#1Q1 2022 Earnings Presentation May 2, 2022 NYSE: DVN devonenergy.com devon#2Key Takeaways From Our Presentation #1 #2 #3 #4 FIXED + VARIABLE DIVIDEND INCREASES 27% Total dividend of $1.27 per share announced with Q1 results BUYBACK PROGRAM EXPANDED TO $2.0 BILLION Repurchased 3% of outstanding shares since program inception. BALANCE SHEET CONTINUES TO STRENGTHEN Cash balance increases by > $350 million in first quarter DELAWARE BASIN DRIVES Q1 PERFORMANCE High-margin production growth increases 27% year over year #5 ON TRACK TO ACHIEVE 2022 CAPITAL OBJECTIVES No change to disciplined capital allocation framework LEADING THE INDUSTRY WITH DISCIPLINE & CASH RETURNS Q1 2022 Earnings Presentation 2#3Our Cash-Return Business Model "Our CASH-RETURN business model is designed to moderate growth, emphasize capital efficiencies, maximize returns and prioritize the return of increasing amounts of cash to shareholders. These principles have positioned Devon to be a PROMINENT and CONSISTENT builder of economic value through the cycle." - Rick Muncrief, President & CEO DISCIPLINED GROWTH STRATEGY REDUCED REINVESTMENT RATES MAINTAIN LOW LEVERAGE FREE CASH FLOW PRIORITIES COMMITMENT RUNS DEEP (1) Assumes $100 WTI, Henry Hub strip pricing & NGL realizations at 40% of WTI. | Q1 2022 Earnings Presentation PURSUE ■ ESG EXCELLENCE ◉ MODERATING OIL GROWTH targets: up to 5% annually Growing margins through operational scale & cost efficiencies Returns-driven strategy prioritizes FREE CASH FLOW generation ■ Pursuing a maintenance capital program in 2022 Net debt-to-EBITDAX: 0.2x by year-end 2022 (¹) Strong liquidity & low breakeven levels enhance FINANCIAL STRENGTH FIXED-PLUS-VARIABLE dividend is top funding priority ■ Excess funds deployed to SHARE REPURCHASES & DEBT REDUCTION ■ ESG initiatives incorporated into COMPENSATION structure Committed to aggressive emissions reduction targets 3#4Diversified Portfolio Built to Deliver Sustainable Results GAS VOLUMES 26% DIVERSIFIED COMMODITY EXPOSURE % OF TOTAL PRODUCTION NGL VOLUMES 24% OIL VOLUMES 50% ▪ BALANCED exposure to oil and liquids-rich production ☐ Inventory depth ensures SUSTAINABLE PERFORMANCE Portfolio anchored by WORLD-CLASS Delaware Basin asset Q1 2022 Earnings Presentation POWDER RIVER BASIN 18 MBOED A OUR SUSTAINABLE PLATFORM MULTI-DECADE RESOURCE OPPORTUNITY (SEE PAGE 20 FOR DETAILS) DELAWARE BASIN 394 MBOED WILLISTON BASIN 48 MBOED ANADARKO BASIN 75 MBOED EAGLE FORD 36 MBOED 4#5Q1 2022 - Another Impressive Financial Performance Key financial metrics Q1 2022 Change (vs. Q4'21) Fixed-plus-variable dividend payout $1.27 Core earnings (per share) EBITDAX ($MM) $1.88 ↑ 35% >270% $2,135 ↑ 18% $1.00 DIVIDEND GROWTH VS. Q1 2021 $0.84 0.6x +25% Leverage (net debt-to-EBITDAX) $0.49 Operating cash flow ($MM) $1,837 ↑ 14% $0.34 Reinvestment rate (% of cash flow) Free cash flow ($MM) 31% $1,300 1% ↑ 18% Note: Core earnings, EBITDAX, net debt-EBITDAX and free cash flow are non-GAAP disclosures. See Devon's first-quarter 2022 earnings materials for more details regarding non-GAAP disclosures. Q1 2022 Earnings Presentation Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 EXPANDING OUR SHARE REPURCHASE PROGRAM (pg. 9) 5#62022 Outlook - No Change to Our Disciplined Plan Prioritizing free cash flow over volume growth 2022e outlook Positioned for an attractive free cash flow yield in 2022 2022e free cash flow sensitivities $ .it TOTAL PRODUCTION 570-600 18% MBOED (~50% oil) UPSTREAM CAPITAL SPEND $1.9-$2.2 $ IN BILLION CASH FLOW GROWTH ~75% (2) IMPROVEMENT (vs. 2021) RETURN ON CAPITAL EMPLOYED >40% ROCE IN 2022e (1) Free Cash Flow Yield 14% 10% 14% FREE CASH FLOW YIELD 16% FREE CASH FLOW YIELD 18% FREE CASH FLOW YIELD $6.0 $4.0 (3) 6% $2.0 $90 WTI $100 WTI $110 WTI Free Cash