<SEC-DOCUMENT>0001387131-23-005579.txt : 20230428
<SEC-HEADER>0001387131-23-005579.hdr.sgml : 20230428
<ACCEPTANCE-DATETIME>20230428090922
ACCESSION NUMBER:		0001387131-23-005579
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230428
DATE AS OF CHANGE:		20230428
EFFECTIVENESS DATE:		20230428

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:		23860737

	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_042823.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 89%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
                           Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAME
        OF REGISTRANT: Devon Energy Corp</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAME
        OF PERSON RELYING ON EXEMPTION: Majority Action</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDRESS
        OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD 20914</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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.&nbsp;</FONT></P></TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Devon
Energy Corp [NYSE: DVN]: Due to the company&rsquo;s FAILURE to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commit
                                         to reducing all greenhouse gas (GHG) emissions to net zero by 2050, including its scope
                                         3 emissions,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Align
                                         its capital allocation with limiting warming to 1.5&deg;C, and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make
                                         a specific commitment to conduct all of its lobbying in line with the goals of the Paris
                                         Agreement, and its general opposition to U.S. federal and state climate policy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vote
AGAINST:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Barbara
                                         M. Baumann, </B>Chair of the Board (Item 1.1), and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kelt
                                         Kindick, </B>Lead Director and Chair of the Governance, Environmental and Public Policy
                                         Committee (Item 1.5)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; 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: Times New Roman, Times, Serif; font-size: 10pt">Therefore, the actions of companies that
fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&rsquo; entire portfolios.
See <U>www.proxyvoting.majorityaction.us</U> for more information regarding Majority Action&rsquo;s
Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0072BD"><B>Devon
Energy Corp (&ldquo;Devon&rdquo;) is one of the largest independent U.S. shale producers following its merger with WPX Energy
in January 2021.<SUP>1</SUP></B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is among
the 166 focus companies named by Climate Action 100+ as one of the largest global emitters and &ldquo;key to driving the global
net zero emissions transition.&rdquo;<SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0072BD"><B>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>3</SUP></B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the International Energy Agency (IEA) released its Net Zero Emissions by 2050 Scenario (NZE), which sets out a pathway to
reduce emissions from the global energy system aligned with limiting warming to 1.5&deg;C. Under the NZE, fossil fuel use falls
dramatically in the next decade, and remaining fossil fuel demand can be met through existing supplies and infrastructure. Approving
new oil and gas fields is incompatible with this pathway.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0072BD"><B>Failure
to set ambitious decarbonization targets in line with <FONT STYLE="background-color: white">1.5&deg;C</FONT> pathways, and to
align companies&rsquo; 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></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
companies where the production, processing, sale, and/or consumption of fossil fuels is central to their core business, GHG emissions
reductions have profound strategic implications. The board chair, lead independent director where the position exists, and other
board members with climate-related oversight responsibilities should be held accountable for oversight failures related to decarbonization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0072BD"><B>In
2023, we have updated our metrics to more closely align with the Climate Action 100+ Net Zero Benchmark Indicators</B></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the oil and gas sector, while still focusing on
the three core pillars of target setting, capital allocation, and policy influence. This allows for a more standardized assessment
across companies that is broadly accepted by investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Target
