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Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp

Devon Energy Corp · Nov 10, 2015 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 1
    Bank of America Merrill Lynch Global Energy Conference November 10, 2015 NYSE: DVN devonenergy.com
  2. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 2
    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
  3. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 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…
  4. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 4
    Delaware Basin Overview Industry leader in basin Net risked acres: 585,000 Lea Q3 net production: 61 MBOED (67% oil) Eddy Delivering toptier well results Deep inventory of lowrisk projects 5,100 risked locations (16,000…
  5. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 5
    Delaware Basin Track Record of Growth Perwell productivity continues to increase 2015 oil production on pace to grow 50% YoY 40 Bone Spring driving prolific growth Delaware Basin Oil Production Growth MBOD 700% 5 Growth…
  6. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 6
    Delaware Basin Bone Spring Results Continue to Improve Bone Spring Cumulative Production Completion design enhances results 60Day Avg. Per Well, MBOE Per well productivity up 40% YTD 2015 Avg. Well 2014 Avg. Well 40 3x more…
  7. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 7
    Delaware Basin Significant & Growing Resource Opportunity Identified 5,100 risked, undrilled locations Downspacing pilots expected to grow inventory Testing 8 wells per section in lower 2nd Bone Spring interval (traditional landing…
  8. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 8
    Eagle Ford Overview Toptier acreage position Q3 PRODUCTION 72,000 net acres focused in DeWitt Co. 43% Q3 net production: 113 MBOED (80% liquids) YOY Increase Q3 LOE / BOE Highest returning asset in portfolio 29% Lavaca YOY…
  9. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 9
    Eagle Ford BestInClass Results Acreage located in best part of Eagle Ford 90Day IP rates 130% higher than industry average Consistently delivering worldclass development results Eagle Ford 90Day Wellhead IPs 1,050 BOED, 20:1…
  10. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 10
    Eagle Ford DeWitt County Productivity Gains Enhance Results Production up 125% since March 2014 DeWitt 30Day IP Growth BOED 2,300 Recordsetting well results in Q3 1,120 30day IP avg. 2,300 BOED (53 wells) 105% IP rates 105%…
  11. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 11
    Anadarko Basin CanaWoodford Development Play Best position in CanaWoodford play 280,000 net risked acres Identified 3,600 risked locations Gordon Row Q3 net production: 64 MBOED 30Day IPs: Expected in Q4 Completion activity…
  12. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 12
    Anadarko Basin Emerging Meramec Opportunity Appraisal activity yields highrate wells Meramec Oil & Liquids Window Initial 19 wells: 30day IP 1,500 BOED 75,000 Net Acres Delivering competitive returns Well costs declining to 7 MM…
  13. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 13
    Rockies Oil Powder River Basin Emerging asset with significant potential Total net surface acres: 225,000 Campbell Oil potential in multiple intervals Risked locations: 800 and growing Delivering substantial growth rates…
  14. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 14
    Heavy Oil Overview Located in best part of oil sands Low geologic risk Thick and continuous reservoir Industryleading operating results Massive risked resource: 1.4 BBO Features of each Jackfish project: 300 MMBO gross EUR…
  15. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 15
    Heavy Oil Delivering Visible Oil Growth Heavy Oil Production Oil production up 52% over past year MBOD 121 80 Jackfish 3 Driven by worldclass Jackfish complex Jackfish 2 Q3 gross production: 94 MBOD 52% Jackfish 1 Growth…
  16. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 16
    Platform For Sustainable Growth Significant & Growing Resource Opportunity Asset Risked Opportunity Upside Potential Heavy Oil Delaware 5,000 undrilled Spacing tests Basin locations underway Eagle Ford 1,400 potential Upper EF…
  17. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 17
    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…
  18. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 18
    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…
  19. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 19
    Delivering Superior Execution A Track Record Of Performance Focused investment drives record oil Driven by top resource plays production growth Oil Growth By Asset Q1 2014 to Q3 2015 Oil Production 282 MBOD Rockies 110% Eagle Ford…
  20. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 20
    Advantaged Capital Structure Excellent financial strength & flexibility Market Value of EnLink Ownership November 2015 Strong investmentgrade credit ratings Cash & credit facility availability: 4.7 billion Minimal nearterm debt…
  21. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 21
    Disciplined Capital Allocation Approach To Current Environment Protect the balance sheet Balance capital investment with cash inflows Sources of cash inflow Operating cash flow EnLink distributions Dropdown proceeds Prepared…
  22. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 22
    Disciplined Capital Allocation Capital & Production Outlook 2015 Capital Guidance Efficiency gains drive capital costs lower Billions 5.0 Reduced 2015 guidance by 500 million 4.5 Targeting 25% service cost savings by yearend 500…
  23. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 23
    Why Own Devon Premier asset portfolio Platform for sustainable growth Delivering superior execution Advantaged capital structure Disciplined capital allocation 24
  24. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 24
    Thank you.
  25. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 25
    Appendix
  26. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 26
    Barnett Shale LiquidsRich Gas Development Significant gas optionality Net acres: 615,000 Wise Denton Best position in play Q3 net production: 176 MBOED Liquids 26% of production mix Barnett Wells Focused on optimizing base…
  27. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 27
    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…
  28. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 28
    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…
  29. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 29
    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…
  30. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 30
    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…
  31. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 31
    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: 1,000 BOED 30day IP rate: 500 BOED EUR: 600…
  32. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 32
    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…
  33. Bank of American Merrill Lynch Global Energy Conference – Devon Energy Corp – slide 33
    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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