#1Q3 2023 Earnings Presentation November 7, 2023 NYSE: DVN devonenergy.com devon#2Key Takeaways From Our Presentation 1 2 3 4 5 FIXED + VARIABLE DIVIDEND INCREASED 57% Total dividend of $0.77 per share announced with Q3 results PRODUCTION PER SHARE EXPANDS 10% IN Q3 Delaware Basin results headline Q3 operating performance FREE CASH FLOW GENERATION ACCELERATES >2x improvement in free cash flow to $843 million (vs. Q2 2023) IMPROVED CAPITAL EFFICIENCY OUTLOOK IN 2024 Expect lower capital spending & higher free cash flow generation BALANCE SHEET CONTINUES TO STRENGTHEN Retired debt & maintained low leverage profile of 0.7x (as of 9/30/23) Q3 2023 Earnings Presentation 2#3Our Disciplined Business Model DISCIPLINED GROWTH STRATEGY " MODERATED OIL GROWTH targets: up to 5% annually Focused on growing per-share value CONSISTENT REINVESTMENT RATES ■ Returns-driven strategy prioritizes FREE CASH FLOW generation ■ Optimizing results with steady activity levels through the cycle ATTRACTIVE CASH RETURNS MAINTAIN LOW LEVERAGE PURSUE ESG EXCELLENCE ☐ Strategy designed to deliver higher cash returns vs. broader market Optimize allocation between DIVIDENDS & SHARE REPURCHASES Net debt-to-EBITDAX: 0.7x (as of 9/30/2023) Strong liquidity & low breakeven levels enhance FINANCIAL STRENGTH ESG initiatives incorporated into COMPENSATION structure ■ Committed to aggressive emissions reduction targets | Q3 2023 Earnings Presentation 3#4Strategy Creating Significant Value for Shareholders Delivering on our promise to shareholders Cumulative uses of cash since WPX merger ($ in billions) ✓ Strategy designed for sustainable free cash flow generation Industry-first cash-return framework unveiled in 2020 ✓ Flexibility to optimize value creation through the cycle devon + WPXENERGY $5.9 BILLION VALUATION (1) 2020 $1.2 1H 2021 (1) Combined market capitalization for Devon and WPX on 9/28/2020. | Q3 2023 Earnings Presentation $3.1 $5.2 $9.8 2H 2021 1H 2022 2H 2022 2023 YTD $12 BILLION SINCE LATE 2020 (2-TIMES MERGER VALUATION) Acquisitions Debt Reduction Share Repurchases Dividends#5Portfolio Built to Deliver Sustainable Performance $ PREMIER MULTI-BASIN PORTFOLIO Acreage resides in top U.S. resource plays Underpinned by world-class Delaware Basin position DIVERSIFIED COMMODITY MIX Balanced exposure to oil, NGLS & natural gas production Access to premium markets improves realized pricing OUR SUSTAINABLE PLATFORM MULTI-DECADE RESOURCE OPPORTUNITY WILLISTON BASIN 54 MBOED POWDER RIVER BASIN 19 MBOED E OPERATING SCALE ENHANCES PROFITABILITY Low-cost structure drives differentiated margins Track record of improving efficiencies & lowering cost of supply A DEEP INVENTORY OF REPEATABLE OPPORTUNITIES Possess 12 years of low-risk development inventory Upside from ongoing appraisal (>1.2 million acres in U.S. resource plays) | Q3 2023 Earnings Presentation DELAWARE BASIN 440 MBOED ANADARKO BASIN 80 MBOED EAGLE FORD 68 MBOED 5#6Advantaged Operating Scale & Diversification Top U.S. onshore pure-play producers Q3 2023 total production (MBOED) (1) 1,000 750 500 250 devon Oil Gas Volumes Volumes 48% = 27% BALANCED COMMODITY EXPOSURE TOP U.S. ONSHORE PRODUCERS NGL Volumes 25% Total Production (MBOED) Oil Production (MBOD) (1) Sourced from FactSet & Devon. Q3 2023 actual results where available & Wall Street consensus estimates. Represents U.S. upstream peers with >10% oil mix. Excludes COP & OXY