1、Q2 2025EARNINGS PRESENTATIONAugust 5,2025NYSE:DVNDEVONENERGY.COMKEY HIGHLIGHTSOUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUEQ2 2025 EARNINGS PRESENTATION 2Delivered strong production result exceeding guidanceTotal production averaged 841,000 BOE per day,with oil reaching 387,000 barrels per day sup

2、ported by strong production growth in the Delaware Basin Disciplined capital spending below planInvested$932 million,coming in 7%under midpoint guidance,while maintaining a low reinvestment rate of 61%of operating cash flowEnhanced financial strength with strong cash buildIncreased cash balances by$

3、525 million to$1.8 billion,with net-debt-to EBITDAX declining to 0.9x driven by significant free cash flow and Matterhorn divestitureAchieved 40%of Business Optimization PlanRealized$400 million of annual benefit ahead of schedule as organization continues to focus on expanding free cash flowImprove

4、d 2025 free cash flow outlookLowered full-year capital guidance for second quarter in a row to a midpoint of$3.7 billion and increased oil and total production outlookOPERATIONAL EXCELLENCE Operating safely,reliably,and in an environmentally responsible manner Embrace innovative thinking and technol

5、ogy to improve business performanceADVANTAGED ASSET PORTFOLIO Diversified multi-basin portfolio in 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 lev

6、erage(7%UNDER GUIDANCESIGNIFICANT FREE CASH FLOW($IN MILLIONS)$589 MILLIONOF FREECASH FLOWGENERATION3%PRODUCTION BEAT(VS.Q2 MIDPOINT GUIDE)DELAWAREROCKIESEAGLE FORDANADARKOQ2 2025 Production841+DELAWARE CONCENTRATED PROGRAM(Q2 2025 GROSS WELLS ONLINE)110 Operated Wells OnlineDELAWAREROCKIESEAGLE FOR