<SEC-DOCUMENT>0001387131-22-006295.txt : 20220519
<SEC-HEADER>0001387131-22-006295.hdr.sgml : 20220519
<ACCEPTANCE-DATETIME>20220519150353
ACCESSION NUMBER:		0001387131-22-006295
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220519
DATE AS OF CHANGE:		20220519
EFFECTIVENESS DATE:		20220519

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:		22942460

	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_051622.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
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    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME OF REGISTRANT: </FONT>Devon
    Energy</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">NAME OF PERSON RELYING ON EXEMPTION:
    </FONT>Majority Action</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">ADDRESS OF PERSON RELYING ON EXEMPTION:
    </FONT>PO Box 4831, Silver Spring, MD 20914</P>
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    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">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></TD>
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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>Devon Energy [NYSE:DVN]: Due to the Company&#8217;s Failure
to Set Adequate 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>

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<TD STYLE="font-size: 14pt; width: 0.25in"></TD><TD STYLE="font-size: 14pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 14pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
                                            AGAINST Board Chair David Hager (Item 1.4)</B></FONT></TD>
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<TD STYLE="font-size: 14pt; width: 0.25in"></TD><TD STYLE="font-size: 14pt; width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 14pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
                                            AGAINST Lead Independent Director Kelt Kindick (Item 1.5)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B><I>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</I></B></FONT><I>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Therefore, the actions of companies that fail to align to limiting warming to <FONT STYLE="font-size: 10.5pt; 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="font-size: 10.5pt; background-color: white">&deg;C</FONT>
World initiative and the transformation required in key industries. </FONT></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">Devon Energy is one of the largest independent
U.S. shale producers following its merger with WPX Energy in January 2021.<A HREF="#a_edn1" NAME="a_ednref1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT>
Devon ranked among the top 50 global oil and gas producers for resources under development in 2021 (<FONT STYLE="background-color: white">100
percent</FONT> of that was in unconventional expansion) and it ranked <FONT STYLE="background-color: white">40th</FONT> amongst global
oil and gas producers for exploration capital expenditure between 2019 to 2021.<A HREF="#a_edn2" NAME="a_ednref2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>
Devon 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>6</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A recent Bloomberg analysis shows that Devon holds the second-most federal drilling permits
in the Permian Basin, just behind EOG Resources.<A HREF="#a_edn3" NAME="a_ednref3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT>
According to a November 2021 analysis by the Institute for Energy Economics and Financial Analysis (IEEFA), Devon holds the seventh industry
position in the Permian Basin.<A HREF="#a_edn4" NAME="a_ednref4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>
<FONT STYLE="background-color: white">According to an analysis conducted by Oil Change International, carbon emissions from Permian oil
and gas production through 2050 could alone exhaust nearly 10 percent of the global 1.5&deg;C carbon budget (see <I>Appendix</I> for additional
detail on the climate impacts of expansion in the Permian Basin).<A HREF="#a_edn5" NAME="a_ednref5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Petroleum and fossil gas products, including those used in transportation, buildings,
industrial processes, and electricity production, account for nearly 80 percent of carbon emissions from the U.S. energy system.<A HREF="#a_edn6" NAME="a_ednref6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<A HREF="#a_edn7" NAME="a_ednref7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>
To stay within the available carbon budget to limit warming to 1.5&deg;C, oil and gas companies must not just </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">decarbonize their own emissions, but global consumption of fossil fuels
must fall as well.<A HREF="#a_edn8" NAME="a_ednref8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>8</SUP></FONT>
In 2021, the International Energy Agency (IEA) set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8220;Net
Zero by 2050&#8221; scenario (NZE). Under the NZE, fossil fuel use <B>falls dramatically </B>and can be satisfied with existing assets,
with <B>no need to invest in new oil and gas fields</B>.<A HREF="#a_edn9" NAME="a_ednref9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>9</SUP></FONT></P>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As shale-focused companies like Devon rely primarily on continued new drilling to sustain
production, these companies are particularly at risk under the NZE:<A HREF="#a_edn10" NAME="a_ednref10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT>
In order to limit warming to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies must reduce production by more than 80
percent between 2021 and 2030.<A HREF="#a_edn11" NAME="a_ednref11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><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. At companies where the production, processing, sale, and/or consumption of fossil fuels is central
to its core business, and greenhouse gas (GHG) emissions reductions have profound strategic implications, the board chair, and lead independent
director where the position exists, should be held accountabl</B></FONT><B><FONT STYLE="color: #0072BD">e</FONT></B>.</P>

<P STYLE="font: 17pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Failure to set adequate net zero targets</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 83%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>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 </B></FONT></TD>
    <TD STYLE="width: 17%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Company has adopted robust interim targets, including substantial reductions by 2030</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In June 2021, Devon set a target to achieve net zero greenhouse gas (GHG) emissions by
2050, but this is limited to scope 1 and 2 emissions, excluding scope 3 emissions.<A HREF="#a_edn12" NAME="a_ednref12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT>
The company has set an interim target to reduce scope 1 and 2 greenhouse gas emissions intensity by 50 percent by 2030, but this also
excludes scope 3 emissions, and an intensity-only reduction target provides no guarantee that the company&#8217;s emissions will fall
in absolute terms. According to the Climate Action 100+ Net Zero Company Benchmark, these targets are not aligned with the goal of limiting
warming to 1.5&deg;C.<A HREF="#a_edn13" NAME="a_ednref13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In announcing these targets,
Devon has not provided specific details on how it intends to achieve necessary emissions reductions to reach its net zero by 2050 target,
and according to the Climate Action 100+ Net Zero Company Benchmark, the company </FONT>does not have a decarbonization strategy that
explains how it intends to meet its long- and medium-term GHG reduction targets<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">.<A HREF="#a_edn14" NAME="a_ednref14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT>
Given Devon's reliance on hydraulic fracturing, primarily in the Permian Basin,<A HREF="#a_edn15" NAME="a_ednref15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT>
and its lack of diversification, the company&#8217;s investors would be served by evidence of a decarbonization plan to steer Devon through the coming energy
transition, including rapid reductions in the production of fossil fuels in line with the IEA NZE Scenario.</FONT></P>


