Q4 2024 Earnings Presentation February 18, 2025 NYSE: DVN devonenergy.com
2024 A Year of Outstanding Achievement CONSISTENT PRODUCTION GROWTH TOTAL PRODUCTION BY PRODUCT (MBOED) Produced RECORD OIL & TOTAL VOLUMES 800 737 658 Generated 3.0 BILLION OF free cash flow 600 572 610 Completed strategic…
Q4 2024 Executing on Our Operating Plan Expanding oil production Efficient capital spending Oil production (MBOD) Upstream capital ( in millions) Delivered excellent operating performance in Q4 3% 3% VOLUME BEAT 398 CAPITAL BEAT…
Eagle Ford Blackhawk Field Partnership Update Texas Devon and BPX agreed to dissolve partnership (1) DeWitt Gonzales Devon will have 46K net acres with a 95% WI Karnes (2) Operatorship provides development flexibility…
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%…
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…
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…
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…
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…
AssetAppendix Overview NYSE: DVN devonenergy.com
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…
Q4 2024 Impressive Financial Performance RETURNING VALUE TO SHAREHOLDERS Key financial metrics Q4 2024 ( IN MILLIONS) Realized price, with hedges (/BOE) 40.32 Share Buybacks Core earnings (per share) 1.16 301 MM 444 MM EBITDAX…
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…
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…
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)…
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…
Efficiently Adding Proved Reserves Strong proved reserve performance in 2024 Proved reserves (MMBOE) 247 (270) 75 (54) 340 2,155 1,817 2024 RESERVE HIGHLIGHTS (1) Reserve additions replace 150% of production in 2024 Total…
2025 Detailed Activity by Asset Capital Investment Operated Rigs Wells Online ( in Billions) (Average) (Gross Operated) DELAWARE BASIN 2.0 14 250-270 ROCKIES 1.0 4 80-90 EAGLE 0.5 75-85 (1) FORD 2 ANADARKO BASIN 0.15 2…
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