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Q4 2025 EARNINGS PRESENTATION February 17, 2026 NYSE: DVN DEVONENERGY.COM
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KEY HIGHLIGHTS OUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUE Announced transformational merger with Coterra Energy Creates a premier, large-cap shale operator Builds leading Delaware Basin position with >10 years of high-quality inventory Expect to achieve $1.0 billion of pre-tax annual synergies by year-end 2027 Outperformed Q4 expectations across key value drivers Delivered 390,000 barrels of oil per day, exceeding top-end of guidance Capital investment of $883 million, 4% below mid-point guidance Achieved an 8% improvement in operating costs year-to-date Business optimization accelerates value capture Achieved 85% of $1 billion target ahead of schedule On track to achieve remaining targets by year-end 2026 Value beyond business optimization >$1 billion in value uplift delivered in 2025 with proactive asset management ~15% ownership stake in Fervo Energy following Series E funding round Significant free cash flow fuels shareholder returns $702 million of free cash flow generation and distributed ~$400 million to shareholders Plan to increase quarterly dividend to $0.315 per share following merger close Expect new share repurchase authorization of more than $5 billion following merger close 1. 2. 3. 4. 5. Q4 2025 EARNINGS PRESENTATION • 2 (1) Subject to Board approval following the close of Devon and Coterra merger. (1) (1)
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TRANSFORMATIVE MERGER CREATES PREMIER SHALE OPERATOR Q4 2025 EARNINGS PRESENTATION • 3 Large-Cap Shale Powerhouse Must-own, large-cap independent with ~$60 billion pro forma enterprise value Resilience anchored by high-margin L48 portfolio & balanced commodity mix Franchise Delaware Asset Underpins over 50% of enterprise-wide production and free cash flow >10 years of highly competitive inventory $1.0B of Pre-Tax Synergies Delivers significant synergies across capital optimization, operating margin, and corporate redundancies Realize run-rate cost savings by 2027 Technology- Focused Leader Combined AI capabilities establish strong technology platform across subsurface, operations, and enterprise AI-driven optimization enhances capital efficiency, operational performance, and decision-making at scale Shareholder Returns Plan to declare $0.315 per share quarterly dividend Expect new share repurchase authorization in excess of $5 billion Fortress Balance Sheet 0.9x adjusted pro forma net-debt-to EBITDAX $4.5 billion of liquidity Note: See appendix for non-GAAP. 1) As of 2/9/2026. 2) Gross operated inventory locations per Enverus, divided by gross operated wells spud in 2025. 3) Subject to board approval. 4) Pro forma, as of 9/30/2025 for Coterra and 12/31/2025 for Devon. Liquidity assumes $3.0 bn revolver remains outstanding. 5) Source: Factset consensus. (1) (2) (3) (4) (4) COTERRA ASSETS DEVON ASSETS DELAWARE BASIN MARCELLUS ANADARKO BASIN ROCKIES EAGLE FORD OIL 34% GAS 44% NGL 22% Pro Forma 2026e Production 1.6> MMBOED (5) ALL STOCK COMBINATION WITH: $1.0 BILLION OF SYNERGY POTENTIAL For more information, please refer to the Merger Presentation on Devon’s website (3)
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Q4 2025 – EXECUTING ON OUR DISCIPLINED PLAN Q4 2025 EARNINGS PRESENTATION • 4 Q4 2025 Guidance Q4 2025 Result 0 200 400 PRODUCTION OPTIMIZATION DELIVERS Q4 Oil Volumes (MBOD) EFFICIENT CAPITAL SPENDING Q4 Capital ($ in millions) $883 $920 4% UNDER GUIDANCE SIGNIFICANT FREE CASH FLOW Q4 Free Cash Flow ($ in millions) $702 MILLION OF FREE CASH FLOW GENERATION DELAWARE ROCKIES EAGLE FORD ANADARKO Q4 2025 Oil Production 390 OPERATING COST SAVINGS ACCELERATE LOE & GP&T ($/BOE) 4 MBOD PRODUCTION BEAT (VS. MIDPOINT GUIDE) + (1) Excludes acquisition capital (1) Q1 2025 Q2 2025 Q3 2025 Q4 2025 $9.31 $9.17 $8.85 8% REDUCTION (VS. Q1 2025) $8.60
