Creates A Leading U.S. Energy Company BUILDS DOMINANT DELAWARE BASIN POSITION WILLISTON BASIN PRO FORMA ATTRIBUTES 87 MBOED 400,000 net acres in economic core of the play Stacked-pay provides multi-decade inventory opportunity…
Our Disciplined Cash-Return Business Model Our CASH-RETURN business model is PROGRESSIVE DISCIPLINED OIL GROWTH targets: up to 5% annually designed to moderate growth, emphasize GROWTH STRATEGY Growing margins through operational &…
Q4 2020 Executing on Our Disciplined Strategy Oil production exceeds guidance Field-level costs significantly decline Capital discipline drives free cash flow Pro forma oil production (MBOD) Pro forma LOE & GP&T per BOE Pro forma free…
Accelerating Cash Returns to Shareholders 28 consecutive years of returning cash to shareholders ( per share) Variable Dividend INDUSTRY-FIRST VARIABLE DIVIDEND (BASED ON PRO FORMA Q4 FINANCIAL RESULTS) Special Dividend 0.68…
Improving Investment-Grade Financial Strength OUTSTANDING DEBT REDUCTION COMMITTED TO LIQUIDITY POSITION EFFORTS PROGRESSING LOWERING LEVERAGE 5.6B INCLUDES CASH & CREDIT FACILITY 1.5B AUTHORIZED PROGRAM 1.0x NET DEBT TO EBITDAX…
Capturing 575 Million in Annual Cost Savings On track to achieve cost synergies by year-end 2021 Targeted annual cost savings by area (MM) OPERATING MARGIN IMPROVEMENTS (1) 70% 200 MILLION GENERAL & ADMINISTRATIVE (1) 70% 200…
Committed to Top-Tier ESG Performance ENVIRONMENT SOCIAL & SAFETY GOVERNANCE Achieved methane intensity reduction Fostering inclusion & diversity with our ESG incorporated in compensation target of 0.28% ahead of plan employees and…
Asset2021 Outlook Overview NYSE: DVN devonenergy.com
Committed to Maintenance Capital in 2021 Operations scaled to lower breakeven funding Free cash flow provides attractive investment opportunity 2021e outlook 2021e free cash flow sensitivities OIL PRODUCTION 280-300 16% 32 WTI…
Free Cash Flow Priorities VARIABLE DIVIDEND STRATEGY FIXED DIVIDEND CALCULATED ON A QUARTERLY BASIS Paid quarterly at 0.11 per share Target payout: up to 10% of cash flow STEP 1: VARIABLE DIVIDEND CALCULATION Adjusted Cash Flow…
Delaware Basin Our Capital-Efficient Growth Engine DELAWARE PRODUCTION PROFILE WORLD-CLASS OIL OPPORTUNITY Stacked pay position across 400,000 net acres 350 Q4 2020 MBOED Multi-decade inventory opportunity Q4 ACTIVITY Eddy…
Delaware Basin Legacy Devon Results Outstanding Q4 execution Achieving record well productivity Best-in-class capital efficiencies Key operating results Average cumulative 12-month oil production per foot, MBO Drilling and completion…
Delaware Basin Legacy WPX Results STATELINE AREA DRIVES Drilled & completed cost per foot (excludes allocation of facility costs) Q4 PERFROMANCE 44% REDUCTION STATELINE 983 26 Wells Online SINCE 2018 Bone Spring & Wolfcamp focus…
Great Positions in Top-Tier U.S. Basins DIVERSIFIED ACROSS TOP RESOURCE PL AYS WILLISTON BASIN 406 Million (TTM) ANADARKO Liquids-rich play focused on maximizing free cash flow POWDER RIVER BASIN 159 Million (TTM) BASIN Commencing…
2021 Operating Outlook Capital efficient 2021 program Delaware focused capital program Driving per-unit costs lower 2021e capital activity Upstream capital (in billions) LOE PER BOE GP&T PER BOE 8% 1.6-1.8 B 8.22 80% UPSTREAM…
AssetAppendix Overview NYSE: DVN devonenergy.com
Q4 2020 Pro Forma Operational & Financial Results Key Metrics ( IN MILLIONS) Legacy Devon Legacy WPX Pro Forma Oil Production (MBOD) 156 149 305 Total Production (MBOED) 333 251 584 LOE & GP&T (PER BOE) 7.21 8.05 7.57 General &…
Q4 2020 Variable Dividend Calculation VARIABLE DIVIDEND CALCULATION INDUSTRY-FIRST VARIABLE 795 MM Adjusted Cash Flow (Non-GAAP) DISTRIBUTION DECLARED 486 MM Capital Expenditures (Accrued) 309 MM Adjusted Free Cash Flow…
Pro Forma Outstanding Debt Maturities Strong liquidity with minimal near-term debt maturities Pro forma outstanding debt maturities as 12/31/20 (MM) 5,600 Cash 2,600 50% OF OUTSTANDING DEBT MATURES AFTER 2030 POTENTIALTO…
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