Devon Energy Corporation · NYSE:DVN

Devon Energy — Q4 2025 Earnings Presentation

14 slides from Devon Energy's earnings presentation, Feb 18, 2026

1. Slide 1: Q4 2025 Earnings Presentation

   Q4 2025 EARNINGS PRESENTATION February 17, 2026 NYSE: DVN DEVONENERGY.COM

2. Slide 2: Key Highlights

   KEY HIGHLIGHTS 1. Announced transformational merger with Coterra Energy  Creates a premier, large-cap shale operator  Builds leading Delaware Basin position with >10 years of high-quality inventory  Expect to achieve $1.0 billion of pre-tax annual synergies by year-end 2027 2. Outperformed Q4 exp

3. Slide 3: Transformative Merger Creates Premier Shale Operator

   TRANSFORMATIVE MERGER CREATES PREMIER SHALE OPERATOR  Must-own, large-cap independent with ~$60 billion Large-Cap Shale pro forma enterprise value(1) NGL OIL 22% 34% Powerhouse  Resilience anchored by high-margin L48 portfolio & > 1.6 balanced commodity mix Franchise  Underpins over 50% of enterp

4. Slide 4: Q4 2025 – Executing on Our Disciplined Plan

   Q4 2025 – EXECUTING ON OUR DISCIPLINED PLAN PRODUCTION OPTIMIZATION DELIVERS OPERATING COST SAVINGS ACCELERATE Q4 Oil Volumes (MBOD) LOE & GP&T ($/BOE) 390 + 4 MBOD $9.31 8% 400 PRODUCTION BEAT $9.17 REDUCTION (VS. MIDPOINT GUIDE) (VS. Q1 2025) ANADARKO $8.85 200 EAGLE FORD ROCKIES $8.60 DELAWARE 0

5. Slide 5: 2025 – Another Year of Operational Excellence

   >15% 2025 – ANOTHER YEAR OF OPERATIONAL EXCELLENCE REDUCING CAPITAL INCREASING PRODUCTION 2025 Full-Year Capital Spend ($ in billions) 2025 Full-Year Oil Production (MBOD) CAPITAL EFFICIENCY IMPROVEMENT $460 MILLION +9 MBOD IMPROVEMENT IMPROVEMENT SINCE LATE 2024 SINCE LATE 2024 $4.1 389 388 387 $3.

6. Slide 6: Consistently Delivering Top-Tier Results vs. Industry

   CONSISTENTLY DELIVERING TOP-TIER RESULTS VS. INDUSTRY ACHIEVING SUPERIOR WELL RESULTS STRONG CAPITAL EFFICIENCY 2024 - 2025 6-Month Cum. Oil (MBO/1k ft.) 2024 - 2025e Capital Per Flowing Adjusted Barrel +24% +13% 15 $35 HIGHER PRODUCTIVITY GREATER EFFICIENCY VS. PEER AVG. VS. PEER AVG 13 $30 PEER AV

7. Slide 7: Business Optimization a Critical Driver of Performance

   BUSINESS OPTIMIZATION A CRITICAL DRIVER OF PERFORMANCE $1 BILLION VALUE ENHANCEMENT PROGRESS THROUGH TIME $ in millions SCORECARD: 85% COMPLETE WITH Q4 2025 EXIT-RATE $1,000 CAPITAL EFFICIENCY PRODUCTION OPTIMIZATION $850  85% of business optimization has been COMMERCIAL OPPORTUNITIES captured as o

8. Slide 8: Proactive Asset Management Driving Additional Value

   PROACTIVE ASSET MANAGEMENT DRIVING ADDITIONAL VALUE Eagle Ford JV Dissolution Cotton Draw Midstream Acquisition Ground Game Activity Fervo Energy Series E  Realized $2.7 million per well in D&C savings  Acquired non-controlling interest for $260 million • Concentrated in Delaware Basin • Leader in

9. Slide 9: Delivering Substantial Returns to Shareholders

   DELIVERING SUBSTANTIAL RETURNS TO SHAREHOLDERS $3.1B RETURNING VALUE TO SHAREHOLDERS RAISING THE FIXED DIVIDEND $ in Billions Quarterly Dividend Per Share ~$2.2 BILLION 31% DIVIDEND (1) $0.315 INCREASE ANNOUNCED DEBT RETIREMENT ($485 MILLION) FREE CASH FLOW DIVIDENDS PAID $0.24 GENERATION IN 2025 ($

10. 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

11. Slide 11: Appendix

    APPENDIX NYSE: DVN DEVONENERGY.COM

12. Slide 12: Business Optimization Initiatives and Milestones

    BUSINESS OPTIMIZATION INITIATIVES AND MILESTONES CATEGORY INITIATIVES UNDERWAY MILESTONES  Design improvements and new  Simulfrac application increased over  Efficiency gains drove >$250 MM CAPITAL technology drove 9% faster drilling 30% YoY across portfolio capital reduction for 2025 EFFICIENCY

13. Slide 13: Q1 and Full Year 2026 Outlook

    Full-year 2026 guidance Q1 AND FULL YEAR 2026 OUTLOOK reflects standalone Devon operations (1) PRODUCTION Q1 2026 Full Year 2026 EXPENSE ITEMS ($ in millions, except BOE and %) Q1 2026 Full Year 2026 Oil (MBbls/d) 381 - 387 385 - 391 Marketing & Midstream Operating Profit ($50) – ($40) ($100) – ($80

14. Slide 14: 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

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