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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 6pt; color: #0072BD"><B>Capital allocation and investment plans not aligned
with 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 90%; border: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario.</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to the Climate Action 100+ Net-Zero Company Benchmark, Devon had not, as of
December 31, 2021, met any of the indicators for capital allocation alignment.<A HREF="#a_edn16" NAME="a_ednref16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT>
To do so, the company would need to align future capital expenditures with its long-term GHG reduction target(s), commit to aligning future
capital expenditures with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg;C, and disclose the methodology
it uses for such alignment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">According to Carbon Tracker&#8217;s assessment of Devon&#8217;s capex between 2021 and
2030, both sanctioned (those currently producing or under development) and unsanctioned (those not yet under development), 80-90 percent
falls outside the IEA &#8220;Beyond 2 Degrees&#8221; Scenario, (B2DS), which is aligned with limiting warming to 1.6&deg;C, net zero by
2060.<A HREF="#a_edn17" NAME="a_ednref17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT>
To be aligned with the IEA NZE, Devon Energy would have to cut production by 2030 to approximately 12% of 2021 levels.<A HREF="#a_edn18" NAME="a_ednref18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-size: 10pt"><SUP>18</SUP></FONT></P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD"><B>Misalignment of policy influence activities with
net zero commitment and 1.5&deg;C pathways</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 17pt; color: white"><B>X</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As of December 31, 2021, Devon had not met the requirements of the Climate Action 100+
Net-Zero Company Benchmark for climate policy engagement: though it does disclose its trade associations memberships,<A HREF="#a_edn19" NAME="a_ednref19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-size: 10pt"><SUP>19</SUP></FONT>
Devon does not have a Paris Agreement-aligned climate lobbying position, Paris Agreement-aligned lobbying expectations for the trade associations
to which it belongs, or a commitment to ensure that those trade associations lobby in line with the goals of the Paris Agreement.<A HREF="#a_edn20" NAME="a_ednref20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">According to InfluenceMap, the company receives
a near-failing &#8220;D-&#8221; for its obstructive policy engagement.<A HREF="#a_edn21" NAME="a_ednref21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT></FONT>
Devon holds memberships in several trade associations which InfluenceMap has assessed with &#8220;E-&#8221; or &#8220;F&#8221; grades
for negative engagement on U.S. climate policy, including the American Petroleum Institute, National Association of Manufacturers, and
the U.S. Chamber of Commerce.<A HREF="#a_edn22" NAME="a_ednref22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT>
InfluenceMap recently found that the U.S. Chamber of Commerce actively advocated against the Securities and Exchange Commission&#8217;s
proposed mandatory reporting of climate change-related risks.<A HREF="#a_edn23" NAME="a_ednref23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Devon is also a member of the American Exploration and Production Council (AXPC).<A HREF="#a_edn24" NAME="a_ednref24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT>
In 2021, AXPC lobbied Congress to preserve the Intangible Drilling Costs (IDC) tax deduction&#8211;shown to incentivize oil production&#8211;in
the reconciliation bill.<A HREF="#a_edn25" NAME="a_ednref25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT>
A pair of analyses by researchers with the Stockholm Environment Institute has demonstrated that the IDC subsidy can boost the returns
of an oil drilling project by as much as 11 percentage points,<A HREF="#a_edn26" NAME="a_ednref26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-size: 10pt"><SUP>26</SUP></FONT>
and that Devon is among those that benefited directly from this subsidy.<A HREF="#a_edn27" NAME="a_ednref27" TITLE="" STYLE="mso-endnote-id: edn27"></A><FONT STYLE="font-size: 10pt"><SUP>27</SUP></FONT>
A September 2021 analysis by Greenpeace found that Devon and other AXPC members have been among the largest beneficiaries of this and
other similar subsidies over the last two decades (of at least $92 billion since 1998).<A HREF="#a_edn28" NAME="a_ednref28" TITLE="" STYLE="mso-endnote-id: edn28"></A><FONT STYLE="font-size: 10pt"><SUP>28</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Conclusion</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">:
</FONT><FONT STYLE="font-family: Georgia, Times, Serif; color: #0072BD"><B>Devon Energy has failed to set adequate net zero targets, align
its capital investments with limiting warming to 1.5&deg;C, or ensure its policy influence activities would support doing so. Therefore,
we recommend that shareholders vote AGAINST Chair David Hager and Lead Independent Director Kelt Kindick at the company&#8217;s annual
meeting on June 8th, 2022.</B></FONT></P>


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<P STYLE="font: 21pt Georgia, Times, Serif; margin: 0 0 6pt; color: #0072BD">Appendix A: Proxy Voting for a 1.5&deg;C World</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
world is currently on track to reach disastrous levels of warming, driving massive harm and threatening the lives and livelihoods of millions.</B></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate leaders in the industries responsible for this crisis have failed to take up the
leadership required to change course.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&#8220;Climate risk&#8221; is systemic, escalating and irreversible
- and corporate boards urgently need to take responsibility for averting and mitigating this risk. </B></P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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 1.5&deg;C 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.<A HREF="#a_edn29" NAME="a_ednref29" TITLE="" STYLE="mso-endnote-id: edn29"></A><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT>
According to the International Energy Agency (IEA), in order to achieve net zero emissions globally by 2050, the electricity sector must
reach net zero emissions in OECD countries no later than 2035 and there can be no investment in new fossil fuel production from today.<A HREF="#a_edn30" NAME="a_ednref30" TITLE="" STYLE="mso-endnote-id: edn30"></A><FONT STYLE="font-size: 10pt"><SUP>30</SUP></FONT>
The IPCC also recognizes that reducing rates of deforestation and forest degradation also represents one of the most effective and robust
options for climate change mitigation.<A HREF="#a_edn31" NAME="a_ednref31" TITLE="" STYLE="mso-endnote-id: edn31"></A><FONT STYLE="font-size: 10pt"><SUP>31</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">That means that corporate directors must ensure that companies set ambitious decarbonization
targets in line with 1.5&deg;C pathways, and align companies&#8217; business plans, capital expenditures, and policy influence to those
targets. Despite the escalating climate crisis, systemically important U.S. companies continue to invest in the expansion and continued
use of fossil fuels, further accelerating global warming.<A HREF="#a_edn32" NAME="a_ednref32" TITLE="" STYLE="mso-endnote-id: edn32"></A><FONT STYLE="font-size: 10pt"><SUP>32</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>The
physical and financial risks posed by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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; their proxy voting power &#8211; to vote against directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Georgia, Times, Serif; margin: 0; color: #0072BD"><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 thus far have been far too incremental, far too hard fought, and collectively
insufficient to the scale of the crisis. </B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 12pt; color: #0072BD"><B>Business-as-usual
proxy voting will not suffice to address the seriousness of the crisis at hand.</B></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
urge investors to vote against directors at companies failing to implement plans consistent with limiting global warming to 1.5&ordm;C.
