DEVON ENERGY CORP/DE, DEF 14A filed on 5/28/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name DEVON ENERGY CORP/DE
Entity Central Index Key 0001090012
v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PvP Table 1: Named Executive Officer “Compensation Actually Paid”1,10
​
Year
​ ​
SCT Total
Compensation
for CEO2,4
​ ​
Compensation
Actually
Paid
to CEO3,4
​ ​
Average SCT
Total
Compensation
for Other
NEOs3,5
​ ​
Average
Compensation
Actually Paid
to Other
NEOs3
​ ​
Value of
a $100
Investment
in Devon
Based on
Cumulative
TSR6,10
​ ​
Value of a
$100
Investment
in the Peer
Group
Based on
Cumulative
TSR6,7,10
​ ​
Post-Tax
Net Income8,10
​ ​
CROCE9,10
​
​ 2025-Gaspar ​ ​ ​ $ 12,566 ​ ​ ​ ​ $ 13,660 ​ ​ ​ ​ $ 4,518 ​ ​ ​ ​ $ 4,837 ​ ​ ​ ​ $ 292 ​ ​ ​ ​ $ 242 ​ ​ ​ ​ $ 2.642B ​ ​ ​ ​ ​ 31% ​ ​
​ 2025-Muncrief ​ ​ ​ $ 857 ​ ​ ​ ​ $ 1,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ 2024 ​ ​ ​ $ 17,040 ​ ​ ​ ​ $ 6,709 ​ ​ ​ ​ $ 6,194 ​ ​ ​ ​ $ 2,599 ​ ​ ​ ​ $ 163 ​ ​ ​ ​ $ 157 ​ ​ ​ ​ $ 2.893B ​ ​ ​ ​ ​ 36% ​ ​
​ 2023 ​ ​ ​ $ 14,883 ​ ​ ​ ​ $ 814 ​ ​ ​ ​ $ 5,502 ​ ​ ​ ​ $ 1,204 ​ ​ ​ ​ $ 226 ​ ​ ​ ​ $ 152 ​ ​ ​ ​ $ 3.739B ​ ​ ​ ​ ​ 42% ​ ​
​ 2022 ​ ​ ​ $ 14,525 ​ ​ ​ ​ $ 41,216 ​ ​ ​ ​ $ 5,374 ​ ​ ​ ​ $ 12,292 ​ ​ ​ ​ $ 285 ​ ​ ​ ​ $ 143 ​ ​ ​ ​ $ 6.031B ​ ​ ​ ​ ​ 62% ​ ​
​ 2021-Muncrief ​ ​ ​ $ 11,915 ​ ​ ​ ​ $ 48,059 ​ ​ ​ ​ $ 4,596 ​ ​ ​ ​ $ 15,151 ​ ​ ​ ​ $ 191 ​ ​ ​ ​ $ 121 ​ ​ ​ ​ $ 2.808B ​ ​ ​ ​ ​ 39% ​ ​
​ 2021-Hager ​ ​ ​ $ 3,391 ​ ​ ​ ​ $ 32,289 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​
1
Dollar amounts are shown in thousands, except where otherwise indicated. References to Devon’s CEO are also references to its principal executive officer (PEO) for purposes of this section.
​
 ​
​ ​
2
“SCT Total” is the Summary Compensation Table’s total for the applicable year.
​
 ​
​ ​
3
The calculation for “Compensation Actually Paid” is shown in “PvP Table 3”.
​
 ​
​ ​
4
The CEO for each year is as follows:
​
 ​
​ ​
2025: Clay M. Gaspar, from March 1st to the end of the year; Richard E. Muncrief, from January 1st to February 28th. After February 28th, Mr. Muncrief assumed the position of Special Advisor until his retirement in April 2025.
2024, 2023, 2022: Richard E. Muncrief.
2021: Richard E. Muncrief, from January 7th to the end of the year; David A. Hager, from January 1st to 6th. After January 6th, Mr. Hager assumed the position of Executive Chair of the Board of Directors until his retirement in early 2023.
