Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION MAY 2025 DEVONENERGY.COM
Slide 2: Devon Energy Overview
DEVON ENERGY OVERVIEW OUR PURPOSE FOUNDED TOTAL PRODUCTION 1971 ~820,000 BOED PROVIDING ENERGY THAT FUELS HEADQUARTERS PUBLICLY TRADED OKLAHOMA CITY NYSE: DVN MODERN LIFE. EMPLOYEES ENTERPRISE VALUE 2,300 ~$30 BILLION OUR VALUES INTEGRITY RELATIONSHIPS COURAGE RESULTS INVESTOR PRESENTATION • 2
Slide 3: Our Strategic Priorities
OUR STRATEGIC PRIORITIES STRATEGIC OPERATING EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Embrace innovative thinking and technology to improve business performance PRIORITIES ADVANTAGED ASSET PORTFOLIO Diversified multi-basin portfolio in top U.S. resour
Slide 4: Devon Energy Portfolio
DEVON ENERGY PORTFOLIO OPERATING AREAS ROCKIES PREMIER MULTI-BASIN 25% 195 MBOED PORTFOLIO NGLs DIVERSIFIED COMMODITY MIX PRODUCT MIX ANADARKO BASIN OPERATING SCALE 79 MBOED 27% 48% DELAWARE BASIN ENHANCES PROFITABILITY 458 MBOED GAS OIL EAGLE FORD 79 MBOED DEEP INVENTORY OF REPEATABLE OPPORTUNITIES
Slide 5: Advantaged Operating Scale & Diversification
ADVANTAGED OPERATING SCALE & DIVERSIFICATION TOP U.S. ONSHORE PURE-PLAY PRODUCERS TOTAL PRODUCTION (MBOED) 1,000 750 Total Production (MBOED) Oil Production (MBOD) 500 250 0 TOP ONSHORE PRODUCERS Note: Sourced from FactSet & Devon. Represents Q1 2025 production for Devon and upstream peers with >10%
Slide 6: Asset Overviews
ASSET OVERVIEWS DEVONENERGY.COM
Slide 7: Delaware Basin – Overview
DELAWARE BASIN – OVERVIEW DELAWARE BASIN 400,000 NET ACRES World-class oil resource with stacked pay potential PBI POTATO BASIN TODD THISTLE / GAUCHO Delivering top-tier well productivity Lea Economies of scale COTTON DRAW RATTLESNAKE Eddy enhance efficiencies STATELINE New Mexico Texas MONUME
Slide 8: Delaware Basin – Key Statistics
DELAWARE BASIN – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 488 2024 2025 474 Activity Plan 461 458 Operated rigs (average) 15 ~12 437 Wells online (gross operated) 231 ~260 Upstream capital ($ in billions) $2.0 ~$1.9 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 UPSTREAM CAPITAL INVE
Slide 9: Rockies – Overview
ROCKIES – OVERVIEW POWDER RIVER BASIN 300,000 NET ACRES Campbell 24% Williams ROCKIES Other Mountrail Assets Q1 2025 DEVON FORT BERTHOLD RESERVATION PRODUCTION North Dakota Montana McKenzie Dunn WILLISTON BASIN 430,000 NET ACRES Converse INVESTOR PRESENTATION • 9
Slide 10: Rockies – Key Statistics
ROCKIES – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 191 195 Activity Plan Operated rigs (average) 2 4 79 79 79 Wells online (gross operated) 52 ~85 Upstream capital ($ in billions) $0.4 ~$1.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 UPSTREAM CAPITAL INVESTMENT PRODUCTI
Slide 11: Eagle Ford – Overview
EAGLE FORD – OVERVIEW Repeatable resource play with significant oil in place Dissolved partnership in Dewitt County in Q2 2025 Gonzales providing development flexibility Expect material capital savings of ~$2.7 million per well with go-forward operatorship Dewitt Karnes Other Assets Q1 2025 DE