</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 6pt; color: #0072BD">Key Sectors Are Critical to Curbing the Climate Crisis</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The electric power, finance, transportation, and oil and gas sectors are key drivers
of the production and consumption of fossil fuels and must all make dramatic transformations to curb the worst of catastrophic climate
change and protect long-term investors. Similarly, companies driving deforestation &#8211; including companies that source key deforestation-linked
agricultural commodities, driving market demand for one of the greatest threats to the world&#8217;s forests &#8211; must adopt comprehensive
climate policies and end deforestation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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 lobbying and policy influence practices that
obstruct climate action, and align executive compensation to key decarbonization goals.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Voting Guide: Oil &amp; Gas</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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.<A HREF="#a_edn33" NAME="a_ednref33" TITLE="" STYLE="mso-endnote-id: edn33"></A><FONT STYLE="font-size: 10pt"><SUP>33</SUP></FONT>
The U.S. is the largest petroleum and fossil gas producer in the world, having overtaken Saudi Arabia and Russia in recent years.<A HREF="#a_edn34" NAME="a_ednref34" TITLE="" STYLE="mso-endnote-id: edn34"></A><FONT STYLE="font-size: 10pt"><SUP>34</SUP></FONT>
In general, U.S. oil companies lag behind their European peers in adopting net zero by 2050 ambitions<A HREF="#a_edn35" NAME="a_ednref35" TITLE="" STYLE="mso-endnote-id: edn35"></A><FONT STYLE="font-size: 10pt"><SUP>35</SUP></FONT>,
or investing in renewable energy production.<A HREF="#a_edn36" NAME="a_ednref36" TITLE="" STYLE="mso-endnote-id: edn36"></A><FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To stay within the available carbon budget to limit warming to 1.5&deg;C, not only must
oil and gas companies decarbonize their own emissions, but global consumption of fossil fuels must fall as well.<A HREF="#a_edn37" NAME="a_ednref37" TITLE="" STYLE="mso-endnote-id: edn37"></A><FONT STYLE="font-size: 10pt"><SUP>37</SUP></FONT>
In May 2021, the IEA set out the implications of a 1.5&deg;C pathway for the oil and gas sector in its &#8216;Net Zero by 2050&#8217;
scenario (&#8220;NZE&#8221;).<A HREF="#a_edn38" NAME="a_ednref38" TITLE="" STYLE="mso-endnote-id: edn38"></A><FONT STYLE="font-size: 10pt"><SUP>38</SUP></FONT>
Prior IEA scenarios such as the Beyond 2&deg;C Scenario (aligned to limiting warming to 1.75&deg;C by 2060<A HREF="#a_edn39" NAME="a_ednref39" TITLE="" STYLE="mso-endnote-id: edn39"></A><FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT>)
and the Sustainable Development Scenario (aligned to the Paris Agreement&#8217;s upper target of well below 2&deg;C<A HREF="#a_edn40" NAME="a_ednref40" TITLE="" STYLE="mso-endnote-id: edn40"></A><FONT STYLE="font-size: 10pt"><SUP>40</SUP></FONT>),
still fell short of limiting warming to 1.5&deg;C.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the NZE, fossil fuel use falls dramatically and can be satisfied with existing
assets, with no need to invest in new oil and gas fields, and no new coal mines or mine extensions.<A HREF="#a_edn41" NAME="a_ednref41" TITLE="" STYLE="mso-endnote-id: edn41"></A><FONT STYLE="font-size: 10pt"><SUP>41</SUP></FONT>
However, according to analyses by Carbon Tracker, the world&#8217;s largest oil companies have projects both sanctioned (those currently
producing or under development) and unsanctioned (those not yet under development) over the course of the next two decades that would
exceed the carbon budget for 2.0&deg;C of global warming, let alone 1.5&deg;C.<A HREF="#a_edn42" NAME="a_ednref42" TITLE="" STYLE="mso-endnote-id: edn42"></A><FONT STYLE="font-size: 10pt"><SUP>42</SUP></FONT>
This signals that many companies are not yet fully committed to meaningful reductions. While oil demand fell in 2020 due to COVID-19 disruptions,<A HREF="#a_edn43" NAME="a_ednref43" TITLE="" STYLE="mso-endnote-id: edn43"></A><FONT STYLE="font-size: 10pt"><SUP>43</SUP></FONT>
oil demand and pricing are currently rebounding,<A HREF="#a_edn44" NAME="a_ednref44" TITLE="" STYLE="mso-endnote-id: edn44"></A><FONT STYLE="font-size: 10pt"><SUP>44</SUP></FONT>
and any expansion plans are fundamentally at odds with the immediate global production reductions required within most Paris Agreement-aligned
scenarios.<A HREF="#a_edn45" NAME="a_ednref45" TITLE="" STYLE="mso-endnote-id: edn45"></A><FONT STYLE="font-size: 10pt"><SUP>45</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As shale-focused companies rely primarily on continued new drilling to sustain production,
these companies are particularly at risk: in order to limit to 1.5&deg;C and be aligned with the IEA NZE, shale-focused companies in particular
must reduce production by more than 80%.<A HREF="#a_edn46" NAME="a_ednref46" TITLE="" STYLE="mso-endnote-id: edn46"></A><FONT STYLE="font-size: 10pt"><SUP>46</SUP></FONT>
However, many U.S. companies continue to expand into shale-rich regions such as the Permian Basin<A HREF="#a_edn47" NAME="a_ednref47" TITLE="" STYLE="mso-endnote-id: edn47"></A><FONT STYLE="font-size: 10pt"><SUP>47</SUP></FONT>
(see Capital Allocation section). The Permian is predicted to account for much of the growth in US oil production, and much of this will
likely be exported and burned overseas; an Occidental Petroleum company executive recently noted the trend by saying &#8220;every single
molecule from here on out has to be exported.&#8221;<A HREF="#a_edn48" NAME="a_ednref48" TITLE="" STYLE="mso-endnote-id: edn48"></A><FONT STYLE="font-size: 10pt"><SUP>48</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 6pt; color: #0072BD">Target setting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To avoid the risk of global temperature overshoot, emissions need to fall by 45% from
2010 levels by 2030, reaching net zero by 2050.<A HREF="#a_edn49" NAME="a_ednref49" TITLE="" STYLE="mso-endnote-id: edn49"></A><FONT STYLE="font-size: 10pt"><SUP>49</SUP></FONT>
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. Because the majority of the emissions for oil and
gas companies - estimated between 75 and 88 percent - are attributed to the use of products sold,<A HREF="#a_edn50" NAME="a_ednref50" TITLE="" STYLE="mso-endnote-id: edn50"></A><FONT STYLE="font-size: 10pt"><SUP>50</SUP></FONT>
<A HREF="#a_edn51" NAME="a_ednref51" TITLE="" STYLE="mso-endnote-id: edn51"></A><FONT STYLE="font-size: 10pt"><SUP>51</SUP></FONT> net
zero commitments must include downstream scope 3 emissions, rather than just focusing on the company&#8217;s operational (scopes 1 and
2) emissions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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. Companies should achieve net zero by 2050 with limited use of
offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage (CCUS). Relying on CCUS&#8211;rather
than phasing out the production of fossil fuels&#8211;is a risky strategy<A HREF="#a_edn52" NAME="a_ednref52" TITLE="" STYLE="mso-endnote-id: edn52"></A><FONT STYLE="font-size: 10pt"><SUP>52</SUP></FONT>;
even pro-CCUS sources acknowledge that many proposed CCUS technologies are as yet unproven, and a massive infrastructure investment and
