Devon Energy Corporation · NYSE:DVN

Devon Energy — Q1 2018 Earnings Presentation

7 slides from Devon Energy's earnings presentation, May 2, 2018

  1. Slide 1: Q1 2018 Management Commentary

    Q1 2018 Management Commentary May 2, 2018 NYSE: DVN devonenergy.com

  2. Slide 2: Executing on the 2020 Vision

    Executing on the 2020 Vision Raising U.S. oil production guidance for 2018 Improving 2018 oil production outlook U.S. oil production (retained assets) (MBOD) — Q1 production at high end of guide 145 - 150 — Record-setting well productivity driving strong returns 135 - 142 129 - 134 — Executing multi

  3. Slide 3: Portfolio Simplification Strategy

    Portfolio Simplification Strategy  Resource quality & depth allows for high- grading of portfolio Heavy Oil  Potential for >$5 billion of asset disposals — Divest proceeds to date: $1.1 billion — Committed to bringing forward appropriate value as market conditions allow Rockies Portfolio Simplific

  4. Slide 4: Q1 2018 Results

    Q1 2018 Results  U.S. oil production at top end of guidance Delaware oil growth STACK oil growth MBOD MBOD  Delaware & STACK deliver strong growth 41 35 — Delaware March oil production 30% higher vs. Q4 2017 32 30 — STACK oil production increases 20% vs. Q4 2017  Massive record-setting wells brou

  5. Slide 5: STACK – Infill Development Strategy

    STACK – Infill Development Strategy  Next 3 projects designed to inform future infill decisions Current Projects to Inform Future Infill Decisions — Testing 9, 10 & 12 Meramec wells per drilling unit Showboat 12 wells per drilling unit Horsefly Flowing back  Program to deliver attractive returns (

  6. Slide 6: Shareholder-Friendly Initiatives

    Shareholder-Friendly Initiatives  $1 billion share-repurchase program underway KEY INITIATIVES UNDERWAY — $204 million repurchased to date (6.2 million shares) — Average price: $33 per share — Expect to be completed by year end $1 Billion share repurchase program initiated  Raised quarterly divide

  7. Slide 7: Investor Contacts & Notices

    Investor Contacts & Notices Investor Relations Contacts Scott Coody, Vice President, Investor Relations (405) 552-4735 / scott.coody@dvn.com Chris Carr, Supervisor, Investor Relations (405) 228-2496 / chris.carr@dvn.com Forward-Looking Statements This presentation includes "forward-looking statement

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