<SEC-DOCUMENT>0001387131-21-005397.txt : 20210506
<SEC-HEADER>0001387131-21-005397.hdr.sgml : 20210506
<ACCEPTANCE-DATETIME>20210506164859
ACCESSION NUMBER:		0001387131-21-005397
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210506
DATE AS OF CHANGE:		20210506
EFFECTIVENESS DATE:		20210506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEVON ENERGY CORP/DE
		CENTRAL INDEX KEY:			0001090012
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731567067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32318
		FILM NUMBER:		21898637

	BUSINESS ADDRESS:	
		STREET 1:		333 W. SHERIDAN AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102
		BUSINESS PHONE:		4055528183

	MAIL ADDRESS:	
		STREET 1:		333 W. SHERIDAN AVENUE
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEVON DELAWARE CORP
		DATE OF NAME CHANGE:	19990707

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>dvn-px14a6g_050621.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
<HTML>
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<TITLE></TITLE>
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<P STYLE="margin: 0; font-size: 10pt">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>

<P STYLE="margin: 0; font-size: 10pt">NAME OF REGISTRANT: Devon Energy Corporation</P>

<P STYLE="margin: 0; font-size: 10pt">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>

<P STYLE="margin: 0; font-size: 10pt">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD
20914</P>

<P STYLE="margin: 0; font-size: 10pt">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P>

<P STYLE="margin: 0; font-size: 10pt"><IMG SRC="dvn-001.jpg" ALT="" STYLE="height: 63px; width: 275px"></P>

<P STYLE="margin: 0; font-size: 10pt"><B>Devon Energy Corporation [NYSE:DVN]: Due to the Company&#8217;s Failure
to Set Net-Zero by 2050 Target, Realign Investment Plans to Limit Global Warming to 1.5&deg;C, and Ensure Alignment of Policy Influence
Activities:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">&#9679;</TD><TD STYLE="font-size: 10pt"><B>Vote AGAINST Executive Chairman: David A. Hager (Item 1.4)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">&#9679;</TD><TD STYLE="font-size: 10pt"><B>Vote AGAINST Lead Independent Director Kelt Kindick (Item
                                            1.5)</B></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B><I>The physical and financial risks posed by climate change to long-term
investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B><I> Therefore, the actions of companies that fail to
align to limiting warming to <FONT STYLE="background-color: white">1.5&deg;C</FONT> pose risks to the financial system as a whole, and
to investors&#8217; entire portfolios, in addition to specific risks to those companies. See <B>Appendix A</B> for more information regarding
Majority Action&#8217;s Proxy Voting for a 1.5<FONT STYLE="background-color: white">&deg;C</FONT> World initiative and the transformation
required in key industries. </I></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Devon is one of the largest independent U.S. shale producers<SUP>1</SUP>
following its merger with WPX Energy in January 2021.<SUP>2</SUP> It is among the 167 target companies named by Climate Action 100+
as the largest global emitters and &#8220;key to driving the global net-zero emissions transition.&#8221;<SUP>3</SUP></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Petroleum and fossil gas products, including those used in transportation,
buildings, industrial processes, and electricity production, account for nearly 79% of carbon emissions from the U.S. energy system.<SUP>4</SUP>In recent years, the U.S. has overtaken Saudi Arabia and Russia to become the largest petroleum and fossil gas producer in the
world.<SUP>5</SUP> <B>Failure to set ambitious decarbonization targets in line with <FONT STYLE="background-color: white">1.5&deg;C
</FONT>pathways, and align companies&#8217; business plans and policy influence to those targets is a failure of strategy and corporate
governance, for which long-term investors should hold directors accountable.</B></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>



<P STYLE="margin: 0; font-size: 10pt"><B>Failure to set net-zero targets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; background-color: #F4CCCC">
    <TD STYLE="border: black 1pt solid; vertical-align: top; width: 90%; padding: 5pt; font-size: 10pt">Net-zero
    by 2050 commitment that covers all relevant emissions sources, in particular Scope 3 emissions from the burning of products sold,
    and on a full equity share basis</TD>
    <TD STYLE="border-top: black 1pt solid; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><B>X</B></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Devon Energy does not currently have a net-zero target for carbon dioxide emissions.<SUP>6</SUP>
Rather than set a target to reduce emissions in absolute terms, the company has instead adopted a methane emissions intensity reduction
target.<SUP>7 8</SUP> According to Climate Action 100+, Devon meets none of the criteria for net-zero and long-term greenhouse gas
reduction target setting; its targets do not cover the most relevant Scope 3 emissions categories for its sector and are not 1.5&deg;C-aligned.<SUP>9</SUP></P>
<P STYLE="margin: 0; font-size: 10pt"></P>


