Q3 2023 Earnings Presentation

Q3 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

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