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Credit Suisse 21st Annual Energy Summit – Devon Energy Corp

Devon Energy Corp · Feb 23, 2016 · 22 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. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 1
    Credit Suisse Energy Summit February 23, 2016 NYSE: DVN devonenergy.com
  2. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 2
    Devon Today A Leading North American E&P Core Asset Production Q4 2015: 571 MBOED Key Messages Heavy Oil Premier asset portfolio Gas 38% Oil 43% Focused in toptier resource plays NGL 19% Deep inventory of opportunities…
  3. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 3
    Approach to Current Environment Maintain Financial Strength and Flexibility Protect the balance sheet Committed to investmentgrade credit ratings Balance capital investment with cash flow Upstream asset sales to reduce debt…
  4. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 4
    Significant Financial Flexibility 5 billion of liquidity(1) (credit facility maturing in late 2019) Only covenant: debttocapitalization…
  5. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 5
    Enhancing Financial Strength Active Portfolio Management Access Pipeline sale expected 1H 2016 Access Pipeline Gross capacity: 340 MBOD E&P divestiture process underway (50% Interest) Net production for sale: 80 MBOED Data…
  6. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 6
    Operating Strategy for Success Maximize base production Minimize controllable downtime Enhance well productivity Capture Full Leverage midstream operations Value Reduce operating costs Optimize capital program…
  7. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 7
    Track Record of Execution 2015 Oil Production Growth Raised type curves expectations for all U.S. MBOD 275 resource plays 8% Above Original 18 increases in last 18 months 214 Guidance Improved IPs, EUR and well costs 29%…
  8. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 8
    Track Record of Execution Strong Asset Level Performance Delaware Basin Drilling Efficiency Delaware Basin D&C Cost Bone Spring Basin Cumulative Production Bone Spring Avg. Feet Drilled Per Day Change From Peak 2014 Costs 60Day Avg. Per…
  9. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 9
    Disciplined Capital Allocation 2016 Outlook 2016 E&P Capital Guidance E&P capital reduced by 75% 900 million 1.1 Billion Barnett Focused on top U.S. resource plays Rockies 2% 7% Preserve operational continuity STACK Heavy Oil…
  10. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 10
    STACK BestInClass Position Worldclass development play Atoka Penn. Largest and best position Morrow Blaine Kingfisher Springer 430,000 net surface acres Chester Dewey Prospective in up to 10 zones Mississippian…
  11. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 11
    STACK Results Validate Core Position Strong Meramec development results in Q4 Participated in 8 wells across legacy acreage Blaine Kingfisher 30day IP avg. 1,500 BOED (45% oil) Dewey Felix Q4 Wells 4 Meramec Felix assets…
  12. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 12
    STACK Significant Resource Upside Meramec inventory conservatively risked 70% of inventory resides in Upper Meramec Assumes 4 5 risked wells per section in Upper Meramec (across 3 landing zones) Downspacing and staggered tests to…
  13. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 13
    Delaware Basin A WorldClass Oil Play Industry leader in basin Net risked acres: 585,000 Lea Q4 net production: 66 MBOED (63% oil) Eddy Delivering topquartile well results Deep inventory of lowrisk projects 5,100 risked…
  14. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 14
    Delaware Basin Bone Spring Drives Prolific Results 90Day Wellhead IPs SE NM Basin Achieving toptier results in basin BOED, 20:1 750 Acreage located in best part SE NM 612 Peers 90day rates 50% higher than industry 500 Average:…
  15. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 15
    Delaware Basin Significant Resource Opportunity Identified 5,100 risked, undrilled locations Bone Spring 70% of risked inventory Downspacing and appraisal work to drive risked location count higher Potential for tighter spacing in…
  16. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 16
    Eagle Ford A Leading Development Play In North America Toptier acreage position Q4 PRODUCTION 70,000 net acres focused in DeWitt Co. 13% YOY Increase Q4 net production: 111 MBOED (80% liquids) Q4 LOE / BOE Highestmargin asset…
  17. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 17
    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…
  18. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 18
    Rockies Oil An Emerging Development Opportunity Premier Powder River position Teckla 470,000 net surface acres Teapot Scale in stackedpay oil fairway 6,500 TVD Weston Upper Cretaceous Campbell Ability to leverage unique…
  19. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 19
    Canadian Heavy Oil Located in best part of oil sands Low geologic risk Industryleading operating results Massive risked resource: 1.4 BBO Oil production up 31% over past year Q4 net production: 121 MBOD Driven by Jackfish 3…
  20. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 20
    Premier Asset Portfolio Platform For Value Creation Asset Risked Opportunity Upside Potential Heavy Oil Delaware 5,000 undrilled Spacing tests and Basin locations appraisal work underway Eagle Ford 1,300 potential Upper EF…
  21. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 21
    Devon Energy A Leading North American E&P Premier asset portfolio Strong financial position Track record of execution Disciplined capital allocation 22
  22. Credit Suisse 21st Annual Energy Summit – Devon Energy Corp – slide 22
    Thank you.

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