Investor Presentaiton
2022 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)View entire presentation