Devon faces risks from volatile oil, gas, and NGL prices; uncertainties in reserve estimations; operational costs and risks; hedging activities; third-party operational issues; midstream capacity constraints; competition; regulatory restrictions (federal lands, environmental, seismicity); climate change regulations; governmental interventions; counterparty credit risk; debt risks; cybersecurity; pandemics; insurance coverage limitations; stockholder activism; acquisition/divestiture complexities; dividend/repurchase limitations; and potential royalty lawsuits and environmental liabilities.

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Devon's acquisition of Grayson Mill's Williston Basin business is expected to increase production by 100 MBoe/d and enhance earnings. The company anticipates increased volumes, operating scale, and sustainable value creation. Positive cash flow, share repurchases, dividend payments, and liquidity are also highlighted as potential upsides.

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