Slide 1: Devon Mid-Year Update
DEVON MID-YEAR UPDATE DEVONENERGY.COM
Slide 2: In the CEO's Words – Updates from Clay Gaspar
IN THE CEO’S WORDS – UPDATES FROM CLAY GASPAR, PRESIDENT AND CHIEF EXECUTIVE OFFICER Acting with purpose and urgency to maximize shareholder value “ PORTFOLIO REVIEW WELL UNDERWAY “ MAXIMIZING CAPITAL EFFICIENCY “Our comprehensive portfolio review is well underway with a single “Given its industry-l
Slide 3: Improved 2026 Outlook
IMPROVED 2026 OUTLOOK Current outlook beating independent DVN + CTRA February original plans on production (+2%) with in-line capital OIL PRODUCTION TOTAL PRODUCTION MBOD MMBOED 490 - 510 1.355 – 1.405 OIL-WEIGHTED CAPITAL >90% $4.9B GROSS ACTIVITY WELLS ONLINE (1) 2026E CAPITAL RIGS | CREWS NET GAS
Slide 4: Committed to Shareholder Returns & Disciplined Capital Allocation
COMMITTED TO SHAREHOLDER RETURNS & DISCIPLINED CAPITAL ALLOCATION RETURNING VALUE TO SHAREHOLDERS ENHANCED SHAREHOLDER RETURNS Dividend + Buybacks + Debt Reduction Dividend = Increase of 33% per share to ~$1.5bn annual Buyback = Annual base of $1.0 – $1.5bn, sustainable through the commodity cyc
Slide 5: Synergy Update – Accelerated Execution Underway
SYNERGY UPDATE – ACCELERATED EXECUTION UNDERWAY AI and the implementation of shared best practices are driving synergy capture and value creation TARGETED RUN-RATE PRE-TAX SYNERGIES BY TECHNOLOGY AS THE SYNERGY MULTIPLIER YEAR-END 2027 ($MM) Data-Driven Decisions: AI-powered tools driving faster d
Slide 6: A Technology-Driven Powerhouse
A TECHNOLOGY-DRIVEN POWERHOUSE Building on a legacy of AI innovation | Greater Efficiency, Higher Productivity SUBSURFACE DRILLING & COMPLETIONS Improve capital efficiency & economic returns Improving operational speed, costs, & consistency • AI integrates basin-wide data to predict well • Machine l
Slide 7: Top-Tier Assets Deliver Resilience and Returns
PREMIER PERMIAN-FOCUSED E&P WITH TOP-TIER CAPITAL EFFICIENCY AND LOW REINVESTMENT RATE 2027e 20:3:1 Capital Efficiency 2027e Reinvestment Rate TOP-TIER ASSETS Capital / 20:3:1 boe Capital / Cash Flow DELIVER RESILIENCE 22 51% AND RETURNS 47% 17 42% 16 16 38% THROUGH THE CYCLE Peer A Peer B Peer C Pe
Slide 8: Devon Focused on Shareholder Value Creation
DEVON FOCUSED ON SHAREHOLDER VALUE CREATION PORTFOLIO REVIEW WELL UNDERWAY Acting with speed and intention to improve shareholder returns by concentrating the portfolio around our premier Permian position ENHANCED SHAREHOLDER RETURNS Increased dividend, upsized repurchase authorization anchored by d
Slide 9: Q2 and Full Year 2026 Outlook
Q2 AND FULL YEAR 2026 OUTLOOK PRODUCTION Q2 2026 Full Year 2026 PRICING Q2 2026 Full Year 2026 Oil (MBbls/d) 485 – 505 490 – 510 Oil - % of WTI 98% – 102% 98% – 100% Natural Gas Liquids (MBbls/d) 305 – 315 315 – 330 NGL - % of WTI 21% – 25% 24% – 26% Gas (MMcf/d) 3,150 – 3,250 3,300 – 3,400 Natural
Slide 10: 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