Filed Pursuant to Rule 424(b)(3)
Registration No. 333-249859

JOINT PROXY STATEMENT AND PROSPECTUS

MERGER PROPOSAL—YOUR VOTE IS VERY IMPORTANT

Dear Stockholders of Devon Energy Corporation and WPX Energy, Inc.:

On behalf of the boards of directors of Devon Energy Corporation (“Devon”) and WPX Energy, Inc. (“WPX”), we are pleased to enclose the accompanying joint proxy statement/prospectus relating to the merger of Devon and WPX. We are requesting that you take certain actions as a Devon or WPX stockholder.

On September 26, 2020, Devon, East Merger Sub, Inc., a Delaware corporation and wholly-owned, direct subsidiary of Devon (“Merger Sub”), and WPX entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”), providing for the merger of Merger Sub with and into WPX, with WPX surviving the merger (the “merger”) as a wholly-owned, direct subsidiary of Devon. In the merger, WPX stockholders will be entitled to receive, in exchange for each share of WPX common stock, par value $0.01 per share (“WPX Common Stock”), owned by them immediately prior to such merger, 0.5165 shares of Devon common stock, par value $0.10 per share (“Devon Common Stock”), with cash paid in lieu of the issuance of any fractional shares, which we refer to collectively as the merger consideration.

Devon and WPX will each hold special meetings of their respective stockholders in connection with the proposed merger (respectively, the “Devon Special Meeting” and “WPX Special Meeting”).

At the Devon Special Meeting, holders of Devon Common Stock (the “Devon stockholders”) will be asked to vote on proposals to (i) approve the issuance of shares of Devon Common Stock to the holders of WPX Common Stock (the “WPX stockholders”) in connection with the merger pursuant to the terms of the Merger Agreement (the “Stock Issuance Proposal”) and (ii) approve the adjournment of the Devon Special Meeting to solicit additional proxies if there are not sufficient votes cast at the Devon Special Meeting to approve the Stock Issuance Proposal (the “Devon Adjournment Proposal”). Approval of the Stock Issuance Proposal requires the affirmative vote of a majority of the Devon Common Stock entitled to vote thereon and present in person or represented by proxy at the Devon Special Meeting. Approval of the Devon Adjournment Proposal requires the affirmative vote of a majority of the Devon Common Stock entitled to vote thereon and present in person or represented by proxy at the Devon Special Meeting. Under the Devon Bylaws, virtual attendance at the special meeting constitutes presence in person for purposes of the vote required.

Contemporaneously and in connection with the execution of the Merger Agreement, Devon entered into a support agreement (the “EnCap Support Agreement”) (a copy of which is attached as Annex D to this joint proxy statement/prospectus) with certain WPX stockholders affiliated with EnCap Investments L.P. (such stockholders are referred to herein collectively as “EnCap”), pursuant to which EnCap agreed, among other things, subject to the terms and conditions thereof, to vote all of the shares of WPX Common Stock held by EnCap as of such date in favor of the Merger Proposal at the WPX Special Meeting. For more information, please see “The Merger Agreement—EnCap Support Agreement.” For more information regarding the security ownership of EnCap, please see “Certain Beneficial Owners of WPX Common Stock.”

The Devon Special Meeting will be held virtually at www.virtualshareholdermeeting.com/DVN2020SM, on December 30, 2020, at 9:30 a.m., Central Time. Devon’s board of directors (the “Devon Board”) unanimously recommends that Devon stockholders vote “FOR” the Stock Issuance Proposal.

At the WPX Special Meeting, WPX stockholders will be asked to vote on proposals to (i) adopt the Merger Agreement (the “Merger Proposal”), (ii) approve, on a non-binding advisory basis, the compensation that may be paid or become payable to WPX’s named executive officers that is based on or otherwise relates to the merger (the “Advisory Compensation Proposal”) and (iii) approve the adjournment of the WPX Special Meeting to solicit additional proxies if there are not sufficient votes cast at the WPX Special Meeting to approve the Merger Proposal (the “WPX Adjournment Proposal”). Approval of the Merger Proposal requires the affirmative vote of the holders of a majority of the outstanding shares of WPX Common Stock entitled to vote on the proposal. Approval of the WPX Adjournment Proposal and, assuming a quorum is present, the Advisory Compensation Proposal requires the affirmative vote of the holders of a majority of the WPX Common Stock entitled to vote

thereon and present in person or represented by proxy at the WPX Special Meeting. Under the WPX Bylaws, virtual attendance at the special meeting constitutes presence in person for purposes of the vote required.

The WPX Special Meeting will be held virtually at www.meetingcenter.io/279855004, on December 30, 2020, at 9:30 a.m., Central Time. The board of directors of WPX (the “WPX Board”) unanimously recommends that WPX stockholders vote “FOR” the Merger Proposal, “FOR” the Advisory Compensation Proposal and “FOR” the WPX Adjournment Proposal.

If the merger is completed, at the effective time of the merger (the “Effective Time”), each issued and outstanding share of WPX Common Stock as of immediately prior to the Effective Time that is eligible to be converted into Devon Common Stock in accordance with the terms of the Merger Agreement will convert automatically into the right to receive 0.5165 shares of Devon Common Stock (the “Exchange Ratio”), with cash paid in lieu of the issuance of fractional shares, if any. Although the number of shares of Devon Common Stock that WPX stockholders will receive in exchange for their shares of WPX Common Stock is fixed, the market value of the merger consideration will fluctuate with the market price of Devon Common Stock and will not be known at the time WPX stockholders vote to adopt the Merger Agreement or at the time Devon stockholders vote to approve the Stock Issuance Proposal. Based on the closing price of Devon Common Stock on the New York Stock Exchange (“NYSE”) on September 25, 2020, the last trading day before the public announcement of the parties entering into the Merger Agreement, the exchange ratio represented approximately $4.53 in value for each share of WPX Common Stock. Based on the closing price of Devon Common Stock on the NYSE on November 18, 2020, the last practicable trading day before the date of the accompanying joint proxy statement/prospectus, the exchange ratio represented approximately $6.59 in value for each share of WPX Common Stock. Based on the estimated number of shares of Devon Common Stock and estimated number of shares of WPX Common Stock, as well as the outstanding equity awards of the parties, that will be outstanding immediately prior to the consummation of the merger, we estimate that, upon consummation of the merger, Devon stockholders as of immediately prior to the merger will hold approximately 57%, and WPX stockholders as of immediately prior to the merger will hold approximately 43%, of the issued and outstanding shares of Devon Common Stock (in each case based on fully diluted shares outstanding of each company). We urge you to obtain current market quotations for Devon Common Stock (trading symbol “DVN”) and WPX Common Stock (trading symbol “WPX”).

