JP Morgan Energy Conference

1. NYSE: DVN
devonenergy.com
J.P.Morgan Energy Equity Conference
June 26, 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. 3
Delivering
top-tier execution
Significant
financial strength
Premier
asset portfolio
Multi-decade
growth platform
Devon Energy
A Leading North American E&P

4. Premier Asset Portfolio
4
STACK & DELAWARE
90%
OTHER ASSETS
10%
U.S. Rig Activity
 >1 MM net effective acres
 >20,000 potential locations
 625,000 net acres by formation
 >10,000 potential locations
Delaware Basin
STACK
For additional information see our Q1 operations report.
 STACK & Delaware focused
 Visible growth trajectory
 Organically funded growth
 Significant resource upside

5. 30,000>
STACK And Delaware Basin
5
Massive Resource Opportunity
DRILLING INVENTORY
Multi-Decade Growth Platform
POTENTIAL LOCATIONS
(1/3 CURRENTLY DE-RISKED)
 Best emerging development plays in N.A.
 Industry-leading acreage positions
 Sustainable, long-term growth platform
 Appraisal work to further expand resource

6. STACK
Franchise Growth Asset
6
 Transitioning to full-field development
 Peak rates at Hobson Row in Q2
 Multi-zone Showboat project Q3 spud
 Jacobs Row Q4 spud with long laterals
(1) Represents Meramec and Woodford net acreage by formation.
STACK RESOURCE OVERVIEW
Blaine
Custer
Dewey
NET ACRES(1)
k625RISKED LOCATIONS
5,400
Canadian
Kingfisher
Showboat Project
 25-30 wells
 2 drilling units
Jacobs Row
 Up to 7 drilling units
Hobson Row
 39 wells (5-sections)
 IPs: 25% oil mix
>10,000 UNRISKED LOCATIONS
Meramec Core
Woodford Core

7. STACK
Multi-Decade Growth Platform
7
Future Drilling Unit
400 drilling units
Majority operated
70% long laterals
Up to 4 intervals per unit
Showboat Project
Canadian
Kingfisher
Blaine
Caddo
Hobson Row
Jacobs Row

8. Delaware Basin
8
Lea
New Mexico
TexasRattlesnake
Thistle/GauchoCotton Draw
Todd
Potato Basin
Loving
Eddy
 Acreage concentrated in core of play
 Transitioning to full-field development
 Accelerating Wolfcamp & Leonard activity
 1st multi-zone project underway at Thistle
Core Development
Emerging
Leonard Multi-Zone
 10 wells (3 intervals)
Franchise Growth Asset
Wolfcamp Multi-Zone
 10 wells (4 intervals)
 Q4 spud
Fighting Okra 71H
 30-Day IP: 3,000 BOED

9. Delaware Basin
Multi-Decade Growth Platform
9Note: 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
>5,800
>1 MM
RISKED LOCATIONS
NET EFFECTIVE ACRES

10. 0
10
20
30
10
 Capital allocation focused on returns
 Ramping to ~20 operated rigs by year-end
 Further accelerate investment in 2018
 Multi-year capital programs self-funding 2017e
Billion$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
15
20
AT YEAR-END 2016
RIGS10
Accelerating Capital Investment
E & P C A P I T A L
~

11. Rapidly Expanding High-Margin Production
11
 Building operational momentum in 2017
 Higher growth rates expected in 2018
 Growth driven by STACK & Delaware
U.S. Oil Production Growth
MBOD
Q4 2016 2017e 2018e
105
(vs. Q4 2016)
+13 - 17%
(vs. 2017)
+~20%

12. Peer-Leading Cash Flow Expansion
12
Shifting to higher-value production
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
INCREASE
175%
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)

13. Financial Capacity To Execute
13
 Investment-grade credit ratings
 No significant debt maturities until 2021
 Disciplined hedging program
 Significant investment in EnLink Midstream
INVESTMENT-
GRADE
credit ratings
Excellent
Liquidity
(Cash: $2.1 billon)
EnLink
Investment
(Market value: ~$3.5 billion)
Disciplined
Hedging
PROTECTING OUR ABILITY
TO EXECUTE

