March Investor Presentation

1. NYSE: DVN
devonenergy.com
Investor Presentation
March 2017

2. Investor Contacts & Notices
2
Investor Relations Contacts
Scott Coody, Vice President, Investor Relations
(405) 552-4735 / scott.coody@dvn.com
Chris Carr, Supervisor, Investor Relations
(405) 228-2496 / chris.carr@dvn.com
Forward-Looking Statements
This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission (the “SEC”). Such statements are subject to a variety of risks
and uncertainties that could cause actual results or developments to differ materially from those projected in the forward-looking statements. Please refer to the slide
entitled “Forward-Looking Statements” included in this presentation for other important information regarding such statements.
Use of Non-GAAP Information
This presentation may include non-GAAP financial measures. Such non-GAAP measures are not alternatives to GAAP measures, and you should not consider these non-GAAP
measures in isolation or as a substitute for analysis of our results as reported under GAAP. For additional disclosure regarding such non-GAAP measures, including
reconciliations to their most directly comparable GAAP measure, please refer to Devon’s most recent earnings release at www.devonenergy.com.
Cautionary Note to Investors
The SEC 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, risked or unrisked resource, potential locations, risked or unrisked locations, exploration target size and other similar terms. 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 at
www.devonenergy.com. 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.

3. Devon Today
A Leading North American E&P
3
Key Messages
 Premier asset portfolio
 Multi-decade growth platform
 Focused in STACK and Delaware Basin
 Delivering top-tier execution
 Significant financial strength
Heavy Oil
Rockies Oil
Barnett Shale
STACK
Oil
46%
NGL
18%
Gas
36%
Production
2017e: 539 - 561 MBOED
Delaware Basin
Eagle Ford

4. Strategic Approach To 2017
4
 Further increase capital productivity
 Maintain improved cost structure
 Focused on value and returns
 Concentrate activity within STACK and Delaware
 Harvest cash flow from other assets
 Invest directionally within cash flow
 Disciplined hedging program

5. Operating Strategy For Success
5
 Maximize base production
— Minimize controllable downtime
— Enhance well productivity
— Leverage midstream operations
— Control operating costs
 Optimize capital program
— Disciplined project execution
— Perform premier technical work
— Focus on development drilling
— Increase capital efficiency

6. Delivering Record-Setting Well Productivity
6
 Best drilling results in Devon’s 45-year history
— Development drilling focused in top resource plays
— Enhanced completion designs and improved well placement
0
150
300
450
600
750
2012 2013 2014 2015 2016
Avg. 90-Day Wellhead IPs
BOED, 20:1
IMPROVEMENT

7. Efficiency Gains Create Tremendous Value
7
 Achieved $1.3 billion of annual cost savings
― LOE and G&A reduced ≈30% from peak rates
 Base production initiatives yielding excellent results
― Efforts achieving 2% production uplift
― Creating ≈$100 million of value annually
 D&C costs reduced by up to 45%(1)
― Driven by efficiencies and supply chain costs
― More than offsetting larger completions
Operating Costs and G&A
$ Billions
2014 2015 2016
$2.8
$4.1
LOE Prod. Taxes G&A
B
COST SAVINGS
(1) From peak levels in 2014.

8. Performance Transformation Continues In 2017
8
 Drilling activity to shift to longer laterals
— Improves capital efficiency & well productivity
 Control supply chain to reduce costs
— Unbundling historical, high-margin services
— Utilizing more diversified vendor universe
— Adding longer-term contracts to capture lower costs
 “Big data” innovations to create substantial value
— Leveraging advanced analytics to improve operations
— Efficient data systems optimize overhead structure

9. Accelerating Capital Investment
9
 Disciplined capital allocation focused on returns
 2017 E&P capital: $2.0 to $2.3 billion
— 90% devoted to U.S. resource plays
— Concentrated in STACK & Delaware Basin
— Invest directionally within cash flow
 Ramping up to 20 operated rigs by year end
— Steady rig additions throughout the year
— Generates momentum into 2018
0
10
20
30
40
2015 2016 2017
2015 2016 2017e
AT YEAR END 2016
RIGS
BY YEAR END 2017
RIGS
Rig Activity – U.S. Resource Plays
Operated Rigs
E & P C A P I T A L
2017e
UP TO
Billion
2017 Capital Outlook

