Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION November 5, 2025 NYSE: DVN DEVONENERGY.COM
Slide 2: Key Q3 2025 Highlights
KEY Q3 2025 HIGHLIGHTS Outperformed Q3 expectations across key value drivers Delivered 390,000 barrels of oil per day, reaching top-end of guidance Capital investment of $859 million, 5% below guidance Achieved a 5% improvement in operating cost, the strongest result this year Business optimiz
Slide 3: Strategic Priorities & Core Values Drive Shareholder Value
STRATEGIC PRIORITIES & CORE VALUES DRIVE SHAREHOLDER VALUE STRATEGIC OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Track record of improving capital efficiency and enhancing margins PRIORITIES ADVANTAGED ASSET PORTFOLIO High-quality assets in t
Slide 4: Q3 2025 – Executing on Our Operating Plan
Q3 2025 – EXECUTING ON OUR OPERATING PLAN PRODUCTION OPTIMIZATION DELIVERS OPERATING COST SAVINGS ACCELERATE > $2.0B Q3 Oil Volumes (MBOD) Q3 LOE & GP&T ($/BOE) 400 390 + 3 MBOD PRODUCTION BEAT $9.31 5% REDUCTION (VS. Q3 MIDPOINT GUIDE) $9.17 (VS. Q1 2025) ANADARKO $8.85 FREE CASH FLOW 200 EAGLE FOR
Slide 5: 2025 Capital Efficiency Continues to Improve
2025 CAPITAL EFFICIENCY CONTINUES TO IMPROVE 10% REDUCING CAPITAL INCREASING PRODUCTION 2025e Full-Year Capital Spend Guidance ($ in billions) 2025e Full-Year Oil Production Guidance (MBOD) $425 MILLION From Preliminary Guide +8 MBOD From Preliminary Guide > $4.1 (Nov. 2024) CAPITAL (Nov. 2024) 388
Slide 6: Delivering Top-Tier Results vs. Industry
DELIVERING TOP-TIER RESULTS VS. INDUSTRY ACHIEVING SUPERIOR WELL RESULTS STRONG CAPITAL EFFICIENCY 2024 & 2025 YTD 6-Month Cum. Oil (MBO/1k ft.) 2024 & 2025e capital per flowing adjusted barrel $40 Top-Quartile 16 Top-Quartile 14 WELL PRODUCTIVITY DEVON DEVON CAPITAL EFFICIENCY $35 INDUSTRY INDUSTRY
Slide 7: Business Optimization Accelerating
BUSINESS OPTIMIZATION ACCELERATING SCORECARD: TIMING TO DELIVER RUN-RATE IMPROVEMENTS ($ in millions) >60% ACHIEVED IN 7 MONTHS $1,000 $200 MILLION UPLIFT To YE 2025 Target vs. Prior Update Capital 75% $300 Efficiency MILLION $750 Production 60% $250 Optimization MILLION $500 Commercial 67% (‘25 Exi
Slide 8: Detailed and Actionable Business Optimization Plan Ahead of Schedule
DETAILED AND ACTIONABLE BUSINESS OPTIMIZATION PLAN AHEAD OF SCHEDULE CATEGORY INITIATIVES UNDERWAY MILESTONES Design changes & new technologies Simulfrac application increased 20% CAPITAL improve Williston & Delaware drilling Efficiency gains driving $225 MM YoY across portfolio capital reduct
Slide 9: Proactive Asset Management Driving Additional Value
PROACTIVE ASSET MANAGEMENT DRIVING ADDITIONAL VALUE Eagle Ford JV Dissolution Cotton Draw Midstream Acquisition Delaware Lease Acquisitions (1) Realized $2.7 million per well in D&C savings Acquired non-controlling interest for $260 million • ~$170 million for ~60 net locations Operatorship pr
Slide 10: Delivering Substantial Free Cash Flow to Shareholders
DELIVERING SUBSTANTIAL FREE CASH FLOW TO SHAREHOLDERS Q3 2025 FINANCIAL METRICS DIVIDENDS PAID $151 MILLION TRACK RECORD OF SHARE BUYBACKS CORE EARNINGS Shares Outstanding (MM) $1.04 PER SHARE 13% (2) 650 643 OPERATING CASH FLOW REDUCTION $1,690 MILLION Q3 2025 (Since Nov. 2021) 635 SHARE BUYBACKS S
Slide 11: Significant Financial Strength and Liquidity
SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE $4.3 B $1.3 B 0.9x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 9/30/2025 AS OF 9/30/2025 CREDIT RATINGS DEBT REDUCTION PLAN Q3 DEBT RETIREMENT BBB/Baa2 $2.5 B $485 MM (1) INVESTMENT-GRAD
Slide 12: Preliminary 2026 Outlook to Yield Attractive Free Cash Flow
PRELIMINARY 2026 OUTLOOK TO YIELD ATTRACTIVE FREE CASH FLOW PRELIMINARY 2026e OUTLOOK 2026e FREE CASH FLOW YIELD PRODUCTION 835 – 855 20% FREE CASH FLOW VOLUMES MBOED YIELD (Oil: ~388 MBOD) $4.5 18% 13% $ $3.5 – $3.7 (1) Free Cash Flow Yield TOTAL Free Cash Flow ($B) FREE CASH FLOW YIELD CAPITAL BIL
Slide 13: Devon's Unique Investment Proposition
DEVON’S UNIQUE INVESTMENT PROPOSITION ADVANTAGED ASSET PORTFOLIO High-quality assets in top U.S. resource plays Inventory depth underpins long-term sustainability DISCIPLINED STRATEGY Returns-driven strategy prioritizes free cash flow Active asset management enhances value creation BUSINESS
Slide 14: Investor Contacts & Notices
INVESTOR CONTACTS & NOTICES over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital, which ca