May Investor Presentation

1. NYSE: DVN
devonenergy.com
Investor Presentation
May 2017

2. Investor Contacts & Notices
2
Investor Relations Contacts
Scott Coody, Vice President, Investor Relations
(405) 552-4735 / scott.coody@dvn.com
Chris Carr, Supervisor, Investor Relations
(405) 228-2496 / chris.carr@dvn.com
Forward-Looking Statements
This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission (the “SEC”). Such statements are subject to a variety of risks
and uncertainties that could cause actual results or developments to differ materially from those projected in the forward-looking statements. Please refer to the slide
entitled “Forward-Looking Statements” included in this presentation for other important information regarding such statements.
Use of Non-GAAP Information
This presentation may include non-GAAP financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP
measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including
reconciliations to their most directly comparable GAAP measure, please refer to Devon’s most recent earnings release at www.devonenergy.com.
Cautionary Note to Investors
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms, and
price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This presentation may contain certain terms, such as
resource potential, risked or unrisked resource, potential locations, risked or unrisked locations, exploration target size and other similar terms. These estimates are by their
nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC
guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available at
www.devonenergy.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.

3. Devon Today
A Leading North American E&P
3
Key Messages
 Premier asset portfolio
 Significant financial strength
 Delivering top-tier execution
 Multi-decade growth platform
Heavy Oil
Rockies Oil
Barnett Shale
STACK
Oil
46%
NGL
18%
Gas
36%
Production
2017e: 539 - 561 MBOED
Delaware Basin
Eagle Ford

4. Strategic Approach To 2017
4
 Further increase capital productivity
 Maintain improved cost structure
 Focused on value and returns
 Concentrate activity within STACK and Delaware
 Harvest cash flow from other assets
 Invest directionally within cash flow
 Disciplined hedging program
Drive
efficiencies
across the portfolio
Accelerate
activity
Protect
investment-grade
balance sheet

5. Significant Financial Strength
5
 Investment-grade financial position
― Strong liquidity: $2.1 billion of cash (3/31/17)
― Undrawn $3 billion credit facility
― No significant debt maturities until 2021
 Announced $1 billion divestiture program
― Targeting select positions in U.S.
― Timing: 12 – 18 months
 Disciplined risk management protects cash flow
― >50% of production hedged in 2017
INVESTMENT-
GRADE
credit ratings

6. Operating Strategy For Success
6
 Maximize base production
— Minimize controllable downtime
— Enhance well productivity
— Leverage midstream operations
— Control operating costs
 Optimize capital program
— Disciplined project execution
— Perform premier technical work
— Focus on development drilling
— Increase capital efficiency
Capture
FULL VALUE
Improve
RETURNS

7. Delivering Record Well Productivity
7
0
200
400
600
800
1,000
2012 2013 2014 2015 2016 Q1 2017
Avg. 90-Day Wellhead IPs
BOED, 20:1
IMPROVEMENT
>450%
 Best drilling results in Devon’s history
— Development drilling focused in top resource plays
— Enhanced completion designs and improved well placement

8. Efficiency Gains Create Tremendous Value
8
 Expect $1.4 billion of annual cost savings
― LOE and G&A reduced ≈35% from peak rates
 Base production initiatives yielding excellent results
― Efforts achieving 2% production uplift
― Creating ≈$100 million of value annually
 D&C costs reduced by up to 45%(1)
― Driven by efficiencies and supply chain costs
Operating Costs and G&A
$ Billions
2014 2015 2016 2017e
$2.7
$4.1
B
COST SAVINGS
(1) From peak levels in 2014.
$1.4
LOE Prod. Taxes G&A

9. Efficiency Gains To Continue In 2017
 Drilling activity to shift to longer laterals
— Improves capital efficiency & well productivity
 Control supply chain to reduce costs
— Unbundling historical, high-margin services
— Utilizing more diversified vendor universe
 “Big data” innovations to create substantial value
— Leveraging advanced analytics to improve operations
Targeting
HUNDREDS
OF MILLIONS
in savings
9

10. 0
10
20
30
Accelerating Capital Investment
10
 Disciplined capital allocation focused on returns
 2017 E&P capital: $2.0 to $2.3 billion
— Concentrated in STACK & Delaware Basin
— Capital programs have significant flexibility
 Ramping up to 20 operated rigs by year end
— Steady rig additions throughout year
— Generates additional momentum into 2018
E & P C A P I T A L
2017e
Billion
2017 Capital Outlook
$2.0-2.3
Rig Activity – U.S. Resource Plays
Operated Rigs
12/31/16 3/31/17 12/31/17e
AT MARCH 31, 2017
RIGS
BY YEAR END 2017
RIGS
UP TO
15
20
AT YEAR END 2016
RIGS10