The obligations of Devon and WPX to complete the merger are subject to the satisfaction or waiver of a number of conditions set forth in the Merger Agreement, a copy of which is attached as Annex A to the accompanying joint proxy statement/prospectus. The accompanying joint proxy statement/prospectus describes the Devon Special Meeting and the proposals to be considered thereat, the WPX Special Meeting and the proposals to be considered thereat, the merger and the documents and agreements related to the merger. It also contains or references information about Devon and WPX and certain related agreements and matters. Please carefully read the entire accompanying joint proxy statement/prospectus, including “Risk Factors” beginning on page 33, for a discussion of the risks relating to the proposed merger. You also can obtain information about Devon and WPX from documents that each has filed with the Securities and Exchange Commission (the “SEC”). Please see “Where You Can Find More Information” beginning on page 216 of the accompanying joint proxy statement/prospectus for how you may obtain such information.

Sincerely,

Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued in connection with the merger described in the accompanying joint proxy statement/prospectus or determined if the accompanying joint proxy statement/prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

The accompanying joint proxy statement/prospectus is dated November 24, 2020 and is first being mailed to Devon stockholders of record and WPX stockholders of record on or about November 30, 2020.

333 W. Sheridan Ave.

Oklahoma City, Oklahoma 73102-5015

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS

OF

DEVON ENERGY CORPORATION

TO BE HELD ON DECEMBER 30, 2020

To the Stockholders of Devon Energy Corporation:

You are cordially invited to attend the special meeting of stockholders (the “Devon Special Meeting”) of Devon Energy Corporation (“Devon”) virtually, to be held at 9:30 a.m., Central Time, on December 30, 2020 virtually at www.virtualshareholdermeeting.com/DVN2020SM, for the following purposes:

Devon will transact no other business at the Devon Special Meeting or any adjournment or postponement thereof, except such business as may properly be brought before the Devon Special Meeting by or at the direction of the board of directors of Devon (the “Devon Board”) in accordance with Devon’s amended and restated bylaws. These items of business are described in the enclosed joint proxy statement/prospectus. The Devon Board has designated the close of business on November 4, 2020 as the record date for the purpose of determining the holders of shares of Devon Common Stock who are entitled to receive notice of, and to vote at, the Devon Special Meeting and any adjournment or postponement of the special meeting, unless a new record date is fixed in connection with any adjournment or postponement of the special meeting. Only holders of record of Devon Common Stock at the close of business on the record date are entitled to notice of, and to vote at, the Devon Special Meeting and at any adjournment or postponement of the special meeting.

The Devon Board has (i) determined that it is in the best interest of Devon and the holders of Devon Common Stock to enter into the Merger Agreement, (ii) declared entry into the Merger Agreement to be advisable, (iii) authorized and approved Devon’s execution, delivery and performance of the Merger Agreement in accordance with its terms and Devon’s consummation of the transactions contemplated thereby, including the merger of Merger Sub and WPX contemplated thereby (the “merger”) and the issuance of Devon Common Stock contemplated by the Stock Issuance Proposal, (iv) directed that the approval of the Stock Issuance Proposal be submitted to a vote at a meeting of the holders of Devon Common Stock and (v) recommended that the holders of Devon Common Stock approve the Stock Issuance Proposal. The Devon Board recommends that holders of Devon Common Stock vote “FOR” the Stock Issuance Proposal and “FOR” the Devon Adjournment Proposal.

Properly executed proxy cards with no instructions indicated on the proxy card will be voted “FOR” the Stock Issuance Proposal and “FOR” the Devon Adjournment Proposal. Even if you plan to attend the Devon Special Meeting virtually, Devon requests that you complete, sign, date and return the enclosed proxy card in the accompanying envelope prior to the special meeting to ensure that your shares will be represented and voted at the special meeting if you later decide not to or become unable to attend virtually.

You may also submit a proxy over the Internet using the Internet address on the enclosed proxy card or by telephone using the toll-free number on the enclosed proxy card. If you submit your proxy through the Internet or by telephone, you will be asked to provide the control number from the enclosed proxy card. If you are not a stockholder of record, but instead hold your shares in “street name” through a broker, bank, trust or other nominee, you must provide a proxy executed in your favor from your broker, bank, trust or other nominee in order to be able to vote at the special meeting.

Submitting a proxy will not prevent you from voting virtually at the meeting, but it will help to secure a quorum and avoid added solicitation costs. Any eligible holder of Devon Common Stock may vote virtually at the special meeting, thereby revoking any previous proxy. In addition, a proxy may also be revoked in writing before the special meeting in the manner described in the joint proxy statement/prospectus.

Please vote as promptly as possible, whether or not you plan to attend the Devon Special Meeting virtually. If your shares are held in the name of a broker, bank, or other nominee, please vote by following the instructions on the voting instruction form furnished by the broker, bank, or other nominee. If you hold your shares in your own name, submit a proxy to vote your shares as promptly as possible by (i) visiting the Internet site listed on the proxy card, (ii) calling the toll-free number listed on the proxy card or (iii) submitting your proxy card by mail by using the self-addressed, stamped envelope provided. Submitting a proxy will not prevent you from voting virtually, but it will help to secure a quorum and avoid added solicitation costs. Any eligible holder of Devon Common Stock entitled to vote thereon and who is virtually present at the Devon Special Meeting may vote, thereby revoking any previous proxy. In addition, a proxy may also be revoked in writing before the Devon Special Meeting in the manner described in this joint proxy statement/prospectus.

