Devon Energy Corporation · NYSE:DVN

Devon Energy — Investor Presentation (August 2025)

31 slides from Devon Energy's investor presentation, Aug 29, 2025

  1. Slide 1: Investor Presentation August 2025

    INVESTOR PRESENTATION AUGUST 2025 DEVONENERGY.COM

  2. Slide 2: Devon Energy Overview

    DEVON ENERGY OVERVIEW OUR PURPOSE FOUNDED TOTAL PRODUCTION 1971 ~835,000 BOED PROVIDING ENERGY THAT FUELS HEADQUARTERS PUBLICLY TRADED OKLAHOMA CITY NYSE: DVN MODERN LIFE. EMPLOYEES ENTERPRISE VALUE 2,300 ~$30 BILLION OUR VALUES INTEGRITY RELATIONSHIPS COURAGE RESULTS INVESTOR PRESENTATION • 2

  3. Slide 3: Our Strategic Priorities

    OUR STRATEGIC PRIORITIES STRATEGIC OPERATIONAL EXCELLENCE  Operating safely, reliably, and in an environmentally responsible manner  Embrace innovative thinking and technology to improve business performance PRIORITIES ADVANTAGED ASSET PORTFOLIO  Diversified multi-basin portfolio in top U.S. reso

  4. Slide 4: Devon Energy Portfolio

    DEVON ENERGY PORTFOLIO OPERATING AREAS ROCKIES PREMIER MULTI-BASIN 27% 189 MBOED PORTFOLIO NGLs DIVERSIFIED COMMODITY MIX PRODUCT MIX ANADARKO BASIN OPERATING SCALE 90 MBOED 27% 46% DELAWARE BASIN ENHANCES PROFITABILITY 498 MBOED GAS OIL EAGLE FORD 60 MBOED DEEP INVENTORY OF REPEATABLE OPPORTUNITIES

  5. Slide 5: Advantaged Operating Scale & Diversification

    ADVANTAGED OPERATING SCALE & DIVERSIFICATION TOP U.S. ONSHORE PURE-PLAY PRODUCERS TOTAL PRODUCTION (MBOED) 1,000 750 Total Production (MBOED) Oil Production (MBOD) 500 250 0 TOP ONSHORE PRODUCERS Note: Sourced from FactSet & Devon. Represents Q2 2025 production for Devon and upstream peers with >10%

  6. Slide 6: Asset Overviews

    ASSET OVERVIEWS DEVONENERGY.COM

  7. Slide 7: Delaware Basin – Overview

    DELAWARE BASIN – OVERVIEW DELAWARE BASIN 400,000 NET ACRES  World-class oil resource with stacked pay potential PBI POTATO BASIN TODD THISTLE / GAUCHO  Delivering top-tier capital efficiency Lea  Economies of scale COTTON DRAW RATTLESNAKE Eddy enhance efficiencies STATELINE New Mexico Texas MONUM

  8. Slide 8: Delaware Basin – Key Statistics

    DELAWARE BASIN – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 488 498 2024 2025 474 Activity Plan 461 458 Operated rigs (average) 15 ~12 Wells online (gross operated) 231 ~250 Upstream capital ($ in billions) $2.0 ~$1.9 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 UPSTREAM CAPITAL INVE

  9. Slide 9: Rockies – Overview

    ROCKIES – OVERVIEW POWDER RIVER BASIN 300,000 NET ACRES Campbell 23% Williams ROCKIES Other Mountrail Assets Q2 2025 DEVON FORT BERTHOLD RESERVATION PRODUCTION North Dakota Montana McKenzie Dunn WILLISTON BASIN 430,000 NET ACRES Converse INVESTOR PRESENTATION • 9

  10. Slide 10: Rockies – Key Statistics

    ROCKIES – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 191 195 189 Activity Plan Operated rigs (average) 2 4 79 79 Wells online (gross operated) 52 ~80 Upstream capital ($ in billions) $0.4 ~$0.9 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 UPSTREAM CAPITAL INVESTMENT PRODUCT

