UBS Bus less Tour September 17, 2015 NYSE: DVN devonenergy.com - PowerPoint PPT Presentation

UBS Bus ‐ less Tour September 17, 2015 NYSE: DVN devonenergy.com

Investor Contacts & Notices Investor Relations Contacts Howard J. Thill, Senior Vice President, Communications & Investor Relations (405) 552‐3693 / howard.thill@dvn.com Scott Coody, Director, Investor Relations (405) 552‐4735 / scott.coody@dvn.com Shea Snyder, Director, Investor Communications (405) 552‐4782 / shea.snyder@dvn.com Safe Harbor Some of the information provided in this presentation includes “forward‐looking statements” as defined by the Securities and Exchange Commission. Words such as “forecasts," "projections," "estimates," "plans," "expectations," "targets," and other comparable terminology often identify forward‐looking statements. Such statements concerning future performance are subject to a variety of risks and uncertainties that could cause Devon’s actual results to differ materially from the forward‐looking statements contained herein, including as a result of the items described under "Risk Factors" in our most recent Form 10‐K; and the items described under "Information Regarding Forward‐Looking Estimates" in our Form 8‐K furnished August 4, 2015. Cautionary Note to Investors The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. This presentation may contain certain terms, such as resource potential and exploration target size. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10‐K, available from us at Devon Energy Corporation, Attn. Investor Relations, 333 West Sheridan, Oklahoma City, OK 73102‐5015. You can also obtain this form from the SEC by calling 1‐800‐SEC‐0330 or from the SEC’s website at www.sec.gov. 2

Devon Today A Leading North American E&P  Premier asset portfolio  Platform for sustainable growth  Delivering superior execution  Advantaged capital structure  Disciplined capital allocation 3

Premier Asset Portfolio Heavy Oil  Positioned in top ‐ tier basins — Leading Delaware Basin operator — Prolific Eagle Ford assets — High ‐ quality Anadarko Basin position Rockies Oil — World ‐ class heavy oil projects  Significant operational momentum — Delivering top ‐ tier well productivity Anadarko Basin — Achieving efficiencies Barnett Shale Delaware Basin — Improving cost structure Eagle Ford Oil Assets Liquids ‐ Rich Gas Assets 4

Delaware Basin Overview  Industry leader in basin — Net risked acres: 585,000 Lea — Q2 net production: 64 MBOED (65% oil) Eddy — Delivering top ‐ tier well results  Deep inventory of low ‐ risk projects — >5,000 risked locations — Significant upside from downspacing  Most active asset in portfolio — 2015 capital: ≈ $1.2 billion Delaware Sands — Activity focused in Bone Spring play Leonard Shale Bone Spring Wolfcamp 5

Delaware Basin Delivering Prolific Production Growth  Per ‐ well productivity continues to increase  Q2 net production increased 40% YoY 64  Bone Spring driving growth 46 40% Delaware Basin Production Growth MBOED Growth Q2 2014 Q2 2015 Oil NGL Gas 6

Delaware Basin Bone Spring Results Continue to Improve Q2 Bone Spring Basin Wells  Enhanced completion design drives 30 ‐ Day IP Rate, BOED productivity gains 1,400 — ≈ 3x more sand than historic design 900 >50% — 16 Bone Spring basin wells in Q2 Increase — Avg. 30 ‐ day IP: 1,400 BOED — Results >50% above type curve Type Well Q2 2015 1,500 ‐ 2,000 lbs./ft.  Significant reduction in well costs Bone Spring Drilling Average Feet Drilled Per Day 615 — >30% decline in well costs since Q4 2014 574 — Substantial improvements in drilling efficiency 18% 523 — Completions sized to maximize returns Productivity Increase Q4 2014 Q1 2015 Q2 2015 7

Delaware Basin Significant & Growing Resource Opportunity  Identified >5,000 risked, undrilled locations  Downspacing pilots expected to grow inventory — Testing 8 wells per section in lower 2 nd Bone Spring interval (traditional landing zone) — Appraising stand ‐ alone commerciality of upper portion of 2 nd Bone Spring  Wolfcamp provides significant upside potential Net Risked Risked Wells Gross Risked Gross Unrisked Formation Acres Per Section Locations Locations Delaware Sands 80,000 4 700 Leonard Shale 60,000 5 700 Bone Spring 285,000 4 – 5 3,500 Wolfcamp 140,000 N/A Evaluating Other 20,000 4 >200 Total 585,000 >5,000 >11,000 8