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<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Capital allocation and investment plans not aligned with 1.5&deg;C pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; background-color: #F4CCCC">
    <TD STYLE="border: black 1pt solid; vertical-align: top; width: 90%; padding: 5pt; font-size: 10pt">Plan
    to eliminate capital spending on expansion of fossil fuel supply in line with net-zero decarbonization commitment</TD>
    <TD STYLE="border-top: black 1pt solid; width: 10%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><B>X</B></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">According to Rainforest Action Network, Devon is among the world&#8217;s largest fossil fuel
expansion companies and is projected to produce 2,205 million metric tons of carbon dioxide between 2021-2050.<SUP>10</SUP>
According to Carbon Tracker, 70-80% of Devon&#8217;s potential capital expenditures in unsanctioned projects between 2020-2030
exceed the carbon budget for the IEA&#8217;s Beyond 2&deg;C scenario, and therefore fall well outside the 1.5&ordm;C carbon
budget.<SUP>11</SUP> According to Climate Action 100+, Devon does not meet the criteria for capital allocation alignment, and $0.9bn
of its upstream oil and gas capex approved in 2019 is inconsistent with the IEA&#8217;s Beyond 2&deg;C Scenario, let alone a
1.5&ordm;C scenario.<SUP>12</SUP></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Misalignment of policy influence activities with net-zero commitment
and 1.5&deg;C pathways</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; background-color: #F4CCCC">
    <TD STYLE="border: black 1pt solid; vertical-align: top; width: 91%; padding: 5pt; font-size: 10pt">Alignment
    of policy influence activities with net-zero target and limiting warming to 1.5&deg;C</TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 5pt; font-size: 10pt; text-align: center"><B>X</B></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Devon&#8217;s &#8220;negative engagement on climate and energy policies&#8221;
is evidenced by support for fracking and past opposition to methane emissions regulations, according to InfluenceMap.<SUP>13</SUP>
According to Climate Action 100+, Devon does not meet any of the criteria for climate policy engagement alignment, except its disclosure
of trade association memberships.<SUP>14</SUP></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Conclusion: Devon Energy Corporation has failed to set net-zero targets,
align its capital investments with limiting warming to 1.5</B>&deg;<B>C, or ensure its policy influence activities would support doing
so. Therefore, we recommend that shareholders vote AGAINST Chair David A. Hager (Item 1.4) and Lead Director Kelt Kindick (Item 1.5)
at the company&#8217;s annual meeting on June 9, 2021.</B></P>

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt">THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. PLEASE DO NOT
SEND YOUR PROXY TO MAJORITY ACTION. TO VOTE YOUR PROXY, FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</P>

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>


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<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt"><B>Appendix A: Proxy Voting for a 1.5&deg;C World</B></P>

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt"><B>The world is currently on track to disastrous levels of warming, driving
massive harm and threatening the lives and livelihoods of millions.</B> Corporate leaders in the industries responsible for this crisis
have failed to take up the leadership required to change course.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>&#8220;Climate risk&#8221; is a systemic, escalating, and irreversible
crisis&#8211;&#8211;for which corporate boards urgently need to take responsibility.</B> The UN Intergovernmental Panel on Climate Change
(IPCC) in 2018 made clear that in order to have at least a 50% chance of limiting warming to <FONT STYLE="background-color: white">1.5&deg;C
</FONT>and avoiding the most catastrophic effects of the climate crisis, we must bring global, economy-wide carbon emissions down to
net-zero by 2050 at the latest.<SUP>15</SUP> That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways, and align companies&#8217; business plans, executive
pay, and policy influence to those targets.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>The physical and financial risks posed by climate change to long-term
investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B> Therefore, the actions of companies that directly or indirectly
impact climate outcomes pose risks to the financial system as a whole, and to investors&#8217; entire portfolios. In order to manage
this systemic portfolio risk, investors must move beyond disclosure and company-specific climate risk management frameworks, and focus
on holding accountable the relatively small number of large companies whose actions are a significant driver of climate change.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>When directors fail to transform corporate business practices in line
with 1.5&deg;C pathways, responsible investors must use their most powerful tool &#8211;&#8211; their proxy voting power&#8211;&#8211;to
vote against directors</B>. Bold and unprecedented action by investors is a prerequisite to averting further global economic and financial
catastrophe. While past shareholder efforts at standard setting, disclosure and engagement have laid important groundwork, company commitments
won have been far too incremental, far too hard fought, and collectively insufficient to the scale of the crisis.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">In particular, <B>major asset managers like BlackRock and Vanguard, who
hold outsized voting power at the majority of S&amp;P 500 companies, </B>must use their power to oppose directors on boards who have
failed to take up this leadership.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Action this year is critical, and momentum is growing to oust the directors
who are ill-equipped to lead companies to rapid decarbonization.</B> In 2020, a coalition successfully pushed for Lee Raymond, the chief
architect of ExxonMobil&#8217;s climate denial strategy, to lose his position leading the JPMorgan Chase board of directors.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Business-as-usual proxy voting will not suffice to address the seriousness
of the crisis at hand. </B>We urge investors to vote against these directors at companies failing to implement plans consistent with
limiting global warming to 1.5&ordm;C.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>


