1、Q3 2025EARNINGS PRESENTATIONNovember 5,2025NYSE:DVNDEVONENERGY.COMKEY Q3 2025 HIGHLIGHTSOUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUEQ3 2025 EARNINGS PRESENTATION 2Outperformed Q3 expectations across key value driversDelivered 390,000 barrels of oil per day,reaching top-end of guidanceCapital inve

2、stment of$859 million,5%below guidanceAchieved a 5%improvement in operating cost,the strongest result this yearBusiness optimization accelerates value captureAchieved 60%of$1 billion target ahead of scheduleDriving improved full-year 2025 production and capital outlook Significant free cash flow fue

3、ls shareholder returnsDistributed$400 million in dividends and share repurchasesLowered outstanding share count by 13%since 2021Retired$485 million of debt ahead of scheduleActive asset management beyond business optimizationLease acquisitions added 60 net locations in Delaware BasinClosed Cotton Dr

4、aw Midstream acquisition,$50 million in annual savingsAnnounced capital-efficient preliminary 2026 outlookReduced full-year capital run-rate to$3.6 billion Consistent production,driving enhanced capital efficiencyOPERATIONAL EXCELLENCE Operating safely,reliably,and in an environmentally responsible

5、manner Track record of improving capital efficiency and enhancing marginsADVANTAGED ASSET PORTFOLIO High-quality assets in top U.S.resource plays Inventory depth underpins long-term sustainabilityMAINTAINING FINANCIAL STRENGTH Disciplined reinvestment to maximize free cash flow Committed to maintain

6、ing low leverage(REDUCTION(VS.Q1 2025)(1)Excludes land and acquisition capital(1)2025 CAPITAL EFFICIENCY CONTINUES TO IMPROVE Q3 2025 EARNINGS PRESENTATION 5INCREASING PRODUCTION2025e Full-Year Oil Production Guidance(MBOD)REDUCING CAPITAL2025e Full-Year Capital Spend Guidance($in billions)380$4.1$4