DVN: 10-K Risk Factor Changes

The production rates from oil and gas properties generally decline as reserves are depleted, while related per unit production costs generally increase due to decreasing reservoir pressures and other factors. Moreover, our current development activity is focused on unconventional oil and gas assets, which generally have significantly higher decline rates as compared to conventional assets. Therefore, our estimated proved reserves and future oil, gas and NGL production will decline materially as reserves are produced unless we conduct successful exploration and development activities, such as identifying additional producing zones in existing properties, utilizing secondary or tertiary recovery techniques or acquiring additional properties containing proved reserves. Consequently, our future oil, gas and NGL production and related per unit production costs are highly dependent upon our level of success in finding or acquiring additional reserves. Our business requires significant capital to find and acquire new reserves. Although we plan to primarily fund these activities from cash generated by our operations, we have also from time to time relied on other sources of capital, including by accessing the debt and equity capital markets. There can be no assurance that these or other financing sources will be available in the future on acceptable terms, or at all. If we are unable to generate sufficient funds from operations or raise additional capital for any reason, we may be unable to replace our reserves, which would adversely affect our business, financial condition and results of operations. •regional pricing differentials, including in the Delaware Basin and other areas of our operations; regional pricing differentials, including in the Delaware Basin and other areas of our operations; regional pricing differentials, including in the Delaware Basin and other areas of our operations; •differing quality of production, including NGL content of gas produced; differing quality of production, including NGL content of gas produced; differing quality of production, including NGL content of gas produced; •the level of imports and exports of oil, gas and NGLs and the level of global oil, gas and NGL inventories; the level of imports and exports of oil, gas and NGLs and the level of global oil, gas and NGL inventories; the level of imports and exports of oil, gas and NGLs and the level of global oil, gas and NGL inventories; •the price and availability of alternative energy sources; the price and availability of alternative energy sources; the price and availability of alternative energy sources; •technological advances affecting energy consumption and production, including with respect to electric vehicles; technological advances affecting energy consumption and production, including with respect to electric vehicles; technological advances affecting energy consumption and production, including with respect to electric vehicles; •stockholder activism or activities by non-governmental organizations to restrict the exploration and production of oil and natural gas in order to reduce GHG emissions; stockholder activism or activities by non-governmental organizations to restrict the exploration and production of oil and natural gas in order to reduce GHG emissions; stockholder activism or activities by non-governmental organizations to restrict the exploration and production of oil and natural gas in order to reduce GHG emissions; •the overall economic environment, including inflationary pressures, fluctuations in interest rates, economic slowdowns or recessions; the overall economic environment, including inflationary pressures, fluctuations in interest rates, economic slowdowns or recessions; the overall economic environment, including inflationary pressures, fluctuations in interest rates, economic slowdowns or recessions; •market and geopolitical uncertainty as a result of shifts or potential further shifts in domestic and international policies; market and geopolitical uncertainty as a result of shifts or potential further shifts in domestic and international policies; market and geopolitical uncertainty as a result of shifts or potential further shifts in domestic and international policies; •changes in trade relations and policies, such as (i) the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries, (ii) environmental performance standards or similar fossil fuel import restrictions in certain international markets, (iii) economic sanctions, including embargoes, on Russia or other producing countries or (iv) restrictions on oil, gas and NGL exports by the U.S.; and changes in trade relations and policies, such as (i) the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries, (ii) environmental performance standards or similar fossil fuel import restrictions in certain international markets, (iii) economic sanctions, including embargoes, on Russia or other producing countries or (iv) restrictions on oil, gas and NGL exports by the U.S.; and changes in trade relations and policies, such as (i) the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries, (ii) environmental performance standards or similar fossil fuel import restrictions in certain international markets, (iii) economic sanctions, including embargoes, on Russia or other producing countries or (iv) restrictions on oil, gas and NGL exports by the U.S.; and •other governmental regulations and taxes. other governmental regulations and taxes. other governmental regulations and taxes.