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First Quarter 2021 Presentation – Devon Energy Corp

Devon Energy Corp · May 4, 2021 · 20 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. First Quarter 2021 Presentation – Devon Energy Corp – slide 1
    Q1 2021 Earnings Presentation May 4, 2021 NYSE: DVN devonenergy.com
  2. First Quarter 2021 Presentation – Devon Energy Corp – slide 2
    Key Takeaways From Our Presentation FIXED + VARIABLE DIVIDEND EXPANDS EXECUTING ON OUR 1 Dividend payout increases 13% to 0.34 per share for Q1 DISCIPLINED PLAN (SEE PAGE 4 FOR DETAILS) BALANCE SHEET CONTINUES TO STRENGTHEN 2…
  3. First Quarter 2021 Presentation – Devon Energy Corp – slide 3
    Our Cash-Return Business Model Our CASH-RETURN business model is DISCIPLINED MODERATING OIL GROWTH targets: up to 5% annually designed to moderate growth, emphasize GROWTH STRATEGY Growing margins through operational & corporate cost…
  4. First Quarter 2021 Presentation – Devon Energy Corp – slide 4
    Executing on Our Disciplined Strategy FIRST-QUARTER 2021 HIGHLIGHTS RETURNING VALUE TO SHAREHOLDERS Paid industry-first fixed-plus-variable dividend in March 1.44 Billion 0.20B 65% Strengthened balance sheet with 743 MM debt…
  5. First Quarter 2021 Presentation – Devon Energy Corp – slide 5
    Accelerating Cash Returns to Shareholders A history of returning cash to shareholders (Dividends per share) 28 FIXED + VARIABLE DIVIDEND CONSECUTIVE (BASED ON Q1 FINANCIAL RESULTS) YEARS OF DIVIDEND PAYMENTS FIXED DIVIDEND 0.11…
  6. First Quarter 2021 Presentation – Devon Energy Corp – slide 6
    Improving Our Investment-Grade Financial Position Substantial debt reduction completed year to date Outstanding debt maturities through 2030 (MM) 4,900 1.5B Reduced outstanding debt by 743 million year to date Cash Redeeming…
  7. First Quarter 2021 Presentation – Devon Energy Corp – slide 7
    Raising Annual Cost Savings Target to 600 Million Cost synergies to exceed original savings target Targeted annual cost savings by area (MM) OPERATING MARGIN IMPROVEMENTS (1) 70% 200 MILLION GENERAL & ADMINISTRATIVE(1) 70% 200…
  8. First Quarter 2021 Presentation – Devon Energy Corp – slide 8
    Delivering Top-Tier ESG Performance ENVIRONMENT SOCIAL & SAFETY GOVERNANCE (1) Achieved methane intensity reduction Fostering inclusion & diversity with our ESG incorporated in compensation target of 0.28% ahead of plan employees…
  9. First Quarter 2021 Presentation – Devon Energy Corp – slide 9
    AssetOutlook Overview NYSE: DVN devonenergy.com
  10. First Quarter 2021 Presentation – Devon Energy Corp – slide 10
    Operations Scaled to Generate Free Cash Flow COMMITED TO FUTURE UPSIDE (1) MAINTENANCE CAPITAL 25% Excludes commodity hedges (FY 2021 OUTLOOK) 100% upfront cost synergies OIL PRODUCTION: 280-290 MBOD UPSTREAM CAPITAL: 1.6-1.8 B…
  11. First Quarter 2021 Presentation – Devon Energy Corp – slide 11
    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 operating cash flow STEP 1: VARIABLE DIVIDEND CALCULATION Adjusted Cash…
  12. First Quarter 2021 Presentation – Devon Energy Corp – slide 12
    An Advantaged Dividend with Sustainable Growth Differentiated yield opportunity vs. peers & broader market 2021e dividend yield based on midpoint guidance (1) 7% DEVON POSITIONED FOR SUSTAINABLE GROWTH Significant CASH FLOW…
  13. First Quarter 2021 Presentation – Devon Energy Corp – slide 13
    AssetOperations Overview Update NYSE: DVN devonenergy.com
  14. First Quarter 2021 Presentation – Devon Energy Corp – slide 14
    Delaware Basin Our Capital-Efficient Growth Engine WORLD-CLASS OIL OPPORTUNITY Eddy Lea Stacked pay position across 400,000 net acres HIGH-RETURN PROLIFIC UPPER BONE SPRING DEVELOPMENT Diversified acreage: 65% non-federal land…
  15. First Quarter 2021 Presentation – Devon Energy Corp – slide 15
    Delaware Basin Operating Efficiencies Advance Achieving capital efficiencies Reducing field level costs Delivering margin expansion Development D&C costs per foot (excludes facilities) LOE & GP&T per Boe (pro forma) Field-level…
  16. First Quarter 2021 Presentation – Devon Energy Corp – slide 16
    Anadarko Basin Dow Drilling JV Commenced Cash flows benefit from liquids-rich production mix SIGNIFICANT ACREAGE Anadarko production mix & Mt. Belvieu price (/barrel) POSITION DOW DRILLING JV Blaine 300K FOCUS AREA NET 2X 25.81…
  17. First Quarter 2021 Presentation – Devon Energy Corp – slide 17
    On Track to Achieve 2021 Capital Objectives Committed to a maintenance capital program in 2021 WILLISTON Oil production (MBOD) BASIN 283 293 290 280 290 FY 2020 POWDER RIVER 284 MBOD BASIN 2021e CAPITAL BUDGET 1.6-1.8 Billion…
  18. First Quarter 2021 Presentation – Devon Energy Corp – slide 18
    AssetAppendix Overview NYSE: DVN devonenergy.com
  19. First Quarter 2021 Presentation – Devon Energy Corp – slide 19
    Q1 2021 Variable Dividend Calculation VARIABLE DIVIDEND CALCULATION SECOND CONSECUTIVE 886 MM Adjusted Cash Flow (Non-GAAP) VARIABLE DIVIDEND DECLARED 487 MM Capital Expenditures (Accrued) 399 MM Adjusted Free Cash Flow…
  20. First Quarter 2021 Presentation – Devon Energy Corp – slide 20
    Leading the Industry with Our Progressive Model ABOVE AVERAGE PXD CLR LONGEVITY OF FREE CASH FLOW EQT FANG BCEI CNX PDCE MTDR NOG AVERAGE RRC MGY ESTE SM BRY XOG COG SWN CDEV CHK AR BELOW AVERAGE XEC…

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