due to extensive offshore & international production. | Q3 2023 Earnings Presentation 6#7Q3 Results & Updated 2023 Outlook Q3 RESULTS Q4 OUTLOOK TOTAL PRODUCTION 665 (MBOED) TOTAL CAPITAL FREE CASH FLOW CASH RETURNS KEY MESSAGES ~650 (MBOED) Production per share increased 10% year over year in Q3 Q4 outlook impacted by Williston declines & Delaware activity timing $896 (1) ($ in millions) $900 ($ in millions) $843 ($ in millions) > $900 ($ in millions) ■ Capital investment declined 12% in Q3 vs. Q2 2023 ■ Reduced spending in 2H driven by drop of 4th frac crew in Delaware ■ Free cash flow generation in Q3 increased by >2-times vs. Q2 2023 Disciplined strategy delivers 13 straight quarters of free cash flow (2) $492 ($ in millions) TBD (Trending higher) Dividend payout increased 57% in Q3 vs. Q2 2023 to $0.77 per share ■ Cash returns projected to improve in Q4 2023 (higher buybacks expected) Note: Q4 outlook assumes $85 WTI. Free cash flow is a non-GAAP measure. See Devon's third-quarter 2023 earnings materials for more details regarding non-GAAP disclosures. (1) Excludes acquisition capital. (2) Represents dividends declared based on Q3 results. Q3 2023 Earnings Presentation 7#8Improved Capital Efficiency in 2024 $ 2024 OUTLOOK HIGH-GRADING CAPITAL TOTAL CAPITAL ($ IN BILLIONS) TOTAL CAPITAL $3.3-$3.6 $3.80 BILLION BREAKEVEN FUNDING < $40 WTI OIL PRICE TOTAL VOLUMES ~650 MBOED (Oil: 315 MBOD) ATTRACTIVE >20% RETURNS ROCE ~10% REDUCTION FREE CASH FLOW GROWTH ($ IN BILLIONS) ~20% IMPROVEMENT $3.2 $3.45 $2.7 2023e 2024e 2024 outlook assumes an $80 WTI price deck and 5% service cost deflation versus 2023. Q3 2023 Earnings Presentation 2023e 2024e 8#9Catalysts Driving Improved Outlook CONCENTRATING INVESTMENT IN THE DELAWARE Activity to focus on multizone Wolfcamp projects in core of play Infrastructure buildout progressing to ease constraints in 2024 HIGH-GRADING ACTIVITY ACROSS OTHER KEY ASSETS Williston Basin capital activity to reduce by 50% (vs. 2023) Eagle Ford to reduce appraisal & increase activity in DeWitt County IMPROVING WELL PRODUCTIVITY ■ Delaware well productivity drives improved outlook (pg. 18) High-graded plan in the Williston & Eagle Ford also contributes EFFICIENCIES ENHANCED BY COST DEFLATION Forecasting service cost deflation of 5% in 2024 ☐ Deflation in OCTG & sand costs driving improved outlook DELAWARE-FOCUSED PROGRAM 60% OF 2024e CAPITAL New Mexico Texas | Q3 2023 Earnings Presentation 9#10Upcoming Quarterly Production Cadence Temporary 4th frac crew in the Delaware was dropped mid-year to replenish DUC inventory ■ Lower activity will result in production declines for Q4 2023 & Q1 2024 Adding 4th crew back in Q1 driving oil growth over remainder of 2024 OIL PRODUCTION (MBOD) 300 250 200 150 | Q3 2023 Earnings Presentation Dropped to 3 Frac Crews in Delaware 321 ~315 Adding 4th Frac Crew in Delaware ~315 100 Q3 2023 Q4 2023e Q1 2024e Q2-Q4 2024e FY 2024e Avg. 10#11Free Cash Flow Yield Compelling Free Cash Flow Yield Devon's attractive free cash flow yield 2024e free cash flow yield sensitivities 14% FREE CASH FLOW YIELD 11% 7% 8% FREE CASH FLOW YIELD 11% FREE CASH FLOW YIELD $4.0 $2.5 3% $1.0 $70 WTI $80 WTI $90 WTI Free Cash Flow Yield Free Cash Flow Free Cash Flow ($B) Providing an opportunity vs. broader market 2024e free cash flow yield vs. broader market 11% FREE CASH FLOW YIELD ADVANTAGED YIELD OPPORTUNITY UP TO 3× HIGHER