Delaware Basin Federal Lease Acquisition

awarded

Devon Energy Corporation acquired 16,300 net undeveloped acres in the core of the Delaware Basin in Lea and Eddy Counties, New Mexico, through a Bureau of Land Management Oil and Gas Lease Sale. The acquisition adds approximately 400 net drilling locations normalized to 2-mile laterals, with favorable federal lease terms including an 87.5% net revenue interest and 10-year lease terms. The acreage is contiguous to Devon's existing position, enabling longer laterals, multi-well pad development, and leveraging existing infrastructure. The transaction is valued at approximately $2.6 billion and is expected to be funded with cash on hand.