​
​ ​
5
The other NEOs for each year are as follows:
​
2025: Dennis C. Cameron, Tana K. Cashion, David G. Harris, John D. Raines, and Jeffrey L. Ritenour.
2024, 2023, 2022: Dennis C. Cameron, Clay M. Gaspar, David G. Harris, and Jeffrey L. Ritenour.
2021: Tana K. Cashion, Clay M. Gaspar, David G. Harris, Jeffrey L. Ritenour, and Lyndon C. Taylor.
​
​ ​
6
“TSR” is Total Shareholder Return including reinvested dividends. It is a measure of finance performance indicating the growth or decline in an investment’s value over a specified period. For 2025, the “Cumulative TSR” is measured from the last trading day of 2020 to the last day of 2025; for 2024, “Cumulative TSR” is measured from the last trading day of 2019 to the last day of 2024; for 2023, “Cumulative TSR” is measured from the last trading day of 2019 to the last trading day of 2023; for 2022, the range is the last trading day of 2019 to the last trading day of 2022; and for 2021, the range is the last trading day of 2019 to the last trading day of 2021. For Devon, Cumulative TSR for 2025, 2024, 2023, 2022, and 2021 was: 192%, 63%, 126%, 185%, and 91%, respectively. For the Peer Group, Cumulative TSR was 142%, 57%, 52%, 43%, and 21% for the same periods.
​
 ​
​ ​
7
The peer group for 2025, 2024, 2023, and 2022 was the SPDR S&P Oil & Gas Exploration & Production ETF (Symbol: XOP). The 2021 peer group was comprised of APA Corporation, ConocoPhillips, Continental Resources, Diamondback Energy, Inc., EOG Resources, Inc., Marathon Oil Corporation, Ovintiv, Inc., Pioneer Natural Resources Company, and the S&P Midcap 400 Index. Cimarex Energy Co. is excluded from this Cumulative TSR calculation due to its subsequent acquisition, and the S&P Midcap 400 is excluded due to incomparability on a market capitalized basis.
​
 ​
​ ​
8
Post-Tax Net Income is disclosed in the Comprehensive Statements of Consolidated Earnings of the 2025 Form 10-K as “Comprehensive earnings (loss) attributable to Devon.”
​
 ​
​ ​
9
Cash Return on Capital Employed (CROCE) is an important financial measure used by the Company to link “compensation actually paid” to Company performance because of the importance of capital efficiency to successful operations in the oil and gas exploration and production industry. In Devon’s annual performance scorecard published in the “Annual Cash Incentives” section of this and prior Proxy Statements, CROCE was weighted as the joint-highest measure of performance on preset annual goals. The Company’s other important financial measures used to link “compensation actually paid” to Company performance are used to calculate Devon’s annual cash incentive and can be found on page 57.
​
 ​
​ ​
10
The PvP Charts below illustrate the relationship between various performance measures and “Compensation Actually Paid.”
