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Investor Presentation – Devon Energy Corp

Devon Energy Corp · Feb 1, 2025 · 28 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. Investor Presentation – Devon Energy Corp – slide 1
    Investor Presentation February 2025 NYSE: DVN devonenergy.com
  2. Investor Presentation – Devon Energy Corp – slide 2
    Devon Energy Overview FOUNDED IN 1971 HEADQUARTERED IN OKLAHOMA CITY 2,300 EMPLOYEES ONE OF THE LARGEST U.S. PRODUCERS TOTAL PRODUCTION: 815,000 BOED PUBLICLY TRADED ON NYSE TICKER: DVN ENTERPRISE VALUE: 30 BILLION Investor…
  3. Investor Presentation – Devon Energy Corp – slide 3
    Strategic Priorities OPERATING Operating safely, reliably and in an environmentally responsible manner EXCELLENCE Embrace innovative thinking and technology to improve business performance ADVANTAGED Diversified multi-basin portfolio…
  4. Investor Presentation – Devon Energy Corp – slide 4
    Devon Going Forward Continuity Opportunity Devons Values Integrity, Focus inward to improve VALUES & capital efficiency, lower costs, Relationships, Courage & STRATEGIC Results raise margins PRIORITIES Operating excellence and a…
  5. Investor Presentation – Devon Energy Corp – slide 5
    Portfolio Built to Deliver Sustainable Performance PRODUCT MIX PREMIER MULTI-BASIN PORTFOLIO Acreage resides in top U.S. resource plays ROCKIES 27% Underpinned by world-class Delaware Basin position 47% GAS OIL 26% DIVERSIFIED…
  6. Investor Presentation – Devon Energy Corp – slide 6
    Advantaged Operating Scale TOP U.S. ONSHORE PURE-PLAY PRODUCERS TOTAL PRODUCTION (MBOED) 1,000 750 Total Production (MBOED) Oil Production (MBOD) 500 250 0 TOP ONSHORE PRODUCERS Note: Sourced from FactSet & Devon.…
  7. Investor Presentation – Devon Energy Corp – slide 7
    AssetAsset Overviews Overview NYSE: DVN devonenergy.com
  8. Investor Presentation – Devon Energy Corp – slide 8
    Delaware Basin Overview PBI POTATO BASIN World-class oil resource with stacked pay potential TODD THISTLE/GAUCHO Lea Multi-decade inventory underpins sustainability Eddy COTTON DRAW RATTLESNAKE Supported by innovative…
  9. Investor Presentation – Devon Energy Corp – slide 9
    Delaware Basin Key Statistics CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 488 2024 2025 474 Activity Plan 461 Operated rigs (average) 15 14 432 437 Wells online (gross operated) 231 260 Upstream capital ( in billions)…
  10. Investor Presentation – Devon Energy Corp – slide 10
    Rockies Overview Williston Basin Powder River Basin Williams Mountrail Campbell Johnson Weston FORT BERTHOLD RESERVATION McKenzie North Dakota Montana Natrona Converse 430,000 NET ACRES Dunn 300,000 NET…
  11. Investor Presentation – Devon Energy Corp – slide 11
    Rockies Key Statistics CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 191 Activity Plan Operated rigs (average) 2 4 74 79 79 79 Wells online (gross operated) 52 85 Upstream capital ( in billions) 0.4 1.0 Q4 2023…
  12. Investor Presentation – Devon Energy Corp – slide 12
    Eagle Ford Overview Repeatable resource play with 90,000 (1) Gonzales NET ACRES significant oil in place to recover Dissolved partnership in Blackhawk Field (close: 4/1/2025e) Wilson Material per well D&C savings expected in…
  13. Investor Presentation – Devon Energy Corp – slide 13
    Eagle Ford Key Statistics CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 92 Activity Plan 79 75 72 70 Operated rigs (average) 4 2 Wells online (gross operated) 103 80 Upstream capital ( in billions) 0.6 0.5 Q4…
  14. Investor Presentation – Devon Energy Corp – slide 14
    Anadarko Basin Overview 300,000 NET Repeatable resource play with ACRES exposure to gas & NGL resource Capital efficiency enhanced by Kingfisher extension of drilling carry with Dow Activity focused on Meramec & Blaine Woodford…