setting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #0072BD">
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate
    Action 100+ Net Zero Benchmark Indicators</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 1.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #FF9900; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 7%; border-left: white 1pt solid; border-bottom: white 1pt solid; border-right: #0072BD 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    <BR>
Indicator&nbsp;&nbsp;1.1A</FONT></TD>
    <TD STYLE="vertical-align: top; width: 67%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has made a qualitative net zero GHG emissions ambition statement that explicitly includes at least 95% of its scope 1 and 2 emissions.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>&#10003;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    <BR>
Indicator 1.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The
    company&rsquo;s net zero GHG emissions ambition covers the most relevant scope 3 GHG emissions categories for the company&rsquo;s
    sector, where applicable.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 3.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>&#10003;</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 3.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The medium-term (2026 to 2035) GHG reduction target covers at least 95% of scope 1 &amp; 2 emissions and the most relevant scope 3 emissions (where applicable).</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #FF9900; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>-</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    <BR>
Indicator 3.2A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has specified that this target covers at least 95% of its total scope 1 and 2 emissions.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>&#10003;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    <BR>
Indicator 3.2B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">If the company has set a scope 3 GHG emissions target, it covers the most relevant scope 3 emissions categories for the company&rsquo;s sector (for applicable sectors), and the company has published the methodology used to establish any scope 3 target.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 3.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The target (or, in the absence of a target, the company&rsquo;s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5&deg;C.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devon
has set a target to achieve net zero GHG emissions by 2050, but this is limited to scope 1 and 2 emissions and excludes scope
3 emissions.<SUP>4</SUP> The company has set an interim target to reduce scope 1 and 2 greenhouse gas emissions intensity by
50 percent by 2030, but that target also excludes scope 3 emissions.<SUP>5</SUP> These are also intensity only targets, which
provides no guarantee that the company&rsquo;s emissions will fall in absolute terms.<SUP>6</SUP> According to the Climate Action
100+ Net Zero Company Benchmark, the company&rsquo;s targets are not aligned with the goal of limiting warming to 1.5&deg;C.<SUP>7</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital
allocation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate
    Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 6.1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company is working to decarbonize its capital expenditures.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 6.1A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with its long-term GHG reduction target OR to phase out planned expenditure in unabated carbon intensive assets or products.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure
    Indicator 6.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with the Paris Agreement&rsquo;s objective of limiting global warming to 1.5&deg; C AND to phase out investment in unabated carbon intensive assets or products.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital
    Allocation Alignment Assessment (Carbon Tracker) 1: Company&rsquo;s Recent Actions</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">In the most recent full year (2021), were all the company&rsquo;s upstream oil and gas CAPEX projects consistent with the IEA&rsquo;s Beyond 2&deg;C Scenario (B2DS)? </FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>&#10003;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital
    Allocation Alignment Assessment (Carbon Tracker) 2: Capex Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">What percentage of the company&rsquo;s potential future (2022-2030) unsanctioned oil and gas CAPEX is inconsistent with the IEA&rsquo;s B2DS?</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>87%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital
    Allocation Alignment Assessment (Carbon Tracker) 4: Net Zero Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">What is the company&rsquo;s oil and gas production level in the 2030s (against a 2022 baseline) assuming no new oil and gas projects are sanctioned as stated by the IEA&rsquo;s NZE? </FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>-85%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Climate Action 100+ Net Zero Company Benchmark, Devon has met none of the disclosure indicators for capital allocation.<SUP>8
</SUP>In order to fully meet the criteria of the Benchmark disclosure indicators for capital allocation, the company would need
to commit to aligning future capital expenditures with its long-term GHG reduction target(s) and the Paris Agreement&rsquo;s objective
of limiting global warming to 1.5&deg;C, and disclose the methodology it uses for such alignment.<SUP>9</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Carbon Tracker data provided through the Climate Action 100+ Net Zero Benchmark, Devon&rsquo;s oil and gas production must
fall by 85% from its 2022 level to be aligned with the IEA NZE.<SUP>10</SUP> Despite this, Carbon Tracker finds that 87% of
Devon&rsquo;s future potential capex between 2022 and 2030 is outside of the IEA&rsquo;s Beyond 2&deg;C Scenario (limiting warming
to 1.75&deg;C, net zero by 2060), let alone the NZE.<SUP>11</SUP> Climate Action 100+ rates Devon&rsquo;s future capex as among
the 10 most misaligned with the Paris Agreement of the U.S.-based oil and gas producers it assessed.<SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devon
ranked among the top 10 U.S. oil and gas producers for resources under development and field evaluation as of November 2022 (with
99.4% of that in unconventional sources), and ranked 11th amongst U.S. oil and gas producers for exploration capex between 2020
to 2022.<SUP>13</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Policy
influence</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate
    Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate
    Policy Engagement Alignment (InfluenceMap) 1: Organization Score</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The level of company support for (or opposition to) Paris Agreement-aligned climate policy.<SUP>14</SUP></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: white"><SUP>&nbsp;</SUP></FONT></P></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>46%</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate
    Policy Engagement Alignment (InfluenceMap) 2: Relationship Score</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #0072BD"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The level of a company&rsquo;s industry associations&rsquo; support for (or opposition to) Paris Agreement-aligned climate policy.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white"><B>27%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Devon
has not met all the requirements of the Climate Action 100+ Net-Zero Company Benchmark for disclosure indicators for climate policy
engagement. Though it does disclose its trade association memberships,<SUP>15</SUP> 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.<SUP>16</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to InfluenceMap, the company receives a near-failing &ldquo;D-&rdquo; for its obstructive policy engagement.<SUP>17</SUP> Devon
holds memberships in several trade associations to which InfluenceMap has assigned &ldquo;E-&rdquo; or &ldquo;F&rdquo; grades
for negative engagement on U.S. climate policy, including the American Petroleum Institute (&ldquo;API&rdquo;)<SUP>18</SUP>,
National Association of Manufacturers<SUP>19</SUP>, and the U.S. Chamber of Commerce<SUP>20</SUP>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June of 2022, the company submitted a comment letter to the Securities and Exchange Commission (SEC) requesting the agency omit
any requirements of companies to disclose scope 3 emissions.<SUP>21</SUP> The company also generally supported the comment letters
submitted by API and American Exploration and Production Council (AXPC).<SUP>22</SUP> In API&rsquo;s comment letter, the association
advocated against the disclosure of the financial impacts of climate related activities, the reporting and disclosure of scope
3 emissions and climate disclosure within 10-K reports.<SUP>23</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conclusion:
Devon has failed to set a robust net zero emissions by 2050 target that includes scope 3 emissions in its long and medium term
targets. The company also must align its future capital allocation and policy influence to limit warming to 1.5&deg;C. Therefore,
we recommend that shareholders vote AGAINST Barbara M. Baumann, Chair of the Board (Item 1.1) and Kelt Kindick, Lead Director
and Chair of the Governance, Environmental and Public Policy Committee (Item 1.5), both facing re-election at the company&rsquo;s
annual meeting on June 7, 2023. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP><FONT STYLE="background-color: white">Verity Ratcliffe, &ldquo;Shale Producers Devon Energy and WPX Merge in All-Stock Deal,&rdquo;