​
 ​
PvP Table 3: Converting Summary Compensation Table Total to “Compensation Actually Paid”1,2,3
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Subtract
(-)
​ ​
Subtract
(-)
​ ​
Add
(+)
​ ​
Add
(+)
​ ​
Equals
(=)
​
​
Year
​ ​
Executive
​ ​
SCT Total
Compensation
​ ​
Fair Value of
Stock-Based
Awards Granted
During the Year
​ ​
Change in
Pension Value
for the Year
​ ​
The Change in
the Fair Value
from Start to End
of the Year for
All Stock Awards
Outstanding4
​ ​
Pension Service
Cost and Cost of
Additional
Pension Benefits
Due to Plan
Amendment
​ ​
“Compensation
Actually Paid”
​
​
2025
​ ​
CEO-Gaspar
​ ​ ​ $ 12,566 ​ ​ ​ ​ $ 9,634 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 13,660 ​ ​
​ CEO-Muncrief ​ ​ ​ $ 857 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,247 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,518 ​ ​ ​ ​ $ 2,312 ​ ​ ​ ​ $ 13 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,837 ​ ​
​
2024
​ ​
CEO
​ ​ ​ $ 17,040 ​ ​ ​ ​ $ 12,398 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 6,709 ​ ​
​
Other NEO Average
​ ​ ​ $ 6,194 ​ ​ ​ ​ $ 4,324 ​ ​ ​ ​ $ 1 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,599 ​ ​
​
2023
​ ​
CEO
​ ​ ​ $ 14,883 ​ ​ ​ ​ $ 11,422 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 814 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,502 ​ ​ ​ ​ $ 4,012 ​ ​ ​ ​ $ 6 ​ ​ ​ ​ $ (279) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,204 ​ ​
​
2022
​ ​
CEO
​ ​ ​ $ 14,525 ​ ​ ​ ​ $ 10,405 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 41,216 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,374 ​ ​ ​ ​ $ 3,717 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,292 ​ ​
​
2021
​ ​
CEO-Muncrief
​ ​ ​ $ 11,915 ​ ​ ​ ​ $ 8,311 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 48,059 ​ ​
​ CEO-Hager ​ ​ ​ $ 3,391 ​ ​ ​ ​ $ 712 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 32,289 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,596 ​ ​ ​ ​ $ 1,881 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,436 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 15,151 ​ ​
​ ​
1
Dollar amounts are shown in thousands, except where otherwise indicated. Amounts in parentheses are negative. References to Devon’s CEO are also references to its PEO for purposes of this section.
​
 ​
​ ​
2
The CEO for each year is as follows:
​
 ​
​ ​
2025: Clay M. Gaspar, from March 1st to the end of the year; Richard E. Muncrief, from January 1st to February 28th. After February 28th, Mr. Muncrief assumed the position of Special Advisor until his retirement in April 2025.
2024, 2023, 2022: Richard E. Muncrief.
2021: Richard E. Muncrief, from January 7th to the end of the year; David A. Hager, from January 1st to 6th. After January 6th, Mr. Hager assumed the position of Executive Chair of the Board of Directors until his retirement in early 2023.
​
​ ​
3
The other NEOs for each year are as follows:
​
 ​
​ ​
2025: Dennis C. Cameron, Tana K. Cashion, David G. Harris, John D. Raines, and Jeffrey L. Ritenour.
2024, 2023, 2022: Dennis C. Cameron, Clay M. Gaspar, David G. Harris, and Jeffrey L. Ritenour.
2021: Tana K. Cashion, Clay M. Gaspar, David G. Harris, Jeffrey L. Ritenour, and Lyndon C. Taylor.
​
​ ​
4
The process for determining the change in fair value under applicable financial accounting standards for stock-based compensation for this exhibit is substantially similar to that used for determining accounting value at the time of grant. For RSAs, the fair value is determined by multiplying the Fair Market Value of the underlying stock by the number of shares granted. For the interim calculations in this table, the product of the shares outstanding multiplied by the stock price at the beginning of the year (or at grant) is subtracted from the same calculation at the end of the year (or at vest). To determine grant value of PSUs, a Monte-Carlo simulation assimilating 10,000 potential outcomes is used. The Monte-Carlo simulation was rerun at the beginning and end of the year covered by this disclosure to create the interim valuations required. The table below reconciles the change in fair value of outstanding stock-based compensation awards for the period covered by this disclosure; amounts are shown in thousands. No awards were forfeited by NEOs during this period. Dividend equivalents earned on grants are included in the fair value of the awards and no other payments were made.