buildout would be required to capture enough carbon to limit warming to 1.5&deg;C.<A HREF="#a_edn53" NAME="a_ednref53" TITLE="" STYLE="mso-endnote-id: edn53"></A><FONT STYLE="font-size: 10pt"><SUP>53</SUP></FONT>
Oil and gas companies should clearly disclose specific plans to use offsets or negative emissions to achieve net zero emissions by 2050,
so that investors may assess the quality and credibility of their plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #0072BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CDP
                                            (formerly Carbon Disclosure Project), company survey responses<A HREF="#a_edn54" NAME="a_ednref54" TITLE="" STYLE="mso-endnote-id: edn54"></A><SUP>54</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Science-Based
                                            Targets Initiative, Companies list<A HREF="#a_edn55" NAME="a_ednref55" TITLE="" STYLE="mso-endnote-id: edn55"></A><SUP>55
                                            </SUP>and Sector Guidance<A HREF="#a_edn56" NAME="a_ednref56" TITLE="" STYLE="mso-endnote-id: edn56"></A><SUP>56</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate
                                            Action 100+, Disclosure Indicators 1-4<A HREF="#a_edn57" NAME="a_ednref57" TITLE="" STYLE="mso-endnote-id: edn57"></A><SUP>57</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Oil
                                            Change International, Big Oil Reality Check<A HREF="#a_edn58" NAME="a_ednref58" TITLE="" STYLE="mso-endnote-id: edn58"></A><SUP>58</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Capital allocation</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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. At minimum, Arctic and oil sands projects should be halted because they are inconsistent with limiting warming to 1.5&deg;C<A HREF="#a_edn59" NAME="a_ednref59" TITLE="" STYLE="mso-endnote-id: edn59"></A><FONT STYLE="font-size: 10pt"><SUP>59</SUP></FONT>,
economically marginal due to elevated production costs, and carry additional environmental and human rights risks.<A HREF="#a_edn60" NAME="a_ednref60" TITLE="" STYLE="mso-endnote-id: edn60"></A><FONT STYLE="font-size: 10pt"><SUP>60</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Oil production in the Permian Basin in Texas and New Mexico &#8211; almost entirely fracking<A HREF="#a_edn61" NAME="a_ednref61" TITLE="" STYLE="mso-endnote-id: edn61"></A><FONT STYLE="font-size: 10pt"><SUP>61</SUP></FONT>&#8211;has
nearly quadrupled from 2010 to today,<A HREF="#a_edn62" NAME="a_ednref62" TITLE="" STYLE="mso-endnote-id: edn62"></A><FONT STYLE="font-size: 10pt"><SUP>62</SUP></FONT>
while natural gas production has more than tripled.<A HREF="#a_edn63" NAME="a_ednref63" TITLE="" STYLE="mso-endnote-id: edn63"></A><FONT STYLE="font-size: 10pt"><SUP>63</SUP></FONT>
According to an analysis conducted by Oil Change International, carbon emissions from Permian oil and gas production through 2050 could
alone exhaust nearly 10% of the global 1.5&deg;C carbon budget.<A HREF="#a_edn64" NAME="a_ednref64" TITLE="" STYLE="mso-endnote-id: edn64"></A><FONT STYLE="font-size: 10pt"><SUP>64</SUP></FONT>
The climate impact of Permian oil and gas is even greater than coal based on the amount of methane that escapes into the atmosphere during
hydraulic fracking.<A HREF="#a_edn65" NAME="a_ednref65" TITLE="" STYLE="mso-endnote-id: edn65"></A><FONT STYLE="font-size: 10pt"><SUP>65</SUP></FONT>
It is estimated that the Permian Basin has a 60% higher methane leakage rate than other U.S oil and gas regions.<A HREF="#a_edn66" NAME="a_ednref66" TITLE="" STYLE="mso-endnote-id: edn66"></A><FONT STYLE="font-size: 10pt"><SUP>66</SUP></FONT>
Given that the vast majority of these emissions would come from wells not yet in production at the end of 2020, much of these emissions
could be avoided if companies simply halted all drilling of new wells.<A HREF="#a_edn67" NAME="a_ednref67" TITLE="" STYLE="mso-endnote-id: edn67"></A><FONT STYLE="font-size: 10pt"><SUP>67</SUP></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investors should use the NZE scenario as a floor to assess companies&#8217; climate policies,
transition scenarios and capital allocation alignment. Importantly, no new oil or gas fields should be approved for development under
a 1.5&deg;C pathway; no investment in new oil and gas production should be undertaken;<A HREF="#a_edn68" NAME="a_ednref68" TITLE="" STYLE="mso-endnote-id: edn68"></A><FONT STYLE="font-size: 10pt"><SUP>68</SUP></FONT>
and production levels must fall by the 2030s.<A HREF="#a_edn69" NAME="a_ednref69" TITLE="" STYLE="mso-endnote-id: edn69"></A><FONT STYLE="font-size: 10pt"><SUP>69</SUP></FONT>
Under such a scenario, asset stranding of additional production assets as well as existing assets is a major risk to investors.<A HREF="#a_edn70" NAME="a_ednref70" TITLE="" STYLE="mso-endnote-id: edn70"></A><FONT STYLE="font-size: 10pt"><SUP>70</SUP></FONT></P>


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<P STYLE="color: #0072BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rainforest
                                            Action Network, Banking on Climate Chaos<A HREF="#a_edn71" NAME="a_ednref71" TITLE="" STYLE="mso-endnote-id: edn71"></A><SUP>71</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon
                                            Tracker, Fault Lines (2020)<A HREF="#a_edn72" NAME="a_ednref72" TITLE="" STYLE="mso-endnote-id: edn72"></A><SUP>72
                                            </SUP>and Adapt to Survive (2021)<A HREF="#a_edn73" NAME="a_ednref73" TITLE="" STYLE="mso-endnote-id: edn73"></A><SUP>73</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Carbon
                                            Tracker, Company Profiles: Oil &amp; Gas Companies<A HREF="#a_edn74" NAME="a_ednref74" TITLE="" STYLE="mso-endnote-id: edn74"></A><SUP>74</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate
                                            Action 100+, Climate Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure
                                            Indicator 6<A HREF="#a_edn75" NAME="a_ednref75" TITLE="" STYLE="mso-endnote-id: edn75"></A><SUP>75</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0.25in 0 6pt; color: #0072BD">Policy influence</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Oil and gas companies must fully align their policy influence activities, including political
spending and lobbying, with the policy settings required to accelerate sector-wide emissions reductions 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 of any trade
associations or similar entities of which they are members or to which they contribute with 1.5&deg;C outcomes, or cease membership of
such organizations.</P>

<P STYLE="color: #0072BD; font: 13pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 6pt"><B>KEY DATA SOURCES: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Climate
                                            Action 100+ Net-Zero Company Benchmark: Company assessments, see Disclosure Indicator 7<A HREF="#a_edn76" NAME="a_ednref76" TITLE="" STYLE="mso-endnote-id: edn76"></A><SUP>76</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">InfluenceMap,