If you have any questions concerning the merger or the joint proxy statement/prospectus, would like additional copies or need help voting your shares of Devon Common Stock, please contact Devon’s proxy solicitor:

1407 Broadway, 27^th Floor

New York, New York 10018

Email: proxy@mackenziepartners.com

Call Collect: (212) 929-5500

Toll-Free: (800) 322-2885

By Order of the Board of Directors

Christopher J. Kirt

Vice President Corporate Governance and Secretary

Oklahoma City, Oklahoma

November 24, 2020

WPX ENERGY, INC.

3500 One Williams Center

Tulsa, Oklahoma 74172

NOTICE OF SPECIAL MEETING OF

STOCKHOLDERS OF WPX ENERGY, INC.

TO BE HELD DECEMBER 30, 2020

Dear Stockholder:

You are cordially invited to attend the special meeting of stockholders (the “WPX Special Meeting”) of WPX Energy, Inc. (“WPX”) virtually, to be held at 9:30 a.m., Central Time, on December 30, 2020 at www.meetingcenter.io/279855004, for the following purposes:

WPX will transact no other business at the WPX Special Meeting, except such business as may properly be brought before the WPX Special Meeting or any adjournment or postponement thereof by or at the direction of the WPX board of directors (the “WPX Board”) in accordance with WPX’s amended and restated bylaws. This joint proxy statement/prospectus, of which this notice is a part, describes the proposals listed above in more detail. Please refer to the attached documents, including the Merger Agreement and all other annexes and any documents incorporated by reference, for further information with respect to the business to be transacted at the WPX Special Meeting. You are encouraged to read the entire document carefully before voting. In particular, please see the sections entitled “The Merger” beginning on page 53 for a description of the transactions contemplated by the Merger Agreement and “Risk Factors” beginning on page 33 for an explanation of the risks associated with the merger and the other transactions contemplated by the Merger Agreement.

Approval of the WPX Merger Proposal by the affirmative vote of the holders of a majority of the outstanding shares of WPX common stock, par value $0.01 per share (“WPX Common Stock”), entitled to vote on the proposal is required to complete the merger between WPX and Merger Sub, as contemplated pursuant to the Merger Agreement (the “merger”). Holders of WPX Common Stock (“WPX stockholders”) will also be asked to approve the Advisory Compensation Proposal and the WPX Adjournment Proposal.

The WPX Board has fixed the close of business on November 4, 2020, as the record date for the determination of the WPX stockholders entitled to receive notice of, and to virtually vote at, the WPX Special Meeting or any adjournment or postponement thereof. The WPX stockholders of record as of the close of business on the record date are the only WPX stockholders that are entitled to receive notice of, and to virtually vote at, the WPX Special Meeting or any adjournment or postponement thereof. For additional information regarding the WPX Special Meeting, please see the section entitled “WPX Special Meeting” beginning on page 157 of this joint proxy statement/prospectus.

The WPX Board, at a meeting duly called and held, has by unanimous vote (i) declared that the Merger Agreement and the transactions contemplated thereby, including the merger, are fair to, and in the best interests of WPX and the WPX stockholders, (ii) approved and declared advisable the Merger Agreement and the transactions contemplated thereby, including the merger and (iii) recommended that the WPX stockholders adopt the Merger Agreement and approve the transactions contemplated thereby, including the merger. The WPX Board unanimously recommends that holders of WPX Common Stock vote “FOR” the Merger Proposal, “FOR” the Advisory Compensation Proposal and “FOR” the WPX Adjournment Proposal.

Please vote as promptly as possible, whether or not you plan to attend the WPX Special Meeting virtually. If your shares are held in the name of a broker, bank, or other nominee, please vote by following the instructions on the voting instruction form furnished by the broker, bank, or other nominee. If you hold your shares in your own name, submit a proxy to vote your shares as promptly as possible by (i) visiting the Internet site listed on the proxy card, (ii) calling the toll-free number listed on the proxy card or (iii) submitting your proxy card by mail by using the self-addressed, stamped envelope provided. Submitting a proxy will not prevent you from voting virtually, but it will help to secure a quorum and avoid added solicitation costs. Any eligible holder of WPX Common Stock entitled to vote thereon and who is virtually present at the WPX Special Meeting may vote, thereby revoking any previous proxy. In addition, a proxy may also be revoked in writing before the WPX Special Meeting in the manner described in this joint proxy statement/prospectus.

If you have any questions concerning the Merger Proposal, the Advisory Compensation Proposal, the WPX Adjournment Proposal, the merger or this joint proxy statement/prospectus, would like additional copies, or need help voting your shares of WPX Common Stock, please contact WPX’s proxy solicitor:

Georgeson LLC

1290 Avenue of the Americas, 9^th Floor

New York, New York 10104

Stockholders, banks and brokers call toll-free: (800) 903-2897

By Order of the Board of Directors

Stephen E. Brilz

Vice President and Corporate Secretary

Tulsa, Oklahoma

November 24, 2020

ABOUT THIS JOINT PROXY STATEMENT/PROSPECTUS

This document, which forms part of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission (the “SEC”) by Devon, constitutes a prospectus of Devon under Section 5 of the Securities Act of 1933 (as amended, the “Securities Act”) with respect to the shares of Devon Common Stock to be issued to WPX stockholders pursuant to the Merger Agreement. This document also constitutes a proxy statement of each of Devon and WPX under Section 14(a) of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”). It also constitutes a notice of meeting with respect to the special meeting of WPX stockholders (the “WPX Special Meeting”) and the special meeting of Devon stockholders (the “Devon Special Meeting”).

You should rely only on the information contained in or incorporated by reference into this joint proxy statement/prospectus. Devon and WPX have not authorized anyone to provide you with information that is different from that contained in or incorporated by reference into this joint proxy statement/prospectus. This joint proxy statement/prospectus is dated November 24, 2020. The information contained in this joint proxy statement/prospectus is accurate only as of that date or, in the case of information in a document incorporated by reference, as of the date of such document, unless the information specifically indicates that another date applies. Neither the mailing of this joint proxy statement/prospectus to Devon stockholders and WPX stockholders nor the issuance by Devon of shares of Devon Common Stock pursuant to the Merger Agreement will create any implication to the contrary.

