Devon Energy's Leading Position in STACK and Delaware Basins

NYSE: DVN
devonenergy.com
Barclays CEO Energy-Power Conference
September 7, 2017

2| Investor Presentation
Investor Contacts & Notices
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.

A Leading North American E&P
STACK & DELAWARE
POTENTIAL LOCATIONS>30,000
Multi-decade growth platform
STACK & Delaware focused
Best-in-class well productivity
Rapid cash flow expansion
Financial capacity to execute

Devon’s 2020 Vision
 Advance STACK & Delaware activity
 Monetize less competitive assets
 Multi-billion dollar divestiture potential
Further high-grade asset portfolio
Expand per-unit margins  Shift production to higher value products
 Maximize margins by lowering cost structure
Improve balance sheet strength  Divestiture proceeds to reduce debt
 Net debt to EBITDA target: 1.0x – 1.5x
Focus on financial returns  Deliver top-tier returns on invested capital
 Return cash to shareholders

2017 Capital Program
 Disciplined focus on value and returns
 Ramping to ~20 rigs by year-end
 Efficiencies YTD drive improved 2017 outlook
 Visible funding for multi-year capital plan
U.S. Rig Activity
STACK &
DELAWARE
90%
10%OTHER
ASSETS
2017e E&P CAPITAL
$100 MILLION
FROM PREVIOUS GUIDANCE
$1.9 - 2.2 Billion
For additional information see our Q2 operations report.

Rapidly Expanding High-Margin Production
 Building operational momentum in 2017
 Positioned for higher growth in 2018
 Strong growth driven by STACK & Delaware
105
120
Q4 2016 1H 2017 2017e Exit Rate
+18 -23%
U.S. Oil Production
MBOD

Peer-Leading Cash Flow Expansion
Cost savings boost margins
Delivering peer-leading cash flow expansion
42%
52%
61% 61%
~65%
2013 2014 2015 2016 Q4 2017e
$4.1
$3.7
$2.8 ~$2.7
2014 2015 2016 2017e
2016 2017e
$ Billions
Upstream Cash Flow EnLink Distributions
(1) Assumes $50 WTI and $3 Henry Hub in 2017; excludes EnLink operating cash flow.
(2) 2016 excludes $150 million of cash flow associated with divestiture assets and
includes $265 million of cash associated with debt repayments.
$0.9(2)
>$2.5(1)
Liquids % of Total Product Mix
Operating Costs and G&A ($ Billions)
Shifting to higher-value production
INCREASE
>175%
>30%
IMPROVEMENT
~55% PRODUCT SHIFT

Financial Capacity To Execute
 Investment-grade credit ratings
 Disciplined hedging program
 Significant investment in EnLink Midstream
 $1 billion divestiture program underway
 Additional multi-billion dollar divestiture potential
INVESTMENT-
GRADE
credit ratings
Excellent
Liquidity
(Cash: $2.4 billon)
EnLink
Investment
(Market value: ~$3.5 billion)
Disciplined
Hedging
PROTECTING OUR ABILITY
TO EXECUTE

Operational Excellence
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

Best-In-Class Well Productivity
Avg. 90-Day Wellhead IPs
BOED, 20:1
200
400
600
800
1,000
Top 30 U.S. Producers
Source: IHS/Devon. Top operators with more than 40 wells over the trailing 12-months.
DEVON WELL ACTIVITY
(Since 2012)
>450%I M P R O V E M E N T

Efficiencies Offsetting Industry Inflation
 Completely offset industry inflation
 Significant efficiency gains in STACK & Delaware
 Innovative supply-chain initiatives
— Unbundling historical, high-margin services
— Utilizing diversified vendor universe
 Supply chain savings reach 15% YTD
SUPPLY CHAIN SAVINGS ACHIEVED YTD
15%

Devon’s Technology Leadership
 Culture of embracing technology
 Industry leader in deploying advanced analytics
 Contributing to best-in-class performance
 Technology revolution still in early stages
Billion dollar-plus annual prize
Targeting hundreds of millions
in value creation annually