Eagle Ford Overview  Top ‐ tier acreage position — 75,000 net acres focused in DeWitt Co. — Q2 net production: 114 MBOED ( ≈ 60% oil) Gonzales Lavaca  Highest returning asset in portfolio — Delivering best ‐ in ‐ class well results — Condensate exports boost realizations Karnes — Low cost asset: LOE $5 per BOE Dewitt  Growing resource opportunity — ≈ 400 MMBOE of risked resource Devon Acreage — Encouraging Upper Eagle Ford Marl results Oil — Staggered lateral pilots underway Condensate & NGLs Dry Gas 9

Eagle Ford Best‐In‐Class Results  Acreage located in best part of Eagle Ford  Consistently delivering world ‐ class development results  90 ‐ Day IP rates 125% higher than industry average Eagle Ford 90 ‐ Day Wellhead IPs BOED, 20:1 1,000 1,000 750 Industry Average: 440 BOED 500 250 0 Peers 10 Source: IHS/Devon. Based on wellhead rates for operated wells online for 90 days from July 2014.

Eagle Ford DeWitt County Productivity Gains Enhance Results Per ‐ well productivity up 74%... Driving prolific production growth... Eagle Ford Production 30 ‐ Day IP Rates 1,950 MBOED BOED 114 1,120 74% 51 ≈ 125% Increase Growth March 2014 Q2 2015 March Q2 2015 2014 While achieving drilling efficiencies... Driving well costs down. DeWitt Drilling D&C Cost Wells Per Rig Per Year $ Millions 23.9 $9.5 ≈ 50% $7.5 ≈ 20% 15.7 Efficiency Reduction Improvement Q1 2014 Q2 2015 Previous Revised 11

Anadarko Basin Cana‐Woodford Development Play  Best position in Cana ‐ Woodford play — 280,000 net risked acres — Identified 3,600 risked locations Haley Pad — Q2 net production: 59 MBOED 8 Wells Avg. 30 ‐ Day IP: 1,850 BOED  Record ‐ setting pad brought online — 8 ‐ well Haley section: 30 ‐ day IP ≈ 1,850 BOED — >50% above type curve — Driven by enhanced completion design  Significant drilling efficiencies achieved Cana ‐ Woodford Acreage — Drilling time improved >30% since Q4 280,000 Net Acres Cana ‐ Woodford Core — Offsetting larger completion design Woodford Activity — Total well costs declined by 15% 12

Anadarko Basin Emerging Meramec Opportunity  Appraisal activity yields high ‐ rate wells — Initial 14 wells: 30 ‐ day IP ≈ 1,500 BOED — Delivering competitive returns — Upside with improving completions Meramec Appraisal 2 Wells (Q2 2015) Avg. 30 ‐ Day IP: 1,500 BOED  Growing resource opportunity — Net risked acres: 60,000 — Risked inventory: >400 locations — Meramec potential across Cana acreage  Accelerating Meramec activity Meramec Oil & Liquids Window — Increasing activity up to 6 rigs 60,000 Net Risked Acres Meramec Activity — Spacing pilots underway — 2015 plans: 40 appraisal wells 13

Rockies Oil Powder River Basin Devon Acreage  Emerging asset with significant potential Recently Acquired 42,000 net acres — Recently added 42,000 acres — Total net surface acres: 225,000 Campbell — Risked locations: ≈ 800 across Parkman, Turner and Frontier formations  Delivering substantial growth rates Parkman Focus Area — Q2 net production: 27 MBOED Johnson — Oil production increased ≈ 90% YoY  Strong Q2 development results — 8 wells: 30 ‐ day IP ≈ 1,400 BOED — Driven by 9,600’ extended reach laterals Converse — 2x length of previous design 14

Heavy Oil Overview  Located in best part of oil sands — Low geologic risk — Thick and continuous reservoir — Industry leading operating results — Massive risked resource: 1.4 BBO  Features of each Jackfish project: — 300 MMBO gross EUR Production Per Well — Long reserve life >20 years (Bbls/d) 650 Devon — Flat production profile Jackfish 450 Industry  Delivering top ‐ tier results Average Source: FirstEnergy — Per ‐ well productivity >40% above industry average 15

Heavy Oil Delivering Visible Oil Growth Heavy Oil Production  Oil production up 27% over past year MBOD 98 77 Jackfish 3  Driven by world ‐ class Jackfish complex Jackfish 2 27% — Q2 gross production: 75 MBOD Jackfish 1 Growth — Production increased 41% YoY Lloydminster — LOE declined by >30% YTD Q2 2014 Q2 2015  Jackfish 3 ramp ‐ up ahead of schedule Jackfish 3 Gross Production Ramp ‐ Up MBOD 35.0 — Current gross production: 27.5 MBOD 27.5 — Expect 35 MBOD by end of 2015 23.1 14.6 11.2  Q2 margins expanded to $17 per barrel 1.7 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Current YE 2015 16