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2025 – ANOTHER YEAR OF OPERATIONAL EXCELLENCE Q4 2025 EARNINGS PRESENTATION • 5 INCREASING PRODUCTION 2025 Full-Year Oil Production (MBOD) REDUCING CAPITAL 2025 Full-Year Capital Spend ($ in billions) 380 $4.1 $3.9 $3.8 $3.7 383 385 387 $3.68 388 Prelim. Guide Nov-24 Orig. Guide Feb-25 May-25 Guide Nov-25 Guide Aug-25 Guide 2025 Results $3.64 Prelim. Guide Nov-24 Orig. Guide Feb-25 May-25 Guide Nov-25 Guide Aug-25 Guide 2025 Results 389 $460 MILLION SINCE LATE 2024 IMPROVEMENT IMPROVEMENT +9 MBOD SINCE LATE 2024 >15% CAPITAL EFFICIENCY IMPROVEMENT
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CONSISTENTLY DELIVERING TOP-TIER RESULTS VS. INDUSTRY Q4 2025 EARNINGS PRESENTATION • 6 5 7 9 11 13 15 STRONG CAPITAL EFFICIENCY 2024 - 2025e Capital Per Flowing Adjusted Barrel ACHIEVING SUPERIOR WELL RESULTS 2024 - 2025 6-Month Cum. Oil (MBO/1k ft.) Note: Data sourced from Enverus as of 2/ 2/2026. Includes all wells online after 1/1/2024. Peers include APA, CHRD, COP, CTRA, EOG, FANG, MGY, MTDR, MUR, OVV, OXY, PR, & SM. Basins include Delaware, Midland, Eagle Ford, Williston, DJ, Powder River, & Uinta. $10 $15 $20 $25 $30 $35 Note: Data sourced from FactSet as of 2/ 2/2026. Value adjustments (20:1 Gas, 3:1 NGLs) INDUSTRY PEER AVERAGE PEER AVERAGE INDUSTRY GREATER EFFICIENCY +13% VS. PEER AVG +24% VS. PEER AVG. HIGHER PRODUCTIVITY
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BUSINESS OPTIMIZATION A CRITICAL DRIVER OF PERFORMANCE $- $250 $500 $750 $1,000 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Exit-Rate CAPITAL EFFICIENCY COMMERCIAL OPPORTUNITIES PRODUCTION OPTIMIZATION CORPORATE COSTS Q4 2025 EARNINGS PRESENTATION • 7 $300 $405 $605 $850 85% of business optimization has been captured as of year-end 2025 On track to fully achieve $1 billion target during 2026. Key catalysts include: – Interest savings from $1 billion term loan repayment in Q3 2026 – Expanding automation of artificial lift optimization – Operating cost improvements from condition-based maintenance – D&C cycle time improvements from AI-powered monitoring $1 BILLION VALUE ENHANCEMENT PROGRESS THROUGH TIME $ in millions SCORECARD: 85% COMPLETE WITH Q4 2025 EXIT-RATE
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PROACTIVE ASSET MANAGEMENT DRIVING ADDITIONAL VALUE TRACK RECORD OF VALUE CREATION Q4 2025 EARNINGS PRESENTATION • 8 Matterhorn Pipeline Divestiture Sold equity interest for $409 million No impact to pipeline terms Closed on Jun. 16, 2025 Strategic Gas Marketing Deals 50 MMcf/d in LNG Exports over 10 years (Beg. 2028) 65 MMcf/d for in-basin power over 7 years (Beg. 2028) Announced on Aug. 5, 2025 Eagle Ford JV Dissolution Realized $2.7 million per well in D&C savings Operatorship provides development flexibility Closed on Apr. 1, 2025 WaterBridge IPO 14% ownership valued at ~$400 million Investment provides operational flexibility IPO date of Sept. 17, 2025 Cotton Draw Midstream Acquisition Acquired non-controlling interest for $260 million ~$50 million in annual distribution savings Closed on Aug. 1, 2025 >$1.0 BILLION VALUE UPLIFT IN 2025 (2) Based on closing share price of WBI as of 2/13/2026 (2) (1) Normalized to 2- mile laterals. Ground Game Activity • Concentrated in Delaware Basin • Added ~80 high-value net drilling locations • Extended lateral lengths through land trades (1) Fervo Energy Series E • Leader in enhanced geothermal systems • Close Series E funding round • ~15% ownership
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DELIVERING SUBSTANTIAL RETURNS TO SHAREHOLDERS Q4 2025 EARNINGS PRESENTATION • 9 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 RETURNING VALUE TO SHAREHOLDERS $ in Billions TRACK RECORD OF SHARE BUYBACKS Shares Outstanding (MM) LOWERING LEVERAGE Absolute Debt ($ in Billions) 2025 SHAREHOLDER RETURNS RAISING THE FIXED DIVIDEND Quarterly Dividend Per Share (1) Subject to Board approval following the close of Devon and Coterra merger. 2024 2025 2026e $0.315 $0.24 $0.22 $3.1B FREE CASH FLOW GENERATION IN 2025 ~$2.2 BILLION SHARE BUYBACKS ($1,050 MILLION) DIVIDENDS PAID ($619 MILLION) DEBT RETIREMENT ($485 MILLION) 650 643 635 628 621 31% DIVIDEND INCREASE ANNOUNCED $5.0 BILLION SHARE REPURCHASE AUTHORIZATION (1) (1) YE 2024 YE 2025 $8.4B $8.9B 0.9X NET DEBT-TO-EBITDAX AS OF 12/31/2025