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<P STYLE="margin: 0; font-size: 10pt"><B>Four Key Sectors Are Critical To Curbing the Climate Crisis </B></P>

<P STYLE="margin: 0; font-size: 10pt">The electric power, finance, transportation, and oil and gas sectors must
all make dramatic transformations to curb the worst of catastrophic climate change and protect long-term investors. Substantial votes
against board members at these companies could help realign business and investment plans to the goals of the Paris Agreement, hold companies
accountable for dark money used to influence critical climate policies, and align executive compensation to key decarbonization goals.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">While each industry and company will need to chart its own path in pursuing
decarbonization consistent with limiting warming to 1.5&ordm;C, setting a target to reach net-zero emissions by no later than 2050 is
a critical first step. In the absence of such a target, investors can have no confidence that the company will be able to transform its
business consistent with limiting warming to 1.5&ordm;C.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"><B>Voting Guide: Oil &amp; Gas </B></P>

<P STYLE="margin: 0; font-size: 10pt">Petroleum and fossil gas products, including those used in transportation,
buildings, industrial processes, and electricity production, account for nearly 80% of carbon emissions from the U.S. energy system.<SUP>16</SUP>In recent years, the U.S. has overtaken Saudi Arabia and Russia to become the largest petroleum and fossil gas producer in the
world.<SUP>17</SUP> As a result of the COVID-19 pandemic, global demand for oil experienced its largest ever annual decline, falling
8.6% in 2020.<SUP>18</SUP> While the near-term outlook for oil remains highly uncertain, according to Carbon Tracker, all of the largest
oil companies have projects available for approval in 2020-2022 that would exceed the carbon budget for a 1.5&deg;C future.<SUP>19</SUP></P>

<P STYLE="margin: 0.25in 0 6pt; font-size: 10pt"><I>Target setting</I></P>

<P STYLE="margin: 0; font-size: 10pt">In order to be aligned with limiting warming to 1.5&deg;C, oil and gas companies must set net-zero
by 2050 targets that contemplate absolute greenhouse gas emissions reductions rather than carbon intensity reductions and include all
corporate emissions, including emissions from the use of the products they sell (Scope 3 emissions).<SUP>20</SUP></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Net-zero commitments should also incorporate interim targets and milestones that allow accelerated
emissions reduction between now and 2030 rather than delaying the hard task of emissions reduction until after that date. Net-zero commitments
must cover projects on a full equity share basis, such that all joint ventures and subsidiaries are covered by the company-wide target.
Finally, robust net-zero targets should not rely on substantial use of offsets, negative emissions, or technologies that are not yet
developed or commercialized to avoid short-term greenhouse gas emissions reductions. Any use of such offsets or negative emissions should
be clearly disclosed to allow investors to assess the quality and credibility of oil and gas company plans.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Climate
                                            Action 100+ (CA100+), Disclosure Indicators 1-4<SUP>21</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Science-Based
                                            Targets Initiative (SBTI), Companies list<SUP>22</SUP> and Sector Guidance<SUP>23</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Carbon Disclosure
                                            Project (CDP), search company survey responses<SUP>24</SUP></TD></TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Oil Change
                                            International, Big Oil Reality Check report<SUP>25</SUP></TD></TR></TABLE>



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<P STYLE="margin: 0.25in 0 6pt; font-size: 10pt"><I>Capital allocation and investment</I></P>

<P STYLE="margin: 0; font-size: 10pt">Given that oil supplies currently in production already exceed the carbon budget for limiting warming
to 1.5&deg;C, oil and gas companies must immediately cease approving investment in new projects that fall outside the carbon budget.
According to Carbon Tracker, the 15 largest projects sanctioned in 2019 that exceed the carbon budget to limit warming to 1.65-1.8&deg;C
accounted for $60bn in new capital expenditures from oil and gas companies.<SUP>26</SUP> At minimum, Arctic and oil sands projects
are inconsistent with limiting warming to 1.5&deg;C, economically unviable due to elevated production costs, and fraught with additional
environmental and human rights risks.<SUP>27</SUP></P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Climate
                                            Action 100+ (CA100+), Disclosure Indicator 6<SUP>28</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Carbon Tracker,
                                            Company Profiles: Oil &amp; Gas Companies<SUP>29</SUP></TD></TR></TABLE>