VERSUS BROADER MARKET devon 5% FREE CASH FLOW YIELD <4% FREE CASH FLOW YIELD Note: Free cash flow yield represents 2024e operating cash flow less total capital requirements divided by Devon's market capitalization as of Nov. 3, 2023. Assumes applicable WTI price for 2024, Henry Hub strip pricing & NGL realizations at 25% of WTI. Note: S&P 500 and Nasdaq sourced from FactSet. Q3 2023 Earnings Presentation S&P 500 Nasdaq 11#12Free Cash Flow Priorities in 2024 TARGET PAYOUT IN 2024 (% OF FREE CASH FLOW) CASH-RETURN OBJECTIVES ■ Targeting ~70% cash-return payout to shareholders Expect GROWTH in fixed dividend payout ■ Optimize allocation between BUYBACKS & VARIABLE ■ RETIRE maturing debt & IMPROVE financial strength BALANCE SHEET | Q3 2023 Earnings Presentation 30% 70% CASH RETURNS 12#13Committed to Improving Financial Strength (1) Retired $242 million of debt in August 2023. Note: Net debt-to-EBITDAX is a non-GAAP measure. See Devon's third-quarter 2023 earnings materials for more details regarding non-GAAP disclosures. | Q3 2023 Earnings Presentation TOTAL LIQUIDITY CASH BALANCE $3.8B CASH & UNDRAWN CREDIT FACILITY $0.8B CASH POSITION AS OF 9/30/2023 LOW LEVERAGE 0.7x NET DEBT-TO-EBITDAX AS OF 9/30/2023 CREDIT RATINGS BBB/Baa2 INVESTMENT-GRADE AT S&P & MOODY'S DEBT REDUCTION NEW $1.5B SINCE MERGER CLOSE ON 1/7/2021 (1) TARGETED MATURITIES $1.0B DEBT EXPECTED TO RETIRE IN 2024 & 2025 13#14= | Operations Update NYSE: DVN devonenergy.com devon#15Eddy Delaware Basin - Our Franchise Growth Asset PARKWAY POTATO BASIN TODD 400K NET ACRES New Mexico Texas 2023 YTD Projects Core Focus Areas STATELINE Reeves COTTON DRAW | Q3 2023 Earnings Presentation Loving MONUMENT DRAW THISTLE/GAUCHO New Mexico Texas CAPITAL-EFFICIENT GROWTH RATTLESNAKE +5% VS. Q2 2023 VOLUMES (MBOED) Lea 440 420 415 Q1 2023 Q2 2023 Q3 2023 15#16Delaware Basin - High-Impact Results in Q3 HIGH-IMPACT WOLFCAMP "A" PROJECT 4,600 BOED AVG. IP30 RATES/WELL Eddy TODD New Mexico Bora Bora (10,000' laterals) 9 Wolfcamp wells (60% oil) Q3 2023 Earnings Presentation ADDING VALUE WITH ACREAGE TRADES 4,100 BOED AVG. IP30 RATES/WELL Eddy CBR 17 (10,200' laterals) 8 Wolfcamp wells (49% oil) Acreage trade allowed for 2-mile laterals Lea New Mexico STATELINE Reeves CO-DEVELOPING WOLFCAMP "A" & "B" 3,200 BOED AVG. IP30 RATES/WELL COTTON DRAW Haflinger (9,900' laterals) 8 Wolfcamp wells (52% oil) Rates constrained by facility capacity Eddy Lea Loving Texas Lea New Mexico 16#17Delaware - Capital Efficiency Improvements. IMPROVING WELL PRODUCTIVITY AVG. 30-DAY INITIAL PRODUCTION RESULTS >20% IMPROVEMENT (VS. 1H 2023) 3,010 2,470 COMPLETION EFFICIENCIES COMPLETED FEET PER DAY (ALL FORMATIONS) 2,856 2,101 1,911 1,955 23% 1,713 2020 2021 IMPROVEMENT (2023 vs. 2020) 2022 2023 YTD Best Well DRILLING EFFICIENCIES DRILLED FEET PER DAY (ALL FORMATIONS) 1,316 1,065 999 1,002 943 6% IMPROVEMENT (2023 vs. 2020) 1H 2023 Q3 2023 2020 2021 2022 2023 YTD Best Well Q3 2023 Earnings Presentation 17#1812-MONTH CUMULATIVE OIL VOLUMES (MBO) (NORMALIZED FOR 10,000' LATERALS) Delaware - Capital Efficiency to Improve in 2024 IMPROVING DELAWARE WELL PRODUCTIVITY 225 UP TO 180 135 90 45 10% IMPROVEMENT 2024e Projection 2023 Results 0 T 2 3 4 5 6 7 8 9 10 11 12 Q3 2023 Earnings Presentation KEY DRIVERS OF IMPROVEMENT Higher allocation towards core of the play in New Mexico Wolfcamp focused program with less appraisal requirements