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Short cycle development opportunities More than 20 projects providing Capex flexibility 1 7 20% Bboe net /boe IRR UK, reserves development at 50 /b Elgin Franklin cost infills USA, Barnett, Nigeria Tahiti infills Akpo infills Bonga infills Qatar, Al Shaheen Angola infills Clov infills Argentina Vaca Muerta Countries with short cycle opportunities Managing rig contracts to keep flexibility 2017 Strategy and Outlook 23
Total SA
September 2017

RESULTS OVERVIEW & OUTLOOK Shift to HigherMargin Production Rapidly Expands Cash Flow (continued) STACK and Delaware: Sustainable Growth Platform with 30,000 Locations Looking ahead to 2018, the operational momentum created by accelerated Devons franchise assets in the STACK and Delaware Basin have exposure drilling activity in the STACK and Delaware Basin is expected to advance lightoil to 1 million net acres, providing the company with highreturn, production in the U.S. by 20% compared to 2017 (chart below). sustainable growth for the foreseeable future. U.S. Oil Production Growth Across these positions, the company has identified 30,000 potential (MBOD) +20% drilling locations, of which roughly 1/3 have been successfully derisked. (vs. 2017) +13% 17% (vs. Q4 16) With ongoing STACK appraisal work and further testing of the Leonard and Wolfcamp zones in the Delaware, Devons resource base could further 105 expand in 2017. CatalystRich Year for Resource Expansion Devons catalystrich drilling program in 2017 includes: Q4 2016 2017e 2018e 1. Initial multizone Meramec development program This rapid growth in highmargin production, combined with a lowcost structure, positions Devon to deliver peerleading cash flow expansion through 2. Ongoing Meramec infill tests to define future developments 2018 (chart below). 3. Substantial productivity gains with Woodford row development Upstream Cash Flow Potential(1) ( Billions) 3.5 4. Significant Leonard Shale and Wolfcamp drilling programs 275% 2.7 5. Infill spacing tests to define Eagle Ford upside 6. Advances in Barnett horizontal refrac design INCREASE 0.9(2) 2016 2017e 2018e Upstream Cash Flow EnLink Distributions (1) Assumes 55 WTI and 3 Henry Hub in 2017 and 60 and 3.25 in 2018; excludes EnLink operating cash flow. (2) 2016 excludes 150 million of cash flow associated with divestiture assets and includes 265 million of cash associated with debt repayments. Q4 2016 OPERATIONS REPORT 6
Devon Energy Corp
February 2017

US Shale Plays U.S. Shale Oil Breakeven Prices DJ Basin among the lowest breakeven prices Source: BofA Merrill Lynch Global Commodities Research 9
PetroShare Corp.
July 2016

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