Q4 2025 EARNINGS PRESENTATION February 17, 2026 NYSE: DVN DEVONENERGY.COM
KEY HIGHLIGHTS 1. Announced transformational merger with Coterra Energy Creates a premier, large-cap shale operator Builds leading Delaware Basin position with 10 years of high-quality inventory Expect to achieve 1.0 billion of…
TRANSFORMATIVE MERGER CREATES PREMIER SHALE OPERATOR Must-own, large-cap independent with 60 billion Large-Cap Shale pro forma enterprise value(1) NGL OIL 22% 34% Powerhouse Resilience anchored by high-margin L48 portfolio & 1.6…
Q4 2025 EXECUTING ON OUR DISCIPLINED PLAN PRODUCTION OPTIMIZATION DELIVERS OPERATING COST SAVINGS ACCELERATE Q4 Oil Volumes (MBOD) LOE & GP&T (/BOE) 390 + 4 MBOD 9.31 8% 400 PRODUCTION BEAT 9.17 REDUCTION (VS. MIDPOINT GUIDE)…
15% 2025 ANOTHER YEAR OF OPERATIONAL EXCELLENCE REDUCING CAPITAL INCREASING PRODUCTION 2025 Full-Year Capital Spend ( in billions) 2025 Full-Year Oil Production (MBOD) CAPITAL EFFICIENCY IMPROVEMENT 460 MILLION +9 MBOD IMPROVEMENT…
CONSISTENTLY DELIVERING TOP-TIER RESULTS VS. INDUSTRY ACHIEVING SUPERIOR WELL RESULTS STRONG CAPITAL EFFICIENCY 2024 - 2025 6-Month Cum. Oil (MBO/1k ft.) 2024 - 2025e Capital Per Flowing Adjusted Barrel +24% +13% 15 35 HIGHER…
BUSINESS OPTIMIZATION A CRITICAL DRIVER OF PERFORMANCE 1 BILLION VALUE ENHANCEMENT PROGRESS THROUGH TIME in millions SCORECARD: 85% COMPLETE WITH Q4 2025 EXIT-RATE 1,000 CAPITAL EFFICIENCY PRODUCTION OPTIMIZATION 850 85% of…
PROACTIVE ASSET MANAGEMENT DRIVING ADDITIONAL VALUE Eagle Ford JV Dissolution Cotton Draw Midstream Acquisition Ground Game Activity Fervo Energy Series E Realized 2.7 million per well in D&C savings Acquired non-controlling…
DELIVERING SUBSTANTIAL RETURNS TO SHAREHOLDERS 3.1B RETURNING VALUE TO SHAREHOLDERS RAISING THE FIXED DIVIDEND in Billions Quarterly Dividend Per Share 2.2 BILLION 31% DIVIDEND (1) 0.315 INCREASE ANNOUNCED DEBT RETIREMENT…
DEVONS UNIQUE INVESTMENT PROPOSITION OUR CORE VALUES: OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Track record of improving capital efficiency and enhancing margins INTEGRITY…
APPENDIX NYSE: DVN DEVONENERGY.COM
BUSINESS OPTIMIZATION INITIATIVES AND MILESTONES CATEGORY INITIATIVES UNDERWAY MILESTONES Design improvements and new Simulfrac application increased over Efficiency gains drove 250 MM CAPITAL technology drove 9% faster drilling 30%…
Full-year 2026 guidance Q1 AND FULL YEAR 2026 OUTLOOK reflects standalone Devon operations (1) PRODUCTION Q1 2026 Full Year 2026 EXPENSE ITEMS ( in millions, except BOE and %) Q1 2026 Full Year 2026 Oil (MBbls/d) 381 - 387 385 -…
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