  11. Slide 11: Eagle Ford – Overview

    EAGLE FORD – OVERVIEW  Repeatable resource play with significant oil in place  Dissolved partnership in Dewitt County in Q2 2025 Gonzales providing development flexibility  Realized material capital savings of ~$2.7 million per well with go-forward operatorship Dewitt Karnes Other Assets Q2 2025

  12. Slide 12: Eagle Ford – Key Statistics

    EAGLE FORD – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 92 Activity Plan 79 79 75 Operated rigs (average) 4 2 60 Wells online (gross operated) 103 ~80 Upstream capital ($ in billions) $0.6 $0.6 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 UPSTREAM CAPITAL INVESTMENT PRODUCT

  13. Slide 13: Anadarko Basin – Overview

    ANADARKO BASIN – OVERVIEW ANADARKO BASIN 300,000 NET ACRES Blaine  Repeatable resource play with Kingfisher exposure to gas & NGL resource  Capital efficiency enhanced by drilling carry with Dow  Activity focused on Meramec & Woodford formations Canadian Other Assets Q2 2025 DEVON 11% ANADARKO Ca

  14. Slide 14: Anadarko Basin – Key Statistics

    ANADARKO BASIN – KEY STATISTICS CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 84 87 90 82 Activity Plan 79 Operated rigs (average) 3 2 Wells online (gross operated) 66 ~35 Upstream capital ($ in billions) $0.2 $0.15 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 UPSTREAM CAPITAL INVESTMENT PRO

  15. Slide 15: Business Optimization

    BUSINESS OPTIMIZATION DEVONENERGY.COM

  16. Slide 16: Business Optimization

    BUSINESS OPTIMIZATION TIMING TO DELIVER RUN-RATE IMPROVEMENTS SCORECARD: 40% ACHIEVED IN 4 MONTHS ($MM) (%) $1,000 Capital $300 33% Efficiency MILLION $750 Production $250 30% Optimization MILLION $500 Commercial $300 67% Opportunities MILLION $250 Corporate Cost $150 20% Reductions MILLION $- YE 20

  17. Slide 17: Business Optimization Initiatives

    BUSINESS OPTIMIZATION INITIATIVES CATEGORY INITIATIVES UNDERWAY MILESTONES  Drilling and completion cycle time  Increase application of  Efficiency gains driving $100 MM CAPITAL improvements simulfrac across programs capital reduction for 2025 EFFICIENCY $300 MM  Refine supply chain structure wi

  18. Slide 18: Financial & Shareholder Returns

    FINANCIAL & SHAREHOLDER RETURNS DEVONENERGY.COM

  19. Slide 19: Significant Financial Strength and Liquidity

    SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE $4.8 B $1.8 B 0.9x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 6/30/2025 AS OF 6/30/2025 CREDIT RATINGS DEBT REDUCTION PLAN ATTRACTIVE HEDGE POSTION BBB/Baa2 $2.5 B ~ 30% (1) INVESTMENT-

  20. Slide 20: Increasing Oil Production While Lowering Capital

    INCREASING OIL PRODUCTION WHILE LOWERING CAPITAL FOR SECOND QUARTER IN A ROW UPDATED 2025e OUTLOOK ATTRACTIVE FREE CASH FLOW $4.0 $3.7B FREE CASH OIL 384MBOD – 390 FLOW VOLUMES $3.0 B $2.5 B FREE CASH FLOW $3.0 2025e Free Cash Flow ($B) $ FREE CASH $3.6 – $3.8 FLOW TOTAL CAPITAL BILLION $2.0 (1) BRE

  21. Slide 21: Returning Value to Shareholders

    DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS RETURNING VALUE TO Targeting up to 70% CASH-RETURN in 2025 SHAREHOLDERS% OF FREE CASH FLOW CASH RETURNS UP TO INCREASED quarterly dividend by 9% to $0.24 per share 70% Consistent SHARE BUYBACK program ($200 - $300 million per quarter) BALANCE SHEET IMPRO

