Q1 2023 Earnings Presentation May 8, 2023 NYSE: DVN devonenergy.com
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 53 MBOED Acreage resides in top U.S. resource plays Underpinned by world-class Delaware Basin position POWDER RIVER BASIN…
Strategy Designed to Create Value Through the Cycle Durable financial model Cumulative uses of cash since merger ( in billions) 9.7 Acquisitions (Funded with cash) No change to disciplined cash-return framework 8.6 Share…
Q1 2023 Executing on Our Plan Q1 2023 RESULTS COMPARISON KEY MESSAGES OIL 320 +11% Achieved record-setting oil production in the first quarter PRODUCTION (MBOD) (vs. Q1 2022) Oil volumes exceeded midpoint guidance by 2,000 barrels…
Delivering an Advantaged Cash-Return Yield 12% TOTAL YIELD 12% HISTORY OF CASH RETURNS Superior yield versus other market opportunities Q1 2023 Annualized Cash-Return Yield 10% SHARE Paid quarterly dividend for 31 straight…
Attractive Dividend Payouts Through the Cycle Providing an opportunity vs. broader market Dividend framework provides torque to higher oil prices Q1 2023 annualized dividend declared yield vs. broader market Dividend yield sensitivities…
Expanding Share-Repurchase Program DELIVERING ON OUR INCREASING AUTHORIZATION TO 3.0 BILLION (1) COMMITMENT TO SHAREHOLDERS Repurchased 692 million of shares YTD 3.0 1.0 Billion Remaining (1) Board approved 50% increase…
Improving Investment-Grade Financial Position TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 3.9B 0.9B 0.6x INCLUDES CASH CASH POSITION NET DEBT-TO-EBITDAX & CREDIT FACILITY AS OF 3/31/2023 AS OF 3/31/2023 CREDIT RATINGS DEBT…
2023 Outlook No Change to Our Disciplined Plan Financial & operating outlook for 2023 Devons attractive free cash flow yield (1) 2023e outlook 2023e free cash flow yield sensitivities based on midpoint guidance 12% 9% (1)…
2023 Another Year of Advantaged Capital Efficiency 90 BREAKEVEN FUNDING FOR 2023 CAPITAL PROGRAM DELIVERING TOP-QUARTILE CAPITAL EFFICIENCY Base Dividend Impact 75 Pre-Dividend Breakeven 60 INDUSTRY AVERAGE (1) WTI…
Delaware Basin Our Franchise Asset DELAWARE-FOCUSED DELIVERING HIGH-MARGIN VOLUME GROWTH CAPITAL PROGRAM 60% OF TOTAL COMPANY SUCCESSFUL 3-MILE WOLFCAMP DEVELOPMENT +5% 415 VOLUME GROWTH Exotic Cat Raider (15,200 laterals)…
Delaware Basin World-Class Well Productivity Expect to maintain top-tier well productivity DELIVERING TOP-TIER WELL PRODUCTIVITY 2022 6-MONTH CUMULATIVE OIL VOLUMES (MBO PER 1,000) in 2023 (1.5 MMBOE average recovery per well) 15…
Eagle Ford Meaningful Runway of Opportunities ZGABAY PILOT PROGRAM 2023 activity focused on sustaining production DELINEATES RESOURCE UPSIDE Project funded by Dept. of Energy & harvesting cash flow Advances resource characterization…
Strong Results Across Top U.S. Resource Plays Capital efficiency enhanced by 100 million drilling carry with Dow ANADARKO Q1 activity drove volumes 5% higher compared to Q4 2022 Q1 2023 BASIN Hornet development achieved IP30 rates…
Aggressively Reducing Emissions GHG EMISSIONS SCOPE 1 & 2 2022 Sustainability Report NET ZERO GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 For more information, please refer ENVIRONMENTAL TARGETS to the Sustainability portion of GHG…
AssetAppendix Overview NYSE: DVN devonenergy.com
Free Cash Flow Priorities FIXED DIVIDEND Q1 VARIABLE DIVIDEND CALCULATION 1 Paid quarterly at 0.20 per share Target payout: up to 10% of operating cash flow 664 MM Adjusted Free Cash Flow (Non-GAAP) 133 MM Fixed Quarterly…
Our Investment-Grade Financial Strength Strong liquidity with minimal near-term debt maturities Outstanding debt maturities through 2030 (MM) 3,887 Reduced outstanding debt by 1.2 billion since merger close EXECUTING ON OUR Net…
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