10. Rapid Expansion Of High-Margin Production
10
 Accelerated investment drives strong oil growth
— U.S. oil growth: 13% - 17% (2017 vs. Q4 16)
— Production growth resumes in Q1 2017
 Higher growth rates expected in 2018
— U.S. oil production to advance by ≈20%
— Driven by >30% growth in STACK & Delaware
 Positioned to deliver peer-leading cash flow
expansion
2017 & 2018 Outlook
U.S. Oil Production Growth
MBOD
Q4 2016 2017e 2018e
105
(vs. Q4 2016)
(vs. 2017)
≈

11. Expanding The Resource Base
1111
 Initial multi-zone Meramec
development program
 Ongoing Meramec infill tests to
define future developments
 Substantial productivity gains with
Woodford row developments
 Significant Leonard Shale and
Wolfcamp drilling programs  Infill spacing tests to
define upside
 Advances in horizontal
refrac design
Barnett Shale
Eagle Ford
Drilling Schedule Catalyst Rich In 2017
High-Growth Assets
STACK
Delaware Basin
Other Key Assets
 Impactful appraisal work underway in
STACK and Delaware
— >1 million surface acres
— 30,000 potential locations (1/3 derisked)
— Appraisal work to expand inventory
 Efforts to define upside in other
cash-flow generating assets
 Initiatives refining view of total
resource potential

12.  World-class development opportunity
— >600,000 net acres by formation(1)
— Top targets: Meramec & Woodford
— Q4 net production: 88 MBOED
 Largest leasehold position of any operator
— Deep inventory of low-risk projects
 Most active asset in portfolio
— 2017 capital: $750 million
— Up to 10 operated rigs by year-end
STACK
Best-In-Class Position
12
STACK RESOURCE OVERVIEW
NET ACRES(1)
k
RISKED LOCATIONS
Woodford – Core Area
Meramec – Core Area
Canadian
Kingfisher
Blaine
Custer
Dewey
(1) Represents Meramec and Woodford net acreage by formation.

13. STACK
1313
88
Q4 2016 Q1 2017e Q2 2017e Q3 2017e Q4 2017e
STACK Production Growth
MBOED
>120
GROWTH
 Production expected to increase >35% during 2017
 Product mix shifting to higher-margin oil and liquids production
Positioned For Strong Production Growth

14.  Initial Meramec spacing pilots successful
— Tested multi-zone, staggered laterals
— Spacing up to 7 wells in a single interval
 First multi-zone development in 2H 2017
— Up to 15 wells in a single drilling unit
— Across 3 different Meramec intervals
 Significant upside with future projects
— Potential for 20 to 30 wells per drilling unit
— Evaluating co-development with Woodford
STACK
Meramec Moving To Full-Field Development
14
STACK PILOTS – OPERATED & NON-OPERATED
Canadian
Kingfisher
Blaine
Non-Operated
Operated
Born Free Staggered Pilot
30-Day IP: 2,200 BOED
Pump House 7-Well Pattern
30-Day IP: 2,100 BOED
Alma 5-Well Pilot
30-Day IP: 1,400 BOED
Showboat Development
 ≈15 wells (2H 2017)
 Parent well:
30-Day IP: 1,750 BOED
Yr. 1 cum: 550 MBOE

15. STACK
15
 Appraisal & infill success increases inventory
— Raised inventory 40% above previous estimates
— Meramec inventory: 1,700 risked locations
 Future development to leverage long laterals
— Further enhances capital and well productivity
— Represents 60% of planned activity in 2017
Meramec Resource Continues To Expand
1,700 RISKED LOCATIONS
MERAMEC INVENTORY
Meramec Over-Pressured Oil - 10,000’ Lateral
Type Well
IP
EUR
D&C
1,600 - 2,000
MBOE (40% - 50% Oil)
1,900 - 2,300
30-Day, BOED
$7.5 - 9.0
$MM

