Slide 1: Q2 2025 Earnings Presentation
Q2 2025 EARNINGS PRESENTATION August 5, 2025 NYSE: DVN DEVONENERGY.COM
Slide 2: Key Highlights
KEY HIGHLIGHTS Delivered strong production result exceeding guidance Total production averaged 841,000 BOE per day, with oil reaching 387,000 barrels per day supported by strong production growth in the Delaware Basin Disciplined capital spending below plan Invested $932 million, coming in 7% under
Slide 3: Our Strategic Priorities
OUR STRATEGIC PRIORITIES STRATEGIC OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Embrace innovative thinking and technology to improve business performance PRIORITIES ADVANTAGED ASSET PORTFOLIO Diversified multi-basin portfolio in top U.S. reso
Slide 4: Continuing to Deliver Significant Value
CONTINUING TO DELIVER SIGNIFICANT VALUE VOLUMES EXCEED GUIDANCE DELAWARE CONCENTRATED PROGRAM (MBOED) (Q2 2025 GROSS WELLS ONLINE) 841 + 3% 800 PRODUCTION BEAT (VS. Q2 MIDPOINT GUIDE) 600 ANADARKO 110 ANADARKO 400 EAGLE FORD Operated Wells EAGLE FORD ROCKIES Online ROCKIES 200 DELAWARE DELAWARE 0 Q2
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS DELAWARE CAPITAL EFFICIENCIES WILLISTON BASIN COST REDUCTIONS $ PER LATERAL FOOT* 2-MILE WELL COST ($ IN MILLIONS) $8.4 ($0.7) $440 + 12% IMPROVEMENT (2025 YTD vs. FY 2024) $369 $397 $360 ($0.3) $362 $323 ~$7.4 $315 $289 + 15% + $1.0 MM PER SAVINGS IMPROVEMENTWELL Completions
Slide 6: 2025 Capital Efficiency Continues to Improve
2025 CAPITAL EFFICIENCY CONTINUES TO IMPROVE 10% REDUCING CAPITAL INCREASING PRODUCTION 2025e Full-Year Capital Spend Guidance ($ in billions) 2025e Full-Year Oil Production Guidance (MBOD) $4.1 $400 MILLION From Preliminary Guide +7 MBOD From Preliminary Guide (Nov. 2024) > CAPITAL (Nov. 2024) EFFI
Slide 7: Returning Value to Shareholders
IMPRESSIVE FINANCIAL PERFORMANCE Q2 2025 KEY FINANCIAL METRICS RETURNING VALUE TO SHAREHOLDERS + $0.84 (per share) Core Earnings DIVIDENDS PAID $156 + $1,768 ($MM) EBITDAX MILLION Q2 2025 + $1,545 ($MM) Operating Cash Flow CASH RETURNS + $589 ($MM) Free Cash Flow SHARE BUYBACKS $249 MILLION Note: Co
Slide 8: Significant Financial Strength and Liquidity
SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE $4.8 B $1.8 B 0.9x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 6/30/2025 AS OF 6/30/2025 CREDIT RATINGS DEBT REDUCTION PLAN ATTRACTIVE HEDGE POSTION BBB/Baa2 $2.5 B ~ 30% (1) INVESTMENT-
Slide 9: Increasing Oil Production While Lowering Capital for Second Quarter in a Row
INCREASING OIL PRODUCTION WHILE LOWERING CAPITAL FOR SECOND QUARTER IN A ROW UPDATED 2025e OUTLOOK ATTRACTIVE FREE CASH FLOW $4.0 $3.7B FREE CASH OIL 384MBOD – 390 FLOW VOLUMES $3.0 B $2.5 B FREE CASH FLOW $3.0 2025e Free Cash Flow ($B) $ FREE CASH $3.6 – $3.8 FLOW TOTAL CAPITAL BILLION $2.0 (1) BRE
Slide 10: Business Optimization
BUSINESS OPTIMIZATION TIMING TO DELIVER RUN-RATE IMPROVEMENTS SCORECARD: 40% ACHIEVED IN 4 MONTHS ($MM) (%) $1,000 Capital $300 33% Efficiency MILLION $750 Production $250 30% Optimization MILLION $500 Commercial $300 67% Opportunities MILLION $250 Corporate Cost $150 20% Reductions MILLION $- YE 20
Slide 11: Business Optimization Initiatives
BUSINESS OPTIMIZATION INITIATIVES CATEGORY INITIATIVES UNDERWAY MILESTONES Drilling and completion cycle time Increase application of Efficiency gains driving $100 MM CAPITAL improvements simulfrac across programs capital reduction for 2025 EFFICIENCY $300 MM Refine supply chain structure wi
Slide 12: Appendix
APPENDIX NYSE: DVN DEVONENERGY.COM
Slide 13: Our Investment-Grade Financial Strength
OUR INVESTMENT-GRADE FINANCIAL STRENGTH Outstanding debt maturities ($ in millions) ~$4,800 Cash ~$1,800 $2.5B Retired $472 million of notes at maturity in 2024 Targeting <1.0x net debt-to-EBITDAX ratio (0.9x as of 6/30/2025) DEBT REDUCTION PROGRAM UNDERWAY ~70% of outstanding debt obligations
Slide 14: Q2 2025 – Earnings Summary
Q2 2025 – EARNINGS SUMMARY Net core earnings change quarter over quarter $ in millions $78 ($417) $779 $85 $536 $13 ($2) Q1 2025 Production Realized Prices & Production G&A, Taxes, & Q2 2025 DD&A Volumes Hedge Settlements Expenses Other Q2 2025 EARNINGS PRESENTATION • 14
Slide 15: Q2 2025 – Cash Flow Summary
Q2 2025 – CASH FLOW SUMMARY Exiting the quarter with strong liquidity Q2 2025 Benchmark Prices $ in millions Oil ($/Bbl) – WTI : $63.95 $134 ($972) $1,411 Natural Gas ($/Mcf) – Henry Hub: $3.44 NGLs ($/Bbl) – Mont Belvieu: $25.58 $372 ($405) ($15) $1,759 $1,234 Cash Flow Changes in Capital Mat
Slide 16: Investor Contacts & Notices
INVESTOR CONTACTS & NOTICES over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital, which ca