                                            List of companies and influencers<A HREF="#a_edn77" NAME="a_ednref77" TITLE="" STYLE="mso-endnote-id: edn77"></A><SUP>77</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 18pt Georgia, Times, Serif; margin: 0 0 6pt; color: #0072BD">Summary table</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="width: 19%; border: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>TARGET SETTING </B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.1</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: white 2.25pt solid; border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">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 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.2</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Net zero commitment has limited use of offsets, negative emissions, or unproven or uncommercialized technologies, including carbon capture and storage </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>1.3</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Company has adopted robust interim targets, including substantial reductions by 2030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>CAPITAL ALLOCATION</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>2.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Company has a plan to realign capital expenditures to meet a net zero decarbonization commitment, including substantial reductions in production in line with the IEA Net Zero by 2050 Scenario</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; border-left: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 9pt; color: white"><B>POLICY INFLUENCE</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Georgia, Times, Serif; color: white"><B>3.1</B></FONT></TD>
    <TD STYLE="border-right: white 2.25pt solid; border-bottom: white 2.25pt solid; padding: 12.15pt; background-color: #0072BD"><FONT STYLE="font-size: 9pt; color: white">Alignment of policy influence activities with net zero target and limiting warming to 1.5&deg;C</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>





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

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref1" NAME="a_edn1" TITLE="" STYLE="mso-endnote-id: edn1"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1
</SUP><FONT STYLE="background-color: white">Ratcliffe, Verity. &#8220;Shale Producers Devon Energy and WPX Energy Merge in All-Stock
Deal.&#8221; <I>World Oil, </I>September 28, 2020. https://www.worldoil.com/news/2020/9/28/shale-producers-devon-energy-and-wpx-merge-in-all-stock-deal</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref2" NAME="a_edn2" TITLE="" STYLE="mso-endnote-id: edn2"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>2
</SUP><FONT STYLE="background-color: white">Analysis using Urgewald&#8217;s Global Oil and Gas Exit List (GOGEL), available at https://gogel.org/
Expenditure is a 3-year average from 2019-2021. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref3" NAME="a_edn3" TITLE="" STYLE="mso-endnote-id: edn3"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>3
</SUP><FONT STYLE="background-color: white">Freitas, G. and Chapa, S. &#8220;Biden&#8217;s Russia Oil Ban Opens Path for Shale Giants
EOG, Devon to Fill the Gap,&#8221; <I>Bloomberg,</I> March 8, 2022, https://www.bloomberg.com/news/articles/2022-03-08/shale-giants-eog-devon-hold-most-untapped-u-s-drilling-permits</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref4" NAME="a_edn4" TITLE="" STYLE="mso-endnote-id: edn4"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>4
</SUP><FONT STYLE="background-color: white">Institute for Energy Economics and Financial Analysis, <I>Independent Producers Dominate
Majors in the Permian, </I>November 2021, http://ieefa.org/wp-content/uploads/2021/11/Independent-Producers-Dominate-Majors-in-the-Permian_November-2021.pdf,
p. 5, </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref5" NAME="a_edn5" TITLE="" STYLE="mso-endnote-id: edn5"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>5
</SUP><FONT STYLE="background-color: white">Oil Change International. <I>Drilling Towards Disaster. </I>January 2019, https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf,
p. 7 and p. 26 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref6" NAME="a_edn6" TITLE="" STYLE="mso-endnote-id: edn6"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>6
</SUP><FONT STYLE="background-color: white">US Energy Information Administration, &#8216;Total Energy.&#8217; Data browser. 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,
accessed March 1, 2022</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref7" NAME="a_edn7" TITLE="" STYLE="mso-endnote-id: edn7"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>7
</SUP><FONT STYLE="background-color: white">US Energy Information Administration, &#8220;United States Remains Largest Producer of Petroleum
and Natural Gas Hydrocarbons,&#8221; https://www.eia.gov/todayinenergy/detail.php?id=26352, accessed March 1, 2022 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref8" NAME="a_edn8" TITLE="" STYLE="mso-endnote-id: edn8"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>8
</SUP><FONT STYLE="background-color: white">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector,
</I>May 2021. https://www.iea.org/reports/net-zero-by-2050 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref9" NAME="a_edn9" TITLE="" STYLE="mso-endnote-id: edn9"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>9
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Net Zero by 2050,&#8217; Figure 3.4, p. 103</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref10" NAME="a_edn10" TITLE="" STYLE="mso-endnote-id: edn10"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>10
</SUP><FONT STYLE="background-color: white">Somasekhar, Arathy. &quot;As Oil-well Backlog Shrinks, U.S. Shale May Upset Investors and
Drill More.&#8221; <I>Reuters</I>, September 14, 2021, https://www.reuters.com/business/energy/oil-well-backlog-shrinks-us-shale-may-upset-investors-drill-more-2021-09-14/
</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref11" NAME="a_edn11" TITLE="" STYLE="mso-endnote-id: edn11"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>11
</SUP><FONT STYLE="background-color: white">Carbon Tracker, <I>Adapt to Survive: Why Oil Companies Must Plan for Net Zero and Avoid Stranded
Assets, </I>September 2021. https://carbontracker.org/reports/adapt-to-survive/ </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref12" NAME="a_edn12" TITLE="" STYLE="mso-endnote-id: edn12"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>12
</SUP><FONT STYLE="background-color: white">Devon Energy, &#8220;Devon Energy Establishes New Environmental Performance Targets,&#8221;
June 21, 2021, https://investors.devonenergy.com/investors/press-releases/press-release-details/2021/Devon-Energy-Establishes-New-Environmental-Performance-Targets-Including-Net-Zero-GHG-Emissions/default.aspx</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref13" NAME="a_edn13" TITLE="" STYLE="mso-endnote-id: edn13"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>13
</SUP><FONT STYLE="background-color: white">Climate Action 100+, Devon Energy Corp&#8221; (company assessment), March 30, 2022 https://www.climateaction100.org/company/devon-energy-corporation/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref14" NAME="a_edn14" TITLE="" STYLE="mso-endnote-id: edn14"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>14