Slide 12: Eagle Ford – Key Statistics
EAGLE FORD – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 92 Activity Plan 79 79 75 70 Operated rigs (average) 4 2 Wells online (gross operated) 103 ~80 Upstream capital ($ in billions) $0.6 $0.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 UPSTREAM CAPITAL INVESTMENT PRODUCT
Slide 13: Anadarko Basin – Overview
ANADARKO BASIN – OVERVIEW ANADARKO BASIN 300,000 NET ACRES Blaine Repeatable resource play with Kingfisher exposure to gas & NGL resource Capital efficiency enhanced by drilling carry with Dow Activity focused on Meramec & Woodford formations Canadian Other Assets Q1 2025 DEVON 10% ANADARKO Ca
Slide 14: Anadarko Basin – Key Statistics
ANADARKO BASIN – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 84 87 Activity Plan 82 79 Operated rigs (average) 3 2 74 Wells online (gross operated) 66 ~30 Upstream capital ($ in billions) $0.2 $0.15 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 UPSTREAM CAPITAL INVESTMENT PRO
Slide 15: Business Optimization
BUSINESS OPTIMIZATION DEVONENERGY.COM
Slide 16: Targeting Opportunities to Improve
BUSINESS OPTIMIZATION PLAN Capture efficiencies through design CAPITAL TARGETING optimization, cycle time reductions, EFFICIENCY facility standardization, and vendor management OPPORTUNITIES TO IMPROVE Use advanced analytics to minimize PRODUCTION maintenance events, reduce OPTIMIZATION downtime, fl
Slide 17: Pathway and Timing to Deliver
PATHWAY AND TIMING TO DELIVER IMPROVEMENTS BY CATEGORY TIMING TO DELIVER RUN-RATE IMPROVEMENTS ($MM) ($MM) Capital Efficiency $300 MM $1,000 $1.0 $750 BILLION Corporate Cost Reductions Production $500 $150 MM Optimization ANNUAL PRE-TAX $250 MM FREE CASH FLOW IMPROVEMENTS $250 Commercial Opportuniti
Slide 18: Business Optimization Initiatives Underway
BUSINESS OPTIMIZATION INITIATIVES UNDERWAY Dynamic capital planning Improved contracts driving greater CAPITAL PRODUCTION COMMERCIAL realizations CORPORATE COST EFFICIENCY OPTIMIZATION Standardization of wellsite facilities OPPORTUNITIES REDUCTIONS Augment key infrastructure Drilling and c
Slide 19: Financial & Shareholder Returns
FINANCIAL & SHAREHOLDER RETURNS DEVONENERGY.COM
Slide 20: Significant Financial Strength and Liquidity
SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE $4.2 B $1.2 B 1.0x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 3/31/2025 AS OF 3/31/2025 CREDIT RATINGS DEBT REDUCTION PLAN ATTRACTIVE HEDGE POSTION BBB/Baa2 $2.5 B > 25% (1) INVESTMENT-
Slide 21: 2025 Outlook: Increasing Oil Production with Lower Capital
2025 OUTLOOK: INCREASING OIL PRODUCTION WITH LOWER CAPITAL UPDATED 2025e OUTLOOK ATTRACTIVE FREE CASH FLOW $4.0 OIL 382MBOD – 388 $3.3 FREE CASH FLOW VOLUMES 1% IMPROVEMENT $3.0 $2.6 2025e Free Cash Flow ($B) FREE CASH $ FLOW TOTAL $3.7 – $3.9 BILLION $1.9 CAPITAL $100 MM DECLINE $2.0 FREE CASH FLOW
Slide 22: Disciplined Return of Capital to Shareholders
DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS RETURNING VALUE TO Targeting up to 70% CASH-RETURN in 2025 SHAREHOLDERS% OF FREE CASH FLOW CASH RETURNS UP TO INCREASED quarterly dividend by 9% to $0.24 per share 70% Consistent SHARE BUYBACK program ($200 - $300 million per quarter) BALANCE SHEET IMPRO
