PitchSend

Investor Presentaiton

20% Energy Market Capitalization as % of S&P 500 0% 1977 5% 15% 25% 30% It's Still Early - Devon's Unique Value Proposition Energy sector weighting as % of the S&P 500 index Iran Oil Embargo 29% 10% Historical Average 1980 1983 1986 | Q1 2022 Earnings Presentation 1989 1992 Gulf War 15% 1995 (1) devon VS. S&P 500 VALUATIONS REMAIN AT HISTORICALLY LOW LEVELS 4x EV/EBITDA 13x 16% FCF Yield 5% ~8% Dividend Yield 1.5% Great Recession 16% >40% ROCE <20% Dot-Com Bubble 5% Note: Sourced from Raymond James, S&P & Bloomberg. (1) 2022 estimates. See slides 6 & 8 for more details and assumptions on estimated free cash flow, dividend yields & ROCE. 1998 2001 2004 2007 2010 2013 COVID-19 Crisis 2% 2016 2019 2022 Current 4% 11

View entire presentation