​
 ​
​ ​ ​ ​
2025
​ ​ ​
2024
​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​
​ ​ ​ ​
CEO-
Gaspar
​ ​
CEO-
Muncrief
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO-
Muncrief
​ ​
CEO-
Hager
​ ​
Other
NEO
Average
​
​
Year End Fair Value- Awards Made During Year
​ ​ ​ $ 10,490 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,518 ​ ​ ​ ​ ​ $ 7,657 ​ ​ ​ ​ $ 2,671 ​ ​ ​ ​ ​ $ 7,265 ​ ​ ​ ​ $ 2,552 ​ ​ ​ ​ ​ $ 13,005 ​ ​ ​ ​ $ 4,533 ​ ​ ​ ​ ​ $ 18,136 ​ ​ ​ ​ $ 1,555 ​ ​ ​ ​ $ 5,130 ​ ​
​
Change in Fair Value-
Awards Outstanding
During Year
​ ​ ​ $ 798 ​ ​ ​ ​ $ 1,760 ​ ​ ​ ​ $ 469 ​ ​ ​ ​ ​ $ (4,077) ​ ​ ​ ​ $ (1,399) ​ ​ ​ ​ ​ $ (7,388) ​ ​ ​ ​ $ (2,555) ​ ​ ​ ​ ​ $ 15,003 ​ ​ ​ ​ $ 4,105 ​ ​ ​ ​ ​ $ 24,292 ​ ​ ​ ​ $ 17,015 ​ ​ ​ ​ $ 5,653 ​ ​
​
Change in Fair Value- Awards Vesting During Year
​ ​ ​ $ (561) ​ ​ ​ ​ $ (1,371) ​ ​ ​ ​ $ (343) ​ ​ ​ ​ ​ $ (1,513) ​ ​ ​ ​ $ (541) ​ ​ ​ ​ ​ $ (2,524) ​ ​ ​ ​ $ (276) ​ ​ ​ ​ ​ $ 9,088 ​ ​ ​ ​ $ 1,997 ​ ​ ​ ​ ​ $ 2,027 ​ ​ ​ ​ $ 11,040 ​ ​ ​ ​ $ 1,653 ​ ​
​
Total Change in Fair Value
​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ (279) ​ ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 12,436 ​ ​
       
Company Selected Measure Name Cash Return on Capital Employed (CROCE)        
Named Executive Officers, Footnote 4
The CEO for each year is as follows:
​
​​​
2025: Clay M. Gaspar, from March 1st to the end of the year; Richard E. Muncrief, from January 1st to February 28th. After February 28th, Mr. Muncrief assumed the position of Special Advisor until his retirement in April 2025.
2024, 2023, 2022: Richard E. Muncrief.
2021: Richard E. Muncrief, from January 7th to the end of the year; David A. Hager, from January 1st to 6th. After January 6th, Mr. Hager assumed the position of Executive Chair of the Board of Directors until his retirement in early 2023.
​​​
5
The other NEOs for each year are as follows:
​
2025: Dennis C. Cameron, Tana K. Cashion, David G. Harris, John D. Raines, and Jeffrey L. Ritenour.
2024, 2023, 2022: Dennis C. Cameron, Clay M. Gaspar, David G. Harris, and Jeffrey L. Ritenour.
2021: Tana K. Cashion, Clay M. Gaspar, David G. Harris, Jeffrey L. Ritenour, and Lyndon C. Taylor. 		       
Peer Group Issuers, Footnote 7
The peer group for 2025, 2024, 2023, and 2022 was the SPDR S&P Oil & Gas Exploration & Production ETF (Symbol: XOP). The 2021 peer group was comprised of APA Corporation, ConocoPhillips, Continental Resources, Diamondback Energy, Inc., EOG Resources, Inc., Marathon Oil Corporation, Ovintiv, Inc., Pioneer Natural Resources Company, and the S&P Midcap 400 Index. Cimarex Energy Co. is excluded from this Cumulative TSR calculation due to its subsequent acquisition, and the S&P Midcap 400 is excluded due to incomparability on a market capitalized basis. 		       