  15. Investor Presentation – Devon Energy Corp – slide 15
    Anadarko Basin Key Statistics CAPITAL PROGRAM TOTAL PRODUCTION VOLUMES (MBOED) 2024 2025 84 87 Activity Plan 82 79 Operated rigs (average) 3 2 74 Wells online (gross operated) 66 30 Upstream capital ( in billions) 0.2 0.15…
  16. Investor Presentation – Devon Energy Corp – slide 16
    Gas Portfolio Significant Upside DIVERSIFIED NATURAL GAS OUTLETS (2025e pricing exposure) Diversified gas outlets provide significant upside potential Majority of Delaware gas has access to gulf coast markets 2025e NATURAL GAS…
  17. Investor Presentation – Devon Energy Corp – slide 17
    AssetFinancial Overview& Shareholder Returns NYSE: DVN devonenergy.com
  18. Investor Presentation – Devon Energy Corp – slide 18
    Q4 2024 Earnings Summary Net core earnings change quarter over quarter in millions 483 (65) (118) (177) (50) 756 683 Q3 2024 Production Realized Prices & Production DD&A G&A & Other Q4 2024 Volumes Hedge Settlements…
  19. Investor Presentation – Devon Energy Corp – slide 19
    Q4 2024 Cash Flow Summary Exiting the quarter with strong liquidity in millions 1,866 (202) Q4 2024 Benchmark Prices (1,042) Oil (/Bbl) WTI : 70.32 Natural Gas (/Mcf) Henry Hub: 2.79 NGLs (/Bbl) Mont Belvieu: 27.80 (444) (8)…
  20. Investor Presentation – Devon Energy Corp – slide 20
    Significant Financial Strength & Liquidity TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 3.8 B 0.8 B 1.0x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 12/31/2024 AS OF 12/31/2024 CREDIT RATINGS DEBT…
  21. Investor Presentation – Devon Energy Corp – slide 21
    Improved 2025 Outlook Financial & operating outlook for 2025 2025 outlook represents top-tier capital efficiency 2025e outlook 2025e capital spend per BOE (20:1 gas ratio & 3:1 NGL ratio) 35 PRODUCTION 805-825 VOLUMES (MBOED) 2%…
  22. Investor Presentation – Devon Energy Corp – slide 22
    Disciplined Return of Capital to Shareholders TARGET PAYOUT IN 2025 (% OF FREE CASH FLOW) Targeting up to 70% CASH-RETURN in 2025 BALANCE SHEET RAISING fixed dividend by 9% to 0.24/share 30% Prioritizing SHARE BUYBACK program…
  23. Investor Presentation – Devon Energy Corp – slide 23
    Our Investment-Grade Financial Strength Outstanding debt maturities ( in millions) 3,800 Cash 800 2.5B Retired 472 million of notes at maturity in 2024…
  24. Investor Presentation – Devon Energy Corp – slide 24
    Devons Investment Proposition DISCIPLINED STRATEGY Focused on growing per-share value Returns-driven strategy prioritizes free cash flow DISCIPLINED STRATEGY ADVANTAGED PORTFOLIO High-quality inventory depth underpins…
  25. Investor Presentation – Devon Energy Corp – slide 25
    AssetAppendix Overview NYSE: DVN devonenergy.com
  26. Investor Presentation – Devon Energy Corp – slide 26
    2025 Outlook Key Asset Highlights DELAWARE INVESTMENT UNDERPINS OUTLOOK Development strategy balances IRR, NPV and inventory 50% Program to benefit from accelerating D&C efficiencies 3.65 (1) CAPITAL ALLOCATED TO BILLION…
  27. Investor Presentation – Devon Energy Corp – slide 27
    Inventory Depth Underpins Delaware Sustainability DELAWARE BASIN INVENTORY BY KEY OPERATOR SOURCE: ENVERUS INTELLIGENCE 10,000 New 8,000 Mexico Multi-decade resource opportunity PV-10 breakeven: 40 WTI oil price (1) Gross…
  28. Investor Presentation – Devon Energy Corp – slide 28
    Focused on Environmental Excellence 2024 SUSTAINABILITY REPORT HIGHLIGHTS ENVIRONMENTAL TARGETS GHG EMISSIONS SCOPE 1 & 2 Flared volume intensity was reduced by 82% (1) NET ZERO GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 Scope 1 & 2…

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