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Credit Suisse Energy Summit – Devon Energy Corp

Devon Energy Corp · Feb 24, 2015 · 31 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. Credit Suisse Energy Summit – Devon Energy Corp – slide 1
    Credit Suisse Energy Summit February 24, 2015 NYSE: DVN devonenergy.com
  2. Credit Suisse Energy Summit – Devon Energy Corp – slide 2
    Devon Today Superior Execution Delivering Shareholder Value A leading North American E&P Building operational momentum Disciplined capital allocation Oil driving production growth Financial strength and flexibility…
  3. Credit Suisse Energy Summit – Devon Energy Corp – slide 3
    A Leading North American E&P Heavy Oil Focused and balanced asset portfolio Proved reserves: 2.8 billion BOE Net production: 664 MBOED Upstream revenue: 60% oil Deep inventory of opportunities Rockies Oil Prolific Eagle Ford…
  4. Credit Suisse Energy Summit – Devon Energy Corp – slide 4
    A Leading North American E&P Strategy For LongTerm Success Premier and sustainable asset portfolio Highreturning projects Positioned in toptier basins Balanced between oil and gas Deep inventory of opportunities Focused on…
  5. Credit Suisse Energy Summit – Devon Energy Corp – slide 5
    Building Operational Momentum Q4 & FullYear 2014 Highlights U.S. Oil Production Growth Delivered U.S. oil production growth of 82% MBOD 146 Prolific Eagle Ford development results Excellent results in Delaware Basin 80 82% Q4…
  6. Credit Suisse Energy Summit – Devon Energy Corp – slide 6
    Disciplined Capital Allocation 2015 Capital Outlook Key Highlights 2015 E&P Capital Budget 4.1 4.4 Billion Balances capital with cash inflows Miss Woodford Land/ Tech. Barnett 1% Reduced 20% from 2014 5% Rockies 3% 8% 30%…
  7. Credit Suisse Energy Summit – Devon Energy Corp – slide 7
    Oil Driving Production Growth 2015 Production Outlook Total Oil Production Key Highlights MBOD 250 260 2015 oil production growth: 20% 25% Driven by Eagle Ford, Permian & Jackfish 3 209 Topline BOE growth: 5% 2025% Expected…
  8. Credit Suisse Energy Summit – Devon Energy Corp – slide 8
    Oil Driving Production Growth Significant Oil Producer in North America Q3 2014 Oil Production Devon vs. N.A. Onshore Peers 350 300 250 200 MBOD 150 100 50 0 EOG CLR CHK WLL PXD CXO MEG ECA NFX XEC OAS SD LPI…
  9. Credit Suisse Energy Summit – Devon Energy Corp – slide 9
    Financial Strength & Flexibility Strong investmentgrade ratings Cash balances: 1.5 billion Net debt(1): 7.8 billion (excluding EnLink) Cash flow protected by hedges 50% of 2015 oil protected at 91 per barrel 40% of 2015 gas…
  10. Credit Suisse Energy Summit – Devon Energy Corp – slide 10
    Strategic Midstream Business EnLink Overview Devons equity ownership interest Market Value of EnLink Ownership 49% of MLP (ENLK: 120 MM units) February 2015 70% of GP (ENLC: 115 MM shares) Highly accretive transaction…
  11. Credit Suisse Energy Summit – Devon Energy Corp – slide 11
    HEAVY OIL ROCKIES OIL Oil Assets LiquidsRich Gas Assets ANADARKO BASIN Asset Overview PERMIAN BASIN BARNETT SHALE Premier North American Portfolio EAGLE FORD 12
  12. Credit Suisse Energy Summit – Devon Energy Corp – slide 12
    Eagle Ford Overview Toptier acreage position 82,000 net acres focused in DeWitt Co. Q4 net production: 98 MBOED Gonzales Lavaca Highest returning asset in portfolio Delivering industryleading well results 1,000 undrilled…
  13. Credit Suisse Energy Summit – Devon Energy Corp – slide 13
    Eagle Ford Prolific Production Results Production doubled since March 2014 acquisition 98 Q4 2014 production increased 26% over Q3 Light oil 60% of production mix 49 Eagle Ford Production Growth 100% MBOED Increase…
  14. Credit Suisse Energy Summit – Devon Energy Corp – slide 14
    Eagle Ford Prolific Development Results Revised Eagle Ford Type Well Prolific Q4 results in DeWitt County 30Day IP Rate, BOED 1,650 62 wells: 30day IP avg. 2,100 BOED 1,300 Results 50% above type curve IPs for top 5 wells…
  15. Credit Suisse Energy Summit – Devon Energy Corp – slide 15
    Permian Basin Overview Industry leader in basin Permian Production Growth 2014 vs 2013 (MBOED) 1.2 million net surface acres with stacked pay Q4 net production: 98 MBOED Production growth 23% higher in 2014 Liquids 77% of…