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OPERATIONAL EXCELLENCE Operating safely, reliably, and in an environmentally responsible manner Track record of improving capital efficiency and enhancing margins ADVANTAGED ASSET PORTFOLIO Transformational merger with Coterra enhances high-quality assets Inventory depth underpins long-term sustainability MAINTAINING FINANCIAL STRENGTH Disciplined reinvestment to maximize free cash flow Committed to maintaining low leverage (<1.0x net debt-to-EBITDAX ratio) DELIVERING VALUE TO SHAREHOLDERS Dedicated to sustainable, annual growth in fixed dividend Enhancing return of capital with a share buyback program ($4.4B of $5B completed) A CULTURE OF INNOVATION & RESULTS Leveraging emerging technologies to drive superior results Employee actions delivering value creation DEVON’S UNIQUE INVESTMENT PROPOSITION Q4 2025 EARNINGS PRESENTATION • 10 INTEGRITY RELATIONSHIPS COURAGE RESULTS OUR CORE VALUES:
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NYSE: DVN DEVONENERGY.COM APPENDIX
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BUSINESS OPTIMIZATION INITIATIVES AND MILESTONES Q4 2025 EARNINGS PRESENTATION • 12 CATEGORY INITIATIVES UNDERWAY MILESTONES Design improvements and new technology drove 9% faster drilling and 21% faster completions YoY Utilizing AI models/agents to flag unproductive time and best practices Simulfrac application increased over 30% YoY across portfolio High-graded D&C equipment displacing ~40% of diesel fuel, yielding >$25 MM in savings Efficiency gains drove >$250 MM capital reduction for 2025 Equates to >5% improvement from original 2025 outlook Signed contracts in Delaware for $200 MM in annual savings Majority of improvements will benefit NGL price realizations $300 MM $250 MM $300 MM $150 MM PRODUCTION OPTIMIZATION CORPORATE COST CAPITAL EFFICIENCY Smart gas lift calibrating injection rates to optimize pressures and production rates Failure rates reduced through chemical reviews, workover rig enhancements, and optimized artificial lift designs More efficient workover programs driving improved production uptime and LOE cost savings LOE optimization through condition-based maintenance Reduce debt to lower interest expense Streamline company hardware and software costs Process simplification and improve standardization Proactively manage employee headcount and technology adoption Proactively renegotiate agreements to lower GP&T rates Improve recoveries with updated agreement terms Restructure NGL contracts to improve realizations Enhance downstream oil realizations with access to exports Q4 2025 exit-rate delivered an incremental 36 MBOED uplift from original guide LOE + GP&T improved 8% vs. Q1 2025 from both LOE optimization and improved contracts Retired $485 MM senior notes in Sept. 2025, resulting in $30 MM of annual savings $1B term loan repayment in Q3 2026 to save >$50 MM in interest annually COMMERCIAL OPPORTUNITIES
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Q1 AND FULL YEAR 2026 OUTLOOK Q4 2025 EARNINGS PRESENTATION • 13 PRODUCTION Q1 2026 Full Year 2026 Oil (MBbls/d) 381 - 387 385 - 391 Natural Gas Liquids (MBbls/d) 217 - 223 223 - 229 Gas (MMcf/d) 1,350 - 1,400 1,360 – 1,410 Total Oil Equivalent (Mboe/d) 823 - 843 835 - 855 CAPITAL (in millions) Q1 2026 Full Year 2026 Upstream Capital $850 - $900 $3,425 - $3,575 Midstream and Other Capital $20 - $30 $75 - $125 Total Capital $870 - $930 $3,500 - $3,700 PRICING Q1 2026 Full Year 2026 Oil - % of WTI 95% - 99% 95% - 99% NGL - % of WTI 28% - 32% 28% - 32% Natural Gas - % of Henry Hub 40% - 50% 40% - 50% EXPENSE ITEMS ($ in millions, except BOE and %) Q1 2026 Full Year 2026 Marketing & Midstream Operating Profit ($50) – ($40) ($100) – ($80) LOE and GP&T per BOE $8.80 - $9.10 $8.50 - $8.70 Production & Property Taxes as % of Upstream Sales 7.0% - 7.5% 7.0% - 7.5% Exploration Expenses $15 - $25 $30 - $40 Depreciation, Depletion, and Amortization $900 - $940 $3,725 - $3,825 General and Administrative Expenses $115 - $125 $460 - $500 Financing Costs, Net $100 - $110 $400 - $420 Other Expenses $0 - $10 $15 - $25 Current Income Tax Rate 0% - 2% 0% - 2% Deferred Income Tax Rate 20% - 22% 20% - 22% (1) Production in the first quarter of 2026 is estimated to be reduced by 1 percent or 10,000 Boe per day (50% oil) due to the impact of severe winter weather. (1) UPDATED 2026 GUIDANCE WILL BE PROVIDED FOLLOWING THE CLOSE OF THE COTERRA MERGER Note: Full-year 2026 guidance reflects standalone Devon operations. Following the close of the Devon and Coterra merger in the second quarter of 2026, the company will provide updated full-year guidance for the combined entity at close. Full-year 2026 guidance reflects standalone Devon operations
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INVESTOR CONTACTS & NOTICES INVESTOR RELATIONS CONTACTS Chris Carr Director, Investor Relations 405-228-2496 Email: investor.relations@dvn.com Wade Browne Investor Relations 405-228-7240 Investor Notices Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “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 communication that address activities, events or developments that Devon 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 our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the volatility of oil, gas and NGL prices, including from changes in trade relations and policies, such as the imposition of new or increased tariffs or other trade protection measures by the U.S., China or other countries; 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 our operations; risks related to our hedging activities; our limited control over third parties who operate some of our oil and gas properties and investments; midstream capacity constraints and potential interruptions in production, including from limits to the build out of midstream infrastructure; competition for assets, materials, people and capital, which can be exacerbated by supply chain disruptions, including as a result of tariffs or other changes in trade policy; regulatory restrictions, compliance costs and other risks relating to governmental regulation, including with respect to federal lands, environmental matters, water disposal and tax matters; climate change and risks related to regulatory, social and market efforts to address climate change; risks relating to our sustainability initiatives; claims, audits and other proceedings impacting our business, including with respect to historic and legacy operations; governmental interventions in energy markets; counterparty credit risks; risks relating to our indebtedness; cybersecurity risks; risks associated with artificial intelligence and other emerging technologies; the extent to which insurance covers any losses we may experience; risks related to shareholder activism; our ability to successfully complete mergers, acquisitions and divestitures; our ability to pay dividends and make share repurchases; risks related to the merger with Coterra, including restrictions on our operations during the pendency of the merger, litigation risk, the risk that the merger agreement may be terminated and the risk that we may not realize the anticipated benefits of the merger or successfully integrate the two companies; and any of the other risks and uncertainties discussed in Devon’s 2025 Annual Report on Form 10-K (the “2025 Form 10-K”) or other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements included in this communication speak only as of the date of this communication, represent management’s current reasonable expectations as of the date of this communication and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2025 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2025 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise. Use of Non-GAAP Information This presentation includes non-GAAP (generally accepted accounting principles) 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 fourth-quarter 2025 earnings materials and related Form 10-K filed with the SEC. Cautionary Note on Reserves and Resource Estimates The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in the 2025 Form 10-K and our other reports and filings with the SEC. Q4 2025 EARNINGS PRESENTATION • 14