11. Rapid Expansion Of High-Margin Production
11
 Accelerated investment drives strong oil growth
— U.S. oil growth: 13% - 17% (2017 vs. Q4 16)
 Higher growth rates expected in 2018
— U.S. oil production to advance by ≈20%
 Positioned to deliver peer-leading cash flow
expansion
2017 & 2018 Outlook
U.S. Oil Production Growth
MBOD
Q4 2016 2017e 2018e
105
(vs. Q4 2016)
+13-17%
(vs. 2017)
+≈20%

12. STACK
Best-In-Class Position
12
 World-class development opportunity
— Q1 net production: 95 MBOED
— Production increased 8% from Q4 2016
 Largest leasehold position of any operator
— >600,000 net acres by formation(1)
— Deep inventory of low-risk projects
 Most active asset in portfolio
— 2017 capital: $750 million
— Up to 10 operated rigs by year-end
(1) Represents Meramec and Woodford net acreage by formation.
STACK RESOURCE OVERVIEW
Woodford – Core Area
Meramec – Core Area
Canadian
Kingfisher
Blaine
Custer
Dewey
NET ACRES(1)
k>600RISKED LOCATIONS
5,400

13.  Initial Meramec spacing pilots successful
— Tested multi-zone, staggered laterals
— Spacing up to 7 wells in a single interval
 Showboat: 1ST multi-zone development
— 2 drilling units: 25 to 30 wells
— Co-developing 4 intervals
 Significant upside with future projects
— Potential for >20 wells per drilling unit
STACK
Meramec Moving To Full-Field Development
13
STACK PILOTS – OPERATED & NON-OPERATED
Canadian
Kingfisher
Blaine
Non-Operated
Operated
Born Free Staggered Pilot
30-Day IP: 2,200 BOED
Pump House 7-Well Pattern
30-Day IP: 2,100 BOED
Alma 5-Well Pilot
30-Day IP: 1,400 BOED
Showboat Development
 25 - 30 wells (Q3 2017)
 2 drilling units

14. STACK
Woodford Shale Building Momentum
14
 Peak rates at Hobson Row expected in Q2
— Gross peak production: >40 MBOED
— Working interest: 55%
 Jacobs Row to spud in Q4
— 1st Woodford development to leverage extended-
reach laterals
— Up to 7 drilling units (≈70 wells)
 Deep inventory of low-risk Woodford projects
— 3,700 risked, undrilled locations
Woodford Eastern Core Activity
Woodford Core
Jacobs Row
Up to 7 drilling units (3 DVN operated)
Drilling begins Q4 2017
Hobson Row
≈40 wells (5-sections)
Peak rates: Q2 2017
Canadian
Kingfisher
Blaine
IP EUR D&C1,600
MBOE
1,500
30-Day, BOED
(>25% Oil)
$6.0 - 6.5
$MM
Woodford - 5,000’ Lateral
Eastern Core Type Well

15. STACK
1515
Positioned For Strong Production Growth
 Production expected to increase >35% during 2017
 Shifting to higher-margin production
88
Q4 2016 Q1 2017 Q2 2017e Q3 2017e 2017e Exit Rate
STACK Production Growth
MBOED
>120
GROWTH
>35%

16. STACK
Massive Resource To Drive Long-Term Growth
16
Canadian
Kingfisher
Blaine
Caddo
Dewey
Future Drilling Unit
Showboat Development
400 drilling units
Majority operated
70% long laterals
Up to 4 intervals per unit
MULTI-ZONE DEVELOPMENT UNITS
Hobson Row
Jacobs Row

17. Delaware Basin
A World-Class Oil Play
17
 Industry leader in basin
— >1 million net effective acres
— Acreage concentrated in core of the play
— Q1 net production: 54 MBOED
 Low cost structure enhancing margins
— LOE improved >50% from peak rates
 2017 capital: $700 million
— Up to 10 operated rigs by year-end
(1) Represents total net effective acres.
DELAWARE BASIN RESOURCE OVERVIEW
NET ACRES(1)
MM>1RISKED LOCATIONS
5,800
2017 FOCUS AREA
Eddy
Lea
S L O P E
B A S I N
Reeves
Loving
Winkler

18. Delaware Basin
Shifting To Multi-Zone Development
18
 A disciplined development approach to drive
returns higher
— More efficient permitting process
— Minimizes surface disturbance
— Utilizes integrated surface facilities
— Flexibility to add/defer development zones
— Allows for simultaneous operations
 Initial multi-zone project underway
— 19-well pattern targeting 3 Leonard intervals
— Production expected in 2H 2017
Multi-Zone Development – Full Section

