Devon Energy Corporation · NYSE:DVN
Devon Energy — Merger or Acquisition (February 2026)
19 slides from Devon Energy's merger presentation, Feb 2, 2026
Slide 1: Devon & Coterra Transformative Merger
Devon & Coterra Transformative Merger February 2, 2026
Slide 2: Transformative Merger Creates Premier Shale Operator
Transformative Merger Creates Premier Shale Operator • Must-own, large-cap independent with $58 billion pro Large-Cap Shale forma enterprise value1 Powerhouse • Resilience anchored by high-margin L48 portfolio & balanced commodity mix • Underpins over 50% of enterprise-wide production Franchise and
Slide 3: Premier L48 Operator With Scale, Resource Depth, & Resilience
Premier L48 Operator With Scale, Resource Depth, & Resilience 2026e Total Net Daily Production1 (MBOED) Total 2026e Net Daily Production (MBOED) 2026e Net Daily Oil Production (MBOD) ANADARKO & DELAWARE EAGLE FORD 2,500 53% 14% >1.6 2,000 MMBOED Pro Forma 2026e Production2 1,500 ROCKIES MARCELLUS 13
Slide 4: Expands the Delaware, America's Premier Basin
Expands the Delaware, America’s Premier Basin New Mexico Creates one of the largest operators in the Delaware Basin with acreage concentrated in the economic core of the basin Texas Lea Franchise asset accounts for over 50% of total company Eddy production and cash flow1 >10 years of highly competit
Slide 5: Largest Delaware Inventory with <$40/bbl Oil Break-Even
Largest Delaware Inventory with <$40/bbl Oil Break-Even Gross Operated Delaware Inventory Locations Grouped by estimated break-even oil price <$40 $40-$50 $50-$60 >$60 5,313 New Mexico 4,641 3,785 Texas 3,097 2,680 2,286 1,593 1,438 1,310 665 482 Source: Enverus. Locations normalized to 10,000’ aver
Slide 6: Diverse Portfolio Creates Capital Allocation Flexibility
Diverse Portfolio Creates Capital Allocation Flexibility TOP-TIER CAPITAL EFFICIENCY IN EACH BASIN Premier position delivers >10% of pro forma volumes STRONG FREE CASH FLOW ANADARKO Operational overlap drives greater efficiencies & synergy realization Stable free cash flow generation underpinn
Slide 7: Best-in-Class Operator With Proven Track Record
Best-in-Class Operator With Proven Track Record Achieving Superior Well Results Top-Tier Capital Efficiency 18 $35 16 23% 20% HIGHER PRODUCTIVITY $30 GREATER EFFICIENCY VS. INDUSTRY AVG. VS. INDUSTRY AVG. 2024-2025 YTD 6-Month Cum. Oil (MBO/1k ft.) 14 $25 2024-2025 Capital Per 15:3:1 BOE 12 10 $20 8
Slide 8: Bolstering Future Cash Flow With Capital Optimization
Bolstering Future Cash Flow With Capital Optimization Significant & Achievable Synergies • Identified opportunities to immediately reallocate capital to enhance efficiency & free cash flow • Leverage economies of scale to deliver sustainable improvements in 1 Targeted Run-Rate Synergies $300 $1,000
Slide 9: Complementary Capabilities Establish Strong Technology Platform
Complementary Capabilities Establish Strong Technology Platform Building on a legacy of AI innovation | Together, a technology-driven powerhouse SUBSURFACE DRILLING & COMPLETIONS Improve capital efficiency & economic returns Improving operational speed, costs, & consistency • AI systems integrate ba
Slide 10: Significant Shareholder Value Creation Upside From a World-Class Shale Business
Significant Shareholder Value Creation Upside From a World-Class Shale Business Potential for Multiple Expansion Significant Free Cash Flow Generation Includes benefit of captured synergies Includes benefit of captured synergies Price/Cash Flow Free Cash Flow Yield $20 Synergy Upside 7.0x $8 Synergy
Slide 11: Prioritizing Shareholder Value With Disciplined Capital Allocation
Prioritizing Shareholder Value With Disciplined Capital Allocation Disciplined Reinvestment Pro forma 2027e reinvestment rate <50%1 0.9x adjusted pro forma net-debt-to EBITDAX2 ACCRETION Fortress Balance Sheet $4.4 billion of liquidity2 ACCELERATES Dividend Commitment Plan to declare a $0.315 per sh
Slide 12: Scale, Quality, & Resilience
Scale, Quality, & Resilience Large-Cap Leader Asset Quality & Inventory Depth Technology-Focused Operator Disciplined Capital Allocation Merger creates a must-own large-cap shale powerhouse | 12
Slide 13: Appendix
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Slide 14: Transaction Overview
Transaction Overview Transaction • Transaction value: $58 billion (pro forma enterprise value1) Structure • All-stock combination • Exchange ratio: 0.70 share of Devon for each share of Coterra • Pro forma equity ownership: 54% Devon and 46% Coterra • Clay Gaspar to serve as President and CEO Leader
Slide 15: A Proven Team Committed To Value Creation
A Proven Team Committed To Value Creation Andrea Alexander Michael DeShazer Trey Lowe John Raines Human Resources Anadarko, Eagle Ford, Marcellus, Technology Permian Business Unit & Rockies Business Units Clay Gaspar President & CEO Jeff Ritenour Blake Sirgo Adam Vela Shane Young Commercial Operatio
Slide 16: Positioned in the Core of Premier Shale Basins
Positioned in the Core of Premier Shale Basins ANADARKO EAGLE FORD MARCELLUS ROCKIES Oklahoma Texas Williams County Pennsylvania Mountrail County Susquehanna North Dakota Dewey County Montana Blaine County County Kingfisher Roger McKenzie County Dunn Mills County County County Custer Dewitt County C
Slide 17: Investor Notices, Contacts, & Non-GAAP
Investor Notices, Contacts, & Non-GAAP Additional Information and Where To Find It Investor Relations Contacts In connection with the proposed merger (the “Proposed Transaction”) of Devon Energy Corporation (“Devon”) and Coterra Energy Inc. (“Coterra”), Devon will file with the Securities and Exchan
Slide 18: Forward-Looking Statements
Forward-Looking Statements This communication includes “forward-looking statements” as defined by the SEC. Such statements include those concerning strategic plans, Devon’s and Coterra’s expectations and objectives for future operations, as well as other future events or conditions, and are often id
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