Investor Presentation November 2019 NYSE: DVN devonenergy.com
Devons Competitive Advantage World-class U.S. oil portfolio Unrivaled acreage position in top basins New Devon Overview Multi-decade growth inventory Production: 325 MBOED (Q3 2019) Top-tier well productivity across all assets…
Unleashing Potential of World-Class Oil Assets U.S. well productivity showcases asset quality High-return inventory diversified across top U.S. basins Source: IHS/Devon. All wells drilled from 2015 through 2019 YTD. Includes operators…
Executing on Our Strategic Objectives Efficiencies delivering improved capital outlook U.S. oil production exceeds guidance New Devon 2019e E&P capital New Devon (MBOD) 148 U.S. OIL PRODUCTION 4,000 (Q3 Guide: 141-147) DELAWARE…
Operational Success Driving Improved 2019 Outlook vs. Original Updated Guidance Key Messages Guidance RAISING OIL GROWTH outlook for 3rd time in 2019 U.S. oil growth 20% 21% 550 (1) Basis Point (vs. 2018) Improvement Delaware,…
Framework for the 2020 Planning Cycle CAPITAL ALLOCATION PRIORITIES GREATER THAN Maintain capital DISCIPLINE 1 Maintain base production 50 Free cash flow accelerates Balance GROWTH & FREE CASH FLOW 2 Fund dividends 50 Fund…
Preliminary 2020 Outlook OPTIMIZED FOR RETURNS OIL GROWTH SHARE REDUCTION E & P C A P I TA L P R O G R A M NEW DEVON ASSETS SHARE COUNT VS. 2019 1.7-1.9 Billion 7%-9% Growth 6%-8% Reduction D E S I G N E D F O R U LT R A - LO W D…
Positioned for Attractive Free Cash Flow in 2020 FY2020 OUTLOOK 750 OIL GROWTH: 7%-9% 675 MILLION 10% BREAKEVEN: 48 WTI (Assumes 2.50 Henry Hub) 8% 2020e Free Cash Flow (MM) 2020e Free Cash Flow Yield EXCLUDES BARNETT…
2019 & 2020 Outlook = Improved Capital Efficiency Efficiencies driving lower capital requirements Oil production remains on track New Devon 2019-2020 cumulative upstream capital (B) New Devon 2019-2020 cumulative oil production…
Committed to Return of Capital to Shareholders Dedicated to disciplined allocation of capital Repurchase program accelerates per-share growth Outstanding basic shares (MM) 11.0 Billion 527 521 70% 491 30% ALLOCATED TO SHARE…
Building a Fortress Balance Sheet Significant liquidity with no near-term debt maturities Aggressive debt reduction improves financial strength Debt maturities (MM) Net debt(1) (B) 4,700 10.7 SIGNIFICANT FINANCIAL FLEXIBILITY Cash…
Divestiture Program Accelerates Value Creation Resource depth allows for portfolio high-grading SALES PRICE: ACCRETIVE MULTIPLE: CAD 3.8 BILLION 10x CASH FLOW CANADIAN Cotton Draw midstream partnership formed HEAVY OIL CLOSED: Q2…
Delaware Basin Capital-Efficient Growth Engine DELAWARE BASIN DEVELOPMENT ACTIVITY World-class oil resource opportunity Key 2019 Projects Eddy Lea STACKED PAY position across 250,000 net acres Upcoming Projects THISTLE/GAUCHO Core…
Delaware Basin Step-Change in Operating Results Development focus driving best-in-class wells Drilling and completion efficiencies accelerate 90-day oil IPs, BOD vs. improvement in performance (2019 vs. 2018) Drilled and completed feet…
Todd Area A Significant Long-Term Growth Platform Delivering highly-economic results across MULTIPLE formations TODD DEVELOPMENT AREA Charged reservoir with stacked-pay potential Tomb Raider (4,700 lateral) Tomb Raider Large,…
Powder River Basin Niobrara Success Continues NIOBRARA POWDER RIVER BASIN NIOBRARA ACTIVITY TYPE LOG Top-tier emerging oil resource play Niobrara Appraisal Wells Stacked pay position in oil fairway (300k acres) Niobrara Spacing…
Free Cash Flow Generating Assets EAGLE FORD ACTIVITY STACK DEVELOPMENT ACTIVITY 319 FREE CASH FLOW (MM) FREE CASH FLOW (MM) 313 Gonzales Blaine Kingfisher 2019 Meramec Focus Area LAST 12 MONTHS LAST 12 MONTHS Morning Thunder…
Highly-Regarded ESG Performance Devon recently named to the: For additional information see our 2019 Sustainability Report Devon is rated in the TOP-QUARTILE of its peers Key Messages (Highest rating achieved in governance)…
Why Own Devon World-class U.S. oil portfolio Unrivaled acreage position in top basins New Devon Overview Multi-decade growth inventory Production: 325 MBOED (Q3 2019) Top-tier well productivity across all assets Revenue: 74% oil Oil…
Asset-Level Modeling Stats Q3 2019 - ASSET DETAIL NEW DEVON DELAWARE STACK POWDER RIVER EAGLE FORD(1) OTHER PRODUCTION Oil (MBbl/d) 148 70 32 18 22 6 NGL (MBbl/d) 79 28 37 2 11 1 Gas (MMcf/d) 588 167 317 28 75 1 Total (MBoe/d) 325…
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