PEO Total Compensation Amount   $ 17,040 $ 14,883 $ 14,525  
PEO Actually Paid Compensation Amount   6,709 814 41,216  
Adjustment To PEO Compensation, Footnote
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Subtract
(-)
​ ​
Subtract
(-)
​ ​
Add
(+)
​ ​
Add
(+)
​ ​
Equals
(=)
​
​
Year
​ ​
Executive
​ ​
SCT Total
Compensation
​ ​
Fair Value of
Stock-Based
Awards Granted
During the Year
​ ​
Change in
Pension Value
for the Year
​ ​
The Change in
the Fair Value
from Start to End
of the Year for
All Stock Awards
Outstanding4
​ ​
Pension Service
Cost and Cost of
Additional
Pension Benefits
Due to Plan
Amendment
​ ​
“Compensation
Actually Paid”
​
​
2025
​ ​
CEO-Gaspar
​ ​ ​ $ 12,566 ​ ​ ​ ​ $ 9,634 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 13,660 ​ ​
​ CEO-Muncrief ​ ​ ​ $ 857 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,247 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,518 ​ ​ ​ ​ $ 2,312 ​ ​ ​ ​ $ 13 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,837 ​ ​
​
2024
​ ​
CEO
​ ​ ​ $ 17,040 ​ ​ ​ ​ $ 12,398 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 6,709 ​ ​
​
Other NEO Average
​ ​ ​ $ 6,194 ​ ​ ​ ​ $ 4,324 ​ ​ ​ ​ $ 1 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,599 ​ ​
​
2023
​ ​
CEO
​ ​ ​ $ 14,883 ​ ​ ​ ​ $ 11,422 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 814 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,502 ​ ​ ​ ​ $ 4,012 ​ ​ ​ ​ $ 6 ​ ​ ​ ​ $ (279) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,204 ​ ​
​
2022
​ ​
CEO
​ ​ ​ $ 14,525 ​ ​ ​ ​ $ 10,405 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 41,216 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,374 ​ ​ ​ ​ $ 3,717 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,292 ​ ​
​
2021
​ ​
CEO-Muncrief
​ ​ ​ $ 11,915 ​ ​ ​ ​ $ 8,311 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 48,059 ​ ​
​ CEO-Hager ​ ​ ​ $ 3,391 ​ ​ ​ ​ $ 712 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 32,289 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,596 ​ ​ ​ ​ $ 1,881 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,436 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 15,151 ​ ​
4
The process for determining the change in fair value under applicable financial accounting standards for stock-based compensation for this exhibit is substantially similar to that used for determining accounting value at the time of grant. For RSAs, the fair value is determined by multiplying the Fair Market Value of the underlying stock by the number of shares granted. For the interim calculations in this table, the product of the shares outstanding multiplied by the stock price at the beginning of the year (or at grant) is subtracted from the same calculation at the end of the year (or at vest). To determine grant value of PSUs, a Monte-Carlo simulation assimilating 10,000 potential outcomes is used. The Monte-Carlo simulation was rerun at the beginning and end of the year covered by this disclosure to create the interim valuations required. The table below reconciles the change in fair value of outstanding stock-based compensation awards for the period covered by this disclosure; amounts are shown in thousands. No awards were forfeited by NEOs during this period. Dividend equivalents earned on grants are included in the fair value of the awards and no other payments were made.
