Q2 2025 EARNINGS PRESENTATION August 5, 2025 NYSE: DVN DEVONENERGY.COM
KEY HIGHLIGHTS Delivered strong production result exceeding guidance Total production averaged 841,000 BOE per day, with oil reaching 387,000 barrels per day supported by strong production growth in the Delaware Basin Disciplined…
OUR STRATEGIC PRIORITIES STRATEGIC OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Embrace innovative thinking and technology to improve business performance PRIORITIES ADVANTAGED…
CONTINUING TO DELIVER SIGNIFICANT VALUE VOLUMES EXCEED GUIDANCE DELAWARE CONCENTRATED PROGRAM (MBOED) (Q2 2025 GROSS WELLS ONLINE) 841 + 3% 800 PRODUCTION BEAT (VS. Q2 MIDPOINT GUIDE) 600 ANADARKO 110 ANADARKO 400 EAGLE FORD…
OPERATIONAL HIGHLIGHTS DELAWARE CAPITAL EFFICIENCIES WILLISTON BASIN COST REDUCTIONS PER LATERAL FOOT* 2-MILE WELL COST ( IN MILLIONS) 8.4 (0.7) 440 + 12% IMPROVEMENT (2025 YTD vs. FY 2024) 369 397 360 (0.3) 362 323…
2025 CAPITAL EFFICIENCY CONTINUES TO IMPROVE 10% REDUCING CAPITAL INCREASING PRODUCTION 2025e Full-Year Capital Spend Guidance ( in billions) 2025e Full-Year Oil Production Guidance (MBOD) 4.1 400 MILLION From Preliminary…
SIGNIFICANT FINANCIAL STRENGTH AND LIQUIDITY TOTAL LIQUIDITY CASH BALANCE LOW LEVERAGE 4.8 B 1.8 B 0.9x CASH & UNDRAWN CASH POSITION NET DEBT-TO-EBITDAX CREDIT FACILITY AS OF 6/30/2025 AS OF 6/30/2025 CREDIT RATINGS DEBT…
INCREASING OIL PRODUCTION WHILE LOWERING CAPITAL FOR SECOND QUARTER IN A ROW UPDATED 2025e OUTLOOK ATTRACTIVE FREE CASH FLOW 4.0 3.7B FREE CASH OIL 384MBOD 390 FLOW VOLUMES 3.0 B 2.5 B FREE CASH FLOW 3.0 2025e Free…
BUSINESS OPTIMIZATION TIMING TO DELIVER RUN-RATE IMPROVEMENTS SCORECARD: 40% ACHIEVED IN 4 MONTHS (MM) (%) 1,000 Capital 300 33% Efficiency MILLION 750 Production 250 30% Optimization MILLION 500 Commercial 300 67%…
BUSINESS OPTIMIZATION INITIATIVES CATEGORY INITIATIVES UNDERWAY MILESTONES Drilling and completion cycle time Increase application of Efficiency gains driving 100 MM CAPITAL improvements simulfrac across programs capital reduction…
APPENDIX NYSE: DVN DEVONENERGY.COM
OUR INVESTMENT-GRADE FINANCIAL STRENGTH Outstanding debt maturities ( in millions) 4,800 Cash 1,800 2.5B Retired 472 million of notes at maturity in 2024…
Q2 2025 EARNINGS SUMMARY Net core earnings change quarter over quarter in millions 78 (417) 779 85 536 13 (2) Q1 2025 Production Realized Prices & Production G&A, Taxes, & Q2 2025 DD&A Volumes Hedge Settlements…
Q2 2025 CASH FLOW SUMMARY Exiting the quarter with strong liquidity Q2 2025 Benchmark Prices in millions Oil (/Bbl) WTI : 63.95 134 (972) 1,411 Natural Gas (/Mcf) Henry Hub: 3.44 NGLs (/Bbl) Mont Belvieu: 25.58 372 (405)…
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