</SUP><FONT STYLE="background-color: white">Climate Action 100+, &#8220;Devon Energy&#8221; (company assessment)</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref15" NAME="a_edn15" TITLE="" STYLE="mso-endnote-id: edn15"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>15
</SUP><FONT STYLE="background-color: white">Devon Energy, Form 10-K, filed February 16, 2022, </FONT></FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090012/000156459022005321/dvn-10k_20211231.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">https://www.sec.gov/ix?doc=/Archives/edgar/data/1090012/000156459022005321/dvn-10k_20211231.htm</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white">,
p. 9.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref16" NAME="a_edn16" TITLE="" STYLE="mso-endnote-id: edn16"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>16
</SUP><FONT STYLE="background-color: white">Climate Action 100+, &#8220;Devon Energy Corp&#8221; (Company Assessment)</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref17" NAME="a_edn17" TITLE="" STYLE="mso-endnote-id: edn17"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>17
</SUP><FONT STYLE="background-color: white">Carbon Tracker, <I>Adapt to Survive, </I>September 2021, https://carbontracker.org/reports/adapt-to-survive/full-report/,
p. 16 (Figure 6)</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref18" NAME="a_edn18" TITLE="" STYLE="mso-endnote-id: edn18"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>18
</SUP><FONT STYLE="background-color: white">Carbon Tracker, <I>Adapt to Survive, </I>p. 34 (Table 2) </FONT></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref19" NAME="a_edn19" TITLE="" STYLE="mso-endnote-id: edn19"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>19</SUP><FONT STYLE="background-color: white">Devon
Energy, <I>2020 Political Activity and Lobbying Repor</I>t, 2021, https://www.devonenergy.com/documents/Sustainability/Governance/Public-Advocacy/DVN-2020_PoliticalActivityReport_110421-FINAL.pdf</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref20" NAME="a_edn20" TITLE="" STYLE="mso-endnote-id: edn20"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>20
</SUP><FONT STYLE="background-color: white">Climate Action 100+, &#8216;Company Profile&#8217; (2022)</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref21" NAME="a_edn21" TITLE="" STYLE="mso-endnote-id: edn21"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>21
</SUP><FONT STYLE="background-color: white">InfluenceMap, &#8220;Devon Energy&#8221; (profile), https://lobbymap.org/company/Devon-Energy-fac60f4e6a741eb74d01405dd722234b/projectlink/Devon-Energy-in-Climate-Change-c44a53f1e358d47ce44f90e613a0580e,
accessed March 6, 2022</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref22" NAME="a_edn22" TITLE="" STYLE="mso-endnote-id: edn22"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>22
</SUP><FONT STYLE="background-color: white">InfluenceMap, &#8220;Industry Association Rankings,&#8221; https://ca100.influencemap.org/Industry-Associations,
accessed April 25, 2022</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref23" NAME="a_edn23" TITLE="" STYLE="mso-endnote-id: edn23"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>23
</SUP><FONT STYLE="background-color: white">InfluenceMap, <I>The US Chamber of Commerce and Lobbying on Climate Change Disclosure Regulations</I>,
November 2021, https://influencemap.org/report/The-US-Chamber-of-Commerce-and-Lobbying-of-Climate-Change-Disclosure-Regulations-b503c35fa1014cb7c357bfe7f15e4fa6</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref24" NAME="a_edn24" TITLE="" STYLE="mso-endnote-id: edn24"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>24
</SUP><FONT STYLE="background-color: white">American Exploration and Production Council, &#8220;Members,&#8221; https://www.axpc.org/who-we-are/members/,
accessed March 16, 2022</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref25" NAME="a_edn25" TITLE="" STYLE="mso-endnote-id: edn25"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>25
</SUP><FONT STYLE="background-color: white">Evers-Hillstrom, Karl. &#8220;Oil Producers Push Democrats to Preserve Key Drilling.&#8221;
<I>The Hill, </I>August 26, 2021, https://thehill.com/business-a-lobbying/business-a-lobbying/569583-oil-producers-push-democrats-to-preserve-key-drilling</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref26" NAME="a_edn26" TITLE="" STYLE="mso-endnote-id: edn26"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>26
</SUP><FONT STYLE="background-color: white">Achakulwisut, P. et al, &#8220;Effect of subsidies and regulatory exemptions on 2020&#8211;2030
oil and gas production and profits in the United States,&#8221; <I>Environ. Res. Lett</I>., July 2021, https://iopscience.iop.org/article/10.1088/1748-9326/ac0a10/pdf,
p. 26 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref27" NAME="a_edn27" TITLE="" STYLE="mso-endnote-id: edn27"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>27
</SUP><FONT STYLE="background-color: white">Erickson, P. and Achakulwisut, P. <I>How Subsidies Aided the US Shale Oil and Gas Boom</I>,
June 2021, https://cdn.sei.org/wp-content/uploads/2021/06/how-subsidies-aided-the-us-shale-oil-and-gas-boom.pdf figure 4, pp. 12-13</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref28" NAME="a_edn28" TITLE="" STYLE="mso-endnote-id: edn28"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>28
</SUP><FONT STYLE="background-color: white">No&euml;l, John. &#8220;Oil &amp; Gas Trade Association Fronts for Companies that Received
At Least $92 Billion in Federal Subsidies, Lectures Policymakers,&#8221; Greenpeace blogs, September 1. 2021, https://www.greenpeace.org/usa/oil-gas-trade-association-fronts-for-companies-that-received-at-least-92-billion-in-federal-subsidies-lectures-policymakers/
</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref29" NAME="a_edn29" TITLE="" STYLE="mso-endnote-id: edn29"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>29
</SUP><FONT STYLE="background-color: white">IPCC, <I>Special Report on Global Warming of 1.5&deg;C., </I>2018<I>, </I>https://www.ipcc.ch/site/assets/uploads/sites/2/2019/06/SR15_Full_Report_Low_Res.pdf
, pp. v, 5, 7-10, 95-97 and 116</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref30" NAME="a_edn30" TITLE="" STYLE="mso-endnote-id: edn30"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>30
</SUP><FONT STYLE="background-color: white">International Energy Agency (IEA), <I>Net Zero by 2050: A Roadmap for the Global Energy Sector,
</I>May 2021. https://www.iea.org/reports/net-zero-by-2050, Slide 8. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref31" NAME="a_edn31" TITLE="" STYLE="mso-endnote-id: edn31"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>31
</SUP><FONT STYLE="background-color: white">IPCC. <I>Special Report on Climate Change and Land, Summary for Policy Makers</I>,January,
2020, https://www.ipcc.ch/site/assets/uploads/sites/4/2020/02/SPM_Updated-Jan20.pdf, pp 23-24 and 26. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref32" NAME="a_edn32" TITLE="" STYLE="mso-endnote-id: edn32"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>32
</SUP><FONT STYLE="background-color: white">Climate Action 100+: Net-Zero Company Benchmark Company Assessments https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></FONT></P>