​
​
​ ​ ​ ​
2025
​ ​ ​
2024
​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​
​ ​ ​ ​
CEO-
Gaspar
​ ​
CEO-
Muncrief
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO-
Muncrief
​ ​
CEO-
Hager
​ ​
Other
NEO
Average
​
​
Year End Fair Value- Awards Made During Year
​ ​ ​ $ 10,490 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,518 ​ ​ ​ ​ ​ $ 7,657 ​ ​ ​ ​ $ 2,671 ​ ​ ​ ​ ​ $ 7,265 ​ ​ ​ ​ $ 2,552 ​ ​ ​ ​ ​ $ 13,005 ​ ​ ​ ​ $ 4,533 ​ ​ ​ ​ ​ $ 18,136 ​ ​ ​ ​ $ 1,555 ​ ​ ​ ​ $ 5,130 ​ ​
​
Change in Fair Value-
Awards Outstanding
During Year
​ ​ ​ $ 798 ​ ​ ​ ​ $ 1,760 ​ ​ ​ ​ $ 469 ​ ​ ​ ​ ​ $ (4,077) ​ ​ ​ ​ $ (1,399) ​ ​ ​ ​ ​ $ (7,388) ​ ​ ​ ​ $ (2,555) ​ ​ ​ ​ ​ $ 15,003 ​ ​ ​ ​ $ 4,105 ​ ​ ​ ​ ​ $ 24,292 ​ ​ ​ ​ $ 17,015 ​ ​ ​ ​ $ 5,653 ​ ​
​
Change in Fair Value- Awards Vesting During Year
​ ​ ​ $ (561) ​ ​ ​ ​ $ (1,371) ​ ​ ​ ​ $ (343) ​ ​ ​ ​ ​ $ (1,513) ​ ​ ​ ​ $ (541) ​ ​ ​ ​ ​ $ (2,524) ​ ​ ​ ​ $ (276) ​ ​ ​ ​ ​ $ 9,088 ​ ​ ​ ​ $ 1,997 ​ ​ ​ ​ ​ $ 2,027 ​ ​ ​ ​ $ 11,040 ​ ​ ​ ​ $ 1,653 ​ ​
​
Total Change in Fair Value
​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ (279) ​ ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 12,436 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 4,518 6,194 5,502 5,374 $ 4,596
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,837 2,599 1,204 12,292 15,151
Adjustment to Non-PEO NEO Compensation Footnote
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Subtract
(-)
​ ​
Subtract
(-)
​ ​
Add
(+)
​ ​
Add
(+)
​ ​
Equals
(=)
​
​
Year
​ ​
Executive
​ ​
SCT Total
Compensation
​ ​
Fair Value of
Stock-Based
Awards Granted
During the Year
​ ​
Change in
Pension Value
for the Year
​ ​
The Change in
the Fair Value
from Start to End
of the Year for
All Stock Awards
Outstanding4
​ ​
Pension Service
Cost and Cost of
Additional
Pension Benefits
Due to Plan
Amendment
​ ​
“Compensation
Actually Paid”
​
​
2025
​ ​
CEO-Gaspar
​ ​ ​ $ 12,566 ​ ​ ​ ​ $ 9,634 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 13,660 ​ ​
​ CEO-Muncrief ​ ​ ​ $ 857 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,247 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,518 ​ ​ ​ ​ $ 2,312 ​ ​ ​ ​ $ 13 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 4,837 ​ ​
​
2024
​ ​
CEO
​ ​ ​ $ 17,040 ​ ​ ​ ​ $ 12,398 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 6,709 ​ ​
​
Other NEO Average
​ ​ ​ $ 6,194 ​ ​ ​ ​ $ 4,324 ​ ​ ​ ​ $ 1 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,599 ​ ​
​
2023
​ ​
CEO
​ ​ ​ $ 14,883 ​ ​ ​ ​ $ 11,422 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 814 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,502 ​ ​ ​ ​ $ 4,012 ​ ​ ​ ​ $ 6 ​ ​ ​ ​ $ (279) ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 1,204 ​ ​
​
2022
​ ​
CEO
​ ​ ​ $ 14,525 ​ ​ ​ ​ $ 10,405 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 41,216 ​ ​
​
Other NEO Average
​ ​ ​ $ 5,374 ​ ​ ​ ​ $ 3,717 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,292 ​ ​
​
2021
​ ​
CEO-Muncrief
​ ​ ​ $ 11,915 ​ ​ ​ ​ $ 8,311 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 48,059 ​ ​
​ CEO-Hager ​ ​ ​ $ 3,391 ​ ​ ​ ​ $ 712 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 32,289 ​ ​
​
Other NEO Average
​ ​ ​ $ 4,596 ​ ​ ​ ​ $ 1,881 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 12,436 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 15,151 ​ ​
4
The process for determining the change in fair value under applicable financial accounting standards for stock-based compensation for this exhibit is substantially similar to that used for determining accounting value at the time of grant. For RSAs, the fair value is determined by multiplying the Fair Market Value of the underlying stock by the number of shares granted. For the interim calculations in this table, the product of the shares outstanding multiplied by the stock price at the beginning of the year (or at grant) is subtracted from the same calculation at the end of the year (or at vest). To determine grant value of PSUs, a Monte-Carlo simulation assimilating 10,000 potential outcomes is used. The Monte-Carlo simulation was rerun at the beginning and end of the year covered by this disclosure to create the interim valuations required. The table below reconciles the change in fair value of outstanding stock-based compensation awards for the period covered by this disclosure; amounts are shown in thousands. No awards were forfeited by NEOs during this period. Dividend equivalents earned on grants are included in the fair value of the awards and no other payments were made.
