Q4 2015 OPERATIONS REPORT February 16, 2016 NYSE: DVN devonenergy.com IR Contacts Table of Contents Email: Key Takeaways ................ 2 investor.relationsdvn.com Results Overview & Outlook .............. 3 Howard J. Thill…
KEY TAKEAWAYS APPROACH TO THE CURRENT ENVIRONMENT Heavy Oil Committed to balancing 2016 spending with cash flow Decreasing capital spending by 75% Reducing operating and G&A costs by 800 million annually Adjusting dividend to…
RESULTS OVERVIEW & OUTLOOK Core Assets Deliver Strong Q4 Production Results TOTAL COMPANY Q4 STATS Q4 2015 Q4 2014 Total oil production averaged 278,000 barrels per day in the fourth quarter, a 16% increase compared to the fourth…
RESULTS OVERVIEW & OUTLOOK CostReduction Initiatives Enhancing Margins (continued) During the year, the companys drilling programs added 118 million Boe of reserves through successful drilling (extensions & discoveries). About 90%…
RESULTS OVERVIEW & OUTLOOK Divestiture Program To Boost Financial Strength The divestiture process is off to a strong start with 72 million of assets sales completed in Q4 2015. The company plans to use upstream sale To further…
RESULTS OVERVIEW & OUTLOOK 2016 Outlook Oil Production To Remain Flat Reorganization charges are expected to approximate 225 to 275 million, with the majority projected to be incurred in the first quarter of 2016. Devons E&P…
DELAWARE BASIN Net production averaged 66,000 Boe per day, a 45% increase compared to the DELAWARE BASIN Q4 STATS fourth quarter of 2014 (chart below). Q4 2015 Q4 2014 Production: This attractive production growth was achieved in…
DELAWARE BASIN Bone Spring Results Drive Q4 Growth SE NM Basin 90Day Wellhead IPs (BOED, 20:1) Fourthquarter production growth was driven by outstanding well performance 750 across the Bone Spring play in southeast New Mexico. 612…
DELAWARE BASIN Delaware Basin Efficiencies Accelerate (continued) Delaware Basin A Tremendous Resource Opportunity Completion costs have also dramatically declined from peak 2014 rates. In the The companys industryleading Delaware Basin…
STACK Net production averaged 70,000 Boe per day, a 9% increase compared to the STACK Q4 STATS third quarter of 2015 (chart below). This growth was achieved in spite of Q4 2015 Q4 2014 multiple severe winter weather events in the…
STACK Felix Acquisition Creates BestInClass STACK Position (continued) This increase in perwell productivity is attributable to improved well designs. A shift to hybrid completions, higher proppant volumes and Upon closing of the…
STACK Improved Completion Design Boosts Woodford Results (continued) STACK Position Provides WorldClass Inventory Initial 30day IPs from the 29 wells that reached peak rates during the quarter Devon has the premier STACK position in the…
EAGLE FORD Net production averaged 111,000 Boe per day in the fourth quarter. Since EAGLE FORD Q4 STATS acquiring these assets in March 2014, Devon has delivered tremendous results, Q4 2015 Q4 2014 increasing production by 125%…
EAGLE FORD WorldClass Development Results In DeWitt Wells Per Rig Per Year DeWitt County Devon continued to achieve worldclass results from its Eagle Ford drilling program in DeWitt County in the fourth quarter of 2015. The company…
EAGLE FORD Staggered Lateral Infill Program Underway (continued) The infill program will drill staggered laterals in the upper and lower portions of the Eagle Ford formation with spacing as tight as 330 feet (40acre spacing) (graphic…
ROCKIES OIL Net production for retaassets(1) averaged 23,000 Boe per day, a 38% ROCKIES OIL Q4 STATS(1) increase compared to the fourth quarter of 2014. Overall, Q4 Rockies oil Q4 2015 Q4 2014 production increased 79% year over year.…
ROCKIES OIL Acquisition Creates Premier Powder River Position (continued) Drilling & Completion Efficiencies Drive Costs Lower The acreage also has stackedpay potential across multiple oilprone formations Since the shift to extendedreach…
HEAVY OIL Net oil production in Canada averaged a recordsetting 121,000 barrels per day HEAVY OIL Q4 STATS in the fourth quarter. Q4 2015 Q4 2014 Production: This represents a 31% increase compared to the fourth quarter of 2014…
HEAVY OIL Jackfish 3 Exceeds Nameplate Capacity New Pads Online At Jackfish 1 The most significant driver of fourthquarter production growth was the Gross production averaged 30,300 barrels per day in the fourth quarter. continued…
BARNETT SHALE Net production averaged 175,000 Boe per day or 1.1 Bcfe per day in the fourth BARNETT SHALE Q4 STATS quarter. Q4 2015 Q4 2014 Production: Over the past year, Devons focus on enhancing existing well performance has…
BARNETT SHALE Horizontal Refrac Results Exceed Expectations (continued) Significant Recovery Upside Of these 25 tests, 19 wells have achieved peak 30day IP rates, with an average At yearend 2015, Devons proved reserves in the Barnett…
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