19. Delaware Basin
1919
 Delivering high-margin production growth
— Volumes expected to increase >20% over next 3 quarters
Acceleration Drives Production Growth
54
>65
Q1 2017 Q2 2017e Q3 2017e 2017e Exit Rate
Delaware Basin Production
MBOED
GROWTH
>20%

20. Delaware Basin
Growing Resource Opportunity
20
 5,800 risked locations
 Massive upside: >20,000 potential locations
 Catalyst-rich drilling activity in 2017
— ≈60% in Wolfcamp & Leonard
Note: Graphic for illustrative purposes only and not necessarily representative across Devon’s entire acreage position.
Basin Slope
DELAWARE
SANDS
Madera
Lower
Brushy
LEONARD
A
B
C
BONESPRING
1st
2nd
(Upper &
Lower)
3rd
WOLFCAMP
X/Y
A, B, C
& D
Risked Location Unrisked Location
1 Section 1 Section

21. Advantaged Midstream Business
21
 Devon’s equity ownership interest
― 24% of MLP (ENLK: 95 million units)
― 64% of GP (ENLC: 115 million units)
 Reduces midstream capital requirements
 Improves midstream growth potential
 Provides visible cash flow stream
― Annual distributions: ≈$270 million
EnLink Overview
DVN’S ENLINK OWNERSHIP
BILLION
MARKET VALUE MAY 2017
3.6$

22. Thank you.
22

23. Forward-Looking Statements
23
This presentation includes "forward-looking statements" as defined by the SEC. Such statements include those concerning strategic plans, expectations and objectives for future
operations, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,”
“targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding our business
and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but
are not limited to: the volatility of oil, gas and NGL prices, including the currently depressed commodity price environment; uncertainties inherent in estimating oil, gas and NGL
reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in exploration and development
activities; risks related to our hedging activities; counterparty credit risks; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including
with respect to environmental matters; risks relating to our indebtedness; our ability to successfully complete mergers, acquisitions and divestitures; the extent to which
insurance covers any losses we may experience; our limited control over third parties who operate our oil and gas properties; midstream capacity constraints and potential
interruptions in production; competition for leases, materials, people and capital; cyberattacks targeting our systems and infrastructure; and any of the other risks and
uncertainties identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and
that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this presentation are
made as of the date of this presentation, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the
forward-looking statements as a result of new information, future events or otherwise.

24. NYSE: DVN
devonenergy.com
Appendix

25. Canadian Heavy Oil
25
 Top-tier thermal oil position
— High reservoir quality: <2.2 SOR(1)
— Massive risked resource: 1.4 BBO
 Jackfish complex oil production up 23% YoY
— Q1 record production: 125 MBOD
— ≈20% above nameplate capacity
 Significant cash flow generation
— >$3.5 billion since first production
— Potential to approach $800 million in 2017
(1) Current steam-to-oil ratio for Jackfish complex.
Thermal Heavy Oil Projects
Operational Projects

26. Eagle Ford
26
 Top-tier acreage position
— First quarter wells averaged 2,100 BOED
— 65,000 net acres focused in DeWitt Co.
— Q1 net production: 83 MBOED (76% liquids)
 Significant cash flow generating asset
— $226 million of cash flow in Q1
 Delivering best-in-class well productivity
— 90-day IP rates ≈50% higher than peers(1)
CASH FLOW
MILLION
226 Lavaca
Dewitt
Diamond Stack Pilot
9 Wells
Avg. 30-Day IP: 2,100 BOED
Q1 HIGHLIGHTS
$
Q1 Staggered Laterals
30 Lower Eagle Ford Wells
Avg. 30-Day IP: 2,100 BOED
YEAR-OVER-YEAR
77%
(1) Utilized an oil-to-natural gas ratio of 20-to-1 per 1,000’ of lateral (state data).

27. Rockies Oil
27
Johnson
Campbell
Converse
Weston
Niobrara
Natrona
 Premier Powder River Basin position
— 470,000 net surface acres
— Q1 net production: 17 MBOED (79% oil)
 Prolific Q1 Parkman wells
— 4 wells averaged >1,800 BOED (93% oil)
 2017 drilling activity
— Spud 20 wells across Parkman, Teapot and
Turner formations
Parkman
Turner
Teapot
Powder River Focus Areas
Q1 Parkman Results
4 Extended-Reach Wells
Avg. 30-Day IP: >1,800 BOED

28. Barnett Shale
28
 Significant gas optionality
— Net acres: 610,000
— Q1 net production: 158 MBOED (28% liquids)
 Pilot programs underway to prove upside
— Identified 1,000 horizontal refrac locations
— Improved rig economics for 1,500 undrilled
locations
Wise
Parker
Johnson
Hood
Tarrant
Ft. Worth
Denton
Denton