Devon’s Technology Leadership
SUBSURFACE
 Improved 3D seismic
interpretation/integration
 High-graded location selection
 Optimized landing zones
 Well productivity predictions
 Depletion analysis
 Geospatial optimization
 Cutting-edge frac modeling
DRILLING & COMPLETIONS
 Cyber-geosteering
 ~99% time in zone
 Fiber-optic sensing
 Screen-out prediction
 Prolonged drill-bit life
 Coiled-tubing drill-outs
 Efficient flowbacks
PRODUCTION OPERATIONS
 Predictive pump failures
 Field issue prioritization
 Faster response times
 Optimized compressors
 2% annual production uplift
In D&C costs across
key plays since 2014
>40% IMPROVEMENT
In 90-day well productivity
since 2012 (peer leading)
>450% INCREASE
To annual base production
($100 million benefit annually)
2% UPLIFT
BOTTOM LINE IMPACT FROM OPERATIONAL EXCELLENCE INITIATIVES

Multi-Zone Manufacturing
Multi-Zone Development – Full Section Development concept in STACK & Delaware
 The next frontier of efficiency gains
 Benefits of multi-zone manufacturing
— LOE and capital efficiencies
— Simultaneous operations
— Increase recoveries
— Optimize surface facilities
— Short cycle times
>40%NPV UPLIFT
MULTI-ZONE
MANUFACTURING

STACK – Franchise Growth Asset
Drilling Unit
 World-class resource opportunity
 670K net acres by formation
 Up to 4 target intervals per unit
 Accelerating multi-zone activity
Canadian
Kingfisher
Blaine
Caddo
Upcoming Development
Coyote
Q1 2018 Spud (~10 wells)
Showboat
Q3 2017 Spud (~25 wells)
B-Hardt
Mid-2018 Spud (10-15 wells)
Jacobs
Q4 2017 Spud (40-50 wells)
Horsefly
Q1 2018 Spud (10-15 wells)

STACK – Multi-Decade Growth Platform
Best-in-class well results
Advantaged cost structure
Strong production growth
Tremendous resource potential
143
STACK Avg. 90-Day Wellhead IPs Per 1,000’ Lateral
BOED, 20:1
Peers
Note: 2016 to current state data. Peers include XEC, MRO, CLR and NFX.
70
>120
2014 2015 2016 2017e Exit Rate
>70%
GROWTH
2014 to 2017e Exit Rate Production
MBOED
$5.30
$4.30
~$4.00
2015 2016 2017e Exit Rate
2015 to 2017e LOE Decline
$/BOE
>11,000 POTENTIAL LOCATIONS
STACK RISKED LOCATIONS
>50% VS. PEER AVG.
25% IMPROVEMENT
5,700

Delaware Basin – Franchise Growth Asset
 Massive acreage position in core of play
 Stacked pay: 15 prospective intervals
 Development activity building momentum
 Production growth accelerates in 2H 2017
Lea
New Mexico
TexasRattlesnake
Thistle/GauchoCotton Draw
Todd
Potato Basin
Loving
Eddy
Core Development
Emerging
Lusitano
Expected spud: Q3 2017
7 Wells
Medusa
20 Wells
Boomslang
Drilling
11 Wells
Anaconda
Completing
10 Wells
Seawolf
12 Wells

Delaware Basin – Multi-Decade Growth Platform
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
>4,000’
OFPAY
6,500
>1.3 MM
RISKED LOCATIONS
NET EFFECTIVE ACRES

STACK & Delaware: A Prolific Growth Engine
142
149
161
>185
Q4 2016 Q1 2017 Q2 2017 2017e Exit Rate
STACK & Delaware Basin Production
MBOED
>30% GROWTH
Year over year

A Leading North American E&P
STACK & DELAWARE
POTENTIAL LOCATIONS>30,000
Multi-decade growth platform
STACK & Delaware focused
Best-in-class well productivity
Rapid cash flow expansion
Financial capacity to execute

Thank you.
Thank you. For additional information see our
Q2 Operations Report

Forward-Looking Statements
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; 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.

