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1、Q1 2025EARNINGS PRESENTATIONMay 6,2025NYSE:DVNDEVONENERGY.COMQ1 2025 KEY HIGHLIGHTSOUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUEQ1 2025 EARNINGS PRESENTATION 2Delivered strong operating performanceOil production averaged 388,000 barrels/day,exceeding guidance and supported by outstanding well perf

2、ormance across all basinsDisciplined capital spending below planInvested$964 million,coming in 5%under midpoint guidance,with reinvestment rate reduced to 50%of operating cash flowEnhanced financial strength with significant free cash flowDelivered$1.0 billion in free cash flow,increased cash balanc

3、e to$1.2 billion,with net-debt-to EBITDAX holding steady at 1.0 xReturned$464 million to shareholdersPaid$163 million in dividends and executed$301 million in share repurchases,continuing Devons commitment to shareholder returnsLaunched Business Optimization PlanInitiated a multi-year plan targeting

4、$1 billion in annual pre-tax free cash flow improvement by year-end 2026OPERATING EXCELLENCE Operating safely,reliably,and in an environmentally responsible manner Embrace innovative thinking and technology to improve business performanceADVANTAGED ASSET PORTFOLIO Diversified multi-basin portfolio i

5、n top U.S.resource plays High-quality inventory depth underpins long-term sustainabilityMAINTAINING FINANCIAL STRENGTH Disciplined reinvestment to maximize free cash flow Committed to maintaining low leverage(1)$2.5 billion debt reduction plan announced in July 2024.$500 reduction already achieved.B

6、USINESS OPTIMIZATION PLANQ1 2025 EARNINGS PRESENTATION 10PRODUCTION OPTIMIZATIONUse advanced analytics to minimize maintenance events,reduce downtime,flatten production declines,and optimize operating cost structureCAPITALEFFICIENCYCapture efficiencies through design optimization,cycle time reductio