Barclays CEO Energy Conference September 9, 2015 NYSE: DVN devonenergy.com
Devon Today A Leading North American E&P Premier asset portfolio Platform for sustainable growth Delivering superior execution Advantaged capital structure Disciplined capital allocation 3
Premier Asset Portfolio Heavy Oil Positioned in toptier basins Leading Delaware Basin operator Prolific Eagle Ford assets Highquality Anadarko Basin position Worldclass heavy oil projects Rockies Oil Significant operational…
Delaware Basin Overview Industry leader in basin Net risked acres: 585,000 Lea Q2 net production: 64 MBOED (65% oil) Eddy Delivering toptier well results Deep inventory of lowrisk projects 5,000 risked locations Significant…
Delaware Basin Delivering Prolific Production Growth Perwell productivity continues to increase Q2 net production increased 40% YoY 64 Bone Spring driving growth 46 Delaware Basin Production Growth MBOED 40% Growth Q2 2014…
Delaware Basin Bone Spring Results Continue to Improve Q2 Bone Spring Basin Wells Enhanced completion design drives 30Day IP Rate, BOED productivity gains 1,400 3x more sand than historic design 900 16 Bone Spring basin wells in…
Delaware Basin Significant & Growing Resource Opportunity Identified 5,000 risked, undrilled locations Downspacing pilots expected to grow inventory Testing 8 wells per section in lower 2nd Bone Spring interval…
Eagle Ford Overview Toptier acreage position 75,000 net acres focused in DeWitt Co. Q2 net production: 114 MBOED (60% oil) Gonzales Lavaca Highest returning asset in portfolio Delivering bestinclass well results Condensate…
Eagle Ford BestInClass Results Acreage located in best part of Eagle Ford Consistently delivering worldclass development results 90Day IP rates 125% higher than industry average Eagle Ford 90Day Wellhead IPs BOED, 20:1 1,000…
Eagle Ford DeWitt County Productivity Gains Enhance Results Perwell productivity up 74%... Driving prolific production growth... 30Day IP Rates Eagle Ford Production BOED 1,950 MBOED 114 1,120 74% 51 125% Increase Growth March…
Anadarko Basin CanaWoodford Development Play Best position in CanaWoodford play 280,000 net risked acres Identified 3,600 risked locations Haley Pad Q2 net production: 59 MBOED 8 Wells Avg. 30Day IP: 1,850 BOED Recordsetting…
Rockies Oil Powder River Basin Devon Acreage Emerging asset with significant potential Recently Acquired 42,000 net acres Recently added 42,000 acres Total net surface acres: 225,000 Campbell Risked locations: 800 across…
Heavy Oil Overview Located in best part of oil sands Low geologic risk Thick and continuous reservoir Industry leading operating results Massive risked resource: 1.4 BBO Features of each Jackfish project: 300 MMBO gross EUR…
Heavy Oil Delivering Visible Oil Growth Heavy Oil Production Oil production up 27% over past year MBOD 98 77 Jackfish 3 Driven by worldclass Jackfish complex Jackfish 2 Q2 gross production: 75 MBOD 27% Jackfish 1 Growth…
Platform For Sustainable Growth Significant & Growing Resource Opportunity Asset Risked Opportunity Upside Potential Heavy Oil Delaware 5,000 undrilled Spacing pilots Basin locations underway Eagle Ford 400 MMBoe of Upper EF…
Delivering Superior Execution Operating Strategy For LongTerm Success Maximize base production Minimize controllable downtime Enhance well productivity Capture Full Leverage midstream operations Value Reduce operating…
Delivering Superior Execution Leveraging Technology To Enhance Performance Decision support centers enhance performance Minimize downtime Reduce drilling times Improve well placement and completion design Optimize flow rates and…
Delivering Superior Execution A Track Record Of Performance Focused investment drives strong oil Driving 20% topline growth growth Oil Production Total Production 270 674 MBOD MBOED 563 176 54% 20% Growth Growth Q1 2014 Q2 2015 Q1…
Advantaged Capital Structure Excellent financial strength & flexibility Market Value of EnLink Ownership September 2015 Strong investmentgrade credit ratings Cash & credit facility availability: 4.5 billion Low leverage: 7.6…
Disciplined Capital Allocation Approach To Current Environment Protect the balance sheet Match capital investment with cash inflows Prepared to dynamically allocate capital Minimal service contracts 12 months No longterm…
Disciplined Capital Allocation E&P Capital E&P capital reduced by 25% vs. 2014 Billions Targeting 20% cost reductions by yearend 5.4 Efficiency gains achieved across portfolio 4.0 25% Improved operating cost expectations…
Why Own Devon Premier asset portfolio Platform for sustainable growth Delivering superior execution Advantaged capital structure Disciplined capital allocation 24
Barnett Shale LiquidsRich Gas Development Significant gas optionality Net acres: 620,000 Wise Denton Best position in play Q2 net production: 185 MBOED Liquids 27% of production mix Barnett Wells Focused on optimizing base…
Potential Drop Down Asset Access Pipeline Three 180 mile pipelines from JACKFISH & PIKE Sturgeon Terminal to Devons thermal acreage 16 Diluent Line (Edmonton to Jackfish) 24 Diluent Line 30 miles of dual pipeline from…
Potential Drop Down Asset NGPL 92mile gas pipeline from North Texas to Central Oklahoma STACK NGPL Proposed CANA Cana Plant WOODFORD EnLink Processing Facility Acquisition of NGPL nearing completion Regulatory approval…
Delaware Basin Bone Spring Spacing Pilots Pilot 1 Pilot 2 Pilot 3 Pilot 4 Pilot 5 660 660 280 Upper 2nd BONE SPRING 660 880 SPRING Lower BONE 1,320 3rd Planned Pilot Well Existing Producer Results will help…
Anadarko Basin Meramec Spacing Pilots Spacing Pilot Staggered Lateral Pilot 1,150 660 Upper Planned MISSISSIPPIAN Pilot MERAMEC (5 wells/section) Well Lower Results will help determine the optimal future…
Key Modeling Statistics Bone Spring Basin (Delaware Basin) Bone Spring Slope (Delaware Basin) Working interest / royalty: 71% / 21% Working interest / royalty: 71% / 21% 30day IP rate: 900 BOED 30day IP rate: 500 BOED EUR: 600 MBOE…
Key Modeling Statistics Eagle Ford (DeWitt County) Rockies: Powder River Basin (Parkman) Working interest / royalty: 54% / 22% Working interest / royalty: 58% / 18% 30day IP rate: 1,650 BOED 30day IP rate: 1,300 BOED EUR: 900 MBOE…
Key Modeling Statistics CanaWoodford Shale Meramec Working interest / royalty: 51% / 21% Working interest / royalty: 34% / 18% 30day IP rate: 1,200 BOED 30day IP rate: 1,500 BOED EUR: 1,700 MBOE EUR: 1,400 MBOE Oil / NGLs as % of…
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