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September 2021 Investor Presentation – Devon Energy Corp

Devon Energy Corp · Sep 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. September 2021 Investor Presentation – Devon Energy Corp – slide 1
    Investor Presentation September 2021 NYSE: DVN devonenergy.com
  2. September 2021 Investor Presentation – Devon Energy Corp – slide 2
    A Leading U.S. Energy Company DEVON ENERGY OVERVIEW ENTERPRISE VALUE: 25 billion (Sept. 21) PREMIER MULTI-BASIN PORTFOLIO OIL-WEIGHTED: 78% of revenue (Q2 21) LOW…
  3. September 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. September 2021 Investor Presentation – Devon Energy Corp – slide 4
    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 1.4 B…
  5. September 2021 Investor Presentation – Devon Energy Corp – slide 5
    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…
  6. September 2021 Investor Presentation – Devon Energy Corp – slide 6
    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…
  7. September 2021 Investor Presentation – Devon Energy Corp – slide 7
    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%…
  8. September 2021 Investor Presentation – Devon Energy Corp – slide 8
    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…
  9. September 2021 Investor Presentation – Devon Energy Corp – slide 9
    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…
  10. September 2021 Investor Presentation – Devon Energy Corp – slide 10
    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…
  11. September 2021 Investor Presentation – Devon Energy Corp – slide 11
    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…
  12. September 2021 Investor Presentation – Devon Energy Corp – slide 12
    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…
  13. September 2021 Investor Presentation – Devon Energy Corp – slide 13
    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…
  14. September 2021 Investor Presentation – Devon Energy Corp – slide 14
    AssetAppendix Overview NYSE: DVN devonenergy.com
  15. September 2021 Investor Presentation – Devon Energy Corp – slide 15
    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…
  16. September 2021 Investor Presentation – Devon Energy Corp – slide 16
    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…
  17. September 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 Field-level operating margin…
  18. September 2021 Investor Presentation – Devon Energy Corp – slide 18
    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…

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