon Energy

Exhibit 99.1
                                                  
  Devon Energy Corporation Three Memorial City    
  Plaza 840 Gessner Road, Suite 1400 Houston, TX  
  77024                                           
                                                  
Devon Energy Reports Third-Quarter 2026 Results HOUSTON, TX – November 5, 2026–
Devon Energy Corporation (NYSE: DVN) today reports third-quarter 2026 results
and has published a letter to shareholders from President and CEO Clay Gaspar.
The shareholder letter, supplemental financial tables, and forward-looking
guidance are available on the company’s website at www.devonenergy.com. KEY
FINANCIAL, OPERATIONAL & STRATEGIC HIGHLIGHTS
                                                                                
       Delivering on 2026, Providing Initial 2027 Outlook: Maintaining          
       full-year 2026 guidance. Expect 2027 oil                                 
  •    production growth of 1-3%, with approximately 525,000 barrels per day    
       of oil and 1,600,000 Boe (barrels of oil equivalent) per day for total   
       capital of approximately $5.3 billion, pro forma for the Eagle           
       Ford sale                                                                
                                                                                
                                                                                
       Robust Cash Flow Generation: Operations generated $2.8 billion of        
  •    operating cash flow, adjusted                                            
       operating cash flow of $3.5 billion, and $2.0 billion of adjusted free   
       cash flow during the third quarter                                       
                                                                                
                                                                                
       Eagle Ford Divestiture: As announced on October 8, agreed to sell the    
  •    Eagle Ford assets for                                                    
       $4.2 billion in cash; closing expected in early 2027                     
                                                                                
                                                                                
       Accelerating Share Repurchases: Ramping to greater than $1 billion in    
  •    the fourth quarter with further                                          
       acceleration in early 2027, post-Eagle Ford sale proceeds                
                                                                                
                                                                                
       Shareholder Returns and Balance Sheet: Returned $1,530 million during    
       the quarter through the $0.32                                            
  •    per share dividend ($366 million), $414 million of share repurchases     
       and the retirement of the remaining $750 million term loan, bringing     
       debt reduction since merger close to $1.25 billion                       
                                                                                
                                                                                
       Synergy Outlook Raised: Raised the expected year-end 2026 synergy        
       run rate to approximately $350 million, 75% above the plan laid out in   
  •    August, with approximately $700 million of average synergies expected    
       in 2027, up $100 million from our prior outlook, on the way to at least  
       $1.0 billion of                                                          
       expected annual synergies by year-end 2027                               
                                                                                
                                                                                
       Solitude Pipeline Investment: Acquired a 25% interest in the Solitude    
  •    Pipeline System with firm                                                
       transportation capacity, connecting Permian natural gas to Gulf Coast    
       and LNG-linked pricing                                                   
                                                                                
OPERATING RESULTS Devon’s operational activity in the third quarter averaged 32
operated drilling rigs and 8 completion crews. This level of activity resulted
in 124 net operated wells being placed online, with an average lateral length of
11,400 feet. Capital expenditures, excluding acquisitions, totaled $1,496
million. Production averaged 1,668,000 Boe per day in the third quarter, within
guidance. Oil totaled 553,000 barrels per day in the quarter, with natural gas
liquids of 382,000 barrels per day and natural gas of 4.4 Bcf (billion cubic
feet) per day. Eagle Ford oil volumes were below expectations due to the timing
of completions during the quarter, offset by solid performance across the rest
of the portfolio, led by Permian Basin oil production of 389,000 barrels per
day. For the third quarter, Devon’s oil, gas, and NGL sales totaled $5.9
billion. The company’s realized price during the period, including commodity
hedges, was $79.54 per barrel of oil, $23.81 per barrel of NGL and $2.16 per Mcf
(thousand cubic feet) of natural gas. Unhedged natural gas realizations improved
to 66% of Henry Hub, above the guidance range, as additional Permian takeaway
capacity commenced service and narrowed Waha differentials. Cash costs,
including production expenses, general and administrative expenses, and
financing costs, totaled $12.89 per Boe in the third quarter, approximately 2%
below the midpoint of guidance. Gathering, processing, and transportation
expense of $3.20 per Boe and general and administrative expense of $1.18 per Boe
both came in below their guidance ranges, while lease operating expenses were
slightly above the quarterly guidance range due to higher workover activity and
third-party water disposal. 1

FINANCIAL RESULTS

Devon reported net earnings of $1.0 billion, or $0.88 per diluted share, in the
third quarter of 2026. Adjusting for items analysts typically exclude from
estimates, the company’s core earnings were $1.6 billion, or $1.42 per diluted
share.