  16. Credit Suisse Energy Summit – Devon Energy Corp – slide 16
    Permian Basin Activity Focused in Delaware Basin Significant oil resource opportunity Lea Bone Spring Activity focused on Bone Spring play Eddy 285,000 net acres Delaware Sands 80,000 net acres Delivering prolific production…
  17. Credit Suisse Energy Summit – Devon Energy Corp – slide 17
    Delaware Basin New Completion Design Enhances Results 30Day IP Rates Well performance exceeding expectations BOED 940 Results highlighted by 13 wells in Q4 575 Targeting 2nd Bone Spring interval in NM Applied 2x more sand than…
  18. Credit Suisse Energy Summit – Devon Energy Corp – slide 18
    Delaware Basin Significant & Growing Resource Opportunity Identified 5,000 risked, undrilled locations Conservatively assumes 4 to 5 wells per risked, drillable section 70% of inventory resides in the Bone Spring formation…
  19. Credit Suisse Energy Summit – Devon Energy Corp – slide 19
    Heavy Oil Overview Located in best part of oil sands 6 Miles Low geologic risk Jackfish 1 T76 Jackfish 2 Thick and continuous reservoir Industry leading operating results Jackfish 3 T75 Massive risked resource: 1.4 BBO Pike…
  20. Credit Suisse Energy Summit – Devon Energy Corp – slide 20
    Jackfish Heavy Oil Developments Delivering Visible Oil Growth Jackfish 1 Plant Utilization Jackfish 1 delivering toptier results 90 Day Moving Avg. 110% % of Designed Capacity Utilized Q4 gross production: 37 MBOD 100%…
  21. Credit Suisse Energy Summit – Devon Energy Corp – slide 21
    Anadarko Basin CanaWoodford Overview Excellent Q4 results in CanaWoodford Blaine Q4 net production: 76 MBOED Kingfisher Production increased 35% YoY Mullen 1H Emma 1H 1st operated STACK well brought online 24Hr IP: 1,500 BOED…
  22. Credit Suisse Energy Summit – Devon Energy Corp – slide 22
    Why Own Devon A leading North American E&P Building operational momentum Disciplined capital allocation Oil driving production growth Financial strength and flexibility Significant midstream business 23
  23. Credit Suisse Energy Summit – Devon Energy Corp – slide 23
    Thank you.
  24. Credit Suisse Energy Summit – Devon Energy Corp – slide 24
    Appendix
  25. Credit Suisse Energy Summit – Devon Energy Corp – slide 25
    Permian Basin Overview Industry leader in basin Bone Spring, Delaware, Leonard & Wolfcamp 1.2 million net surface acres with stacked pay Gaines Dawson Borden Wolfcamp Q4 net production: 98 MBOED Eddy Lea Andrews Martin…
  26. Credit Suisse Energy Summit – Devon Energy Corp – slide 26
    Barnett Shale LiquidsRich Gas Development Significant gas optionality Net acres: 623,000 Wise Denton Best position in play Q4 net production: 201 MBOED Liquids 27% of production mix Dry Gas LiquidsRich Generated free cash flow…
  27. Credit Suisse Energy Summit – Devon Energy Corp – slide 27
    Rockies Oil Powder River Basin Emerging light oil opportunity Net acres: 150,000 Stacked pay potential Campbell 1,000 risked locations in inventory Q4 net production: 19 MBOED Parkman Notable Q4 development activity Focus…
  28. Credit Suisse Energy Summit – Devon Energy Corp – slide 28
    Upper Eagle Ford Potential DeWitt and Lavaca Counties Pay thickest in DeWitt County First 2 operated wells online Medina 2H Upper Eagle Ford Marl 30Day IP: 850 BOED Lavaca Encouraging early results Gonzales Nancy 1H Upper…
  29. Credit Suisse Energy Summit – Devon Energy Corp – slide 29
    Potential Drop Down Assets Access & Victoria Express Pipelines Victoria Express Pipeline Access Pipeline JACKFISH & PIKE Colorado Gonzales Lavaca Wharton 16 Diluent Line (Edmonton to Jackfish) 24 Diluent Line DeWitt (Sturgeon…
  30. Credit Suisse Energy Summit – Devon Energy Corp – slide 30
    Key Modeling Statistics Eagle Ford (DeWitt County) Bone Spring (Delaware Basin) Working interest / royalty: 48% / 22% Working interest / royalty: 67% / 21% 30day IP rate: 1,650 BOED 30day IP rate: 750+ BOED EUR: 900+ MBOE EUR: 450+…
  31. Credit Suisse Energy Summit – Devon Energy Corp – slide 31
    Key Modeling Statistics CanaWoodford Shale Rockies: Powder River Basin (Parkman) Working interest / royalty: 51% / 21% Working interest / royalty: 40% / 18% 30day IP rate: 1,200 BOED 30day IP rate: 525 BOED EUR: 1.7 MMBOE EUR: 300…

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