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2Q 2021 Earnings Presentation – Devon Energy Corp

Devon Energy Corp · Aug 3, 2021 · 18 slides

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Slides

  1. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 1
    Q2 2021 Earnings Presentation August 3, 2021 NYSE: DVN devonenergy.com
  2. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 2
    Key Takeaways From Our Presentation FIXED + VARIABLE DIVIDEND INCREASES 44% LEADING THE INDUSTRY WITH 1 DISCIPLINE & DIVIDENDS Total dividend of 0.49 per share announced with Q2 results FREE CASH FLOW GENERATION ACCELERATES 2 Free…
  3. 2Q 2021 Earnings 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. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 4
    Q2 2021 Executing on Our Disciplined Strategy Outstanding Q2 execution Expanding free cash flow Returning value to shareholders Key quarterly highlights Free cash flow ( in millions) Q2 2021 cash allocation ( in billions) (2) 589…
  5. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 5
    Outlook Strengthens in Second Half of 2021 FREE CASH FLOW SET TO EXPAND FUTURE UPSIDE (2) (1) (2H 2021 outlook vs. 1H 2021 results) 34% Unhedged commodity view OIL PRODUCTION: +4% 100% upfront cost synergies TOTAL CAPITAL: 10%…
  6. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 6
    Accelerating Cash Returns to Shareholders A history of returning cash to shareholders (Dividends per share) 28 FIXED + VARIABLE DIVIDEND CONSECUTIVE (BASED ON Q2 FINANCIAL RESULTS) YEARS OF DIVIDEND PAYMENTS FIXED DIVIDEND 0.11…
  7. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 7
    Highest Dividend Yield Opportunity in S&P 500 Index Fixed-plus-variable dividend strategy results in market-leading payout Annualized dividend yield based on 2H 2021e midpoint guidance 10% (1) HIGHEST DIVIDEND YIELD IN S&P 500…
  8. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 8
    Our Investment-Grade Financial Strength Substantial debt reduction completed year to date Outstanding debt maturities through 2030 (MM) 4,500 Reduced outstanding debt by 1.2 billion year to date EXECUTING ON OUR Net debt-to-EBITDAX…
  9. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 9
    Devons Unique Value Proposition Beginning stages of a new energy upcycle Energy market capitalization as % of S&P 500 3 Devon offers a unique 18% Great Recession Value Proposition 16% Gulf War 15% (1) VERSUS S&P 500 1 Roughly…
  10. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 10
    Preliminary Thoughts on 2022 Outlook 1 POSITIONED FOR STRONG CASH FLOW GROWTH IMPROVED hedge book accelerates revenue growth A TRUSTED NAME Captured merger SYNERGIES to substantially EXPAND MARGINS IN THE ENERGY INDUSTRY Integration…
  11. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 11
    AssetOperations Overview Update NYSE: DVN devonenergy.com
  12. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 12
    On Track to Achieve 2021 Capital Objectives No change to disciplined capital plan in 2021 WILLISTON Oil production (MBOD) BASIN 291 290-300 280 290 FY 2020 284 MBOD POWDER RIVER BASIN 2021e UPSTREAM BUDGET 1.6-1.8 Billion Q2…
  13. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 13
    Delaware Basin Our Capital-Efficient Growth Engine KEY ASSET ATTRIBUTES HIGH-MARGIN OIL GROWTH Eddy Lea +22% 191 NET ACRES: 400,000 VS. Q2 2020 MBOD DIVERSIFED: 65% non-federal land 3 POTATO BASIN APPRAISAL 172 PERMIT…
  14. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 14
    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 Field-level operating margin…
  15. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 15
    Free Cash Flow Generating Assets Liquids-rich resource play with exposure to rising gas & NGL prices ANADARKO CASH FLOW UPSIDE Dow JV drilling program underway with plans to spud up to 30 wells in 2021 BASIN 6 legacy Meramec DUCs…
  16. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 16
    Committed to Aggressive Emissions Reductions ENVIRONMENTAL PERFORMANCE TARGETS 0.5 GHG EMISSIONS GHG EMISSIONS INTENSITY METHANE EMISSIONS FLARING INTENSITY ROUTINE FLARING 50 65 % ENTIRELY SCOPE 1 & 2 SCOPE 1 & 2 INTENSITY…
  17. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 17
    AssetAppendix Overview NYSE: DVN devonenergy.com
  18. 2Q 2021 Earnings Presentation – Devon Energy Corp – slide 18
    Free Cash Flow Priorities FIXED DIVIDEND Q2 VARIABLE DIVIDEND CALCULATION 1 Paid quarterly at 0.11 per share Target payout: up to 10% of operating cash flow 1,099 MM Adjusted Cash Flow (Non-GAAP) 509 MM Capital Expenditures…

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