This joint proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy, in any jurisdiction to or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction. Devon has supplied all information contained in this joint proxy statement/prospectus relating to Devon, and WPX has supplied all such information relating to WPX. Devon and WPX have both contributed to the information related to the merger contained in this joint proxy statement/prospectus.

Unless the context otherwise requires, all references in this joint proxy statement/prospectus to “Devon” refer to Devon Energy Corporation, a Delaware corporation. Unless the context otherwise requires, all references in this joint proxy statement/prospectus to “WPX” refer to WPX Energy, Inc., a Delaware corporation. All references in this joint proxy statement/prospectus to “Devon Common Stock” refer to the common stock of Devon, par value $0.10 per share, and all references in this joint proxy statement/prospectus to “WPX Common Stock” refer to the common stock of WPX, par value $0.01 per share. All references in this joint proxy statement/prospectus to “Merger Agreement” refer to the Agreement and Plan of Merger, dated as of September 26, 2020, by and between Devon, East Merger Sub, Inc., a Delaware corporation and a wholly-owned, direct subsidiary of Devon (“Merger Sub”), and WPX, as it may be amended from time to time, a copy of which is attached as Annex A to this joint proxy statement/prospectus and incorporated by reference herein. All references in this joint proxy statement/prospectus to the “Exchange Ratio” refer to the ratio of 0.5165 shares of Devon Common Stock per outstanding share of WPX Common Stock that will be issued to WPX stockholders in connection with the merger.

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ADDITIONAL INFORMATION

This joint proxy statement/prospectus incorporates by reference important business and financial information about Devon and WPX from other documents that are not included in or delivered with this joint proxy statement/prospectus. For a listing of the documents incorporated by reference into this joint proxy statement/prospectus, see “Where You Can Find More Information” beginning on page 216.

You may request copies of this joint proxy statement/prospectus and any of the documents incorporated by reference herein or other information concerning Devon or WPX, without charge, upon written or oral request to the applicable company’s principal executive offices. The respective addresses and phone numbers of such principal executive offices are listed below.

If you would like to request any of the Devon or WPX documents that are incorporated by reference into this joint proxy statement/prospectus, please do so by December 22, 2020 in order to receive them before the Devon Special Meeting and the WPX Special Meeting.

You may also obtain any of the documents incorporated by reference into this joint proxy statement/prospectus without charge through the SEC’s website at www.sec.gov. In addition, you may obtain copies of documents filed by Devon with the SEC by accessing Devon’s website at https://investors.devonenergy.com/investors/default.aspx. You may also obtain copies of documents filed by WPX with the SEC by accessing WPX’s website at https://www.wpxenergy.com/investors/.

We are not incorporating the contents of the websites of the SEC, Devon, WPX or any other entity into this joint proxy statement/prospectus. We are providing the information about how you can obtain certain documents that are incorporated by reference into this joint proxy statement/prospectus at these websites only for your convenience.

In addition, if you have questions about the merger (as defined below) or this joint proxy statement/prospectus, would like additional copies of this joint proxy statement/prospectus or need to obtain proxy cards or other information related to the proxy solicitation, contact MacKenzie Partners, Inc., the proxy solicitor for Devon, toll-free at (800) 322-2885 or, for brokers and banks, collect at (212) 929-5500, or Georgeson LLC, the proxy solicitor for WPX, toll-free at (800) 903-2897. You will not be charged for any of these documents that you request.

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Table of Contents

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QUESTIONS AND ANSWERS

The following questions and answers briefly address some commonly asked questions about the WPX Special Meeting, the Devon Special Meeting and the merger. They may not include all the information that is important to WPX stockholders and Devon stockholders. WPX stockholders and Devon stockholders should carefully read this entire joint proxy statement/prospectus, including the annexes and the other documents referred to herein.

You are receiving this joint proxy statement/prospectus because Devon and WPX have agreed to combine in an all-stock merger of equals transaction. At the Effective Time, Merger Sub will merge with and into WPX, the separate corporate existence of Merger Sub will cease and WPX will continue as the surviving corporation in the merger as a wholly-owned, direct subsidiary of Devon. As referred to in this joint proxy statement/prospectus, the “Effective Time” means the effective time of the merger and as set forth in the Merger Agreement. The Merger Agreement governs the terms of the merger of Merger Sub and WPX and is attached to this joint proxy statement/prospectus as Annex A.

In order to complete the merger, among other things, WPX stockholders must adopt the Merger Agreement in accordance with the General Corporation Law of the State of Delaware (the “DGCL”), and Devon stockholders must approve the issuance of shares of Devon Common Stock in connection with the merger.

This joint proxy statement/prospectus serves as both the proxy statement through which Devon and WPX will solicit proxies to obtain the necessary stockholder approvals for the merger and the prospectus by which Devon will issue shares of Devon Common Stock as consideration in the merger.

This joint proxy statement/prospectus, which you should carefully read in its entirety, contains important information about the WPX Special Meeting and Devon Special Meeting, the merger and other matters.

The Merger Agreement is attached to this joint proxy statement/prospectus as Annex A. For a more complete discussion of the proposed merger, its effects and the other transactions contemplated by the Merger Agreement, please see “The Merger” elsewhere in this joint proxy statement/prospectus.

WPX stockholders will also be asked to (1) approve, on a non-binding advisory basis, the compensation that may be paid or become payable to WPX’s named executive officers that is based on or otherwise relates to

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the merger (the “Advisory Compensation Proposal”); and (2) approve the proposal to adjourn the WPX Special Meeting to solicit additional proxies if there are not sufficient votes at the time of the WPX Special Meeting to approve the Merger Proposal or to ensure that any supplement or amendment to this joint proxy statement/prospectus is timely provided to WPX stockholders (the “WPX Adjournment Proposal”).

Your vote is very important, regardless of the number of shares that you own. The approval of the Merger Proposal is a condition to the obligations of Devon and WPX to complete the merger.

Devon stockholders will also be asked to approve the proposal to adjourn the Devon Special Meeting to solicit additional proxies if there are not sufficient votes at the time of the Devon Special Meeting to approve the Stock Issuance Proposal or to ensure that any supplement or amendment to this joint proxy statement/prospectus is timely provided to Devon stockholders (the “Devon Adjournment Proposal”).