  22. Slide 22: Devon's Unique Investment Proposition

    DEVON’S UNIQUE INVESTMENT PROPOSITION DISCIPLINED STRATEGY  Focused on growing per-share value  Returns-driven strategy prioritizes free cash flow ADVANTAGED PORTFOLIO ATTRACTIVE CASH RETURNS  High-quality inventory  Delivering advantaged cash underpins sustainability returns vs. broader market

  23. Slide 23: Appendix

    APPENDIX DEVONENERGY.COM

  24. Slide 24: Operational Highlights

    OPERATIONAL HIGHLIGHTS DELAWARE CAPITAL EFFICIENCIES WILLISTON BASIN COST REDUCTIONS $ PER LATERAL FOOT* 2-MILE WELL COST ($ IN MILLIONS) $8.4 ($0.7) $440 + 12% IMPROVEMENT (2025 YTD vs. FY 2024) $369 $397 $360 ($0.3) $362 $323 ~$7.4 $315 $289 + 15% + $1.0 MM PER SAVINGS IMPROVEMENTWELL Completions

  25. Slide 25: 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) $4.1 $400 MILLION From Preliminary Guide +7 MBOD From Preliminary Guide (Nov. 2024) > CAPITAL (Nov. 2024) EFFI

  26. Slide 26: Q2 2025 – Earnings Summary

    Q2 2025 – EARNINGS SUMMARY Net core earnings change quarter over quarter $ in millions $78 ($417) $779 $85 $536 $13 ($2) Q1 2025 Production Realized Prices & Production G&A, Taxes, & Q2 2025 DD&A Volumes Hedge Settlements Expenses Other INVESTOR PRESENTATION • 26

  27. Slide 27: Q2 2025 – Cash Flow Summary

    Q2 2025 – CASH FLOW SUMMARY Exiting the quarter with strong liquidity Q2 2025 Benchmark Prices $ in millions  Oil ($/Bbl) – WTI : $63.95 $134 ($972) $1,411  Natural Gas ($/Mcf) – Henry Hub: $3.44  NGLs ($/Bbl) – Mont Belvieu: $25.58 $372 ($405) ($15) $1,759 $1,234 Cash Flow Changes in Capital Mat

  28. Slide 28: Our Investment-Grade Financial Strength

    OUR INVESTMENT-GRADE FINANCIAL STRENGTH Outstanding debt maturities ($ in millions) ~$4,800 Cash ~$1,800 $2.5B  Retired $472 million of notes at maturity in 2024  Targeting <1.0x net debt-to-EBITDAX ratio (0.9x as of 6/30/2025) DEBT REDUCTION PROGRAM UNDERWAY  ~70% of outstanding debt obligations

  29. Slide 29: Inventory Depth Underpins Delaware Sustainability

    INVENTORY DEPTH UNDERPINS DELAWARE SUSTAINABILITY DELAWARE BASIN INVENTORY BY KEY OPERATOR 4,000 Gross Operated Locations (10,000’) 2,000 0 TOP DELAWARE PRODUCERS Note: Date sourced from Enverus Permian Basin Reports dated 4/14/2025. Location count normalized to 10,000’ laterals. INVESTOR PRESENTATI

  30. Slide 30: Focused on Environmental Excellence

    FOCUSED ON ENVIRONMENTAL EXCELLENCE 2025 SUSTAINABILITY REPORT HIGHLIGHTS ENVIRONMENTAL TARGETS (1) GHG EMISSIONS SCOPE 1 & 2 Flared volume intensity was reduced by 76% (1) NET ZERO GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 Scope 1 & 2 GHG emissions intensity declined by 26% GHG EMISSIONS INTENSITY SCOP

  31. Slide 31: 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

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