Investor Presentaiton

Our 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

View entire presentation