Slide 1: Q2 2015 Management Commentary
Q2 2015 Management Commentary August 4, 2015 NYSE: DVN devonenergy.com
Slide 2: Investor Notices
Investor Notices Use of Slides The following slide presentation is intended to be viewed in conjunction with the oral management commentary for the quarter posted on Devon’s website on August 4, 2015. The commentary and other materials furnished in connection with the quarterly earnings release incl
Slide 3: Strategy Remains Unchanged
Strategy Remains Unchanged Heavy Oil Operate in North America’s best basins Rockies Oil Deliver superior execution Anadarko Basin Permian Basin Barnett Shale Maintain financial strength Eagle Ford Oil Assets Liquids‐Rich Gas Assets 3
Slide 4: Second-Quarter 2015 Highlights
Second‐Quarter 2015 Highlights Generated oil production growth of 32% Q2 Oil Production Growth MBOD 270 205 Exceeded oil production expectations for 4th consecutive quarter 32% Growth Q2 2014 Q2 2015 Reduced operating costs 8% U.S. Canada Surpassed Wall Street EPS and cash flow expectations Note: Da
Slide 5: Financial Overview
Financial Overview Excellent financial strength & flexibility — Strong investment‐grade credit ratings — Cash and credit facility availability: ≈$4.5 billion — Low leverage: $7.6 billion of net debt(1) The EnLink advantage — Asset dropdown visibility — Annual distributions: ≈$270 million — Ownership
Slide 6: Approach To Current Environment
Approach To Current Environment Prepared to dynamically allocate capital — Minimal long‐term service contracts — No long‐cycle project commitments — Negligible leasehold expirations Positioned for differentiating performance in any environment 6
Slide 7: Thank You
Thank You NYSE: DVN devonenergy.com
Slide 8: Discussion of Risk Factors
Discussion of Risk Factors Forward‐Looking Statements: Information provided in this presentation includes “forward‐looking statements” as defined by the Securities and Exchange Commission. Forward‐looking statements are often identified by use of the words “forecasts”, “projections”, “estimates”, “p