Q1 2025 EARNINGS PRESENTATION May 6, 2025 NYSE: DVN DEVONENERGY.COM
Q1 2025 KEY HIGHLIGHTS Delivered strong operating performance Oil production averaged 388,000 barrels/day, exceeding guidance and supported by outstanding well performance across all basins Disciplined capital spending below plan…
OUR STRATEGIC PRIORITIES STRATEGIC OPERATING EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Embrace innovative thinking and technology to improve business performance PRIORITIES ADVANTAGED…
Q1 2025 CONTINUING TO DELIVER VALUE OIL VOLUMES EXCEED GUIDANCE EFFICIENT CAPITAL SPENDING (MBOD) (MM) + 5 MBOD 5% 1.0 388 1,013 400 PRODUCTION BEAT (VS. Q1 MIDPOINT GUIDE) UNDER GUIDANCE 300 ANADARKO 964 200 EAGLE FORD…
DELAWARE BASIN: OPERATING EFFICIENCIES CONTINUE MOMENTUM COMPLETION EFFICIENCIES DELIVERING FULL PRODUCTIVE CAPACITY WITH LESS 2,753 2,466 2,152 1,713 1,911 1,955 12% 16 5 RIGS While Maintaining IMPROVEMENT FROM 1H 2024…
IMPRESSIVE FINANCIAL PERFORMANCE Q1 2025 KEY FINANCIAL METRICS RETURNING VALUE TO SHAREHOLDERS + 1.21 (per share) Core Earnings IN MILLIONS DIVIDENDS PAID 163 + 2,086 (MM) EBITDAX MILLION Q1 2025 + 1,942 (MM) Operating…
2025 OUTLOOK: INCREASING OIL PRODUCTION WITH LOWER CAPITAL UPDATED 2025e OUTLOOK ATTRACTIVE FREE CASH FLOW 4.0 OIL 382MBOD 388 3.3 FREE CASH FLOW VOLUMES 1% IMPROVEMENT 3.0 2.6 2025e Free Cash Flow (B) FREE CASH…
SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 4.2 B 1.2 B 1.0x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 3/31/2025 AS OF 3/31/2025 CREDIT RATINGS DEBT…
BUSINESS OPTIMIZATION PLAN Capture efficiencies through design CAPITAL TARGETING optimization, cycle time reductions, EFFICIENCY facility standardization, and vendor management OPPORTUNITIES TO IMPROVE Use advanced analytics…
PATHWAY AND TIMING TO DELIVER IMPROVEMENTS BY CATEGORY TIMING TO DELIVER RUN-RATE IMPROVEMENTS (MM) (MM) Capital Efficiency 300 MM 1,000 1.0 750 BILLION Corporate Cost Reductions Production 500 150 MM Optimization…
BUSINESS OPTIMIZATION INITIATIVES UNDERWAY Dynamic capital planning Improved contracts driving greater CAPITAL PRODUCTION COMMERCIAL realizations CORPORATE COST EFFICIENCY OPTIMIZATION Standardization of wellsite facilities…
APPENDIX NYSE: DVN DEVONENERGY.COM
OUR INVESTMENT-GRADE FINANCIAL STRENGTH Outstanding debt maturities ( in millions) 4,200 Cash 1,200 2.5B Retired 472 million of notes at maturity in 2024…
Q1 2025 EARNINGS SUMMARY Net core earnings change quarter over quarter in millions 23 779 756 (165) 59 137 (31) Q4 2024 Production Realized Prices & Production DD&A G&A & Other Q1 2025 Volumes Hedge Settlements Expenses…
Q1 2025 CASH FLOW SUMMARY Exiting the quarter with strong liquidity in millions Q1 2025 Benchmark Prices 117 (942) Oil (/Bbl) WTI : 71.50 1,825 Natural Gas (/Mcf) Henry Hub: 3.65 NGLs (/Bbl) Mont Belvieu: 29.65 (464) (148)…
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