Slide 23: Devon's Unique Investment Proposition
DEVON’S UNIQUE INVESTMENT PROPOSITION DISCIPLINED STRATEGY Focused on growing per-share value Returns-driven strategy prioritizes free cash flow ADVANTAGED PORTFOLIO ATTRACTIVE CASH RETURNS High-quality inventory Delivering advantaged cash underpins sustainability returns vs. broader market
Slide 24: Appendix
APPENDIX DEVONENERGY.COM
Slide 25: Delaware Basin: Operating Efficiencies Continue Momentum
DELAWARE BASIN: OPERATING EFFICIENCIES CONTINUE MOMENTUM COMPLETION EFFICIENCIES DELIVERING FULL PRODUCTIVE CAPACITY WITH LESS 2,753 2,466 2,152 1,713 1,911 1,955 12% 16 5 RIGS While Maintaining IMPROVEMENT FROM 1H 2024 Productive Capacity (2025 YTD vs. 2024) 15 2020 2021 2022 2023 2024 2025 YTD 14
Slide 26: Eagle Ford: Driving Cost Reductions
EAGLE FORD: DRIVING COST REDUCTIONS BLACKHAWK WELL COST SUPERIOR DRILLING EFFICIENCY DRILLING & COMPLETION COST ($ IN MILLIONS) 500 $8.8 ($2.0) +46% COST IMPROVEMENT (vs. Legacy Drilling Performance) 400 ($0.7) (1) 300 $6.1 LEGACY AVG.: $247/FT 200 $2.7 MM Design Enhancements D&C Efficiency Gain
Slide 27: Q1 2025 – Earnings Summary
Q1 2025 – EARNINGS SUMMARY Net core earnings change quarter over quarter $ in millions $23 $779 $756 ($165) $59 $137 ($31) Q4 2024 Production Realized Prices & Production DD&A G&A & Other Q1 2025 Volumes Hedge Settlements Expenses INVESTOR PRESENTATION • 27
Slide 28: Q1 2025 – Cash Flow Summary
Q1 2025 – CASH FLOW SUMMARY Exiting the quarter with strong liquidity $ in millions Q1 2025 Benchmark Prices $137 ($973) Oil ($/Bbl) – WTI : $71.50 $1,829 Natural Gas ($/Mcf) – Henry Hub: $3.65 NGLs ($/Bbl) – Mont Belvieu: $29.65 ($455) ($150) $1,234 $846 Changes in Capital Dividends & Beginni
Slide 29: Our Investment-Grade Financial Strength
OUR INVESTMENT-GRADE FINANCIAL STRENGTH Outstanding debt maturities ($ in millions) ~$4,200 Cash ~$1,200 $2.5B Retired $472 million of notes at maturity in 2024 Targeting <1.0x debt-to-EBITDAX ratio (1.0x as of 3/31/2025) DEBT REDUCTION PROGRAM UNDERWAY ~70% of outstanding debt obligations mat
Slide 30: Inventory Depth Underpins Delaware Sustainability
INVENTORY DEPTH UNDERPINS DELAWARE SUSTAINABILITY DELAWARE BASIN INVENTORY BY KEY OPERATOR 4,000 Gross Operated Locations (10,000’) 2,000 0 TOP DELAWARE PRODUCERS Note: Date sourced from Enverus Permian Basin Reports dated 4/14/2025. Location count normalized to 10,000’ laterals. INVESTOR PRESENTATI
Slide 31: Focused on Environmental Excellence
FOCUSED ON ENVIRONMENTAL EXCELLENCE 2024 SUSTAINABILITY REPORT HIGHLIGHTS ENVIRONMENTAL TARGETS (1) GHG EMISSIONS SCOPE 1 & 2 Flared volume intensity was reduced by 82% (1) NET ZERO GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 Scope 1 & 2 GHG emissions intensity declined by 24% GHG EMISSIONS INTENSITY SCOP
Slide 32: Investor Contacts & Notices
INVESTOR CONTACTS & NOTICES 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; regulatory restrict