16. STACK
Woodford Shale: A Top-Tier Liquids-Rich Development
16
 Hobson Row completion activity underway
— 5-section development with ≈40 wells
— Testing larger completions, tighter spacing and
increased lateral length
— Peak rates expected during Q2 2017
 Jacobs Row to utilize long laterals
— 13-section development with ≈70 wells
— Initial activity to commence in 2H 2017
 Deep inventory of low-risk Woodford projects
— 3,700 risked, undrilled locations
Woodford Eastern Core Activity
Woodford Core
Jacobs Row
≈70 Wells (10K laterals)
Activity begins 2H 2017
Hobson Row
≈40 Wells drilled (5-sections)
Completions underway
Canadian
Kingfisher
Blaine
IP EUR D&C1,600
MBOE
1,500
30-Day, BOED
(>25% Oil)
$6.0 - 6.5
$MM
Woodford - 5,000’ Lateral
Eastern Core Type Well

17. Delaware Basin
A World-Class Oil Play
17
 Industry leader in basin
— 670,000 net acres by formation
— Acreage concentrated in core of the play
— Q4 net production: 54 MBOED
 Deep inventory of low-risk oil projects
— >5,800 risked locations
— Massive upside with >20,000 potential locations
 Accelerating activity in 2017
— 2017 capital: $700 million
— Drilling concentrated in basin of SE New Mexico
Eddy
Lea
S L O P E
B A S I N
Reeves
Loving Winkler
Ward
Bone Spring
285,000 net acres
Wolfcamp
225,000 net acres
Leonard Shale
60,000 net acres
Delaware Sands
80,000 net acres

18. Delaware Basin
Maximizing The Value Of Every Barrel
18
$16.87
$14.80
$12.62
$12.00
$10.76
$8.82
$7.72 $7.42
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Delaware Basin Unit LOE
$/BOE
Delaware Basin Unit LOE
Peak cost to Q4 2016
I M P R O V E M E N T
 Majority of cost savings are sustainable
— Improved electrical infrastructure
— Enhanced water-handling infrastructure

19. Delaware Basin
19
 Ramping up to 10 rigs by year-end 2017
— Development activity targeting Bone Spring & Leonard
— Significant appraisal work in Wolfcamp play
 Production growth >20% by year end
— Driven by light-oil production
— Growth resumes by end of Q1 2017
 Shift to longer laterals improves capital efficiency
— Lateral length 40% higher in 2017
Accelerating Drilling Activity
19
54
Q4 2016 Q1 2017e Q2 2017e Q3 2017e Q4 2017e
>65
Delaware Basin 2017 Drilling Plans
≈100 Operated Wells
Delaware Basin Production Growth
MBOED
GROWTH
36%
36%
23%
5%
Bone
Spring
Wolfcamp
Delaware
Sands
Leonard
Shale

20. Delaware Basin
Total Reservoir Access Concept (TRAC)
20
 A disciplined development approach to drive
returns higher
— More efficient permitting process
— Minimizes surface disturbance
— Utilizes integrated surface facilities
— Flexibility to add/defer development zones
— Allows for simultaneous operations
 Initial TRAC project underway
— Drilling multi-zone Leonard Shale project
— Large pad developments to accelerate in
2H 2017 & 2018

21. Delaware Basin
Growing Resource Opportunity
21
 Identified >5,800 risked locations
 Massive upside with >20,000 potential locations
 Catalyst-rich drilling activity in 2017
— ≈60% of drilling in Wolfcamp & Leonard
 Results to optimize future TRAC developments
Note: Graphic for illustrative purposes only and not necessarily representative across Devon’s entire acreage position.
Basin Slope
DELAWARE
SANDS
Madera
Lower
Brushy
LEONARD
A
B
C
BONESPRING
1st
2nd
(Upper &
Lower)
3rd
WOLFCAMP
X/Y
A, B, C
& D
Risked Location Unrisked Location
1 Section 1 Section

