December Investor Presentation

NYSE: DVN
devonenergy.com
Investor Presentation
December 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.

Devon’s Competitive Advantage
STACK & DELAWARE
POTENTIAL LOCATIONS>30,000
Multi-decade growth platform
STACK & Delaware focused
Top-tier operating results
Innovative culture
Significant financial strength

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
 Capital program funded within cash flow
 Shifting to full-field development
 Efficiencies driving capital costs lower
For additional information see our Q3 operations report.
2 0 1 7 e E & P C A P I T A L
$2.0-2.1 Billion
U.S. Rig Activity
(~20 development rigs in Q4)
STACK &
DELAWARE
90%
10%OTHER
ASSETS

Expanding High-Returning Oil Production
 Rapidly growing highest-value product
 Driven by STACK & Delaware Basin
 Building operational momentum into 2018
102(1)
Q4 2016 2017e Q4 2017e
+~15%
(vs. Q4 16)
+~20%
(vs. Q4 16)
U.S. Oil Production
MBOD
For additional information see our Q3 operations report. (1) Adjusted for the sale of minor, non-core assets

7| Investor Relations Presentation
Preliminary 2018 Outlook
STACK & DEL AWARE
>30% Increase$2.0-2.5 Billion
2 0 1 8 e E & P C A P I TA L
OPTIMIZED
FOR RETURNS
F U N D E D W I T H I N
O P E R AT I N G C A S H F LO W
$1Billion
TA R G E T I N G
(2017 VS 2018)
OIL
GROWTH
DEBT
REDUCTION
$

Significant Financial Strength
 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: $2.8 billon
EnLink
Investment
Market value: ~$3.5 billion
Disciplined
Hedging
Q4 17:~65%
1H 18:~40%
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

200
400
600
800
1,000
Top-Tier Operating Performance
Best-in-class well productivity
Avg. 90-Day Wellhead IPs BOED, 20:1
Source: IHS/Devon. Top operators with more than 40 wells over the past year ending October 2017.
Peers
Across key U.S. plays since 20142% D&C IMPROVEMENT
Operating expense & G&A since
2014 ($1.4B annual benefit)
34% COST REDUCTION
>40%
BOTTOM LINE IMPACT FROM OPERATIONAL EXCELLENCE INITIATIVES
To annual base production
($100 MM benefit annually)
PRODUCTION UPLIFT
DEVON WELL ACTIVITY
(Since 2012)
~400%I M P R O V E M E N T

The Next Frontier Of Efficiency Gains
 Multi-zone manufacturing strategy underway
 Leading-edge development concept
 Debundling supply chain drives costs lower
 Massive technology upside remains
$1 MILLION SAVINGS
PER WELL
ANACONDA
MULTI-ZONE PROJECT

12| Investor Relations Presentation
Innovation Momentum - Technology Projects In Flight
Improved 3D seismic
interpretation
High-graded location selection
Optimized landing zones
Well productivity predictions
Depletion analysis
Geospatial optimization
Cyber-geosteering
Flat, in-zone wells
Fiber-optic sensing
Prolonged drill-bit life
Coiled-tubing drill-outs
Efficient flowbacks
Cutting-edge frac modeling
Accounting process
automation
World-class partnerships in
digital innovation platforms
Enterprise dashboards for
information
Accessible mobile
applications across all
aspects of the business
Water-treatment options
Frac fluid chemistry
Data acquisition and
management systems
Leak detection in piping
systems
Water transfer and storage
safety
Predictive pump failures
Field-issue prioritization
Optimized compressors
Production monitoring
Flood optimization
Inter-well communication
(data analytics)
Gas lift for EOR
Targeting hundreds of millions
in value creation annually
S U B S U R F A C E
D R I L L I N G &
C O M P L E T I O N S
P R O D U C T I O N
O P E R A T I O N S
W A T E R
M A N A G E M E N T C O R P O R A T E

STACK – Franchise Asset
Future Projects (Timing TBD)
Upcoming Development
Canadian
Kingfisher
Blaine
Caddo
Coyote
Drilling Underway (7 wells)
Showboat
Horsefly
Q4 2017 Spud (10 wells)
Fleenor
Sonoyta
Privott
Bernhardt
2018 Spud (8 wells)
Smilodon
Sidney
Best-in-class acreage position
670k net acres by formation
Up to 4 target intervals per unit
Accelerating development activity

