TOMS Capital Investment Management (“TCIM”) today issued the following statement on Devon Energy Corporation (NYSE: DVN) (“Devon” or the “Company”):

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“TCIM is profoundly disappointed that Devon has concluded its strategic review and determined that not selling additional assets represents the best path forward for the Company. As we previously communicated to the Board of Directors (the “Board”), we believe the Company should be fully focused on the pathway to maximize value for shareholders (see our 9/7/26 letter to the Board here). We are confident that other investors share our views.

However, we were encouraged by a recent call between TCIM and the Lead Independent Director of the Board, Brent Smolik, and Devon’s CEO, Clay Gaspar, during which Mr. Smolik assured us that if interested third parties reach out to Devon – either with or without an offer in hand – the Company will engage with them regarding a sale of the entire Company. TCIM is confident that interested parties exist for the entire Company who would be willing to pay a substantial premium, and we expect the Board to follow through on its commitment to engage with them.

Our sole goal continues to be the best outcome for Devon and its shareholders, and we hope to gain more clarity on whether management and the Board share this objective following today’s earnings call.”

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