Your vote is very important, regardless of the number of shares that you own. The approval of the Stock Issuance Proposal is a condition to the obligations of each of Devon and WPX to complete the merger.

Approval of the Merger Proposal requires the affirmative vote of holders of a majority of the outstanding shares of WPX Common Stock entitled to vote on the proposal. Accordingly, a WPX stockholder’s abstention from voting or the failure of a WPX stockholder to vote (including the failure of a WPX stockholder who holds shares in “street name” through a bank, broker or other nominee to give voting instructions to that bank, broker or other nominee) will have the same effect as a vote “against” the Merger Proposal.

Approval of the WPX Adjournment Proposal and, assuming a quorum is present, the Advisory Compensation Proposal requires the affirmative vote of the holders of a majority of the WPX Common

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Stock entitled to vote thereon and present in person or represented by proxy at the WPX Special Meeting. Accordingly, with respect to a WPX stockholder who is present in person or represented by proxy at the WPX Special Meeting, such stockholder’s abstention from voting or the failure of a WPX stockholder to vote will have the same effect as a vote “against” the Advisory Compensation Proposal and WPX Adjournment Proposal. The failure of a WPX stockholder who holds shares in “street name” through a bank, broker or other nominee to give voting instructions to the bank, broker or other nominee will have no effect on the outcome of the Advisory Compensation Proposal and WPX Adjournment Proposal. However, if a WPX stockholder instructs its bank, broker or other nominee regarding some but not all of the proposals, such broker non-vote will have the same effect as voting “against” any proposal for which no instruction is provided. Regardless of whether there is a quorum, the chairman of the WPX Special Meeting may also adjourn the WPX Special Meeting.

Assuming a quorum is present, approval of the Stock Issuance Proposal requires the affirmative vote of holders of a majority of the shares of Devon Common Stock present in person or represented by proxy at the Devon Special Meeting entitled to vote thereon. Accordingly, with respect to a Devon stockholder who is present in person or represented by proxy at the Devon Special Meeting, such stockholder’s abstention from voting or the failure of a Devon stockholder to vote will have the same effect as a vote “against” the Stock Issuance Proposal. The failure of a Devon stockholder who holds shares in “street name” through a bank, broker or other nominee to give voting instructions to the bank, broker or other nominee will have no effect on the outcome of the Stock Issuance Proposal. However, if a Devon stockholder instructs its bank, broker or other nominee regarding the Devon Adjournment Proposal but not the Stock Issuance Proposal, such broker non-vote will have the same effect as voting “against” the Stock Issuance Proposal.

Approval of the Devon Adjournment Proposal requires the affirmative vote of holders of a majority of the shares of Devon Common Stock present in person or represented by proxy at the Devon Special Meeting and entitled to vote thereon. Accordingly, with respect to a Devon stockholder who is present in person or represented by proxy at the Devon Special Meeting, such stockholder’s abstention from voting or the failure of a Devon stockholder to vote will have the same effect as a vote “against” the Devon Adjournment Proposal. The failure of a Devon stockholder who holds shares in “street name” through a bank, broker or other nominee to give voting instructions to the bank, broker or other nominee will have no effect on the outcome of the Devon Adjournment Proposal. However, if a Devon stockholder instructs its bank, broker or other nominee regarding the Stock Issuance Proposal but not Devon Adjournment Proposal, such broker non-vote will have the same effect as voting “against” the Devon Adjournment Proposal. Regardless of whether there is a quorum, the chairman of the Devon Special Meeting may also adjourn the Devon Special Meeting.

WPX stockholders as of the WPX Record Date may attend, vote and submit questions virtually at the WPX Special Meeting by logging in at www.meetingcenter.io/279855004. To log in, WPX stockholders (or their authorized representatives) will need the control number provided on their proxy card, voting instruction form or notice. If you are not a WPX stockholder or do not have a control number, you may still access the meeting as a guest, but you will not be able to participate.

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Because Devon will issue a fixed number of shares of Devon Common Stock in exchange for each share of WPX Common Stock, the value of the merger consideration that WPX stockholders will receive in the merger will depend on the market price of shares of Devon Common Stock at the Effective Time. The market price of shares of Devon Common Stock that WPX stockholders receive at the Effective Time could be greater than, less than or the same as the market price of shares of Devon Common Stock on the date of this joint proxy statement/prospectus or at the time of the WPX Special Meeting. Accordingly, you should obtain current market quotations for Devon Common Stock and WPX Common Stock before deciding how to vote with respect to the Merger Proposal or the Stock Issuance Proposal, as applicable. Devon Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “DVN.” WPX Common Stock is traded on the NYSE under the symbol “WPX.”

For more information regarding the merger consideration to be received by WPX stockholders if the merger is completed, please see “The Merger Agreement—Merger Consideration.”

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At the Effective Time, each WPX Stock Option (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”) that is outstanding immediately prior to the Effective Time and that by its terms does not settle by reason of the occurrence of the closing will, by virtue of the occurrence of the closing and without any action by Devon, Merger Sub, WPX or the holder thereof, cease to represent an option to purchase shares of WPX Common Stock and be converted into a Converted Stock Option (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”), representing an option to purchase a number of shares of Devon Common Stock equal to the product (with the result rounded down to the nearest whole number) of (i) the number of shares of WPX Common Stock subject to each such WPX Stock Option immediately prior to the Effective Time multiplied by (ii) the Exchange Ratio, at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of WPX Common Stock of such WPX Stock Option immediately prior to the Effective Time divided by (B) the Exchange Ratio. Immediately following the Effective Time, each Converted Stock Option otherwise will continue to be governed by the same terms and conditions (including vesting, forfeiture and exercisability terms) as were applicable to the corresponding WPX Stock Option immediately prior to the Effective Time.