​
​
​ ​ ​ ​
2025
​ ​ ​
2024
​ ​ ​
2023
​ ​ ​
2022
​ ​ ​
2021
​
​ ​ ​ ​
CEO-
Gaspar
​ ​
CEO-
Muncrief
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO
​ ​
Other
NEO
Average
​ ​ ​
CEO-
Muncrief
​ ​
CEO-
Hager
​ ​
Other
NEO
Average
​
​
Year End Fair Value- Awards Made During Year
​ ​ ​ $ 10,490 ​ ​ ​ ​ $ 0 ​ ​ ​ ​ $ 2,518 ​ ​ ​ ​ ​ $ 7,657 ​ ​ ​ ​ $ 2,671 ​ ​ ​ ​ ​ $ 7,265 ​ ​ ​ ​ $ 2,552 ​ ​ ​ ​ ​ $ 13,005 ​ ​ ​ ​ $ 4,533 ​ ​ ​ ​ ​ $ 18,136 ​ ​ ​ ​ $ 1,555 ​ ​ ​ ​ $ 5,130 ​ ​
​
Change in Fair Value-
Awards Outstanding
During Year
​ ​ ​ $ 798 ​ ​ ​ ​ $ 1,760 ​ ​ ​ ​ $ 469 ​ ​ ​ ​ ​ $ (4,077) ​ ​ ​ ​ $ (1,399) ​ ​ ​ ​ ​ $ (7,388) ​ ​ ​ ​ $ (2,555) ​ ​ ​ ​ ​ $ 15,003 ​ ​ ​ ​ $ 4,105 ​ ​ ​ ​ ​ $ 24,292 ​ ​ ​ ​ $ 17,015 ​ ​ ​ ​ $ 5,653 ​ ​
​
Change in Fair Value- Awards Vesting During Year
​ ​ ​ $ (561) ​ ​ ​ ​ $ (1,371) ​ ​ ​ ​ $ (343) ​ ​ ​ ​ ​ $ (1,513) ​ ​ ​ ​ $ (541) ​ ​ ​ ​ ​ $ (2,524) ​ ​ ​ ​ $ (276) ​ ​ ​ ​ ​ $ 9,088 ​ ​ ​ ​ $ 1,997 ​ ​ ​ ​ ​ $ 2,027 ​ ​ ​ ​ $ 11,040 ​ ​ ​ ​ $ 1,653 ​ ​
​
Total Change in Fair Value
​ ​ ​ $ 10,728 ​ ​ ​ ​ $ 390 ​ ​ ​ ​ $ 2,644 ​ ​ ​ ​ ​ $ 2,067 ​ ​ ​ ​ $ 730 ​ ​ ​ ​ ​ $ (2,647) ​ ​ ​ ​ $ (279) ​ ​ ​ ​ ​ $ 37,096 ​ ​ ​ ​ $ 10,635 ​ ​ ​ ​ ​ $ 44,455 ​ ​ ​ ​ $ 29,610 ​ ​ ​ ​ $ 12,436 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: bc_shareholderreturn-pn.jpg]        
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_posttax-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_capitalemployed-pn.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: bc_shareholderreturn-pn.jpg]        
Tabular List, Table
PvP Table 2: Other Measures Important in Linking Performance to “Compensation Actually Paid”
​
Other Important Measures1
​
​
Free Cash Flow
(FCF)
​ ​
Health &
Safety
​ ​
Environmental
Performance
​ ​
Total Oil & Gas
Production
​ ​
Total Capital
Expenditures
 ​
​ ​
1
These are the measures, in addition to CROCE, used to determine 2025 NEO annual cash incentive payments. For more information on performance, see section “Annual Cash Incentives” in this Proxy Statement and similar disclosures in prior Proxy Statements.