Devon’s operating cash flow totaled
$2.8 billion in the third quarter, the company’s first full quarter of combined
operations. The company funded its capital requirements and had $2.0 billion in
adjusted free cash flow for the quarter.

During the quarter, Devon retired the remaining $750 million of its term loan,
bringing total debt reduction since merger close to $1.25 billion.
Supported by free cash flow and the Eagle Ford sale proceeds, the company plans
to retire an additional $1.5 billion of long-term debt, reaching its $9 billion
gross debt target in early 2027.

At the end of the third quarter, Devon had a cash balance of $0.4 billion and an
undrawn credit facility of $3.0 billion. Outstanding debt totaled
$10.6 billion and net debt totaled $10.2 billion, 0.9 times trailing twelve-
month EBITDAX.

RETURN OF CAPITAL

Devon’s board of directors declared a fixed quarterly cash dividend of $0.32 per
share for the fourth quarter, payable on December 30, 2026, to
shareholders of record at the close of business on December 15, 2026, consistent
with the company’s strategic priority of delivering value to shareholders
through a sustainable, annually growing fixed dividend. The third-quarter
dividend
totaled $366 million and was paid on September 30, 2026.

The company also returned capital to shareholders through its $8.0 billion share
repurchase program. During the third quarter, the company repurchased 8.9
million shares for $414 million, bringing repurchases since the program began in
May to 13.3 million shares for $617 million, leaving $7.4 billion of
remaining capacity on the authorization, which extends through mid-2029. The
company expects share repurchases to step up to more than $1 billion in the
fourth quarter and to rise further in 2027, fueled
in part by the net proceeds from the Eagle Ford sale.

ACCELERATING SYNERGIES

Merger integration is running ahead of plan. Devon now expects to exit 2026 at
an annualized pre-tax synergy run rate
of approximately $350 million, 75% above the $200 million exit rate outlined in
August, with the increase spread across capital optimization, operating margin
improvements, and corporate cost reductions. The company now expects
approximately $700 million of average synergies in 2027, up from $600 million,
and continues to expect at least $1.0 billion of annual pre-tax run-rate
synergies by year-end 2027. Shared best practices and technology applied across
the combined portfolio are strengthening margins and increasing capital
efficiency.

OUTLOOK

The company is reaffirming its full-year 2026
production and capital guidance with the Eagle Ford included through closing.
For the fourth quarter of 2026, total production is expected to average between
1,660,000 and 1,700,000 Boe per day and oil production is expected to average
between
550,000 and 560,000 barrels per day. Capital spending in the fourth quarter is
expected to be between $1,290 million and $1,395 million.

Devon
also provided an initial view of 2027. On a pro forma basis, adjusted for the
Eagle Ford sale, the company expects 2027 oil production of approximately
525,000 barrels per day and total production of approximately 1,600,000 Boe per
day on total
capital of approximately $5.3 billion. Full 2027 guidance will be provided with
fourth-quarter results in February.

Additional details of
Devon’s forward-looking guidance are available on the company’s website at .

2

EAGLE FORD DIVESTITURE As announced on October 8, 2026, Devon has entered into a
definitive agreement to sell its Eagle Ford assets for total consideration of
$4.2 billion in cash, subject to customary closing adjustments. The transaction
has an effective date of July 1, 2026 and is expected to close in early 2027,
subject to regulatory approvals and customary closing conditions. After taxes
and effective-date adjustments, net proceeds are expected to be approximately
$3.5 billion and will be used to accelerate share repurchases and to reduce
debt. SOLITUDE PIPELINE INVESTMENT During the third quarter, Devon acquired a
25% interest in the Solitude Pipeline System, a joint venture constructing two
natural gas pipelines from the Permian Basin to the Texas Gulf Coast and secured
firm transportation capacity on the system. The investment, funded by cash flow,
connects a portion of Devon’s Permian natural gas production to Gulf Coast and
LNG-linkedpricing and is expected to improve realized natural gas prices once
the system enters service. CONFERENCE CALL WEBCAST AND SUPPLEMENTAL EARNINGS
MATERIALS Also provided with today’s release is the company’s earnings
presentation, available on the company’s website at www.devonenergy.com. The
company’s third-quarter conference call will be held at 10:00 a.m. Central
(11:00 a.m. Eastern) on November 6, 2026, and will serve primarily as a forum
for analyst and investor questions and answers. ABOUT DEVON ENERGY Devon Energy
is a leading oil and gas producer in the U.S. with a diversified multi-basin
portfolio headlined by a world-class acreage position in the Delaware Basin.
Devon’s disciplined cash-return business model is designed to achieve strong
returns, generate free cash flow and return capital to shareholders, while
focusing on safe and sustainable operations. For more information, please visit
www.devonenergy.com .
                                                             