At the Effective Time, each WPX RSU (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”) that is outstanding immediately prior to the Effective Time and that by its terms does not settle by reason of the occurrence of the closing will, by virtue of the occurrence of the closing and without any action by Devon, Merger Sub, WPX or the holder thereof, be assumed by Devon and converted into a Converted RSU (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”) equal to the product of the number of shares of WPX Common Stock subject to the WPX RSU immediately prior to the Effective Time multiplied by the Exchange Ratio. Immediately following the Effective Time, each Converted RSU otherwise will continue to be governed by the same terms and conditions (including vesting and forfeiture) as were applicable to the corresponding WPX RSU immediately prior to the Effective Time, except that any performance-based vesting condition that applied to the WPX RSU immediately prior to the Effective Time will be treated as having been attained based on actual results measured using the average five-day closing price of WPX Common Stock ending on the day immediately preceding the date of closing, as determined by the Compensation Committee of the WPX Board, so that such WPX RSU will remain solely subject to the time-based vesting requirements in effect for the WPX RSU immediately prior to the Effective Time.

At the Effective Time, each WPX RSA (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”) that is outstanding immediately prior to the Effective Time and that by its terms does not vest by reason of the occurrence of the closing will, by virtue of the occurrence of the closing and without any action by Devon, Merger Sub, WPX or the holder thereof, be assumed by Devon and converted into a Converted RSA (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”). Immediately following the Effective Time, each Converted RSA otherwise will continue to be governed by the same terms and conditions (including vesting, forfeiture and transferability terms) as were applicable to the corresponding WPX RSA immediately prior to the Effective Time.

Immediately prior to the Effective Time, the ESPP (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”) will terminate. Any offering period in effect under the ESPP prior to the closing will exercise on the ESPP Exercise Date (as defined in “Summary—Treatment of Existing WPX Long-Term Incentive Awards in the Merger”), with the automatic purchase of WPX Common Stock with respect to accumulated employee contributions of each participant under the ESPP in respect of such offering period to occur on such date. WPX will prohibit participants in the ESPP from altering their payroll deductions from those in effect on the date of the Merger Agreement (other than to discontinue their participation in the ESPP in accordance with the terms and conditions of the ESPP). The amount of the accumulated contributions of each participant under the ESPP as of immediately prior to the ESPP Exercise Date will, to the extent not used to purchase WPX Common Stock in accordance with the

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terms and conditions of the ESPP and the Merger Agreement, be refunded (without interest) to such participant as promptly as practicable following the Effective Time.

For additional information regarding the WPX equity and other long-term incentive awards, please see “The Merger Agreement—Treatment of WPX Equity Awards.”

The management of Devon following the completion of the merger will include officers and other key employees from both Devon and WPX. At the Effective Time, the senior leadership team of Devon will consist of: (i) David A. Hager, the current President and Chief Executive Officer of Devon, who will be appointed as the Executive Chairman of Devon; (ii) Richard E. Muncrief, the current Chairman and Chief Executive Officer of WPX, who will be appointed as President and Chief Executive Officer of Devon; (iii) Clay M. Gaspar, the current President and Chief Operating Officer of WPX, who will be appointed as the Executive Vice President and Chief Operating Officer of Devon; (iv) Jeffrey L. Ritenour, the current Executive Vice President and Chief Financial Officer of Devon, who will continue to serve in that position; (v) David G. Harris, the current Executive Vice President, Exploration and Production of Devon, who will be appointed as the Executive Vice President and Chief Corporate Development Officer of Devon; (vi) Dennis C. Cameron, the current Executive Vice President and General Counsel of WPX, who will be appointed as the Executive Vice President and General Counsel of Devon; and (vii) Tana K. Cashion, the current Senior Vice President, Human Resources of Devon, who will continue to serve in that position. For additional information regarding the Devon Board and the management of Devon following the completion of the merger, please see “The Merger Agreement—Board of Directors and Executive Officers After Completion of the Merger.”

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If you are a WPX stockholder of record, you may also cast your vote virtually at the special meeting by following the instructions at www.meetingcenter.io/279855004. If you decide to attend the WPX Special Meeting virtually and vote at the meeting, your vote will revoke any proxy previously submitted.

The WPX Special Meeting will begin promptly at 9:30 a.m., Central Time, on December 30, 2020. WPX encourages its stockholders to access the meeting prior to the start time leaving ample time for check-in. Please follow the instructions as outlined in this joint proxy statement/prospectus.

Even if you plan to attend the WPX Special Meeting virtually, WPX recommends that you vote your shares in advance as described below so that your vote will be counted if you later decide not to or become unable to attend the WPX Special Meeting.

Additional information on voting procedures can be found under “WPX Special Meeting.”

If you are a Devon stockholder of record, you may also cast your vote virtually at the special meeting by following the instructions at www.virtualshareholdermeeting.com/DVN2020SM. If you decide to attend the Devon Special Meeting virtually and vote at the meeting, your vote will revoke any proxy previously submitted.

The Devon Special Meeting will begin promptly at 9:30 a.m., Central Time, on December 30, 2020. Devon encourages its stockholders to access the meeting prior to the start time leaving ample time for check-in. Please follow the instructions as outlined in this joint proxy statement/prospectus.

Even if you plan to attend the Devon Special Meeting virtually, Devon recommends that you vote your shares in advance as described below so that your vote will be counted if you later decide not to or become unable to attend the Devon Special Meeting.

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Additional information on voting procedures can be found under “Devon Special Meeting.”

The WPX Special Meeting will be held virtually at www.meetingcenter.io/279855004, on December 30, 2020, at 9:30 a.m., Central Time. Online access will begin at 9:15 a.m., Central Time, and WPX encourages its stockholders to access the meeting prior to the start time.

WPX has chosen to hold the WPX Special Meeting solely via the Internet and not in a physical location given the public health impact of COVID-19 and the desire to promote the health and safety of WPX’s stockholders, directors, officers, employees and other constituents.

Even if you plan to attend the WPX Special Meeting virtually, WPX recommends that you vote your shares in advance as described above so that your vote will be counted if you later decide not to or become unable to attend the special meeting.

The Devon Special Meeting will be held virtually at www.virtualshareholdermeeting.com/DVN2020SM, on December 30, 2020, at 9:30 a.m., Central Time. Online access will begin at 9:15 a.m., Central Time, and Devon encourages its stockholders to access the meeting prior to the start time.

Devon has chosen to hold the Devon Special Meeting solely via the Internet and not in a physical location given the public health impact of COVID-19 and the desire to promote the health and safety of Devon’s stockholders, directors, officers, employees and other constituents.

