Q3 2023 Earnings Presentation

Free 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

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