  Investor Contact              Media Contact                
  investor.relations@dvn.com    devonmediarelations@dvn.com  
  281-589-5705                  405-552-7460                 
                                                             
NON-GAAPDISCLOSURES This press release includes non-GAAP(generally accepted
accounting principles) financial measures. Such non-GAAPmeasures are not
alternatives to GAAP measures, and you should not consider these non-
GAAPmeasures in isolation or as a substitute for analysis of results as reported
under GAAP. Reconciliations of these non-GAAPmeasures and other disclosures are
provided within the supplemental financial tables that are available on the
company’s website. FORWARD-LOOKING STATEMENTS This press release includes
“forward-looking statements” within the meaning of the federal securities laws.
Such statements include those concerning strategic plans, our expectations and
objectives for future operations, as well as other future events or conditions,
and are often identified by use of the words and phrases “expects,” “believes,”
“will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,”
“forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,”
“opportunities,” “potential,” “anticipates,” “outlook” and other similar
terminology. All statements, other than statements of historical facts, included
in this press release that address activities, events or developments that Devon
expects, believes or anticipates will or may occur in the future are forward-
looking statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond our control. Consequently,
actual future results could differ materially and adversely from our
expectations due to a number of factors, including, but not limited to: the
volatility of oil, gas and NGL prices, including from the impact of ongoing or
escalating armed conflicts, wars and geopolitical instability and from changes
in trade relations and policies, such as the imposition of new or increased
tariffs or other trade protection measures by the U.S., China or other
countries; uncertainties inherent in estimating oil, gas and NGL reserves; the
extent to which we are successful in acquiring and discovering additional
reserves; the uncertainties, costs and risks involved in our operations; risks
related to our hedging activities; our limited control over third parties who
operate some of our oil and gas properties and investments; midstream capacity
constraints and potential interruptions in production, including from limits to
the build out of midstream infrastructure; competition for assets, materials,
people and capital, which can be exacerbated by supply chain disruptions,
including as a result of tariffs or other changes in trade policy; regulatory
restrictions, compliance costs and other risks relating to governmental
regulation, including with respect to federal lands, environmental matters,
water disposal and tax matters; climate change and risks related to regulatory,
social and market efforts to address climate change; risks relating to our
sustainability initiatives; claims, litigation, audits and other proceedings
impacting our business, including with respect to historic and legacy
operations; governmental interventions in energy markets; counterparty credit
risks; risks relating to our indebtedness; cybersecurity risks; risks associated
with artificial intelligence and other emerging technologies; the extent to
which insurance covers any losses we may experience; risks related to
shareholder activism; our ability to successfully complete mergers, acquisitions
and divestitures, including the pending sale of our Eagle Ford assets; our
ability to pay dividends and make share repurchases; risks related to the merger
with Coterra, including the risk that we may not realize the anticipated
synergies or other benefits of the merger or successfully integrate the two
legacy businesses; and any of the other risks and uncertainties discussed in
Devon’s 2025 Annual Report on Form 10-K(the “2025 Form 10-K”)or other filings
with the Securities and Exchange Commission (the “SEC”). The forward-looking
statements included in this press release speak only as of the date of this
press release, represent management’s current reasonable expectations as of the
date of this press release and are subject to the risks and uncertainties
identified above as well as those described elsewhere in the 2025 Form 10-Kand
in other documents we file from time to time with the SEC. We cannot guarantee
the accuracy of our forward-looking statements, and readers are urged to
carefully review and consider the various disclosures made in the 2025 Form
10-Kand in other documents we file from time to time with the SEC. All
subsequent written and oral forward-looking statements attributable to Devon, or
persons acting on its behalf, are expressly qualified in their entirety by the
cautionary statements above. We do not undertake, and expressly disclaim, any
duty to update or revise our forward-looking statements based on new
information, future events or otherwise. 3