Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION August 2026 NYSE: DVN DEVONENERGY.COM
Slide 2: Who Is Devon: The Premier Large-Cap Shale Leader
WHO IS DEVON: THE PREMIER LARGE-CAP SHALE LEADER DEVON’S VALUES INTEGRITY RELATIONSHIPS RESULTS COURAGE Culture of Excellence Technology Leader Key Differentiator Safe and Responsible Technology is a Competitive Superior Inventory: Scale, Operations Advantage Quality, and Durability Data-Dri
Slide 3: Key Q2 2026 Highlights
KEY Q2 2026 HIGHLIGHTS 1. Closed merger with Coterra Energy Completed in just 94 days from announcement More than 350 synergy initiatives identified $1.0 billion of estimated pre-tax annual run-rate synergies by year-end 2027 H I G H L I G H T S Portfolio review underway; moving with speed a
Slide 4: 94 Days to More Than $1.0 Billion
FIRST 100 DAYS: MOVING WITH SPEED AND INTENTION Devon + Coterra Merger Close Federal Lease Sale Success One Team, One Devon Debt Reduction Closed on May 7, 2026 ~400 top-tier core Permian locations All office-based roles set within six Reached $1.25bn 2026 repayment target Created a premie
Slide 5: Our Disciplined Plan Creates Significant Value
Q2 2026 – EXECUTING ON OUR DISCIPLINED PLAN PRODUCTION OPTIMIZATION DELIVERS EFFICIENT CAPITAL SPENDING Q2 Oil Volumes (MBOD) Q2 Capital ($ in millions) OUR DISCIPLINED 2% $1,300 2% PLAN CREATES PRODUCTION BEAT UNDER 503 (VS. MIDPOINT GUIDE) GUIDANCE (1) SIGNIFICANT VALUE 400 $1,269 ANADARKO EAGLE F
Slide 6: Enhancing Permian Inventory With Federal Lease Sale
ENHANCING PERMIAN INVENTORY WITH FEDERAL LEASE SALE ACQUIRED PREMIUM PERMIAN ACREAGE COMPETITIVE ACQUISITION COST other 2nd Quartile $6.5MM – ~$2.5MM = ~$4.0MM (3) cost per location 12.5% royalty benefit effective cost per premium location (4) Winning price per acre was $1 higher than the second-pla
Slide 7: Premier Delaware Basin Leader
PREMIER DELAWARE BASIN LEADER (1) (2) 2023-2025 Delaware Well Productivity Delaware D&C Well Costs per Foot Gross Operated Delaware Inventory 2023-2025 6-month cumulative oil (mbo/1k ft.) Locations(3) binned by PV-10 20:1 breakeven oil price <$40 $40-$50 $50-$60 >$60 20 $1,200 6,000 5,719 DVN $/ft r
Slide 8: Synergy Update – Accelerated Execution Underway
SYNERGY UPDATE – ACCELERATED EXECUTION UNDERWAY GAINING MOMENTUM WITH OVER 350 INITIATIVES IDENTIFIED INITIATIVES UNDERWAY LEVERAGING TECHNOLOGY $1,000 $1.0 BILLION PRE-TAX SYNERGIES CORPORATE COSTS G&A: Eliminating redundant Systems: Consolidating software Process Reinvention: Workflows corpo
Slide 9: Technology Driving Real-Time Performance Improvements
TECHNOLOGY DRIVING REAL-TIME PERFORMANCE IMPROVEMENTS CLOSED LOOP AI AI DRIVING REAL-TIME ANALYTICS SURFACTANT TESTS IMPROVING SUBSURFACE IMPROVING PROMISING PRODUCTION ADVANCEMENT PERFORMANCE Fully autonomous, AI-driven Proprietary AI integrates basin- Completion-phase surfactant Processing
Slide 10: Q2 2026 Results Scorecard
Q2 2026 RESULTS SCORECARD TIGHTENED FULL- YEAR PRODUCTION GUIDE Metric Q2 Guide Q2 Result Beat vs. Midpoint FY 2026 Guide Oil Production (Mbbls/d) 485 – 505 503 1.6% 495 – 505 Total Production (Mboe/d) 1,315 – 1,360 1,359 1.6% 1,364 – 1,398 Total Operating Costs(1) ($ per BOE) $8.20– $8.60 $8.22 2.0
Slide 11: Delivering Substantial Free Cash Flow to Shareholders
DELIVERING SUBSTANTIAL FREE CASH FLOW TO SHAREHOLDERS COMMITTED TO SHAREHOLDER RETURNS SUSTAINABLE DIVIDEND GROWTH Dividend + Buybacks + Debt Reduction Paid quarterly dividend of $0.32 per share Attractive and durable dividend primed for consistent annual growth Dividend target of 10 – 15% cas
Slide 12: 2H2026 Highlights Superior Capital Efficiency
2H2026 HIGHLIGHTS SUPERIOR CAPITAL EFFICIENCY 2H2026e IMPLIED OUTLOOK SUPERIOR CAPITAL EFFICIENCY2 2H26e Capital Efficiency (20:3:1) $35 OIL 550 – 560 24% MORE EFFICIENT VOLUMES MBOD $30 VS. AVG. INDUSTRY PEER 1,630 – 1,690 TOTAL $25 INDUSTRY AVERAGE PRODUCTION MBOED $20 $2.7 – $2.8 (1) TOTAL $15 CA
Slide 13: Q3 and Full Year 2026 Outlook
Q3 AND FULL YEAR 2026 OUTLOOK PRODUCTION Q3 2026 Full Year 2026 PRICING Q3 2026 Full Year 2026 Oil (MBbls/d) 550 – 560 495 – 505 Oil - % of WTI 98% – 102% 98% – 100% Natural Gas Liquids (MBbls/d) 375 – 385 319 – 326 NGL - % of WTI 25% – 30% 24% – 26% Gas (MMcf/d) 4,450– 4,500 3,300 – 3,400 Natural G
Slide 14: Appendix
APPENDIX
Slide 15: Our Investment-Grade Financial Strength
OUR INVESTMENT-GRADE FINANCIAL STRENGTH Proactively Reducing Debt CREDIT RATINGS LOW LEVERAGE Retired $500 million of debt in Q2 and an additional $750 million of BBB+/Baa2 ~0.6x (1) debt maturing in Q3 subsequent to quarter-end, completing our $1.25 billion 2026 target Clear path to ~$9 billion
Slide 16: 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