Flow Yield Free Cash Flow (1) Upstream capital estimate does not include $200 million of environmental, midstream & other capital. (2) Assumes $100 WTI for remainder of 2022, Henry Hub strip pricing & NGL realizations at 40% of WTI. (3) See Devon's Q1 2022 earnings materials for more details regarding the return on capital employed calculation. Note: Free cash flow yield represents 2022e operating cash flow less total capital requirements divided by Devon market capitalization as of April 29, 2022. Assumes applicable WTI price for remainder of 2022, Henry Hub strip pricing & NGL realizations at 40% of WTI. | Q1 2022 Earnings Presentation 6 Free Cash Flow ($B)#7A History of Returning Cash to Shareholders Delivering dividend growth through the cycle (Dividends per share) 29 CONSECUTIVE YEARS OF DIVIDEND PAYMENTS $0.35 $0.30 $0.68 $1.97 VARIABLE (1) >$4.75 VARIABLE FIXED ($0.44/share) FIXED ($0.64/share) 2018 2019 2020 2021 2022e (1) Assumes $100 WTI for remainder of 2022, Henry Hub strip pricing & NGL realizations at 40% of WTI. Also assumes 50% of excess free cash flow (adjusted free cash flow less fixed dividends) is paid through a variable dividend. Any future dividends are authorized and determined by the board in its sole discretion. Q1 2022 Earnings Presentation NEW OUR DIVIDEND FRAMEWORK Raised fixed quarterly dividend by 45% to $0.16 per share in 2022 Variable dividend payout includes up to 50% of excess free cash flow Q1 2022 dividend includes divestiture contingency payments (pg. 18) 7#82022e Annualized Dividend Yield Delivering a Market-Leading Dividend Yield 10% (1) ~8% 8% 6% 4% 2% OUR MARKET-LEADING YIELD ~6 TIMES HIGHER than the S&P 500 yield SHARE BUYBACK enhances cash returns (pg. 9) ORGANICALLY FUNDED within free cash flow 0% Energy Utilities Real Estate devon Consumer Staples Financials Materials Industrials Health Care Technology Communication Consumer Services Discretionary Note: Assumes Devon market capitalization as of April 29, 2022. Sector yields sourced from FactSet. S&P 500 Sectors (1) Assumes $100 WTI for remainder of 2022, Henry Hub strip pricing & NGL realizations at 40% of WTI. Also assumes 50% of excess free cash flow (adjusted free cash flow less fixed dividends) is paid through a variable dividend. Any future dividends are authorized and determined by the board in its sole discretion. Q1 2022 Earnings Presentation 8#9Opportunistically Repurchasing Our Shares NEW EXPANDING AUTHORIZATION TO $2.0 BILLION ■ Repurchased $891 million of shares to date Retired at average price of $47 per share Board approved 25% increase in buyback program ■ Program represents 5% of outstanding shares LEADING THE INDUSTRY WITH DISCIPLINE & CASH RETURNS Q1 2022 Earnings Presentation 9#10Improving Our Financial Strength INVESTMENT-GRADE FINANCIAL POSITION ■ Strong liquidity: $2.6 billion of cash (as of 3/31/22) ☐ Reduced net debt by ~30% since merger close Achieved balance sheet leverage target Net debt to EBITDAX (Trailing 12-months) 1.4x COMMITTED TO IMPROVING BALANCE SHEET ☐ (1) Net debt-to-EBITDAX: 0.2x (year-end 2022e)" Opportunities to retire ~$1 billion of low-premium debt 0.6x HEDGING STRATEGY PROVIDES UPSIDE TO PRICING ☐ Financial strength allows for lower levels of hedging ~20% of production volumes hedged in 2022 Q1 2022 Earnings Presentation NET DEBT-TO-EBITDAX TARGET: 1.0x 3/31/2021 MERGER CLOSE (2) 3/31/2022 (1) Assumes $100 WTI, Henry Hub strip pricing & NGL realizations at 40% of WTI. (2) Merger closed January 7, 2021. EBITDAX annualized based on actual Q1 2021 EBITDAX. 