<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref33" NAME="a_edn33" TITLE="" STYLE="mso-endnote-id: edn33"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>33
</SUP><FONT STYLE="background-color: white">US Energy Information Administration, &#8216;Carbon Dioxide Emissions from Energy Consumption
by Source&#8217;, 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,
accessed March 19, 2022 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref34" NAME="a_edn34" TITLE="" STYLE="mso-endnote-id: edn34"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>34
</SUP><FONT STYLE="background-color: white">US Energy Information Administration, &#8220;The U.S. leads global petroleum and natural
gas production with record growth in 2018,&#8221; https://www.eia.gov/todayinenergy/detail.php?id=40973, accessed March 16, 2022 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref35" NAME="a_edn35" TITLE="" STYLE="mso-endnote-id: edn35"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>35
</SUP><FONT STYLE="background-color: white">Luhavalja, Amanda, et al. &#8220;Path to Net Zero: European Oil Majors Outpace US Companies
on Climate Goals,&#8221; <I>S&amp;P Global Market Intelligence, </I>July 28, 2020, https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/path-to-net-zero-european-oil-majors-outpace-us-companies-on-climate-goals-59543423,
accessed March 16, 2022</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref36" NAME="a_edn36" TITLE="" STYLE="mso-endnote-id: edn36"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>36
</SUP><FONT STYLE="background-color: white">Quinson, Tim, &#8220;US Oil Companies Lag Far Behind Greener European Rivals,&#8221; Bloomberg,
March 24, 2021, https://www.bloomberg.com/news/articles/2021-03-24/u-s-oil-companies-lag-far-behind-greener-europe-rivals-green-insight</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref37" NAME="a_edn37" TITLE="" STYLE="mso-endnote-id: edn37"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>37
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Net Zero by 2050 Scenario&#8217; </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref38" NAME="a_edn38" TITLE="" STYLE="mso-endnote-id: edn38"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>38
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Net Zero by 2050 Scenario&#8217; </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref39" NAME="a_edn39" TITLE="" STYLE="mso-endnote-id: edn39"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>39
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Energy Technology Perspectives 2017.&#8217; https://www.iea.org/reports/energy-technology-perspectives-2017</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref40" NAME="a_edn40" TITLE="" STYLE="mso-endnote-id: edn40"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>40
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Sustainable Development Scenario.&#8217; https://www.iea.org/reports/world-energy-model/sustainable-development-scenario-sds</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref41" NAME="a_edn41" TITLE="" STYLE="mso-endnote-id: edn41"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>41
</SUP><FONT STYLE="background-color: white">IEA, &#8216;Net Zero by 2050 Scenario.&#8217; pp. 21 -22. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref42" NAME="a_edn42" TITLE="" STYLE="mso-endnote-id: edn42"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>42
</SUP><FONT STYLE="background-color: white">Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 4 and pp.14-16 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref43" NAME="a_edn43" TITLE="" STYLE="mso-endnote-id: edn43"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>43
</SUP><FONT STYLE="background-color: white">International Energy Agency, <I>World Energy Outlook 2021, </I> https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf
p. 19. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref44" NAME="a_edn44" TITLE="" STYLE="mso-endnote-id: edn44"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>44
</SUP><FONT STYLE="background-color: white">Deloitte, 2022 Oil and Gas Industry Outlook, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-2022-outlook-oil-and-gas.pdf
p. 4. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref45" NAME="a_edn45" TITLE="" STYLE="mso-endnote-id: edn45"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>45
</SUP><FONT STYLE="background-color: white">Oil Change International et al, <I>The Sky&#8217;s the Limit: Why the Paris Climate Goals
Require A Managed Decline of Fossil Fuel Production, </I></FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">https://priceofoil.org/content/uploads/2016/09/OCI_the_skys_limit_2016_FINAL_2.pdf,
pp. 19-21 and 24. </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref46" NAME="a_edn46" TITLE="" STYLE="mso-endnote-id: edn46"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>46
</SUP><FONT STYLE="background-color: white">Carbon Tracker, &#8216;Adapt to Survive.&#8217; p. 6 and p. 15. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref47" NAME="a_edn47" TITLE="" STYLE="mso-endnote-id: edn47"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>47
</SUP><FONT STYLE="background-color: white">Oil Change International<I>. Drilling Towards Disaster: Why US Oil and Gas Expansion Is Incompatible
With Climate Limits,</I> January, 2019, https://priceofoil.org/content/uploads/2019/01/Drilling-Towards-Disaster-Web-v2.pdf, p. 7. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref48" NAME="a_edn48" TITLE="" STYLE="mso-endnote-id: edn48"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>48
</SUP><FONT STYLE="background-color: white">Collier, Kiah. &#8220;As Oil and Gas Exports Surge, West Texas Becomes the World&#8217;s
&#8216;extraction colony&#8217;&#8221; <I>Texas Tribune, </I>August 10, 2018, https://www.texastribune.org/2018/10/11/west-texas-becomes-worlds-extraction-colony-oil-gas-exports-surge/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref49" NAME="a_edn49" TITLE="" STYLE="mso-endnote-id: edn49"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>49
</SUP><FONT STYLE="background-color: white">IPCC. &#8216;Special Report on Global Warming of 1.5.&#8217; 2018 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref50" NAME="a_edn50" TITLE="" STYLE="mso-endnote-id: edn50"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>50
</SUP><FONT STYLE="background-color: white">World Economic Forum, &#8220;How the oil and gas industry can take a lifecycle approach to
reducing emissions,&#8221; August 25, 2021, https://www.weforum.org/agenda/2021/08/oil-gas-industry-lifecycle-approach-reducing-emissions/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">Oil Change International, <I>Big Oil
Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf, p. 8,</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref51" NAME="a_edn51" TITLE="" STYLE="mso-endnote-id: edn51"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>51
</SUP><FONT STYLE="background-color: white">Saiyid, Amena, &#8220;Oil and gas companies under pressure to manage scope 3 emissions,&#8221;
June 22, 2021, S&amp; P Global, https://cleanenergynews.ihsmarkit.com/research-analysis/oil-gas-companies-under-pressure-to-manage-scope-3-emissions-t.html.