Infrastructure progressing to support optimized development plan 18#19Inventory Depth Underpins Delaware Sustainability Gross Operated Locations 10,000 8,000 6,000 4,000 2,000 0 DELAWARE BASIN INVENTORY BY KEY OPERATOR SOURCE: ENVERUS INTELLIGENCE ■ Multi-decade resource opportunity across 400,000 net acres ■ PV-10 breakeven: ~$40 WTI per economically proven location ■ Delaware represents ~60% of total company risked resource devon Note: Date sourced from Enverus Permian Inventory Report dated 8/8/2023. Q3 2023 Earnings Presentation TOP DELAWARE PRODUCERS Geologically Viable Economically Proven 19#20Diversified Across Top U.S. Resource Plays EAGLE FORD ANADARKO BASIN WILLISTON BASIN ☐ ☐ Validus acquisition drives year-over-year production growth in Q3 Asset is projected to generate >$1 billion of cash flow in 2023 2024 capital efficiency enhanced by higher allocation to DeWitt County Repeatable resource play with exposure to rising gas & NGL prices Capital efficiency enhanced by drilling carry with Dow (133-well program) Brought online ~50% of wells under Dow drilling carry through Q3 2023 High-margin oil resource with significant free cash flow generation High-graded drilling plans to deliver improved well productivity in 2024 Rimrock acquisition adds high-quality & multi-year inventory runway $2.5 BILLION 2023e CASH FLOW ㅁ ㅁ POWDER RIVER BASIN Scalable oil resource with 300,000 net acres in core of oil fairway Established commercial results across Converse County acreage 2023 activity designed to inform optimal spacing (testing up to 4 wells/section) | For additional results and guidance see our Q3 earnings release tables Note: Represents 2023e field-level cash flow. 20#21Committed to Environmental Excellence 2023 SUSTAINABILITY REPORT HIGHLIGHTS Flared volume intensity was reduced by 77% (1) ■ Scope 1 & 2 GHG emissions intensity declined by 19%" ■ Recycled water usage increased by 18% vs. 2021 Joined Oil & Gas Methane Partnership 2.0 Initiative Foundational sponsor of GTI Energy's Veritas (Methane emissions measurement and verification initiative) (1) devon Sustainability Report Р82 devon Climate Change Assessment Report For more information, please refer to the Sustainability portion of Devon's website ENVIRONMENTAL TARGETS GHG EMISSIONS SCOPE 1 & 2 GHG EMISSIONS FOR NETZERO SCOPE 1 & 2 BY 2050 GHG EMISSIONS INTENSITY SCOPE 1 & 2 50% REDUCTION BY 2030 METHANE EMISSIONS INTENSITY 65% REDUCTION BY 2030 FLARING INTENSITY 0.5% OF GROSS NATURAL GAS OR LOWER PRODUCED BY 2025 ROUTINE FLARING ELIMINATE AS DEFINED BY THE WORLD BANK BY 2030 (1) Measures reflect changes from 2019. | Q3 2023 Earnings Presentation 21#22| Appendix NYSE: DVN devonenergy.com devon#23Attractive Dividend Payouts Through the Cycle Dividend framework provides torque to higher oil prices Dividend yield sensitivities based on Q3 2023 results (annualized Q3 dividend declared) 12% 9% 6% 3% 1.6% 0% $40 WTI 3.5% $60 WTI 6.5% Q3 2023 YIELD 9.2% 6.3% $0.77 11.5% Q3 DIVIDEND DECLARED (FIXED-PLUS-VARIABLE PAYOUT) OUR CASH-RETURN STRATEGY Raised fixed quarterly dividend by 11% to $0.20 per share in 2023 Variable dividend payout includes up to 50% of excess free cash flow Significant dividend upside potential with strengthening commodity pricing $80 WTI $100 WTI Note: Assumes actual Q3 2023 results with applicable WTI price. Assumes Devon's market capitalization as of November 3, 