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1Q 2019 Earnings Presentation – Devon Energy Corp

Devon Energy Corp · Apr 30, 2019 · 19 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. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 1
    Q1 2019 Operations Report April 30, 2019 NYSE: DVN devonenergy.com
  2. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 2
    Defining the New Devon World-class U.S. oil company Unrivaled acreage position in top basins New Devon Overview Multi-decade inventory to drive sustainable growth Production: 308 MBOED (Q1 2019) Revenue: 84% oil & liquids Resource…
  3. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 3
    Efficiently Advancing the Business RAISING U.S. OIL GUIDANCE (Q1 2019 +8 MBOD vs. top-end of guidance range) WORLD-CLASS DELAWARE RESULTS (Cat Scratch Fever wells drive Q1 production 76% higher) COST SAVINGS TRENDING AHEAD…
  4. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 4
    New Devon Delivers Strong Q1 Outperformance New Devon oil production exceeds guidance Light-oil production exceeds guidance New Devon (MBOD) 8,000 barrels per day above top end of range 24% increase in oil production vs. Q1 2018 138…
  5. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 5
    Committed to Capital Discipline Focused on top-tier oil development opportunities Capital efficiency showcased with Q1 results New Devon 2019e E&P capital New Devon upstream capital (Q1 2019 result: 457 million) Q1 2019 CAPITAL…
  6. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 6
    Raising Our 2019 Growth Outlook Raising New Devon oil production guidance Raising New Devon 2019 oil production outlook Increasing midpoint to 17% growth vs. 2018 HIGH-RATE WELLS DRIVE Q2 OIL BEAT25% New Devon U.S oil production…
  7. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 7
    Optimizing New Devons Cost Structure Aggressively pursuing improved cost structure Cost savings initiatives trending ahead of plan New Devon expected cost savings by area vs. 2018 results (MM) Estimated cost savings by area as of 4/30/19…
  8. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 8
    G&A Cost Savings: Path to Completion G&A cost savings: 3-year performance targets Targeting 200 million of G&A savings by year-end Annualized G&A expense (MM) Q1 results 8% BELOW MIDPOINT of guidance 650 G&A run-rate savings…
  9. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 9
    New Devon: 3-Year Performance Targets RETURN ON CAPITAL TARGET: 15% (1) CUMULATIVE FREE CAPITAL PROGRAM CASH FLOW OIL GROWTH COST SAVINGS DEBT TARGET Funded 2.3 (2) 12% 17% 780 MM 1.0x to 1.5x At 46 WTI BILLION CAGR (FY2018 2021)…
  10. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 10
    New Devon: Free Cash Flow Yield to Investors (1) 3-YEAR CAPITAL PLAN 3.0B 10% Cumulative Free OIL CAGR: 12%-17% Cash Flow 3.0 (1) BREAKEVEN: 46 WTI 2.3B 8% Cumulative Free Cash Flow (B) 2.5 (CALCULATION INCLUSIVE OF ALL…
  11. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 11
    Divestiture Program Accelerates Value Creation Resource quality & depth allows for high-grading CANADA of portfolio Production: 113 MBOED Data room: Open in Q2 NEW DEVON ASSETS Pursuing strategic alternatives for Barnett Shale…
  12. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 12
    Q1 2019 - Key Modeling Stats Q1 2019 - ASSET DETAIL NEW DEVON DELAWARE STACK POWDER RIVER EAGLE FORD(3) OTHER NEW DEVON PRODUCTION Oil (MBbl/d) 138 60 32 15 25 6 NGL (MBbl/d) 73 23 35 2 12 1 Gas (MMcf/d) 581 146 333 18 83 1 Total…
  13. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 13
    Delaware Basin Capital-Efficient Growth Engine Net production increased 76% year over year Outstanding well productivity drives Q1 outperformance Production (MBOED) Q1 oil realizations: 97% of WTI (details on pg. 15) 107 Minimal…
  14. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 14
    Delaware Basin Prolific Wells Drive Q1 Results Developing 2nd Bone Spring sweet spot at Todd Wolfcamp program ramping up (40% of 2019 activity) Cat Scratch Fever wells delivering prolific results Six key projects underway in…
  15. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 15
    Delaware Basin Positioned for High-Return Growth Well productivity reaching record highs Positioned for flow assurance & premium pricing Average cumulative oil production per well (MBO) FLOW ASSURANCE & PRICING STRONG OIL PRICE…
  16. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 16
    Delaware Basin A Multi-Decade Growth Platform High-return inventory at 50 WTI Massive stacked-pay resource opportunity Gross operated inventory locations generating IRR 20%(1) Potential landing zones by core operating region Potato…
  17. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 17
    STACK Optimizing Infill-Development Results Q1 production averaged 123 MBOED (55% liquids) STACK DEVELOPMENT ACTIVITY Volumes YTD trending ahead of budget Kingfisher Upcoming Developments Weather impact: 3 MBOED in the first-quarter…
  18. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 18
    Powder River Basin Oil Growth Set to Accelerate Net production increased 15% vs. Q4 2018 POWDER RIVER BASIN ACTIVITY Activity increasing: 4 rigs & dedicated frac crew Super Mario Area Converse Expect 50% oil exit rate growth (Q4 19…
  19. 1Q 2019 Earnings Presentation – Devon Energy Corp – slide 19
    Eagle Ford Expanding Resource Opportunity EAGLE FORD ACTIVITY Q1 production averaged 50 MBOED (50% oil) FREE CASH FLOW (MM) 543 9 wells achieved IP30s in Q1 (avg. 3,100 BOED) Activity increased to 3 drilling rigs in January LAST…

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