14. Active Portfolio Management
14
TARGETED DIVESTITURES
BILLION1.0$
For additional information see our Q1 operations report.
 $1 billion divestiture program
― Targeting select U.S. assets
― Timing: 12-18 months
 Driven by depth of U.S. resource
 Potential for additional sales

15. Operating Strategy For Success
15
 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

16. Best-In-Class Well Productivity
16
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

17. Efficiencies Offsetting Industry Inflation
 Completely offset industry inflation YTD
 Significant efficiency gains in STACK & Delaware
 Innovative supply-chain initiatives
— Unbundling historical, high-margin services
— Utilizing diversified vendor universe
 Initial results: 10% savings at Hobson Row
17
SAVINGS AT WOODFORD HOBSON ROW
10%

18. Multi-Zone Manufacturing
18
 Shifting to development in STACK & Delaware
 Benefits of multi-zone manufacturing
— LOE and capital efficiencies
— Simultaneous operations
— Increase recoveries
— Optimize surface facilities
— Maintain short cycle times
 Technology to further enhance performance
Multi-Zone Development – Full Section
The Next Frontier Of Efficiency Gains

19. Devon’s Technology Leadership
19
 Technology revolution provides massive upside
 Optimizing base production
— 2% uplift achieved = $100 million annually
 Enhancing drilling & completion operations
— Delivering best-in-class well productivity
 Cutting-edge petrophysical models
— Rapidly expanding STACK & Delaware resource
Targeting hundreds of millions
in value creation annually

20. Devon Energy
20
Premier asset portfolio
Multi-decade growth platform
Delivering top-tier execution
Significant financial strength
A Leading North American E&P

21. Thank you.
Thank you. For additional information see our
Q1 Operations Report

22. Forward-Looking Statements
22
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.

23. NYSE: DVN
devonenergy.com
Appendix

24. Cash-Flow Generating Assets
24
2017e >$2.0 Billion of Cash Flow
 Q1 production: 158 MBOED
 Net acres: 610,000
 Q1 production: 141 MBOED
BARNETT
HEAVY OIL
 Q1 production: 83 MBOED
 Net acres: 65,000
EAGLE FORD
ENLINK
12%
EAGLE FORD
30%
OTHER
3%
BARNETT
20%
HEAVY OIL
35%

25. Rockies Oil
25
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
 2017 drilling activity: ~20 wells
Parkman
Turner
Teapot
Powder River Focus Areas
Q1 Parkman Results
 4 extended-reach wells
 Avg. 30-Day IP: >1,800 BOED

26. STACK
26
Showboat Development
(First multi-zone STACK development)
MERAMEC
UPPERLOWER
WDFD
Showboat Development
1 Unit / Section

27. STACK
Window
Net
Acres
Gross Risked
Locations
Meramec
Oil 10,000 100
Over-Pressured Oil 120,000 1,600
Liquids-Rich >120,000 TBD
Woodford
Oil 25,000 200
Liquids-Rich 180,000 2,200
Dry Gas 100,000 1,300
Exploration 70,000 TBD
Total 625,000 5,400
27
Resource Table

28. Delaware Basin
28
 Leonard multi-zone development
— Testing up to 19 wells per section
— Initial production: 2H 2017
 Wolfcamp multi-zone development
— Testing up to 18 wells per section
— Expected to spud in late 2017
Multi-Zone Developments

29. Delaware Basin
29
Formation
Net
Effective
Acres
Risked
Gross
Locations
Unrisked
Gross
Locations
Delaware Sands 170,000 700 2,000
Leonard Shale 160,000 950 3,100
Bone Spring 565,000 3,500 5,700
Wolfcamp 475,000 500 >9,000
Other (Yeso & Strawn) 190,000 200 200
Total >1,000,000 5,850 >20,000
Resource Table

30. Barnett Shale
30
 Massive position in core of the Barnett
— Net acres: 610,000
— Q1 net production: 158 MBOED (28% liquids)
 Evaluating strategic options for Johnson
County area
— 20% of Devon’s Barnett position
Wise
Parker
Hood
Tarrant
Ft. Worth
Denton
Denton
Johnson County Divestiture Package
Johnson
Evaluating Strategic
Options