2023. | Q3 2023 Earnings Presentation $120 WTI 23#24Repurchasing Shares Through the Cycle Repurchase program accelerates per-share growth Outstanding shares (MM) 677 (1) 9/30/21 12/31/21 (1) Beginning balance does not include shares subsequently issued. Q3 2023 Earnings Presentation 6% SHARE COUNT REDUCTION $3.0 BILLION BUYBACK PROGRAM Repurchased $2.1 billion of shares to date Upsized authorization 3-times since inception Program represents ~9% of outstanding shares 641 12/31/22 3/31/23 6/30/23 9/30/2023 24#25Our Investment-Grade Financial Position Strong liquidity with minimal near-term debt maturities Outstanding debt maturities through 2030 ($MM) $3,761 Cash $761 Credit Facility $3,000 Liquidity (9/30/2023) 2023 EXECUTING ON OUR FINANCIAL STRATEGY $472 $485 2024 ✓ Reduced outstanding debt by ~$1.5 billion since merger close Net debt-to-EBITDAX: 0.7x (at 9/30/2023) ✓ Significant flexibility with minimal near-term debt maturities ✓ ~60% of outstanding debt obligations mature after 2030 (1) $463 (1) $325 $585 2025 2026 2027 2028 2029 2030 (1) $390 million of notes due in 2027 are callable and all of notes due in 2028 are callable at a fixed price. | Q3 2023 Earnings Presentation 25#26Inventory Underpins Long-Term Sustainability High-quality & multi-decade inventory Gross operated inventory locations (Avg. lateral length is ~2 miles) >20 YEAR UNRISKED INVENTORY (WITH APPRAISAL & TIGHTER SPACING) Williston & PRB Anadarko Eagle Ford Delaware ~12 YEAR RISKED INVENTORY (AT CURRENT ACTIVITY PACE) >400 wells online 2023 Program Note: Risked inventory represents locations generating >30% IRR at $65 WTI | Q3 2023 Earnings Presentation WTI & $3.25 HH. >4,500 locations Risked Inventory ($65 WTI & $3.25 HH) ~10,000 locations Unrisked Inventory 26#27Investor Contacts & Notices Investor Relations Contacts Scott Coody VP, Investor Relations Chris Carr 405-552-4735 Email: [email protected] Investor Notices Forward-Looking Statements 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; 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; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas properties; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters and seismicity; risks related to regulatory, social and market efforts to address climate change; governmental interventions in energy markets; risks relating to the COVID-19 pandemic or other future pandemics; counterparty credit risks; risks relating to our indebtedness; cyberattack risks; the extent to which insurance covers any losses we may experience; risks related to stockholder activism; our ability to successfully complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; and any of the other risks and uncertainties discussed in Devon's 2022 Annual Report on Form 10-K (the "2022 Form 10-K") or other filings with the Securities and Exchange Commission ("SEC"). The forward-looking statements included in this communication speak only as of the date of this communication, represent management's current reasonable expectations as of the date of this communication and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2022 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 2022 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 third-quarter 2023 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 2022 Form 10-K and our other reports and filings with the SEC. | Q3 2023 Earnings Presentation 27