0.2x (1) Year-End 2022e 10#1120% Energy Market Capitalization as % of S&P 500 0% 1977 5% 15% 25% 30% It's Still Early - Devon's Unique Value Proposition Energy sector weighting as % of the S&P 500 index Iran Oil Embargo 29% 10% Historical Average 1980 1983 1986 | Q1 2022 Earnings Presentation 1989 1992 Gulf War 15% 1995 (1) devon VS. S&P 500 VALUATIONS REMAIN AT HISTORICALLY LOW LEVELS 4x EV/EBITDA 13x 16% FCF Yield 5% ~8% Dividend Yield 1.5% Great Recession 16% >40% ROCE <20% Dot-Com Bubble 5% Note: Sourced from Raymond James, S&P & Bloomberg. (1) 2022 estimates. See slides 6 & 8 for more details and assumptions on estimated free cash flow, dividend yields & ROCE. 1998 2001 2004 2007 2010 2013 COVID-19 Crisis 2% 2016 2019 2022 Current 4% 11#12= | Operations Update NYSE: DVN devonenergy.com devon#13Delaware Basin - Our Franchise Growth Asset HIGH-MARGIN GROWTH +27% VS. Q1 2021 MBOED 394 310 Q1 2021 374 2021 PROLIFIC UPPER WOLFCAMP DEVELOPMENT Marwari (10,200' laterals) 4 Wolfcamp wells Avg. IP30: 4,000 BOED/well Eddy New Mexico Texas Loving Q1 2022 STRONG BONE SPRING RESULTS IN STATELINE CBR 16 (10,400' laterals) Executing on our disciplined capital plan 14-rig program focused on low-risk developments Brought online 52 high-impact wells in Q1 ◉ Balanced across Avalon, Bone Spring & Wolfcamp zones Q1 2022 Earnings Presentation ☐ 4 Bone Spring wells Avg. IP30: 3,500 BOED/well Reeves HIGH-RETURN AVALON DEVELOPMENT Bell Lake (4,600' laterals) " 6 Avalon Shale wells Avg. IP30: 2,700 BOED/well Lea Winkler WORLD-CLASS POSITION 400,000 NET ACRES Ward 13#14Delaware Basin - Operating Efficiencies Advance Drilling and completion efficiencies (feet per day) >85% DRILLING IMPROVEMENT 1,160 135% COMPLETION IMPROVEMENT 625 820 1,925 Field-level operating margins (per unit) 65% MARGIN GROWTH $44.59 $33.79 $32.07 $39.28 $52.99 2018 Q1 2022 2018 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 STRONG TRACK RECORD OF OPERATIONAL EXCELLENCE Q1 2022 Earnings Presentation 14#15Devon-Owned Sand Mine to Improve Capital Efficiency Initial sand mine integrated into operations in Q2 ■ Provides up to 25% of Delaware sand requirements Estimated savings: >$200,000 per well ■ Improves safety & emissions performance ■ Potential to expand program across portfolio Q1 2022 Earnings Presentation DEVON-OWNED SURFACE ACREAGE IN TEXAS 15#16□ Diversified Across Top U.S. Resource Plays ■ ANADARKO ◉ BASIN WILLISTON BASIN EAGLE FORD NEW " ■ ☐ Repeatable resource play with exposure to rising gas & NGL prices Capital efficiency enhanced by $100 million drilling carry with Dow Columbine 3-mile development success: payback <3 months High-margin resource opportunity in economic core of the play Oil sales represent >90% of total revenue mix in Q1 Expect to commence 1st production on 15-20 new wells in 2022 Commenced 1st production on 8 wells in Q1 (avg. IP30: 3,300 BOED) New well activity drives Q1 volumes 19% higher year over year Partnership plans to bring online ~40 new wells in 2022 $3.0 BILLION 2022e CASH FLOW POWDER RIVER BASIN Emerging oil resource play with stacked-pay potential Technical teams focused on advancing Niobrara delineation efforts Minimal leasehold obligations provide capital flexibility in 2022 For additional results and guidance see our Q1 earnings release tables Note: Represents 2022 estimated field-level cash flow before G&A and taxes. 16#17| Appendix NYSE: DVN devonenergy.com devon#18Free Cash Flow Priorities #1 #2 FIXED + VARIABLE DIVIDEND Fixed dividend is paid quarterly at $0.16 per share Variable dividend is up to 50% of excess free cash flow SHARE REPURCHASES ☐ $2.0 billion buyback authorization in place Focused on opportunistically repurchasing shares BALANCE SHEET IMPROVEMENT ➡Q1 VARIABLE DIVIDEND CALCULATION $2,000 MM - Adjusted Cash Flow (Non-GAAP) - $564 MM - Capital Expenditures (Accrued) $1,436 MM - Adjusted Free Cash Flow (Non-GAAP) $109 MM - Fixed Quarterly Dividend $1,327 MM - Excess Free Cash Flow X ~50% Payout (Board Discretion: Up to 50%) $732 MM-Variable Dividend ($1.11/share) (Includes $69 mm of proceeds related to divestiture contingency payments) #3 Opportunities to retire ~ $1 billion of low-premium debt Low leverage profile of 0.2x by year-end 2022 Q1 2022 TOTAL $1.27 PER SHARE DIVIDEND PAYOUT PAYABLE ON JUNE 30, 2022 Note: Adjusted cash flow represents operating cash flow ($1,837 mm) before balance sheet changes (+$143 mm) excluding Ukraine donation (+$20 mm). See Devon's first-quarter 2022 earnings materials for more details regarding the variable dividend calculation. Q1 2022 Earnings Presentation 18#19Compelling Alternative for Yield-Seeking Investors Historically low interest-rate environment has compressed yields across most asset classes 14% 12% 10% 8% 6% 4% 2% 10-YEAR U.S. TREASURY YIELD S&P 500 DIVIDEND YIELD ADVANTAGED YIELD OPPORTUNITY UP TO 6× HIGHER VERSUS BROADER MARKET DEVON'S 2022E DIVIDEND (~8% YIELD) T 1982 1987 1992 1997 2002 2007 2012 = UNDERPINNED BY HIGH-QUALITY & SUSTAINABLE PORTFOLIO Q1 2022 Earnings Presentation 2017 2022 DEVON PROVIDES A UNIQUE SOLUTION Market yields have declined by up to 80% since 1981 Bonds positioned for negative returns after inflation Devon offers both attractive yield & growth potential 19#20Inventory Underpins Sustainability of Business Model > 10 YEARS OF INVENTORY " (AT CURRENT ACTIVITY PACE) Includes only operated activity Represents low-risk development locations Assumes current development spacing Delaware Basin accounts for ~70% Other Assets Delaware Basin 320 - 340 wells online 2022 Program >2,500 incremental operated locations ~4,000 operated locations UPSIDE Identified >10 years of LOW-RISK & HIGH-RETURN development inventory (at current drilling pace) Significant INVENTORY UPSIDE from higher commodity prices & emerging opportunities Deeper Wolfcamp appraisal in the Delaware Anadarko Basin gas & liquids upside - Powder River Basin optimization Derisked Inventory Inventory Upside Note: Derisked inventory represents locations generating >30% IRR at $55 WTI & $3 HH. Average lateral length is ~2 miles. Q1 2022 Earnings Presentation 20#21Our Investment-Grade Financial Strength Strong liquidity with minimal near-term debt maturities Outstanding debt maturities through 2030 ($MM) $5,625 Cash $2,625 Credit Facility ~1.5 YEARS UNTIL INITIAL MATURITY $3,000 Liquidity (3/31/22) 2022 EXECUTING ON OUR FINANCIAL STRATEGY ✓ Reduced outstanding debt by >$1.2 billion since merger close Net debt-to-EBITDAX: 0.6x (as of 3/31/2022) ✓ Significant flexibility with minimal near-term debt maturities ✓ ~60% of outstanding debt obligations mature after 2030 $472 $485 $242 2023 2024 2025 (1) $390 million of notes due in 2027 and all of notes due in 2028 are callable at a fixed price in Q4 2022 and Q2 2023, respectively, Q1 2022 Earnings Presentation (1) $463 (1) $325 $585 2026 2027 2028 2029 2030 21#22Strengthening Our Environmental Performance Committed to aggressive emissions targets ◉ ■ Targeting net zero GHG emissions by 2050 (Scope 1 & 2) Plan to reduce methane emissions by 65% by 2030 Executive compensation tied to environmental results Taking immediate action & delivering results Scope 1 & 2 GHG emissions reduced by ~20% (see chart) Methane emissions were reduced 47% in 2020 Flared volume intensity declined by 33% in 2020 Strategy to drive continuous improvement Expanding and enhancing leak detection & repair programs Electrifying facilities to reduce onsite fuel consumption Converting to air-driven pneumatic controllers Reducing Scope 1 & 2 GHG emissions (Million tonnes CO₂e) 4.91 ~20% 4.23 REDUCTION IN GHG EMISSIONS (VS. 2019) <4.00 For additional information see our 2021 Sustainability Report 2019 2020 2021e Q1 2022 Earnings Presentation 22#23Committed to