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June 2021 Investor Presentation – Devon Energy Corp

Devon Energy Corp · Jun 1, 2021 · 18 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. June 2021 Investor Presentation – Devon Energy Corp – slide 1
    Investor Presentation June 2021 NYSE: DVN devonenergy.com
  2. June 2021 Investor Presentation – Devon Energy Corp – slide 2
    A Leading U.S. Energy Company DEVON ENERGY OVERVIEW ENTERPRISE VALUE: 26 billion (June 21) PREMIER MULTI-BASIN PORTFOLIO OIL-WEIGHTED: 76% of revenue (Q1 21) LOW LEVERAGE: 1.0x by YE 2021 (1) DISCIPLINED RETURNS-DRIVEN…
  3. June 2021 Investor 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. June 2021 Investor 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. June 2021 Investor Presentation – Devon Energy Corp – slide 5
    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…
  6. June 2021 Investor Presentation – Devon Energy Corp – slide 6
    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…
  7. June 2021 Investor Presentation – Devon Energy Corp – slide 7
    Operations Scaled to Generate Free Cash Flow COMMITTED 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…
  8. June 2021 Investor Presentation – Devon Energy Corp – slide 8
    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…
  9. June 2021 Investor Presentation – Devon Energy Corp – slide 9
    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…
  10. June 2021 Investor Presentation – Devon Energy Corp – slide 10
    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…
  11. June 2021 Investor Presentation – Devon Energy Corp – slide 11
    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 1,243 million year to date Cash Net debt to…
  12. June 2021 Investor Presentation – Devon Energy Corp – slide 12
    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…
  13. June 2021 Investor Presentation – Devon Energy Corp – slide 13
    Committed to Aggressive Emissions Reductions ENVIRONMENTAL PERFORMANCE TARGETS We know that STRONG ENVIRONMENTAL GHG EMISSIONS GHG EMISSIONS INTENSITY METHANE EMISSIONS 50 65 SCOPE 1 & 2 SCOPE 1 & 2 INTENSITY PERFORMANCE IS…
  14. June 2021 Investor Presentation – Devon Energy Corp – slide 14
    Why Own the Go-Forward Devon PREMIER MULTI-BASIN PORTFOLIO DISCIPLINED RETURNS-DRIVEN STRATEGY SIGNIFICANT FINANCIAL STRENGTH & LIQUIDITY PRIORITIZING CASH RETURNS TO SHAREHOLDERS COMMITTED TO ESG EXCELLENCE Investor…
  15. June 2021 Investor Presentation – Devon Energy Corp – slide 15
    AssetAppendix Overview NYSE: DVN devonenergy.com
  16. June 2021 Investor Presentation – Devon Energy Corp – slide 16
    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…
  17. June 2021 Investor Presentation – Devon Energy Corp – slide 17
    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…
  18. June 2021 Investor Presentation – Devon Energy Corp – slide 18
    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…

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