​
 ​
       
Total Shareholder Return Amount $ 292 163 226 285 191
Peer Group Total Shareholder Return Amount 242 157 152 143 121
Net Income (Loss) $ 2,642,000,000 $ 2,893,000,000 $ 3,739,000,000 $ 6,031,000,000.000 $ 2,808,000,000
Company Selected Measure Amount 31 36 42 62 39
PEO Name Clay M. Gaspar        
Cumulative Total Share Holder Return In Percenatge 192.00% 63.00% 126.00% 185.00% 91.00%
Peer Group Cumulative Total Share Holder Return 142.00% 57.00% 52.00% 43.00% 21.00%
Measure:: 1          
Pay vs Performance Disclosure          
Non-GAAP Measure Description 9
Cash Return on Capital Employed (CROCE) is an important financial measure used by the Company to link “compensation actually paid” to Company performance because of the importance of capital efficiency to successful operations in the oil and gas exploration and production industry. In Devon’s annual performance scorecard published in the “Annual Cash Incentives” section of this and prior Proxy Statements, CROCE was weighted as the joint-highest measure of performance on preset annual goals. The Company’s other important financial measures used to link “compensation actually paid” to Company performance are used to calculate Devon’s annual cash incentive and can be found on page 57. 		       
Measure:: 2          
Pay vs Performance Disclosure          
Name Free Cash Flow(FCF)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Health &Safety        
Measure:: 4          
Pay vs Performance Disclosure          
Name EnvironmentalPerformance        
Measure:: 5          
Pay vs Performance Disclosure          
Name Total Oil & GasProduction        
Measure:: 6          
Pay vs Performance Disclosure          
Name Total CapitalExpenditures        
Gaspar [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 12,566        
PEO Actually Paid Compensation Amount 13,660        
Muncrief [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 857       $ 11,915
PEO Actually Paid Compensation Amount 1,247       48,059
Hager [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount         3,391
PEO Actually Paid Compensation Amount         32,289
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ 0 $ 0 $ 0  
PEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   0 0 0  
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (12,398) (11,422) (10,405)  
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   2,067 (2,647) 37,096  
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   7,657 7,265 13,005  
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (4,077) (7,388) 15,003  
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   (1,513) (2,524) 9,088  
PEO | Gaspar [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Gaspar [Member] | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Gaspar [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (9,634)        
PEO | Gaspar [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,728        
PEO | Gaspar [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,490        
PEO | Gaspar [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 798        
PEO | Gaspar [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (561)        
PEO | Muncrief [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0       0
PEO | Muncrief [Member] | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0       0
PEO | Muncrief [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0       (8,311)
PEO | Muncrief [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 390       44,455
PEO | Muncrief [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0       18,136
PEO | Muncrief [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,760       24,292
PEO | Muncrief [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,371)       2,027
PEO | Hager [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Hager [Member] | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         0
PEO | Hager [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         (712)
PEO | Hager [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         29,610
PEO | Hager [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         1,555
PEO | Hager [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         17,015
PEO | Hager [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         11,040
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (13) (1) (6) 0 0
Non-PEO NEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,312) (4,324) (4,012) (3,717) (1,881)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,644 730 (279) 10,635 12,436
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,518 2,671 2,552 4,533 5,130
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 469 (1,399) (2,555) 4,105 5,653
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (343) $ (541) $ (276) $ 1,997 $ 1,653
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Practices Related to the Grant of Certain Equity Awards in Relation to the Release of Material Nonpublic Information
Devon does not currently grant stock options or option-like equity awards to its employees or directors and therefore does not have a formal practice or policy with respect to the grant of stock options or option-like awards.
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true