Q3 2023 Earnings Presentation
Attractive 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
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