Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION May 5, 2026 NYSE: DVN DEVONENERGY.COM
Slide 2: Key Highlights
KEY HIGHLIGHTS 1. Outperformed Q1 guidance across key value drivers Delivered 387,000 barrels of oil per day, reaching the top-end of guidance Capital investment of $848 million, 6% below mid-point guidance Reinvestment rate of 60%, demonstrating continued capital discipline 2. Approaching com
Slide 3: Q1 2026 – Executing on Our Disciplined Plan
Q1 2026 – EXECUTING ON OUR DISCIPLINED PLAN PRODUCTION OPTIMIZATION DELIVERS EFFICIENT CAPITAL SPENDING Q1 Oil Volumes (MBOD) Q1 Capital ($ in millions) OUR DISCIPLINED + 3 MBOD $900 6% PLAN CREATES 400 387 PRODUCTION BEAT UNDER GUIDANCE (VS. MIDPOINT GUIDE) (1) $848 SIGNIFICANT VALUE ANADARKO 200 E
Slide 4: Q2 2026 Outlook to Yield Attractive Free Cash Flow
Q2 2026 OUTLOOK TO YIELD ATTRACTIVE FREE CASH FLOW Q2 2026e OUTLOOK Q2 2026e ANNUALIZED FREE CASH FLOW YIELD COMBINED 2026 GUIDANCE OIL 389 – 395 24% WILL BE PROVIDED MID-JUNE 2026 21% VOLUMES MBOD FREE CASH FLOW 18% YIELD FREE CASH FLOW $6.5 TOTAL 851 – 868 18% 15% FREE CASH FLOW YIELD PRODUCTION M
Slide 5: Delivering on Our $1 Billion Commitment Ahead of Schedule
DELIVERING ON OUR $1 BILLION COMMITMENT AHEAD OF SCHEDULE SCORECARD: 100% COMPLETE (1) ANNUAL PRE-TAX CASH FLOW IMPROVEMENT THROUGH TIME $ in millions $1 BILLION Further improvement driven by: Production optimization driving higher volumes in Q2 Cost initiatives lowering field-level operating ex
Slide 6: Business Optimization Initiatives and Milestones
BUSINESS OPTIMIZATION INITIATIVES AND MILESTONES CATEGORY INITIATIVES MILESTONES Design improvements and technology Simulfrac application projected to be Efficiency gains drove $300 MM CAPITAL drove 22% faster drilling and 19% faster completions in 2025 vs. 2024 >70% of completion activity in
Slide 7: Proactive Asset Management Driving Additional Value Creation
PROACTIVE ASSET MANAGEMENT DRIVING ADDITIONAL VALUE CREATION Improved contracts driving greater PORTFOLIO STRATEGIC GAS MARKETING & realizations STRATEGIC OPTIMIZATION ACQUISITIONS COMMERCIALIZATION INVESTMENTS Augment key infrastructure Eagle Ford JV Dissolution Cotton Draw Midstream Strategic
Slide 8: Shareholders Approved Merger
TRANSFORMATIVE MERGER CREATES PREMIER SHALE OPERATOR ~$70 billion pro forma enterprise value (1) NGL OIL Large-Cap Shale 22% 34% High-margin L48 portfolio & balanced commodity Powerhouse > 1.6 mix Franchise Underpins over 50% of enterprise-wide production and free cash flow MMBOED Pro Forma (4
Slide 9: Bolstering Future Cash Flow with Significant Synergies
BOLSTERING FUTURE CASH FLOW WITH SIGNIFICANT SYNERGIES Capital Optimization (1) Targeted Run-Rate Synergies $300 $1,000 • Identified opportunities to immediately reallocate capital to By Year-end 2027 enhance efficiency & free cash flow $ In Millions • Leverage economies of scale to deliver sustaina
Slide 10: Devon's Unique Investment Proposition
DEVON’S UNIQUE INVESTMENT PROPOSITION OUR CORE VALUES: OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Track record of improving capital efficiency and enhancing margins INTEGRITY COURAGE ADVANTAGED ASSET PORTFOLIO Transformational merger with Co
Slide 11: Appendix
APPENDIX
Slide 12: Q2 2026 Outlook
Q2 2026 OUTLOOK PRODUCTION Q2 2026 EXPENSE ITEMS ($ in millions, except BOE and %) Q2 2026 Oil (MBbls/d) 389 - 395 Marketing & Midstream Operating Profit ($20) – ($10) Natural Gas Liquids (MBbls/d) 230 - 235 LOE and GP&T per BOE $8.30 - $8.70 Gas (MMcf/d) 1,390 - 1,430 Production & Property Taxes as
Slide 13: Investor Contacts & Notices
INVESTOR CONTACTS & NOTICES the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in our operations; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas prope