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June 2016 Investor Presentation – Devon Energy Corp

Devon Energy Corp · Jun 7, 2016 · 20 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. June 2016 Investor Presentation – Devon Energy Corp – slide 1
    Investor Presentation June 2016 NYSE: DVN devonenergy.com
  2. June 2016 Investor Presentation – Devon Energy Corp – slide 2
    Devon Today A Leading North American E&P Core Asset Production Q1 2016: 581 MBOED Key Messages Heavy Oil Premier asset portfolio Gas 37% Oil 44% Focused in toptier resource plays NGL 19% Deep inventory of opportunities…
  3. June 2016 Investor Presentation – Devon Energy Corp – slide 3
    Approach To Current Environment Protect balance sheet Invest within cash flow Enhance financial strength with asset sales Drive efficiencies across the portfolio Achieve additional cost savings Further increase capital…
  4. June 2016 Investor Presentation – Devon Energy Corp – slide 4
    Significant Financial Strength Investmentgrade balance sheet 5 billion of liquidity(1) (credit facility matures October 2019) No significant nearterm debt maturities Pro Forma Liquidity(1) Debt Maturities Next 5 Years (…
  5. June 2016 Investor Presentation – Devon Energy Corp – slide 5
    Enhancing Financial Strength Active Portfolio Management Noncore asset divestiture program underway Access Pipeline Gross capacity: 340 MBOD Expected proceeds: 2 3 billion (50% Interest) Sales proceeds to date: 1.3 billion…
  6. June 2016 Investor Presentation – Devon Energy Corp – slide 6
    Operating Strategy Maximize base production Minimize controllable downtime Enhance well productivity Capture Full Leverage midstream operations Value Reduce operating costs Optimize capital program Disciplined…
  7. June 2016 Investor Presentation – Devon Energy Corp – slide 7
    Delivering BestInClass Well Results Devons Avg. 90Day Wellhead IPs 2015 Avg. 90Day Wellhead IPs BOED, 20:1 BOED, 20:1 600 600 450 450 300 300 150 250% 150 Increase 0 0 2012 2013 2014 2015 Top U.S. Producers Source: IHS/Devon.…
  8. June 2016 Investor Presentation – Devon Energy Corp – slide 8
    Achieving Significant Cost Savings D&C costs declining across all core plays D&C Well Cost Declines Peak cost to Q1 2016 Up to 40% lower than peak 2014 rates UP TO Improved drilling efficiencies and lower supply chain costs…
  9. June 2016 Investor Presentation – Devon Energy Corp – slide 9
    Disciplined Capital Allocation Yielding Strong Results 2016 E&P Capital Budget Investing within cash flow 900 Million 1.1 Billion Reducing E&P capital by 75% Other 9% Heavy Oil STACK 18% 33% Focused on top U.S. resource…
  10. June 2016 Investor Presentation – Devon Energy Corp – slide 10
    Strong Returns At Lower Prices Assets in best North American Incremental Well Economics At 50 Oil & 2.50 Gas resource plays Delaware Basin STACK Meramec 30%+ 20%+ Strong well economics at lower Eagle Ford Rockies…
  11. June 2016 Investor Presentation – Devon Energy Corp – slide 11
    STACK BestInClass Position Worldclass development play Atoka Penn. Meramec Best Results 430,000 net surface acres Morrow Strong flow rates Springer Oilweighted production Top targets: Meramec & Woodford Low well costs…
  12. June 2016 Investor Presentation – Devon Energy Corp – slide 12
    STACK Track Record of Growth Perwell productivity continues to increase 40% increase in production year over year Driven by highermargin oil and liquids production STACK Production Growth 91 MBOED 65 40% Increase Q1 2015…
  13. June 2016 Investor Presentation – Devon Energy Corp – slide 13
    STACK Meramec Results Validate Core Position Favorable characteristics Scheffler 1H9X Cascade 23141H of core oil window: 30Day IP: 2,040 BOED 30Day IP: 1,650 BOED Dewey Blurton 176XH Maybel 1H13X 1. Attractive reservoir 30Day…
  14. June 2016 Investor Presentation – Devon Energy Corp – slide 14
    STACK Significant Resource Upside Meramec inventory conservatively risked Assumes 4 risked wells per section (potential for 5 producible intervals) Downspacing and staggered tests to drive location count higher Testing up to 8…
  15. June 2016 Investor Presentation – Devon Energy Corp – slide 15
    Delaware Basin A WorldClass Oil Play Industry leader in basin Net risked acres: 585,000 Lea Q1 net production: 63 MBOED (60% oil) Eddy Delivering topquartile well results Cost savings enhancing value LOE 36% lower YoY…
  16. June 2016 Investor Presentation – Devon Energy Corp – slide 16
    Delaware Basin Significant Resource Opportunity Identified 5,200 risked, undrilled locations Bone Spring 70% of risked inventory Downspacing and appraisal work to drive risked location count higher Evaluating tighter spacing in…
  17. June 2016 Investor Presentation – Devon Energy Corp – slide 17
    Eagle Ford BestInClass Results Toptier acreage position in DeWitt County Expected to generate 250 million of free cash flow in 2016 Consistently delivering best wells in worldclass field (avg. 90 IP rate 1,200 BOED) Top150 Eagle…
  18. June 2016 Investor Presentation – Devon Energy Corp – slide 18
    Canadian Heavy Oil TopTier Thermal Position Located in best part of play Toptier operating results Massive risked resource: 1.4 BBO Significant cash flow at higher prices Profitable at 35 WTI & above 500 MM annually at 50 WTI…
  19. June 2016 Investor Presentation – Devon Energy Corp – slide 19
    Premier Asset Portfolio Platform For Value Creation Asset Risked Opportunity Upside Potential Heavy Oil STACK 5,300 undrilled STACK spacing tests locations underway Delaware 5,000 undrilled Spacing tests and Basin locations appraisal…
  20. June 2016 Investor Presentation – Devon Energy Corp – slide 20
    Devon Energy A Leading North American E&P Threepronged strategy: Best assets in North America Leading operator in each basin Maintain financial strength 21

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