0
40
80
120
160
DVN
MRO
XEC
CLR
NFX
ALTMES
GST
$4.97
~$4.30
Q4 2016 Q4 2017e
STACK – Multi-Decade Growth Platform
Best-in-class well results
Advantaged cost structure
High-returning production growth
Tremendous resource potential
STACK Avg. 90-Day Wellhead IPs Per 1,000’ Lateral
BOED, 20:1
Peers
Note: IHS/Devon. Wells completed over the past year.
>70%
GROWTH
88
95
105
111
~ 120
Q4 16 Q1 17 Q2 17 Q3 17 Q4 17e
Lease Operating Expense
$/BOE
>11,000 POTENTIAL LOCATIONS
STACK RISKED LOCATIONS
>70% VS. PEER AVG.
5,700
>35% VS. Q4 2016
IMPROVEMENT
~15%
MBOED

STACK - Development Activity
Showboat Development
First multi-zone STACK development
MERAMEC
UPPERLOWER
WDFD
Kingfisher Full-field development underway
 Activity focused on Coyote & Showboat
 Projects offset by prolific well results
 1st production expected in 1H 2018
Coyote
Faith Marie
24-Hr IP: 5,100 BOED
Blaine
Showboat
5 operated rigs (2 drilling units)
Privott 17-H
24-Hr IP: 6,000 BOED

Delaware Basin – Franchise Asset
World-class oil opportunity
Up to 15 target intervals
Accelerating development activity
Future Projects (Timing TBD)
Upcoming Development
Core Development Area
POTATO BASIN
TODD
THISTLE/GAUCHO
COTTON DRAW
RATTLESNAKE
Lusitano
Boomslang
Completing (11 wells)
Seawolf
Drilling (12 wells)
Medusa
Anaconda
Flowing Back (10 wells)
Spud Muffin
Snapping
Fighting Okra
Mean Green
Cobra
Tomb Raider
Eddy
Loving
Lea

Anaconda: Initial Multi-Zone Delaware Project
 Co-developing 3 Leonard shale intervals
 Achieved savings of $1 MM per well (~20%)
 Early flow rates are positive
— 2 wells with 30-day IPs: 1,600 BOED
 Peak production rates expected in Q4
THISTLE/GAUCHO
Lea
Anaconda Project
Testing 19 wells per section across 3 landing zones
LEONARD
A
B
C
Initial
Development
(10-Well Program)
Future
Potential
TODD
Anaconda
Peak rates: Q4 17

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

Devon’s Competitive Advantage
STACK & DELAWARE
POTENTIAL LOCATIONS>30,000
STACK & Delaware focused
Top-tier operating results
Innovative culture
Significant financial strength

Thank you.
Thank you. For additional information see our
Q3 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
$2.2B>
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
— Q3 net production: 16 MBOED (80% oil)
— >400,000 net surface acres
 Stacked pay: >10 prospective intervals
 Initial “Super Mario” Turner results expected
in Q4
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

Johnson County Divestiture Package
 Massive position in core of the Barnett
— Net acres: 610,000
— Q3 net production: 148 MBOED (25% liquids)
 Pursuing divestiture for Johnson County area
— ~30 MBOED
— Data rooms open
— Initial bids expected in Q4 2017
Wise
Parker
Hood
Tarrant
Ft. Worth
Denton
Denton
Johnson
Divest Area

Hedge Position – As of 10/27/17
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
Q4 2017 83.2 $54 79.2 $46 $57 2017 162 $50
Q1-Q4 2018 35.5 $52 45.9 $46 $56 2018 81 $49
NATURAL GAS DERIVATIVES
SWAPS COLLARS COMBINED
PERIOD
VOLUME
(MMBTU/D)
WEIGHTED
AVG. PRICE
($/MMBTU)
VOLUME
(MMBTU/D)
WEIGHTED AVG.
FLOOR PRICE
($/MMBTU)
WEIGHTED AVG.
CEILING PRICE
($/MMBTU)
PERIOD VOLUME
(MMBTU/D)
PROTECTED
PRICE
Q4 2017 357.7 $3.20 455.0 $3.03 $3.41 2017 813 $3.10
Q1-Q4 2018 339.4 $3.07 165.0 $2.98 $3.29 2018 504 $3.04

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