Even if you plan to attend the Devon Special Meeting virtually, Devon recommends that you vote your shares in advance as described above so that your vote will be counted if you later decide not to or become unable to attend the special meeting.

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The effect of not instructing your bank, broker or other nominee how you wish to vote your shares will be the same as a vote “against” the Merger Proposal and will not have any effect on the outcome of the Stock Issuance Proposal, the Advisory Compensation Proposal or the WPX Adjournment Proposal or the Devon Adjournment Proposal, as applicable. However, if you instruct your bank, broker or other nominee on how you wish to vote your shares on some but not all proposals, such broker non-vote will have the same effect as voting “against” any proposal for which you do not provide instruction.

Record Holders. For shares held directly, please complete, sign, date and return each proxy card, or you may cast your vote by telephone or Internet as provided on each proxy card, or otherwise follow the voting instructions provided in this joint proxy statement/prospectus in order to ensure that all of your shares of WPX Common Stock or Devon Common Stock are voted.

“Street name” Holders. For shares held in “street name” through a bank, broker or other nominee, you should follow the procedures provided by your bank, broker or other nominee to vote your shares.

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If you sign, date and return your proxy card and do not indicate how you want your shares of Devon Common Stock to be voted, then your shares of Devon Common Stock will be voted “FOR” the Stock Issuance Proposal and “FOR” the Devon Adjournment Proposal.

Your attendance at the WPX Special Meeting will not revoke your proxy unless you give written notice of revocation to WPX’s Corporate Secretary before your proxy is exercised or unless you vote your shares in person at the WPX Special Meeting.

Execution or revocation of a proxy will not in any way affect your right to attend the WPX Special Meeting and vote. Written notices of revocation and other communications with respect to the revocation of proxies should be addressed to:

WPX Energy, Inc.

Attn: Corporate Secretary

3500 One Williams Center

Tulsa, Oklahoma 74172-0172

For more information, please see “WPX Special Meeting—Revocation of Proxies.”

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Your attendance at the Devon Special Meeting will not revoke your proxy unless you give written notice of revocation to Devon’s Corporate Secretary before your proxy is exercised or unless you vote your shares in person at the Devon Special Meeting.

Execution or revocation of a proxy will not in any way affect your right to attend the Devon Special Meeting and vote. Written notices of revocation and other communications with respect to the revocation of proxies should be addressed to:

Devon Energy Corporation

Attn: Corporate Secretary

333 W. Sheridan Ave.

Oklahoma City, Oklahoma 73102-5015

For more information, please see “Devon Special Meeting—Revocation of Proxies.”

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Devon and WPX also may be required to reimburse banks, brokers and other custodians, nominees and fiduciaries or their respective agents for their expenses in forwarding proxy materials to beneficial owners of WPX Common Stock. Devon’s directors, officers and employees and WPX’s directors, officers and employees also may solicit proxies by telephone, by electronic means or in person. They will not be paid any additional amounts for soliciting proxies.

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Devon and WPX also may be required to reimburse banks, brokers and other custodians, nominees and fiduciaries or their respective agents for their expenses in forwarding proxy materials to beneficial owners of Devon Common Stock. Devon’s directors, officers and employees and WPX’s directors, officers and employees also may solicit proxies by telephone, by electronic means or in person. They will not be paid any additional amounts for soliciting proxies.

For a more complete discussion of the U.S. federal income tax consequences of the merger, see the section entitled “Material U.S. Federal Income Tax Consequences of the Merger.”

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WPX Energy, Inc.

Attn: Corporate Secretary

3500 One Williams Center

Tulsa, Oklahoma 74172-0172

If you are a Devon stockholder and have questions about the Devon Special Meeting or the merger, or desire additional copies of this joint proxy statement/prospectus or additional proxy cards, you may contact:

Devon Energy Corporation

Attn: Corporate Secretary

333 W. Sheridan Ave.

Oklahoma City, Oklahoma 73102-5015

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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF DEVON

The following table presents selected historical consolidated financial data for the periods indicated. Devon derived the selected historical statements of earnings data for the years ended December 31, 2019, 2018 and 2017, and the balance sheet data as of December 31, 2019 and 2018, from its audited consolidated financial statements and related notes thereto included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which is incorporated by reference into this joint proxy statement/prospectus. The selected historical consolidated financial data for the nine months ended September 30, 2020 and September 30, 2019, and as of September 30, 2020, are derived from Devon’s unaudited interim consolidated financial statements and related notes thereto contained in Devon’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which is incorporated by reference into this joint proxy statement/prospectus.

The selected historical consolidated financial data for the years ended December 31, 2016 and 2015, and as of December 31, 2017, 2016 and 2015, have been derived from Devon’s audited consolidated financial statements and related notes thereto for such years, which have not been included or incorporated by reference into this joint proxy statement/prospectus. In 2017, Devon changed its method of accounting for oil and gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods, including the selected historical consolidated financial data for 2017, 2016 and 2015 below, has been recast to reflect retrospective application of the successful efforts method. Additionally, Devon sold its Barnett Shale assets in 2020, its Canadian business in 2019 and its aggregate ownership interests in EnLink Midstream Partners, LP and EnLink Midstream, LLC in 2018, all of which qualified as discontinued operations. Therefore, Devon has classified as discontinued operations all financial information related to these divested assets and businesses. The selected historical consolidated financial data as of September 30, 2019 have been derived from Devon’s unaudited interim consolidated financial statements and related notes thereto contained in Devon’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which has not been included or incorporated by reference into this joint proxy statement/prospectus.

In presenting the selected historical consolidated financial data in conformity with GAAP, Devon is required to make estimates and assumptions that affect the amounts reported. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates,” included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, for a detailed discussion of the accounting policies that Devon believes require subjective and complex judgments and estimates included in Devon’s reported financial results. The unaudited financial statements as of and for the periods described above have been prepared on the same basis as the audited consolidated financial statements incorporated by reference in this joint proxy statement/prospectus and include all normal recurring adjustments necessary for a fair statement of the information for the periods presented.

