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BAML 2017 Global Energy Conference – Devon Energy Corp

Devon Energy Corp · Nov 16, 2017 · 25 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. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 1
    Bank of America Merrill Lynch Global Energy Conference November 16, 2017 NYSE: DVN devonenergy.com
  2. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 2
    Devons Competitive Advantage STACK & Delaware focused Top-tier operating results Multi-decade growth platform Innovative culture 30,000 STACK & DELAWARE POTENTIAL LOCATIONS Significant financial strength Investor Presentation…
  3. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 3
    Devons 2020 Vision Focus on Deliver top-tier returns on invested capital financial returns Return cash to shareholders Advance STACK & Delaware activity Further high-grade Monetize less competitive assets asset portfolio…
  4. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 4
    2017 Capital Program 2 0 1 7 e E & P C A P I T A L Disciplined focus on value and returns 2.0-2.1 Billion Capital program funded within cash flow U.S. Rig Activity (20 development rigs in Q4) 10% Shifting to full-field…
  5. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 5
    Expanding High-Returning Oil Production U.S. Oil Production Rapidly growing highest-value product MBOD +20% (vs. Q4 16) +15% Driven by STACK & Delaware Basin (vs. Q4 16) 102(1) Building operational momentum into 2018 Q4…
  6. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 6
    Preliminary 2018 Outlook OPTIMIZED FOR RETURNS OIL GROWTH DEBT REDUCTION 2 0 1 8 e E & P C A P I TA L S TAC K & D E L AWA R E TA R G E T I N G 2.0-2.5 Billion 30% Increase 1 Billion FUNDED WITHIN (2017 VS 2018) O P E R AT I N G C…
  7. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 7
    Significant Financial Strength PROTECTING OUR ABILITY Investment-grade credit ratings TO EXECUTE Disciplined hedging program Disciplined Hedging Q4 17:65% 1H 18:40% Excellent Significant investment in EnLink Midstream Liquidity…
  8. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 8
    Operational Excellence Capture Improve FULL VALUE RETURNS Maximize base production Optimize capital program Minimize controllable downtime Disciplined project execution Enhance well productivity Perform premier technical work…
  9. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 9
    Top-Tier Operating Performance Best-in-class well productivity DEVON WELL ACTIVITY Avg. 90-Day Wellhead IPs BOED, 20:1 (Since 2012) 400% 1,000 800 I M P R O V E M E N T 600 400 200 Peers Source: IHS/Devon. Top…
  10. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 10
    The Next Frontier Of Efficiency Gains Multi-zone manufacturing strategy underway Leading-edge development concept Debundling supply chain drives costs lower Massive technology upside remains ANACONDA MULTI-ZONE PROJECT 1…
  11. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 11
    Innovation Momentum - Technology Projects In Flight DRILLING & PRODUCTION WAT E R SUBSURFACE COMPLETIONS O P E R AT I O N S MANAGEMENT C O R P O R AT E Improved 3D seismic Cyber-geosteering Predictive pump failures Water-treatment…
  12. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 12
    STACK Franchise Asset Kingfisher Blaine Best-in-class acreage position Showboat Sonoyta Drilling Underway (24 wells) 670k net acres by formation Coyote Drilling Underway (7 wells) Sidney Privott Up to 4 target intervals per unit…
  13. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 13
    STACK Multi-Decade Growth Platform Best-in-class well results High-returning production growth STACK Avg. 90-Day Wellhead IPs Per 1,000 Lateral MBOED 120 BOED, 20:1 111 160 105 120 70% VS. PEER AVG. 95 70% 88 80 35% VS. Q4…
  14. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 14
    STACK - Development Activity Full-field development underway Coyote Kingfisher Drilling Underway (7 wells) Faith Marie Showboat Activity focused on Coyote & Showboat 24-Hr IP: 5,100 BOED Drilling Underway (24 wells) 5 operated rigs…
  15. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 15
    Delaware Basin Franchise Asset POTATO BASIN World-class oil opportunity TODD Medusa Q4 17 Spud (20 wells) Cobra Tomb Raider Multi-decade growth platform Spud Muffin Anaconda Flowing Back (10 wells) Boomslang Up to 15 target…
  16. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 16
    Anaconda: Initial Multi-Zone Delaware Project Co-developing 3 Leonard shale intervals THISTLE/GAUCHO TODD Achieved savings of 1 MM per well (20%) Lea Anaconda Early flow rates are positive Peak rates: Q4 17 2 wells with…
  17. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 17
    Delaware Basin Multi-Decade Growth Platform Basin Slope 1 Section 1 Section 6,500 DELAWARE Madera SANDS Lower Brushy A RISKED LOCATIONS LEONARD B 4,000 C 1.3 MM OF PAY 1st BONE SPRING 2nd…
  18. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 18
    Devons Competitive Advantage STACK & Delaware focused Top-tier operating results Multi-decade growth platform Innovative culture 30,000 STACK & DELAWARE POTENTIAL LOCATIONS Significant financial strength Investor Presentation…
  19. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 19
    Thank you. For additional information see our Q3 Operations Report Thank you.
  20. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 20
    Cash-Flow Generating Assets HEAVY OIL 35% 15% ENLINK HEAVY OIL 2.2B (1) CASH FLOW 2017e 30% 20% BARNET T EAGLE FORD BARNETT (1) Represents field-level cash flow before G&A and taxes EAGLE FORD Investor…
  21. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 21
    Rockies An Emerging Oil Growth Asset Premier Powder River Basin position POWDER RIVER BASIN ACTIVITY Q3 net production: 16 MBOED (80% oil) 400,000 net surface acres Stacked pay: 10 prospective intervals Initial Super Mario…
  22. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 22
    STACK Resource STACK RESOURCE GROSS RISKED GROSS UNRISKED FORMATION WINDOW NET ACRES LOCATIONS LOCATIONS Over-Pressured Oil 130,000 1,700 3,000 Meramec Liquids-Rich Gas 150,000 TBD 1,000 280,000 1,700 4,000 Condensate Corridor…
  23. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 23
    Delaware Basin Resource DELAWARE BASIN RESOURCE NET EFFECTIVE GROSS RISKED GROSS UNRISKED FORMATION ACRES LOCATIONS LOCATIONS Delaware Sands 160,000 600 1,500 Leonard Shale 160,000 1,000 3,500 Bone Spring 530,000 3,200 6,000…
  24. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 24
    Johnson County Divestiture Package Massive position in core of the Barnett Net acres: 610,000 Wise Denton Q3 net production: 148 MBOED (25% liquids) Denton Pursuing divestiture for Johnson County area Tarrant Parker 30 MBOED…
  25. BAML 2017 Global Energy Conference – Devon Energy Corp – slide 25
    Hedge Position As of 10/27/17 OIL DERIVATIVES SWAPS COLLARS COMBINED VOLUME WEIGHTED VOLUME WEIGHTED AVG. WEIGHTED AVG. PERIOD VOLUME PROTECTED PERIOD (MBPD) AVG. PRICE (MBPD) FLOOR PRICE CEILING PRICE (MBPD) PRICE (/BBL) (/BBL)…

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