Investor Presentation March 2020 NYSE: DVN devonenergy.com
Defining Devon World-class U.S. oil portfolio Premier acreage position in top basins Devon Energy Overview Achieving BEST-IN-CLASS operating results Production: 340 MBOED (Q4 2019) Multi-decade growth inventory Revenue: 80% oil (Q4…
Focused on Top-Tier ESG Performance Key Messages OVERALL SCORE +61% VERSUS PEER AVG. DVNs SCORE: 1.6 PEER AVERAGE: 4.1 ESG metrics incorporated in COMPENSATION STRUCTURE Note: ISS scoring scale ranges from 1 to 10, with 1 being…
Portfolio Underpinned by Resource Quality & Depth 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. Includes operators…
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) 4,800 10.7 SIGNIFICANT FINANCIAL FLEXIBILITY Cash NO…
Disciplined Return of Capital to Shareholders Delivering sustainable dividend growth Repurchase program accelerates per-share growth Annualized dividend per share Average outstanding shares (MM) 35% DIVIDEND 0.44 527 INCREASE…
Strategic Framework for Our 2020 Capital Allocation CAPITAL ALLOCATION PRIORITIES GREATER Maintain capital DISCIPLINE Maintain base production THAN 1 50 Free cash flow accelerates 2 Fund dividends Balance GROWTH & FREE CASH FLOW…
2020 Outlook Lowering Capital Spending Guidance Improved outlook underpinned by Delaware efficiencies 2020 CAPITAL ACTIVITY New Devon 2020e E&P capital E&P CAPITAL NEW WELLS ONLINE (MM) (Operated) Delaware Basin 1,050 (+15% YoY)…
2020 Outlook Raising Per-Share Growth Targets Improved (1) 2020 Guidance vs. 2019 Key Messages Outlook RAISING 2020 GROWTH outlook due to Delaware well performance 161 163 Oil production (MBOD) 7.5% - 9.0% Growth Delaware, Powder…
Built to Deliver Sustainable Long-Term Growth Capital allocation process BALANCES high-return projects with free cash flow growth KEY INVENTORY DEPTH provides Devon with visible growth trajectory TAKEAWAYS Targeting SUSTAINABLE…
Delaware Basin Step-Change in Operating Results Asset quality & execution driving well productivity Drilling and completion efficiencies accelerate Average cumulative 6-month oil production per foot, MBO (2019) Drilled and completed feet…
Delaware Diversified Program to Drive 2020 Results Diversified program across core development areas Substantial stacked-pay resource opportunity 2020e Delaware Basin drilling activity Graphic for illustrative purposes Potato Cotton…
Powder River Basin Accelerating Niobrara Activity NIOBRARA TYPE LOG INCREASING NIOBRARA DRILLING ACTIVITY IN 2020 High-margin oil growth opportunity NIOBRARA PROGRAM 2x STACKED-PAY position in oil fairway (300k acres) INCREASE IN…
Eagle Ford Operational Momentum Established EAGLE FORD ACTIVITY Strong production momentum heading into 2020 PRODUCTION EXIT RATE 53 Muir Development 21 new wells online in Q4 2019 (Avg. IP30: 2,900 BOED) MBOED DECEMBER 2019 5…
STACK Dow JV Driving Improved Capital Efficiency STACK DEVELOPMENT ACTIVITY Drilling partnership formed with Dow (NYSE: DOW) Kingfisher DOW DRILLING JV Selling working interest in 133 undrilled locations 100 MILLION CARRY OVER…
Why Own Devon World-class U.S. oil portfolio Premier acreage position in top basins Devon Energy Overview Achieving BEST-IN-CLASS operating results Production: 340 MBOED (Q4 2019) Multi-decade growth inventory Revenue: 80% oil (Q4…
Portfolio Transformation Accelerates Value Creation Completed transformation to U.S. oil business CANADIAN HEAVY OIL Barnett Shale assets sold for 770 million Proceeds: CAD 3.8 billion ACCRETIVE MULTIPLE at 10x cash flow (at…
Asset-Level Modeling Stats Q4 2019 - ASSET DETAIL NEW DEVON DELAWARE STACK POWDER RIVER EAGLE FORD OTHER PRODUCTION Oil (MBbl/d) 160 84 27 20 23 6 NGL (MBbl/d) 74 32 30 2 9 1 Gas (MMcf/d) 634 234 295 28 76 1 Total (MBoe/d) 340 154 107 27…
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