<P STYLE="margin: 0; font-size: 10pt"><I>&nbsp;</I></P>

<P STYLE="margin: 0; font-size: 10pt"><I>Policy influence</I></P>

<P STYLE="margin: 0; font-size: 10pt">Oil and gas companies must fully align their policy influence activities, including political spending
and lobbying activities, with the policy settings required to accelerate sector-wide emissions on a timeline necessary to limit warming
to 1.5&deg;C. Oil and gas companies must provide full disclosure of all political and lobbying spending in all jurisdictions to allow
investors to assess this alignment. Finally, companies must ensure the alignment of the policy influence activities with 1.5&deg;C outcomes
of any trade associations or similar entities of which they are members or to which they contribute, or cease membership of such organizations.</P>

<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt">Key data sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Climate
                                            Action 100+ Disclosure Indicator 7<SUP>30</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt; margin-top: 0; margin-bottom: 0"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">-</TD><TD STYLE="font-size: 10pt">Influence
                                            Map, List of companies and influencers<B><SUP>31</SUP></B></TD></TR></TABLE>




<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="margin: 0; font-size: 10pt"><SUP>1</SUP> https://www.worldoil.com/news/2020/9/28/shale-producers-devon-energy-and-wpx-merge-in-all-stock-deal</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>2</SUP> https://www.devonenergy.com/news/2021/Devon-Energy-and-WPX-Energy-Complete-Merger-of-Equals-Transaction</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>3</SUP> https://www.climateaction100.org/whos-involved/companies/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>4</SUP> https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>5</SUP> https://www.eia.gov/todayinenergy/detail.php?id=40973</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>6</SUP> https://www.devonenergy.com/documents/Sustainability/Environment/DVN_2020-CDP-Climate-Response.pdf
see Section C4 &#8220;Targets and Performance&#8221;</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>7</SUP> https://www.devonenergy.com/documents/Sustainability/Environment/DVN_2020-CDP-Climate-Response.pdf
see Section C4, &#8216;Targets and Performance.&#8217;</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>8</SUP> https://www.devonenergy.com/sustainability/environment/air-emissions</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>9</SUP> https://www.climateaction100.org/company/devon-energy-corporation, at Indicators
1-4</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>10</SUP> https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf
at 126</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>11</SUP> https://carbontracker.org/reports/fault-lines-stranded-asset/, at 35.</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>12</SUP> https://www.climateaction100.org/company/devon-energy-corporation/, at Indicator
6 and Capital Allocation Supplement 1</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>13</SUP>https://influencemap.org/company/Devon-Energy-fac60f4e6a741eb74d01405dd722234b/projectlink/Devon-Energy-in-Climate-Change-c44a53f1e358d47ce44f90e613a0580e</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>14</SUP> https://www.climateaction100.org/company/devon-energy-corporation, at Indicator
7</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>15</SUP> Intergovernmental Panel on Climate Change. Special Report on Global Warming of
1.5 Celsius, https://www.ipcc.ch/sr15/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>16</SUP> https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>17</SUP> https://www.eia.gov/todayinenergy/detail.php?id=40973</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>18</SUP> https://www.iea.org/articles/global-energy-review-co2-emissions-in-2020</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>19</SUP> https://carbontracker.org/reports/fault-lines-stranded-asset/ ; Carbon Tracker
defines a carbon budget as, &#8220;the cumulative amount of carbon dioxide (CO2) emissions permitted over a period of time to keep within
a certain temperature threshold.&#8221; https://carbontracker.org/carbon-budgets-explained/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>20</SUP> https://carbontracker.org/reports/absolute-impact/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>21</SUP> https://www.climateaction100.org/whos-involved/companies/?</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>22</SUP> https://sciencebasedtargets.org/companies-taking-action</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>23</SUP> https://sciencebasedtargets.org/sectors</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>24</SUP> https://www.cdp.net/en/responses?utf8=%E2%9C%93&amp;queries%5Bname%5D=</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>25</SUP> http://priceofoil.org/2020/09/23/big-oil-reality-check/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>26</SUP> https://carbontracker.org/reports/fault-lines-stranded-asset/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>27</SUP> https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf
; https://www.ran.org/funding_tar_sands/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>28</SUP> https://www.climateaction100.org/whos-involved/companies/?</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>29</SUP> https://carbontracker.org/company-profiles/</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>30</SUP> https://www.climateaction100.org/whos-involved/companies/?</P>

<P STYLE="margin: 0; font-size: 10pt"><SUP>31</SUP> https://influencemap.org/filter/List-of-Companies-and-Influencers#</P>

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