Aggressive Emissions Reductions ENVIRONMENTAL PERFORMANCE TARGETS GHG EMISSIONS SCOPE 1 & 2 GHG EMISSIONS INTENSITY SCOPE 1 & 2 METHANE EMISSIONS INTENSITY FLARING INTENSITY ROUTINE FLARING 0.5% ENTIRELY NET ZERO 50% 65% 0.5% GHG EMISSIONS FOR SCOPE 1 & 2 BY 2050 REDUCTION BY 2030 REDUCTION BY 2030 LOWER OF GROSS NATURAL GAS PRODUCED BY 2025 ELIMINATE AS DEFINED BY THE WORLD BANK BY 2030 devon 2021 Devon Energy Sustainability Report HIGHLY-REGARDED ESG RATINGS & RECOGNITION SUSTAINALYTICS For more information on these initiatives, please refer to the Sustainability portion of Devon's website HUMAN RIGHTS CAMPAIGN ISS‣ V.E PART OF Moody's ESG Solutions Note: For more information on these targets, including reporting boundaries, calculation methodologies and baselines (where applicable), please refer to the Sustainability portion of Devon's website. Corporate Equality Index 2022 CDP DISCLOSURE INSIGHT ACTION CPA-Zicklin Index of Corporate Political Disclosure and Accountability | Q1 2022 Earnings Presentation 23#24Investor Contacts & Notices Investor Relations Contacts Scott Coody VP, Investor Relations 405-552-4735 Email: [email protected] Investor Notices Forward-Looking Statements Chris Carr Manager, Investor Relations 405-228-2496 This communication includes "forward-looking statements" within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases "expects," "believes," "will," "would," "could," "continue," "may," "aims," "likely to be," "intends," "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 communication that address activities, events or developments that Devon 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 our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the volatility of oil, gas and NGL prices; risks relating to the COVID-19 pandemic or other future pandemics; 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 our operations, including as a result of employee misconduct; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to environmental matters; risks related to regulatory, social and market efforts to address climate change; risks related to our hedging activities; counterparty credit risks; risks relating to our indebtedness; cyberattack risks; our limited control over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production; the extent to which insurance covers any losses we may experience; competition for assets, materials, people and capital; risks related to investors attempting to effect change; our ability to successfully complete mergers, acquisitions and divestitures; risks related to the recent merger with WPX, including the risk that we may not realize the anticipated benefits of the merger or successfully integrate the two legacy businesses; and any of the other risks and uncertainties discussed in Devon's 2021 Annual Report on Form 10-K (the "2021 Form 10-K") or other SEC filings. The forward-looking statements included in this communication speak only as of the date of this communication, represent current reasonable management's expectations as of the date of this communication and are subject to the risks and uncertainties identified above as well as those described in the 2021 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2021 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise. Use of Non-GAAP Information This presentation may include non-GAAP (generally accepted accounting principles) 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 first-quarter 2022 earnings materials and related Form 10-Q filed with the SEC. Cautionary Note on Reserves and Resource Estimates The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in the 2021 Form 10-K and our other reports and filings with the SEC. | Q1 2022 Earnings Presentation 24