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3Q 2022 Earnings Presentation – Devon Energy Corp

Devon Energy Corp · Nov 4, 2022 · 21 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. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 1
    Q3 2022 Earnings Presentation November 1, 2022 NYSE: DVN devonenergy.com
  2. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 2
    Key Takeaways From Our Presentation 1 DIVIDEND PAYOUT INCREASED 61% YEAR OVER YEAR Total dividend of 1.35 per share announced with Q3 results 2 FREE CASH FLOW EXPANDED TO 1.5 BILLION On track to deliver record free cash flow…
  3. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 3
    Our Disciplined Business Model DISCIPLINED MODERATED OIL GROWTH targets: up to 5% annually GROWTH STRATEGY Focused on delivering per-share financial growth STRATEGY ANCHORED BY CONSISTENT Returns-driven strategy prioritizes FREE CASH…
  4. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 4
    Portfolio Built to Deliver Sustainable Performance PREMIER MULTI-BASIN PORTFOLIO WILLISTON BASIN 55 MBOED Acreage resides in top U.S. resource plays Underpinned by world-class Delaware Basin position POWDER RIVER BASIN 18 MBOED…
  5. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 5
    Optimizing the Value of Our Production Record oil realizations: 101% of WTI index in Q3 ACCESS TO 50% 35% PREMIUM INTERNATIONAL MIDLAND Multiple low-cost transportation options in each basin & GULF COAST OIL…
  6. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 6
    Q3 2022 Another Impressive Financial Performance Our strategy is building momentum Key financial metrics Q3 2022 Change (vs. Q321) Free cash flow ( in billions) (1) 6.3 Core earnings (per share) 2.18 102% GENERATING RECORD…
  7. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 7
    Accretive Acquisitions Enhance Fourth-Quarter Outlook Financial & operating outlook for Q4 2022 Positioned for an attractive free cash flow yield in Q4 2022 Q4 2022e outlook Annualized free cash flow sensitivities based on Q4 2022…
  8. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 8
    Free Cash Flow Priorities FIXED + VARIABLE DIVIDEND Q3 VARIABLE DIVIDEND CALCULATION 1 Fixed dividend is paid quarterly at 0.18 per share Variable dividend is up to 50% of excess free cash flow 1,649 MM Adjusted Free Cash Flow…
  9. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 9
    Delivering a Market-Leading Dividend Yield Providing an opportunity vs. broader market Delivering dividend growth through the cycle Q3 2022 annualized dividend yield vs. broader market Dividends per share 7.1% 5.00 ADVANTAGED…
  10. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 10
    Opportunistically Repurchasing Our Shares Repurchase program accelerates per-share growth Outstanding shares (MM) 677 (1) 2.0 BILLION BUYBACK PROGRAM Repurchased 1.3 billion of shares to date Retired at average price of 50 per…
  11. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 11
    Improving Our Financial Strength Achieved balance sheet leverage target INVESTMENT-GRADE FINANCIAL POSITION Net debt to EBITDAX (Trailing 12-months) Strong liquidity: 1.3 billion of cash (as of 9/30/22) 1.4x Reduced debt by 1.2…
  12. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 12
    Devons Unique Investment Proposition HIGH-QUALITY PORTFOLIO Underpinned by world-class Delaware Basin asset Margins & free cash flow expanding in 2022 MARKET-LEADING DIVIDEND MARKET-LEADING DIVIDEND Providing investors an…
  13. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 13
    AssetOperations Overview Update NYSE: DVN devonenergy.com
  14. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 14
    Executing on our Delaware-Focused Operating Plan DELAWARE-FOCUSED PROGRAM DELIVERING HIGH-RETURN GROWTH 60% +11% 340-350 417 WORLD-CLASS POSITION OF TOTAL VOLUME GROWTH 400,000 NET ACRES ACTIVITY (MBOED) 374 OTHER ASSETS…
  15. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 15
    Delaware Basin Operating Efficiencies Advance Top result: 3-mile Wolfcamp B appraisal delivers 6,530 STRONG DEVELOPMENT RESULTS IN Q3 AVG. IP30 highest well productivity in Q3 (IP30: 6,530 BOED) BOED/WELL 4,000 3,760…
  16. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 16
    Strong Results Across Top U.S. Resource Plays 3.5 Capital efficiency enhanced by 100 million drilling carry with Dow ANADARKO Dow activity drives Q3 volumes 4% higher quarter over quarter BASIN Top result: 5-well Otto…
  17. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 17
    Bolt-On Acquisition Enhances Eagle Ford Position OFFSETS EXISTING POSITION IN CORE OF THE PLAY Contiguous operated position of 42,000 net acres PURCHASE DETAILS Price: 1.8 billion (100% cash) Gonzales Secures 500 highly economic…
  18. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 18
    Inventory Underpins Long-Term Sustainability High-quality & multi-decade inventory 20YEAR Gross operated inventory locations (Avg. lateral length is 2 miles) UNRISKED INVENTORY (WITH APPRAISAL & TIGHTER SPACING) 10,000…
  19. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 19
    AssetAppendix Overview NYSE: DVN devonenergy.com
  20. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 20
    Our Investment-Grade Financial Strength Strong liquidity with minimal near-term debt maturities Outstanding debt maturities through 2030 (MM) 4,300 Reduced outstanding debt by 1.2 billion since merger close EXECUTING ON OUR Net…
  21. 3Q 2022 Earnings Presentation – Devon Energy Corp – slide 21
    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…

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