Q2 2023 Earnings Presentation August 1, 2023 NYSE: DVN devonenergy.com
Key Takeaways From Our Presentation OIL PRODUCTION SETS NEW ALL-TIME HIGH 1 Q2 volumes exceeded guidance reaching 323,000 barrels per day WOLFCAMP B SUCCESS IN DELAWARE BASIN 2 Appraisal success derisks 100 locations in Cotton…
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…
Strategy Creating Significant Value for Shareholders Delivering on our promise to shareholders Cumulative uses of cash since WPX merger ( in billions) 12BILLION SINCE LATE 2020 (2-TIMES MERGER VALUATION) Industry-first cash-return…
Portfolio Built to Deliver Sustainable Performance PREMIER MULTI-BASIN PORTFOLIO WILLISTON BASIN 56 MBOED Acreage resides in top U.S. resource plays Underpinned by world-class Delaware Basin position POWDER RIVER BASIN…
A Track Record of Operational Excellence DELIVERING TOP-TIER WELL PRODUCTIVITY DRILLING EFFICIENCIES DRILLED FEET PER DAY (ALL FORMATIONS) 25 1,209 SUPERIOR WELL 30% 1,107 24% 1,061 RESULTS (VS. PEER AVG.) 12-MONTH…
Q2 2023 Another Quarter of Solid Execution OIL VOLUMES BUILDING OPERATIONAL & FINANCIAL HIGHLIGHTS MOMENTUM INTO Q3 Oil Production (MBOD) 322-330 Oil production growth: +8% year over year 323 RECORD-SETTING oil production (+1%…
Delaware Basin Our Franchise Asset LEADING DELAWARE 65% WORLD-CLASS ACREAGE POSITION Lea Q2 2023 Projects (76 Wells Online) 400K OF DEVON OIL OPPORTUNITY NET ACRES Q2 2023 PRODUCTION PRODUCTION DELAWARE OTHER ASSETS…
Delaware Basin Continuously Improving Our Business RESOURCE QUALITY CAPITAL EFFICIENCY MARKETING & MIDSTREAM Q2 wells that attained peak rates Wolfcamp drilling productivity Pin Oak investment provides oil delivered avg. IP30:…
Eagle Ford Meaningful Runway of Opportunities HIGHLY-ECONOMIC REFRACS (30 Refracs Executed To Date) Capital activity during the quarter drove 9% Reserves increased 50% Several hundred candidates production growth (vs. Q1 2023) 2023…
Strong Results Across Top U.S. Resource Plays 5% Base production performance drives oil growth vs. Q1 WILLISTON Completion & production modifications enhancing well productivity BASIN Multi-year infill & refrac inventory to…
On Track to Achieve 2023 Capital Objectives Financial & operating outlook for 2023 Devons attractive free cash flow yield (1) 2023e outlook 2023e free cash flow yield sensitivities based on midpoint guidance 10% 9% (1)…
Preliminary Thoughts on 2024 Outlook Focused on delivering PER-SHARE growth LEADING THE INDUSTRY WITH DISCIPLINE & CONSISTENT & STEADY activity optimizes returns CASH RETURNS Cost deflation to improve CAPITAL EFFICIENCY COST…
Attractive Dividend Payouts Through the Cycle Dividend framework provides torque to higher oil prices Dividend yield sensitivities based on 1H 2023 results (annualized 1H dividend declared) OUR CASH-RETURN STRATEGY Raised fixed…
Opportunistically Repurchasing Our Shares Repurchase program accelerates per-share growth Outstanding shares (MM) 677 (1) 3.0 BILLION BUYBACK PROGRAM Repurchased 2.1 billion of shares to date Upsized authorization 3-times since…
Improving Investment-Grade Financial Position TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 3.5B 0.5B 0.7x INCLUDES CASH CASH POSITION NET DEBT-TO-EBITDAX & CREDIT FACILITY AS OF 6/30/2023 AS OF 6/30/2023 CREDIT RATINGS DEBT…
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