</FONT><I>World Oil, </I><FONT STYLE="background-color: white">September 28, 2020, <U>https://www.worldoil.com/news/2020/9/28/shale-producers-devon-energy-and-wpx-merge-in-all-stock-deal</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP>Climate Action 100+, &ldquo;Companies&rdquo; (website), <U>https://www.climateaction100.org/whos-involved/companies/page/4</U>,
accessed April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP>U.S. Energy Information Administration, &ldquo;Total Energy,&rdquo; (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 April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP>Devon, <I>2022 Sustainability Report</I>, November 2022, <U>https://dvnweb.azureedge.net/assets/documents/Sustainability/DVN_2022_SustainabilityReport.pdf</U>,
p. 9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5
</SUP>Devon, <I>2022 Sustainability Report</I>, p. 9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP><FONT STYLE="background-color: white">Jack Arnold and Perrine Toledano, &ldquo;Corporate Net-Zero Pledges: The Bad and the
Ugly,&rdquo; <I>Columbia Center on Sustainable Investment, December 1, 2021, https://ccsi.columbia.edu/news/corporate-net-zero-pledges-bad-and-ugly</I></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7
</SUP>Climate Action 100+, &ldquo;Devon Energy Corp.,&rdquo; Company Assessment, <U>https://www.climateaction100.org/company/devon-energy-corporation</U>,
accessed April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8
</SUP>Climate Action 100+, &ldquo;Devon Energy Corp.,&rdquo; Company Assessment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9
</SUP>Climate Action 100+, &ldquo;Devon Energy Corp.,&rdquo; Company Assessment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10
</SUP>Climate Action 100+, Climate Action 100+ Net Zero Company Benchmark, Carbon Tracker data, October 2022, https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11
</SUP>Climate Action 100+, Climate Action 100+ Net Zero Company Benchmark, Carbon Tracker data</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12
</SUP>Climate Action 100+, Climate Action 100+ Net Zero Company Benchmark, Carbon Tracker data</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13
</SUP>Urgewald, &ldquo;Global Oil &amp; Gas Exit List (Gogel),&rdquo; (analysis using GOGEL data), <U>https://gogel.org/</U> (Expenditure
is a 3-year average from 2020-2022)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14
</SUP>InfluenceMap, &ldquo;About Our Scores,&rdquo; LobbyMap, https://lobbymap.org/page/About-our-Scores, accessed April 10, 2023
(According to InfluenceMap&rsquo;s methodology &ldquo;Organisation Score&rdquo; and &ldquo;Relationship Score&rdquo; (expressed
as a percentage from 0 to 100) is a measure of how supportive or obstructive the company&rsquo;s or its industry associations&rsquo;
engagement is with climate policy aligned with the Paris Agreement, with 0% being fully opposed and 100% being fully supportive.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP>Climate Action 100+, &ldquo;Devon Energy Corp.,&rdquo; Company Assessment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16
</SUP>Climate Action 100+, &ldquo;Devon Energy Corp.,&rdquo; Company Assessment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17
InfluenceMap, &ldquo;Devon Energy,&rdquo; LobbyMap, <U>https://lobbymap.org/company/Devon-Energy-fac60f4e6a741eb74d01405dd722234b</U>,
accessed April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18
InfluenceMap, &ldquo;American Petroleum Institute,&rdquo; LobbyMap, <U>https://lobbymap.org/influencer/American-Petroleum-Institute-API</U>,
accessed April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19
InfluenceMap, &ldquo;National Association of Manufacturers,&rdquo; LobbyMap, <U>https://lobbymap.org/influencer/National-Association-of-Manufacturing-NAM</U>,
accessed April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20
InfluenceMap, &ldquo;US Chamber of Commerce,&rdquo; LobbyMap, <U>https://lobbymap.org/influencer/US-Chamber-of-Commerce</U>, accessed
April 22, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21
Devon, &ldquo;Re: Comments of Devon Energy Corporation on the Proposed Rule &ldquo;The Enhancement and Standardization of Climate-Related
Disclosures for Investors,&rdquo; SEC File No. S7-10-22.,&rdquo; (letter), June 17, 2022, <U>https://www.sec.gov/comments/s7-10-22/s71022-20131942-302395.pdf</U>,
p. 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22
Devon, &ldquo;Re: Comments of Devon Energy Corporation,&rdquo; p. 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23
API, RE: Comments of the American Petroleum Institute on the Proposed Rule &ldquo;The Enhancement and Standardization of Climate-Related
Disclosures for Investors,&rdquo; SEC File No. S7-10-22.,&rdquo; (letter), June 17, 2022, https://www.api.org/~/media/Files/misc/API-Comments-SEC-Climate-Disclosure-Rule-6-17-2022?_gl=1*uf15k7*_ga*Mzg3NTk4Mjk4LjE2ODIyMjMyMTc.*_ga_4GE2RKSLYW*MTY4MjIyMzIxNi4xLjAuMTY4MjIyMzIxNi42MC4wLjA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
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