Q4 2022 Earnings Presentation February 14, 2023 NYSE: DVN devonenergy.com
Key Takeaways From Our Presentation 1 FREE CASH FLOW REACHES RECORD 6.0 BILLION IN 2022 Represents a 106% increase compared to 2021 2 RAISING FIXED DIVIDEND BY 11% IN 2023 Total dividend of 0.89 per share announced with Q4…
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 HIGH-QUALITY CONSISTENT Returns-driven strategy…
Portfolio Built to Deliver Sustainable Performance PREMIER MULTI-BASIN PORTFOLIO WILLISTON BASIN 57 MBOED Acreage resides in top U.S. resource plays Underpinned by world-class Delaware Basin position POWDER RIVER BASIN…
Strategy Creating Significant Value for Shareholders Delivering on our disciplined financial model Cumulative uses of cash since merger in 2020 ( in billions) 8.6 Acquisitions (Funded with cash) Highest total return in large-cap…
2022 Another Year of Outstanding Achievement DELIVERING PER-SHARE GROWTH CAPTURING HIGHER MARGINS (PER UNIT FIELD-LEVEL MARGINS) DELIVERING ON OUR 10% +9% 50.65 PER-SHARE GROWTH COMMITMENT 8% 39.77 (VS. 2021) 30.48 6% TO…
Delivering an Advantaged Cash-Return Yield 10% TOTAL YIELD 10% OUR ADVANTAGED YIELD SHARE 6 TIMES HIGHER than the S&P 500 yield BUYBACK PROGRAM 2022 Annualized Cash-Return Yield 8% SHARE BUYBACK enhances cash returns (pg.…
A History of Returning Cash to Shareholders Delivering dividend growth through the cycle Dividends paid out per share 5.17 30CONSECUTIVE YEARS OF DIVIDEND PAYMENTS 1.97 VARIABLE DIVIDEND FIXED DIVIDEND +11% 0.68…
Opportunistically Repurchasing Our Shares 2.0 BILLION BUYBACK PROGRAM UNDERWAY LEADING THE INDUSTRY WITH DISCIPLINE & CASH RETURNS Upsized authorization twice in 2022 Repurchased 1.3 billion of shares to date Retired at average…
Improving Investment-Grade Financial Position TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 4.5B 1.5B 0.5x INCLUDES CASH CASH POSITION NET DEBT-TO-EBITDAX & CREDIT FACILITY AS OF 12/31/2022 AS OF 12/31/2022 CREDIT RATINGS DEBT…
2023 Outlook No Change to Our Disciplined Plan Financial & operating outlook for 2023 Providing an opportunity vs. broader market 2023e outlook 2023e free cash flow yield vs. broader market 8% PRODUCTION +9% ADVANTAGED YIELD…
2023 Outlook Capital & Production Cadence UPSTREAM CAPITAL SPENDING WELLS ONLINE TOTAL PRODUCTION ( IN MILLIONS) (OPERATED ONLY) (MBOED) 900-940 105 wells 650-670 Volume 90 wells Impact 810-850 635 1H 2023e 2H 2023e Q1 2023e…
2022 Executing on Our Disciplined Plan RECORD-SETTING OIL PRODUCTION CONSISTENT DELAWARE WELL PRODUCTIVITY 316,000 (WOLFCAMP CUME. 180-DAY AVG., MBO) 200 5-YEAR DELIVERING TOP-TIER 300 BARRELS PER DAY AVG. (Q4 2022) 150 CAPITAL…
2022 Achieving Top-Tier Capital Efficiency 50 SUPERIOR CAPITAL EFFICIENCY 40 +35% IN 2022 VS. INDUSTRY PEERS 2022 Capital Spend per BOE (20:1 gas ratio & 3:1 NGL ratio) 30 INDUSTRY AVERAGE 20 10 TOP 30 U.S.…
Delaware Basin Our Franchise Asset LEADING DELAWARE 2023 CAPITAL OBJECTIVES ACREAGE POSITION 16-rig program focused on low-risk developments TOP-FUNDED AREA: SOUTHEAST NEW MEXICO 400K NET ACRES Wolfcamp-weighted capital program…
2023 Outlook Other Key Assets 3-rig program designed to sustain production & harvest cash flow EAGLE 70% of capital focused on recently acquired acreage in Karnes County 2023 UPSTREAM FORD Ability to redevelop units provides…
Aggressively Reducing Emissions GHG EMISSIONS SCOPE 1 & 2 2022 Sustainability Report NOW AVAILABLE NET ZERO GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 ENVIRONMENTAL TARGETS For more information, please refer GHG EMISSIONS INTENSITY…
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