NYSE: DVN
devonenergy.com
Appendix

Cash-Flow Generating Assets
30%EAGLE FORD
20%BARNETT
15%ENLINK
$2B>
CASH FLOW
2017e
35%HEAVY OIL
(1) Represents field-level cash flow before G&A and taxes
(1)
HEAVY OIL
BARNETT
EAGLE FORD

Rockies – An Emerging Oil Growth Asset
 Premier Powder River Basin position
— Q2 net production: 18 MBOED (80% oil)
— 470,000 net surface acres
 Stacked pay: >10 prospective intervals
 Running 2 operated rigs
POWDER RIVER BASIN ACTIVITY

STACK Resource
STACK RESOURCE
FORMATION WINDOW NET ACRES
GROSS RISKED
LOCATIONS
GROSS UNRISKED
LOCATIONS
Meramec
Over-Pressured Oil 130,000 1,700 3,000
Liquids-Rich Gas 150,000 TBD >1,000
280,000 1,700 >4,000
Woodford
Condensate Corridor 135,000 2,000 3,800
Liquids-Rich & Dry Gas 170,000 2,000 3,000
305,000 4,000 6,800
NW Exploration 85,000 TBD >1,000
Total 670,000 5,700 >11,000

Delaware Basin Resource
DELAWARE BASIN RESOURCE
FORMATION
NET EFFECTIVE
ACRES
GROSS RISKED
LOCATIONS
GROSS UNRISKED
LOCATIONS
Delaware Sands 160,000 600 1,500
Leonard Shale 160,000 1,000 3,500
Bone Spring 530,000 3,200 6,000
Wolfcamp 460,000 1,500 8,500
Other (Yeso & Strawn) 20,000 200 1,000
Total >1,300,000 6,500 >20,000

Hedge Position – As of 7/27/17
OIL DERIVATIVES
SWAPS COLLARS COMBINED
PERIOD
VOLUME
(MBPD)
WEIGHTED
AVG. PRICE
($/BBL)
VOLUME
(MBPD)
WEIGHTED AVG.
FLOOR PRICE
($/BBL)
WEIGHTED AVG.
CEILING PRICE
($/BBL)
PERIOD VOLUME
(MBPD)
PROTECTED
PRICE
Q3-Q4 2017 78.9 $54 69.8 $46 $58 2017 148.7 $50
Q1-Q4 2018 15.3 $51 22.4 $46 $56 2018 37.7 $48
NATURAL GAS DERIVATIVES
SWAPS COLLARS COMBINED
PERIOD
VOLUME
(MMBTU/D)
WEIGHTED
AVG. PRICE
($/MMBTU)
VOLUME
(MMBTU/D)
WEIGHTED AVG.
FLOOR PRICE
($/MMBTU)
WEIGHTED AVG.
CEILING PRICE
($/MMBTU)
PERIOD VOLUME
(MMBTU/D)
PROTECTED
PRICE
Q3-Q4 2017 237.5 $3.24 437.5 $3.03 $3.42 2017 675 $3.10
Q1-Q4 2018 120.1 $3.13 87.0 $3.09 $3.41 2018 207 $3.11

Significant Financial Strength
 $5.4 billion of liquidity (credit facility matures in 2019)
 No significant near-term debt maturities
Liquidity
$ Millions
2017 2018 2019 2020 2021
$20
$95
$162
$500
$0
$200
$400
$600
$800
$1,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Debt Maturities – Next 5 Years
6/30/17, $ Millions
Liquidity
Credit
Facility
Cash
$5,400

Johnson County Divestiture Package
 Massive position in core of the Barnett
— Net acres: 610,000
— Q2 net production: 155 MBOED (27% liquids)
 Pursuing divestiture for Johnson County area
— 20% of Devon’s Barnett position
— Data room: open in Q3 2017
Wise
Parker
Hood
Tarrant
Ft. Worth
Denton
Denton
Johnson
Divest Area

Devon Energy's Leading Position in STACK and Delaware Basins

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