</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref52" NAME="a_edn52" TITLE="" STYLE="mso-endnote-id: edn52"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>52
</SUP><FONT STYLE="background-color: white">Oil Change International, <I>Big Oil Reality Check, </I>September 2020. http://priceofoil.org/content/uploads/2020/09/OCI-Big-Oil-Reality-Check-vF.pdf,
pp. 8, 9, and 18. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref53" NAME="a_edn53" TITLE="" STYLE="mso-endnote-id: edn53"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>53
</SUP><FONT STYLE="background-color: white">Global CCS Institute, <I>Global Status of CCS 2021, </I>https://www.globalccsinstitute.com/wp-content/uploads/2021/11/Global-Status-of-CCS-2021-Global-CCS-Institute-1121.pdf
p. 35 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref54" NAME="a_edn54" TITLE="" STYLE="mso-endnote-id: edn54"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>54
</SUP><FONT STYLE="background-color: white">https://www.cdp.net/en/responses?queries%5Bname%5D=&amp;utf8=%E2%9C%93</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref55" NAME="a_edn55" TITLE="" STYLE="mso-endnote-id: edn55"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>55
</SUP><FONT STYLE="background-color: white">https://sciencebasedtargets.org/companies-taking-action </FONT></FONT></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref56" NAME="a_edn56" TITLE="" STYLE="mso-endnote-id: edn56"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>56
</SUP><FONT STYLE="background-color: white">https://sciencebasedtargets.org/sectors </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref57" NAME="a_edn57" TITLE="" STYLE="mso-endnote-id: edn57"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>57
</SUP><FONT STYLE="background-color: white">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref58" NAME="a_edn58" TITLE="" STYLE="mso-endnote-id: edn58"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>58
</SUP><FONT STYLE="background-color: white">Oil Change International, &#8216;Big Oil Reality Check&#8217;</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref59" NAME="a_edn59" TITLE="" STYLE="mso-endnote-id: edn59"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>59
</SUP><FONT STYLE="background-color: white">Carbon Tracker, <I>Breaking the Habit: Why None of the Large Oil Companies are &#8220;Paris-aligned&#8221;,
and What They Need to Do to Get There, </I>September 2019, https://carbontransfer.wpengine.com/wp-content/uploads/2019/09/Capex-report-2019_Infographic.pdf,
</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref60" NAME="a_edn60" TITLE="" STYLE="mso-endnote-id: edn60"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>60
</SUP><FONT STYLE="background-color: white">BankTrack, Oil Change International, Rainforest Action Network, Sierra Club. <I>Banking on
Climate Change: Fossil Fuel Finance Reportcard 2017 </I>https://priceofoil.org/content/uploads/2017/06/Banking_On_Climate_Change_2017.pdf,
pp.4, 13 and 20 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref61" NAME="a_edn61" TITLE="" STYLE="mso-endnote-id: edn61"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>61
</SUP><FONT STYLE="background-color: white">Oil Change International. &#8216;Drilling Towards Disaster.&#8217; p. 26 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref62" NAME="a_edn62" TITLE="" STYLE="mso-endnote-id: edn62"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>62
</SUP><FONT STYLE="background-color: white">Please see chart: Total Oil Production in the Permian Basin</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">https://www.dallasfed.org/research/energy11/permian.aspx#Oil
</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref63" NAME="a_edn63" TITLE="" STYLE="mso-endnote-id: edn63"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>63
</SUP><FONT STYLE="background-color: white">Natural Gas Production in Permian Basin chart</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">https://www.dallasfed.org/research/energy11/permian.aspx#Gas</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref64" NAME="a_edn64" TITLE="" STYLE="mso-endnote-id: edn64"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>64
</SUP><FONT STYLE="background-color: white">Oil Change International. &#8216;Drilling Towards Disaster.&#8217; pp. 7 and 26 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref65" NAME="a_edn65" TITLE="" STYLE="mso-endnote-id: edn65"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>65
</SUP><FONT STYLE="background-color: white">https://thehill.com/policy/energy-environment/155101-report-gas-from-fracking-worse-than-coal-on-climate</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref66" NAME="a_edn66" TITLE="" STYLE="mso-endnote-id: edn66"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>66
</SUP><FONT STYLE="background-color: white">Zhang, Y. et al. &#8220;Quantifying methane emissions from the largest oil-producing basin
in the United States from space.&#8221; <I>Science Advances: </I>22 Apr 2020<B>. </B>https://www.science.org/doi/10.1126/sciadv.aaz5120</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref67" NAME="a_edn67" TITLE="" STYLE="mso-endnote-id: edn67"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>67
</SUP><FONT STYLE="background-color: white">Oil Change International, Earthworks, and the Center for International Environmental Law,
<I>The Permian Climate Bomb. </I>https://www.permianclimatebomb.org/chapter-2</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref68" NAME="a_edn68" TITLE="" STYLE="mso-endnote-id: edn68"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>68
</SUP><FONT STYLE="background-color: white">Carbon Tracker. &#8216;Adapt to Survive.&#8217; pp. 4-5, 8-10 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref69" NAME="a_edn69" TITLE="" STYLE="mso-endnote-id: edn69"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>69
</SUP><FONT STYLE="background-color: white">Carbon Tracker. &#8216;Adapt to Survive.&#8217; p. 6. </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref70" NAME="a_edn70" TITLE="" STYLE="mso-endnote-id: edn70"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>70
</SUP><FONT STYLE="background-color: white">Carbon Tracker. &#8216;Adapt to Survive.&#8217;, pp. 4-5, 8-10 </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref71" NAME="a_edn71" TITLE="" STYLE="mso-endnote-id: edn71"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>71
</SUP><FONT STYLE="background-color: white">Rainforest Action Network, <I>Banking on Climate Chaos. </I>March 2021. https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref72" NAME="a_edn72" TITLE="" STYLE="mso-endnote-id: edn72"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>72
</SUP><FONT STYLE="background-color: white">Carbon Tracker, <I>Fault Lines: How Diverging Oil and Gas Company Strategies link to Stranded
Asset Risk, </I>October 2020, </FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">https://carbontracker.org/reports/fault-lines-stranded-asset/</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref73" NAME="a_edn73" TITLE="" STYLE="mso-endnote-id: edn73"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>73
</SUP><FONT STYLE="background-color: white">Carbon Tracker. &#8216;Adapt to Survive.&#8217;</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref74" NAME="a_edn74" TITLE="" STYLE="mso-endnote-id: edn74"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>74
</SUP><FONT STYLE="background-color: white">https://carbontracker.org/company-profiles/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref75" NAME="a_edn75" TITLE="" STYLE="mso-endnote-id: edn75"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>75
</SUP><FONT STYLE="background-color: white">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref76" NAME="a_edn76" TITLE="" STYLE="mso-endnote-id: edn76"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>76
</SUP><FONT STYLE="background-color: white">https://www.climateaction100.org/progress/net-zero-company-benchmark/</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><A HREF="#a_ednref77" NAME="a_edn77" TITLE="" STYLE="mso-endnote-id: edn77"></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>77
</SUP><FONT STYLE="background-color: white">https://influencemap.org/filter/List-of-Companies-and-Influencers#</FONT></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
