Q1 2015 Management Commentary May 5, 2015 NYSE: DVN devonenergy.com
FirstQuarter 2015 Highlights U.S. Oil Production Growth Record oil production exceeds guidance MBOD 168 98 Eagle Ford and Delaware Basin deliver 72% significant oil growth Growth Q1 2014 Q1 2015 Total production increased 22%…
Revised 2015 Production Outlook Key Highlights 2015 Oil Production Guidance Raising oil production outlook Using Midpoint, MBOD 270 Expected 2015 oil growth: 25% 35% 7.5 percentage points higher than previous range Driven by…
Revised 2015 Cost Outlook Key Highlights 2015 E&P Capital Budget 3.9 4.1 Billion Land/Tech. Barnett E&P capital reduced by 6% Rockies 250 million decline vs. previous budget Anadarko Permian Acceleration of service cost savings…
Q1 Operating Highlights Superior Execution Drives Outstanding Results Heavy Oil Eagle Ford delivers significant growth Bone Spring type curve raised Rockies Oil Jackfish 3 drives growth in Canada Anadarko Basin Emerging Meramec…
Financial Overview Q1 cash flow exceeds Wall St. consensus Excellent financial strength & flexibility Strong investmentgrade credit ratings Cash and credit facility availability: 4 billion Low leverage: 7.5 billion of net debt(1)…