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The selected historical consolidated financial data is only a summary and is not necessarily indicative of the results of future operations of Devon nor does it include the effects of the merger discussed in this joint proxy statement/prospectus. This summary should be read together with other information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes of Devon, included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF WPX

The following table presents selected historical consolidated financial data for the periods indicated below. WPX derived the selected historical statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the balance sheet data as of December 31, 2019 and 2018, from its audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which is incorporated by reference into this joint proxy statement/prospectus. The selected historical consolidated financial data for the nine months ended September 30, 2020 and September 30, 2019, and as of September 30, 2020, are derived from WPX’s unaudited interim consolidated financial statements and related notes thereto contained in WPX’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which is incorporated by reference into this joint proxy statement/prospectus. The following information is only a summary and does not provide all of the information contained in WPX’s financial statements.

The selected historical consolidated financial data for the years ended December 31, 2016 and 2015 and as of December 31, 2017, 2016 and 2015, have been derived from WPX’s audited consolidated financial statements as of and for such years, which have not been included or incorporated by reference into this joint proxy statement/prospectus. The selected historical consolidated financial data as of September 30, 2019, have been derived from WPX’s unaudited interim consolidated financial statements and related notes thereto contained in WPX’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which has not been incorporated by reference into this joint proxy statement/prospectus.

The unaudited consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of WPX’s management, include all adjustments necessary for a fair presentation of the information set forth therein. The results of interim periods are not necessarily indicative of results that may be expected for the full year or any future periods.

The following information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and WPX’s consolidated financial statements, including the related notes, contained in WPX’s Annual Report on Form 10-K for the year ended December 31, 2019 and WPX’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. See “Where You Can Find More Information.”

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For further discussion of asset sales and the equity method investment transactions and impairments of producing properties and unproved leasehold costs in 2020, 2019, 2018 and 2017, see Notes 4 and 5 of “Notes to Consolidated Financial Statements” of WPX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Note 5 of “Notes to Consolidated Financial Statements” of WPX’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. In 2016, WPX completed the divestment of the remaining transportation contracts that were not included in the Piceance Basin divestment and recorded a net loss of $238 million. In 2015, WPX completed sales of a package of marketing contracts and released certain firm transportation capacity resulting in a $209 million gain. WPX also sold a North Dakota gathering system resulting in a $70 million gain and sold a portion of Appalachian properties resulting in a gain of $69 million.

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SUMMARY UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

The following summary unaudited pro forma combined balance sheet data gives effect to the proposed merger as if it had occurred on September 30, 2020, while the unaudited pro forma combined statement of operations data for the year ended December 31, 2019 and the nine months ended September 30, 2020 is presented as if the merger had occurred on January 1, 2019. These summary unaudited pro forma combined financial statements have been prepared for illustrative purposes only and are not necessarily indicative of what the combined company’s financial position or results of operations actually would have been had the merger occurred as of the date indicated. In addition, the unaudited pro forma combined financial statements do not purport to project the future financial position or operating results of the combined company. Future results may vary significantly from the results reflected because of various factors, including those discussed in the section entitled “Risk Factors” beginning on page 33. The following summary unaudited pro forma combined financial statements should be read in conjunction with the section titled “Unaudited Pro Forma Combined Financial Statements” beginning on page 166 and the related notes.

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SUMMARY UNAUDITED PRO FORMA COMBINED OIL, NATURAL GAS AND NGL RESERVE INFORMATION AND PRODUCTION DATA

The following tables present the estimated pro forma combined net proved developed and undeveloped oil, natural gas and NGL reserves prepared as of December 31, 2019. The pro forma reserve information set forth below gives effect to the merger as if the merger had been completed on January 1, 2019, and WPX’s acquisition of Felix Energy Holdings II, LLC (“Felix”), which was completed on March 6, 2020, had also been completed on January 1, 2019. However, the proved reserves presented below represent the respective estimates made as of December 31, 2019 by Devon, WPX and Felix while they were separate companies. These estimates have not been updated for changes in development plans or other factors, which have occurred or may occur subsequent to (i) December 31, 2019, (ii) WPX’s acquisition of Felix or (iii) the merger.

The following summary pro forma reserve information has been prepared for illustrative purposes and is not intended to be a projection of future results of the combined company. Future results may vary significantly from the results reflected because of various factors, including those discussed in the section entitled “Risk Factors” beginning on page 33. The summary pro forma reserve information should be read in conjunction with the section titled “Unaudited Pro Forma Combined Financial Statements” beginning on page 166 and the related notes included in this joint proxy statement/prospectus.

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COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA PER SHARE INFORMATION

The following table presents Devon’s and WPX’s historical and pro forma per share data as of and for the year ended December 31, 2019 and as of and for the nine months ended September 30, 2020. The pro forma per share data for the year ended December 31, 2019 and as of and for the nine months ended September 30, 2020 is presented as if the merger and WPX’s acquisition of Felix had been completed on January 1, 2019. Except for the historical information for the year ended December 31, 2019, the information provided in the table below is unaudited. This information should be read together with the historical consolidated financial statements and related notes of Devon and WPX, and incorporated by reference in this joint proxy statement/prospectus, and with the unaudited pro forma combined financial statements included in the section entitled “Unaudited Pro Forma Combined Financial Statements” beginning on page 166.

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COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION

The following table sets forth the closing sale prices per share of Devon Common Stock and WPX Common Stock on the NYSE on September 25, 2020, the last trading day prior to the public announcement of the merger, and on November 18, 2020, the last practicable trading day prior to the mailing of this joint proxy statement/prospectus. Devon Common Stock is traded on the NYSE under the symbol “DVN” and WPX Common Stock is traded on the NYSE under the symbol “WPX.” The high and low trading prices for the Devon Common Stock on September 25, 2020, the last trading day immediately before the public announcement of the merger, were $8.97 and $8.68, respectively. The high and low trading prices for the WPX Common Stock on September 25, 2020, the last trading day immediately before the public announcement of the merger, were $4.46 and $4.22, respectively. The table also shows the estimated implied value of the merger consideration proposed for each share of WPX Common Stock as of the same two dates. The implied value for share consideration was calculated by multiplying the closing sales price of a share of Devon Common Stock on the relevant date by the exchange ratio of 0.5165 shares of Devon Common Stock for each share of WPX Common Stock.