22. Advantaged Capital Structure
22
 Investment-grade credit ratings
― Strong liquidity: $2 billion of cash (12/31/16)
― No significant debt maturities until 2021
 Disciplined risk management protects cash flow
― ≈50% of production hedged in 2017
― Program consists of systematic & discretionary hedges
 Significant investment in EnLink Midstream
― Distributions received: ≈$270 million annually
― Ownership interest valued at ≈$4 billion

23. Devon Energy
A Leading North American E&P
23

24. Thank you.
24

25. Forward-Looking Statements
25
This presentation includes "forward-looking statements" as defined by the SEC. Such statements include those concerning strategic plans, expectations and objectives for future
operations, and are often identified by use of the words “expects,” “believes,” “will,” “would,” “could,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,”
“targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding our business
and operations are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but
are not limited to: the volatility of oil, gas and NGL prices, including the currently depressed commodity price environment; uncertainties inherent in estimating oil, gas and NGL
reserves; the extent to which we are successful in acquiring and discovering additional reserves; the uncertainties, costs and risks involved in exploration and development
activities; risks related to our hedging activities; counterparty credit risks; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including
with respect to environmental matters; risks relating to our indebtedness; our ability to successfully complete mergers, acquisitions and divestitures; the extent to which
insurance covers any losses we may experience; our limited control over third parties who operate our oil and gas properties; midstream capacity constraints and potential
interruptions in production; competition for leases, materials, people and capital; cyberattacks targeting our systems and infrastructure; and any of the other risks and
uncertainties identified in our Form 10-K and our other filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and
that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this presentation are
made as of the date of this presentation, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the
forward-looking statements as a result of new information, future events or otherwise.

26. NYSE: DVN
devonenergy.com
Appendix

27. Canadian Heavy Oil
27
 Top-tier thermal oil position
— High reservoir quality: <2.5 SOR(1)
— Massive risked resource: 1.4 BBO
 Jackfish complex oil production up 26% YoY
— Q4 production: 121 MBOD
— 15% above nameplate capacity
 Significant cash flow generation
— Potential to approach $800 million in 2017(2)
— >$3.5 billion since first production
(1) Current steam-to-oil ratio for Jackfish complex.
(2) Assumes $55 WTI.
Thermal Heavy Oil Projects
Operational Projects

28. Eagle Ford
28
2016 FREE CASH FLOW
MILLION
CRETACEOUS
AUSTIN CHALK
UPPER EAGLE
FORD SHALE
LOWER EAGLE
FORD SHALE
BUDA
DEL RIO
Multi-Zone “Diamond” Pilot
(9-well pattern testing up to 18 wells per section)
880’440’
 Top-tier acreage position
— 65,000 net acres focused in DeWitt Co.
— Best-in-class productivity
— Q4 net production: 60 MBOED (75% liquids)
 Completion activity underway
— Reduce DUCs to 30 to 40 by year-end 2017
— Multi-zone “diamond” pilot flowing back
 Significant free cash flow generating asset
— >$350 million of free cash flow in 2016

29. Rockies Oil
29
Johnson
Campbell
Converse
Weston
Niobrara
Natrona
 Premier Powder River Basin position
— 470,000 net surface acres
— Q4 net production: 15 MBOED (74% oil)
 >50% improvement in LOE from early 2016
 Drilling activity resumed in the Power River
— Targeting Parkman, Teapot and Turner
formations
— Initial results expected in Q1 2017
Parkman
Turner
Teapot
Initial Powder River Focus Areas

30. Barnett Shale
30
Wise
Parker
TarrantFT. WORTH
Denton
DENTON
 Significant gas optionality
— Net acres: 610,000
— Q4 net production: 163 MBOED (27% liquids)
 Future development activity to unlock
significant value
— Identified 1,000 horizontal refrac locations
— Improved rig economics for 1,500 undrilled
locations Horizontal Refrac
Undrilled Location
Future Development